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

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

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

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

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl.5.75% sales charge)	1.01%	7.08%	8.30%
Class M (incl.3.50% sales charge)	3.21%	7.33%	8.29%
Class C (incl. contingent deferred sales charge)	5.38%	7.53%	8.28%
Fidelity® Small Cap Value Fund	7.44%	8.65%	9.23%
Class I	7.44%	8.65%	9.23%
Class Z	7.60%	8.78%	9.30%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Value Fund, a class of the fund, on July 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Value Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 13.02% for the 12 months ending July 31, 2023, according to the S&P 500® index, as continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets. Large-cap stocks spearheaded the rally, which was driven by the shares of a narrow set of mega-cap companies in the information technology and communication services sectors, largely due to exuberance related to generative artificial intelligence. Aggressive monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points. The S&P 500® gained 3.21% in July, as a "soft landing" of the U.S. economy became the consensus view amid better-than-expected earnings, slowing inflation and easing financial conditions, bringing the index's year-to-date gain to 20.65%. July saw a continuance of the recent shift to wider market breadth and lower dispersion. For the full 12 months, value (+17%) handily topped growth (+8%) within the index. By sector, tech (+28%), communication services (+21%) and industrials (+17%) led, whereas real estate (-10%) lagged most, due to high borrowing costs, low home inventory and a deteriorating commercial property market.

Comments from Co-Managers Derek Janssen and Gabriela Kelleher:

For the fiscal year, the fund's share classes (excluding sales charges, if applicable) gained about 6% to 8%, versus 3.94% for the benchmark Russell 2000® Value Index. The biggest contributors to performance versus the benchmark were stock selection and an overweight in consumer discretionary. Security selection in consumer staples and energy also notably boosted the fund's relative result. The fund's non-benchmark stake in TechnipFMC gained 122% and was the top individual relative contributor. TechnipFMC was one of our biggest holdings. This period we decreased our investment in the stock. A non-benchmark stake in Tempur Sealy International gained 65% and helped. It was the fund's largest holding for the 12 months, on average. This period we decreased our stake in Tempur Sealy International. Another notable relative contributor was an investment in KB Home (+59%). KB Home was not held at period end. In contrast, the primary detractor from performance versus the benchmark was stock picking in real estate. Also hurting our result were stock picks in health care and information technology. The largest individual relative detractor was a non-benchmark stake in Cyxtera Technologies (-85%). Cyxtera Technologies was not held at period end. A second notable relative detractor was an overweight in Cushman & Wakefield (-41%). An overweight in Owens & Minor (-46%) also hurt. Notable changes in positioning include higher allocations to the energy and materials sectors.

Note to shareholders:

After 17 years at Fidelity, Derek Janssen plans to retire from the firm at the end of 2023, at which time Gabriela Kelleher will assume sole management responsibilities for the fund.

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

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Brookfield Infrastructure Corp. A Shares	2.8
Light & Wonder, Inc. Class A	2.2
Eastern Bankshares, Inc.	2.1
U.S. Foods Holding Corp.	2.0
Sitio Royalties Corp.	2.0
Beacon Roofing Supply, Inc.	1.9
TechnipFMC PLC	1.9
Primerica, Inc.	1.9
FirstCash Holdings, Inc.	1.8
Cadence Bank	1.8
	20.4

Market Sectors (% of Fund's net assets)

Financials	29.1
Industrials	15.9
Consumer Discretionary	12.0
Energy	7.6
Real Estate	7.0
Information Technology	6.7
Health Care	6.6
Materials	4.8
Consumer Staples	3.6
Utilities	2.8
Communication Services	1.6

Asset Allocation (% of Fund's net assets)

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value ($)
COMMUNICATION SERVICES - 1.6%
Media - 1.6%
Nexstar Broadcasting Group, Inc. Class A (a)	426,800	79,692,096
CONSUMER DISCRETIONARY - 12.0%
Automobile Components - 1.8%
Adient PLC (b)	2,045,300	87,047,968
Hotels, Restaurants & Leisure - 4.9%
Brinker International, Inc. (b)	1,860,036	73,062,214
Churchill Downs, Inc.	154,688	17,920,605
Light & Wonder, Inc. Class A (b)	1,535,200	107,924,560
Red Rock Resorts, Inc. (a)	825,000	40,012,500
		238,919,879
Household Durables - 1.5%
Tempur Sealy International, Inc.	1,000,020	44,630,893
Traeger, Inc. (a)(b)(c)	6,605,000	29,458,300
		74,089,193
Specialty Retail - 3.2%
Lithia Motors, Inc. Class A (sub. vtg.) (a)	110,000	34,158,300
Upbound Group, Inc. (a)	2,205,100	76,362,613
Williams-Sonoma, Inc. (a)	355,736	49,319,239
		159,840,152
Textiles, Apparel & Luxury Goods - 0.6%
Wolverine World Wide, Inc.	2,319,606	29,389,408
TOTAL CONSUMER DISCRETIONARY		589,286,600
CONSUMER STAPLES - 3.6%
Consumer Staples Distribution & Retail - 2.8%
BJ's Wholesale Club Holdings, Inc. (b)	570,000	37,796,700
U.S. Foods Holding Corp. (b)	2,376,000	101,526,480
		139,323,180
Food Products - 0.8%
The Simply Good Foods Co. (b)	975,000	37,742,250
TOTAL CONSUMER STAPLES		177,065,430
ENERGY - 7.6%
Energy Equipment & Services - 3.5%
Championx Corp.	800,000	28,480,000
Noble Corp. PLC (a)	925,000	48,349,750
TechnipFMC PLC (a)	5,150,000	94,451,000
		171,280,750
Oil, Gas & Consumable Fuels - 4.1%
Antero Resources Corp. (b)	1,654,742	44,264,349
Parkland Corp.	2,215,000	60,487,734
Sitio Royalties Corp.	3,546,403	96,958,658
		201,710,741
TOTAL ENERGY		372,991,491
FINANCIALS - 29.1%
Banks - 14.3%
BOK Financial Corp.	320,000	28,505,600
Cadence Bank	3,570,000	89,428,500
Cullen/Frost Bankers, Inc.	250,000	27,145,000
Eastern Bankshares, Inc.	7,410,100	104,630,612
First Foundation, Inc.	2,281,375	16,676,851
First Interstate Bancsystem, Inc.	2,613,200	75,077,236
Independent Bank Group, Inc.	1,608,469	72,172,004
Pinnacle Financial Partners, Inc.	900,000	68,310,000
Synovus Financial Corp.	1,731,700	58,704,630
The Bank of NT Butterfield & Son Ltd.	1,760,000	56,548,800
Trico Bancshares	1,309,000	48,930,420
Webster Financial Corp.	1,173,829	55,545,588
		701,675,241
Capital Markets - 1.6%
AllianceBernstein Holding LP	1,238,200	39,857,658
Lazard Ltd. Class A (a)	1,029,300	36,128,430
		75,986,088
Consumer Finance - 3.2%
Encore Capital Group, Inc. (a)(b)(c)	1,250,200	66,885,700
FirstCash Holdings, Inc.	942,300	89,782,344
		156,668,044
Financial Services - 0.4%
ECN Capital Corp. (a)	10,243,751	20,353,109
Insurance - 9.6%
Assurant, Inc.	616,800	82,965,768
Enstar Group Ltd. (b)	296,049	75,753,018
First American Financial Corp.	1,341,080	84,997,650
Old Republic International Corp. (a)	3,025,100	83,402,007
Primerica, Inc. (a)	442,424	94,103,585
Selective Insurance Group, Inc.	490,000	50,563,100
		471,785,128
TOTAL FINANCIALS		1,426,467,610
HEALTH CARE - 6.6%
Biotechnology - 2.0%
ALX Oncology Holdings, Inc. (b)	970,000	5,926,700
Arcellx, Inc. (b)	350,000	11,987,500
Arcutis Biotherapeutics, Inc. (b)	833,367	9,092,034
Blueprint Medicines Corp. (b)	210,000	13,860,000
Celldex Therapeutics, Inc. (b)	200,000	7,072,000
Cytokinetics, Inc. (b)	330,000	11,005,500
Karuna Therapeutics, Inc. (b)	22,400	4,474,848
Keros Therapeutics, Inc. (b)	305,000	12,773,400
PTC Therapeutics, Inc. (b)	265,000	10,690,100
Vaxcyte, Inc. (b)	257,096	12,356,034
		99,238,116
Health Care Equipment & Supplies - 1.5%
Envista Holdings Corp. (a)(b)	2,085,000	71,744,850
Health Care Providers & Services - 1.2%
Owens & Minor, Inc. (b)	3,097,946	59,604,481
Pharmaceuticals - 1.9%
Axsome Therapeutics, Inc. (b)	142,000	11,142,740
Enliven Therapeutics, Inc. (a)(b)	455,000	8,617,700
Prestige Brands Holdings, Inc. (b)	710,000	46,299,100
Terns Pharmaceuticals, Inc. (b)	575,000	4,151,500
Ventyx Biosciences, Inc. (b)	330,000	12,226,500
Verona Pharma PLC ADR (b)	450,000	9,940,500
		92,378,040
TOTAL HEALTH CARE		322,965,487
INDUSTRIALS - 15.9%
Aerospace & Defense - 1.6%
Curtiss-Wright Corp.	407,000	77,883,520
Building Products - 1.7%
Hayward Holdings, Inc. (a)(b)	6,098,460	81,475,426
Ground Transportation - 2.0%
TFI International, Inc.	215,000	27,595,250
XPO, Inc. (a)(b)	1,028,600	71,220,264
		98,815,514
Machinery - 1.0%
EnPro Industries, Inc. (a)	267,000	37,054,260
ITT, Inc.	130,000	12,948,000
		50,002,260
Professional Services - 7.7%
ASGN, Inc. (b)	550,000	41,976,000
CACI International, Inc. Class A (b)	145,000	50,813,800
Concentrix Corp.	1,051,800	87,551,832
First Advantage Corp. (a)(b)	2,430,000	36,450,000
Genpact Ltd. (a)	1,250,000	45,112,500
KBR, Inc.	1,160,000	71,328,400
Science Applications International Corp.	350,000	42,469,000
		375,701,532
Trading Companies & Distributors - 1.9%
Beacon Roofing Supply, Inc. (b)	1,111,000	95,179,370
TOTAL INDUSTRIALS		779,057,622
INFORMATION TECHNOLOGY - 6.7%
Communications Equipment - 1.6%
Lumentum Holdings, Inc. (a)(b)	1,500,000	78,540,000
Electronic Equipment, Instruments & Components - 5.1%
Coherent Corp. (b)	940,000	44,518,400
Insight Enterprises, Inc. (b)	588,000	86,253,720
TD SYNNEX Corp.	865,000	85,384,150
Vontier Corp.	1,100,000	34,023,000
		250,179,270
TOTAL INFORMATION TECHNOLOGY		328,719,270
MATERIALS - 4.8%
Chemicals - 1.6%
Ecovyst, Inc. (b)	4,300,000	52,847,000
Tronox Holdings PLC	2,125,000	28,241,250
		81,088,250
Construction Materials - 1.4%
Summit Materials, Inc.	1,932,300	69,910,614
Containers & Packaging - 1.8%
O-I Glass, Inc. (b)	3,800,000	87,248,000
TOTAL MATERIALS		238,246,864
REAL ESTATE - 7.0%
Equity Real Estate Investment Trusts (REITs) - 3.9%
Corporate Office Properties Trust (SBI)	1,320,000	34,320,000
Douglas Emmett, Inc. (a)	3,653,000	53,699,100
LXP Industrial Trust (REIT)	5,850,000	58,909,500
National Storage Affiliates Trust	1,300,000	43,927,000
		190,855,600
Real Estate Management & Development - 3.1%
Cushman & Wakefield PLC (b)	6,256,679	61,503,155
DIC Asset AG	563,496	2,772,548
Jones Lang LaSalle, Inc. (b)	525,000	87,438,750
		151,714,453
TOTAL REAL ESTATE		342,570,053
UTILITIES - 2.8%
Gas Utilities - 2.8%
Brookfield Infrastructure Corp. A Shares (a)	2,967,850	138,657,951
TOTAL COMMON STOCKS (Cost $4,359,116,695)		4,795,720,474

Money Market Funds - 9.1%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (d)	120,783,378	120,807,535
Fidelity Securities Lending Cash Central Fund 5.32% (d)(e)	323,688,923	323,721,292
TOTAL MONEY MARKET FUNDS (Cost $444,528,827)		444,528,827

TOTAL INVESTMENT IN SECURITIES - 106.8% (Cost $4,803,645,522)	5,240,249,301
NET OTHER ASSETS (LIABILITIES) - (6.8)%	(331,964,876)
NET ASSETS - 100.0%	4,908,284,425

Legend

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

(b)	Non-income producing

(c)	Affiliated company

(d)

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

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	55,623,648	1,393,543,606	1,328,359,719	2,615,285	-	-	120,807,535	0.3%
Fidelity Securities Lending Cash Central Fund 5.32%	261,350,857	1,380,049,558	1,317,679,123	529,593	-	-	323,721,292	1.1%
Total	316,974,505	2,773,593,164	2,646,038,842	3,144,878	-	-	444,528,827

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Brigham Minerals, Inc. Class A	83,104,155	-	52,421,693	4,945,558	-	(30,682,462)	-
Encore Capital Group, Inc.	90,551,986	-	-	-	-	(23,666,286)	66,885,700
Traeger, Inc.	16,132,850	4,825,050	-	-	-	8,500,400	29,458,300
Upbound Group, Inc.	78,943,150	-	35,009,919	4,358,902	(15,694,343)	48,123,725	-
Total	268,732,141	4,825,050	87,431,612	9,304,460	(15,694,343)	2,275,377	96,344,000

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2023, 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	79,692,096	79,692,096	-	-
Consumer Discretionary	589,286,600	589,286,600	-	-
Consumer Staples	177,065,430	177,065,430	-	-
Energy	372,991,491	372,991,491	-	-
Financials	1,426,467,610	1,426,467,610	-	-
Health Care	322,965,487	322,965,487	-	-
Industrials	779,057,622	779,057,622	-	-
Information Technology	328,719,270	328,719,270	-	-
Materials	238,246,864	238,246,864	-	-
Real Estate	342,570,053	342,570,053	-	-
Utilities	138,657,951	138,657,951	-	-

Money Market Funds	444,528,827	444,528,827	-	-
Total Investments in Securities:	5,240,249,301	5,240,249,301	-	-

Financial Statements

Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $315,191,867) - See accompanying schedule:
Unaffiliated issuers (cost $4,274,807,997)	$	4,699,376,474
Fidelity Central Funds (cost $444,528,827)		444,528,827
Other affiliated issuers (cost $84,308,698)		96,344,000


Total Investment in Securities (cost $4,803,645,522)			$	5,240,249,301
Foreign currency held at value (cost $391,113)				388,180
Receivable for investments sold				1,915,630
Receivable for fund shares sold				5,360,318
Dividends receivable				1,548,513
Distributions receivable from Fidelity Central Funds				310,969
Prepaid expenses				8,563
Total assets				5,249,781,474
Liabilities
Payable for investments purchased	$	6,089,010
Payable for fund shares redeemed		7,454,026
Accrued management fee		3,367,594
Distribution and service plan fees payable		123,905
Other affiliated payables		685,621
Other payables and accrued expenses		61,183
Collateral on securities loaned		323,715,710
Total Liabilities				341,497,049
Net Assets			$	4,908,284,425
Net Assets consist of:
Paid in capital			$	4,285,079,654
Total accumulated earnings (loss)				623,204,771
Net Assets			$	4,908,284,425

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($270,455,082 ÷ 13,974,990 shares)(a)			$	19.35
Maximum offering price per share (100/94.25 of $19.35)			$	20.53
Class M :
Net Asset Value and redemption price per share ($94,204,723 ÷ 5,078,491 shares)(a)			$	18.55
Maximum offering price per share (100/96.50 of $18.55)			$	19.22
Class C :
Net Asset Value and offering price per share ($38,077,366 ÷ 2,338,649 shares)(a)			$	16.28
Small Cap Value :
Net Asset Value, offering price and redemption price per share ($2,696,315,658 ÷ 134,795,934 shares)			$	20.00
Class I :
Net Asset Value, offering price and redemption price per share ($1,169,580,033 ÷ 58,472,838 shares)			$	20.00
Class Z :
Net Asset Value, offering price and redemption price per share ($639,651,563 ÷ 31,930,575 shares)			$	20.03
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Year ended July 31, 2023
Investment Income
Dividends (including $9,304,460 earned from affiliated issuers)			$	81,996,563
Income from Fidelity Central Funds (including $529,593 from security lending)				3,144,878
Total Income				85,141,441
Expenses
Management fee
Basic fee	$	32,061,773
Performance adjustment		7,411,298
Transfer agent fees		7,494,096
Distribution and service plan fees		1,419,797
Accounting fees		947,977
Custodian fees and expenses		44,248
Independent trustees' fees and expenses		24,398
Registration fees		224,978
Audit		61,979
Legal		4,491
Interest		12,746
Miscellaneous		27,529
Total expenses before reductions		49,735,310
Expense reductions		(234,856)
Total expenses after reductions				49,500,454
Net Investment income (loss)				35,640,987
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		226,171,051
Affiliated issuers		(15,694,343)
Foreign currency transactions		90,006
Total net realized gain (loss)				210,566,714
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		70,230,669
Affiliated issuers		2,275,377
Assets and liabilities in foreign currencies		28,308
Total change in net unrealized appreciation (depreciation)				72,534,354
Net gain (loss)				283,101,068
Net increase (decrease) in net assets resulting from operations			$	318,742,055

Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	35,640,987	$	55,544,775
Net realized gain (loss)		210,566,714		374,457,965
Change in net unrealized appreciation (depreciation)		72,534,354		(540,117,107)
Net increase (decrease) in net assets resulting from operations		318,742,055		(110,114,367)
Distributions to shareholders		(265,224,207)		(359,250,603)

Share transactions - net increase (decrease)		(84,780,976)		1,138,061,901
Total increase (decrease) in net assets		(31,263,128)		668,696,931

Net Assets
Beginning of period		4,939,547,553		4,270,850,622
End of period	$	4,908,284,425	$	4,939,547,553

Fidelity Advisor® Small Cap Value Fund Class A

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	19.13	$	21.03	$	12.33	$	14.68	$	20.33
Income from Investment Operations
Net investment income (loss) A,B		.09		.18 C		.09 D		.11		.14 E
Net realized and unrealized gain (loss)		1.18		(.41)		8.66		(1.96)		(.98)
Total from investment operations		1.27		(.23)		8.75		(1.85)		(.84)
Distributions from net investment income		-		(.39)		(.05)		(.09)		(.10)
Distributions from net realized gain		(1.05)		(1.28)		-		(.41)		(4.71)
Total distributions		(1.05)		(1.67)		(.05)		(.50)		(4.81)
Net asset value, end of period	$	19.35	$	19.13	$	21.03	$	12.33	$	14.68
Total Return F,G		7.17%		(1.50)%		71.07%		(13.09)%		(4.85)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.30%		1.26%		1.24%		1.22%		.92%
Expenses net of fee waivers, if any		1.29%		1.25%		1.24%		1.22%		.92%
Expenses net of all reductions		1.29%		1.25%		1.23%		1.20%		.91%
Net investment income (loss)		.51%		.90% C		.50% D		.84%		.91% E
Supplemental Data
Net assets, end of period (000 omitted)	$	270,455	$	267,854	$	232,920	$	101,675	$	129,115
Portfolio turnover rate J		29%		40%		54%		109%		79%

ACalculated based on average shares outstanding during the period.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .14%.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .13%.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .71%.

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

GTotal returns do not include the effect of the sales charges.

HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

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

Fidelity Advisor® Small Cap Value Fund Class M

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	18.42	$	20.31	$	11.93	$	14.22	$	19.84
Income from Investment Operations
Net investment income (loss) A,B		.04		.13 C		.05 D		.08		.10 E
Net realized and unrealized gain (loss)		1.14		(.40)		8.37		(1.91)		(.96)
Total from investment operations		1.18		(.27)		8.42		(1.83)		(.86)
Distributions from net investment income		-		(.35)		(.04)		(.05)		(.05)
Distributions from net realized gain		(1.05)		(1.28)		-		(.41)		(4.71)
Total distributions		(1.05)		(1.62) F		(.04)		(.46)		(4.76)
Net asset value, end of period	$	18.55	$	18.42	$	20.31	$	11.93	$	14.22
Total Return G,H		6.95%		(1.74)%		70.63%		(13.29)%		(5.08)%
Ratios to Average Net Assets B,I,J
Expenses before reductions		1.54%		1.50%		1.48%		1.46%		1.17%
Expenses net of fee waivers, if any		1.54%		1.49%		1.48%		1.46%		1.17%
Expenses net of all reductions		1.54%		1.49%		1.47%		1.44%		1.16%
Net investment income (loss)		.26%		.66% C		.26% D		.59%		.66% E
Supplemental Data
Net assets, end of period (000 omitted)	$	94,205	$	81,790	$	80,182	$	38,049	$	53,612
Portfolio turnover rate K		29%		40%		54%		109%		79%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.10)%.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.11)%.

FTotal distributions per share do not sum due to rounding.

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

HTotal returns do not include the effect of the sales charges.

IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

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

Fidelity Advisor® Small Cap Value Fund Class C

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	16.38	$	18.25	$	10.76	$	12.91	$	18.50
Income from Investment Operations
Net investment income (loss) A,B		(.04)		.03 C		(.04) D		.01		.02 E
Net realized and unrealized gain (loss)		.99		(.36)		7.55		(1.72)		(.89)
Total from investment operations		.95		(.33)		7.51		(1.71)		(.87)
Distributions from net investment income		-		(.31)		(.02)		(.03)		(.02)
Distributions from net realized gain		(1.05)		(1.24)		-		(.41)		(4.71)
Total distributions		(1.05)		(1.54) F		(.02)		(.44)		(4.72) F
Net asset value, end of period	$	16.28	$	16.38	$	18.25	$	10.76	$	12.91
Total Return G,H		6.38%		(2.27)%		69.84%		(13.74)%		(5.63)%
Ratios to Average Net Assets B,I,J
Expenses before reductions		2.06%		2.02%		2.01%		2.00%		1.68%
Expenses net of fee waivers, if any		2.05%		2.01%		2.01%		1.99%		1.68%
Expenses net of all reductions		2.05%		2.01%		2.00%		1.97%		1.67%
Net investment income (loss)		(.26)%		.14% C		(.26)% D		.06%		.15% E
Supplemental Data
Net assets, end of period (000 omitted)	$	38,077	$	38,832	$	32,469	$	13,748	$	22,187
Portfolio turnover rate K		29%		40%		54%		109%		79%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62)%.

FTotal distributions per share do not sum due to rounding.

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

HTotal returns do not include the effect of the contingent deferred sales charge.

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

Fidelity® Small Cap Value Fund

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	19.69	$	21.59	$	12.64	$	15.04	$	20.71
Income from Investment Operations
Net investment income (loss) A,B		.14		.24 C		.14 D		.15		.18 E
Net realized and unrealized gain (loss)		1.22		(.42)		8.89		(2.01)		(1.00)
Total from investment operations		1.36		(.18)		9.03		(1.86)		(.82)
Distributions from net investment income		-		(.44)		(.08)		(.12)		(.15)
Distributions from net realized gain		(1.05)		(1.28)		-		(.41)		(4.71)
Total distributions		(1.05)		(1.72)		(.08)		(.54) F		(4.85) F
Net asset value, end of period	$	20.00	$	19.69	$	21.59	$	12.64	$	15.04
Total Return G		7.44%		(1.23)%		71.64%		(12.88)%		(4.58)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.04%		.99%		.97%		.96%		.66%
Expenses net of fee waivers, if any		1.03%		.98%		.97%		.96%		.66%
Expenses net of all reductions		1.03%		.98%		.96%		.94%		.64%
Net investment income (loss)		.77%		1.17% C		.77% D		1.10%		1.17% E
Supplemental Data
Net assets, end of period (000 omitted)	$	2,696,316	$	2,691,063	$	2,715,703	$	1,231,427	$	1,611,032
Portfolio turnover rate J		29%		40%		54%		109%		79%

ACalculated based on average shares outstanding during the period.

FTotal distributions per share do not sum due to rounding.

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

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

Fidelity Advisor® Small Cap Value Fund Class I

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	19.69	$	21.59	$	12.65	$	15.04	$	20.72
Income from Investment Operations
Net investment income (loss) A,B		.14		.24 C		.15 D		.15		.18 E
Net realized and unrealized gain (loss)		1.22		(.42)		8.87		(2.01)		(1.01)
Total from investment operations		1.36		(.18)		9.02		(1.86)		(.83)
Distributions from net investment income		-		(.44)		(.08)		(.12)		(.15)
Distributions from net realized gain		(1.05)		(1.28)		-		(.41)		(4.71)
Total distributions		(1.05)		(1.72)		(.08)		(.53)		(4.85) F
Net asset value, end of period	$	20.00	$	19.69	$	21.59	$	12.65	$	15.04
Total Return G		7.44%		(1.22)%		71.55%		(12.82)%		(4.63)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.03%		.99%		.97%		.95%		.66%
Expenses net of fee waivers, if any		1.03%		.99%		.97%		.95%		.66%
Expenses net of all reductions		1.03%		.99%		.96%		.93%		.65%
Net investment income (loss)		.77%		1.17% C		.77% D		1.10%		1.17% E
Supplemental Data
Net assets, end of period (000 omitted)	$	1,169,580	$	1,319,154	$	845,012	$	214,538	$	243,571
Portfolio turnover rate J		29%		40%		54%		109%		79%

ACalculated based on average shares outstanding during the period.

FTotal distributions per share do not sum due to rounding.

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

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

Fidelity Advisor® Small Cap Value Fund Class Z

Years ended July 31,		2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	19.69	$	21.59	$	12.65	$	15.05	$	16.90
Income from Investment Operations
Net investment income (loss) B,C		.16		.27 D		.17 E		.17		(.08) F
Net realized and unrealized gain (loss)		1.23		(.43)		8.87		(2.01)		(.66)
Total from investment operations		1.39		(.16)		9.04		(1.84)		(.74)
Distributions from net investment income		-		(.47)		(.10)		(.15)		(.09)
Distributions from net realized gain		(1.05)		(1.28)		-		(.41)		(1.02)
Total distributions		(1.05)		(1.74) G		(.10)		(.56)		(1.11)
Net asset value, end of period	$	20.03	$	19.69	$	21.59	$	12.65	$	15.05
Total Return H,I		7.60%		(1.11)%		71.75%		(12.73)%		(3.75)%
Ratios to Average Net Assets C,J,K
Expenses before reductions		.90%		.86%		.84%		.81%		.52% L
Expenses net of fee waivers, if any		.90%		.86%		.84%		.81%		.52% L
Expenses net of all reductions		.90%		.86%		.83%		.79%		.51% L
Net investment income (loss)		.90%		1.30% D		.90% E		1.25%		(.63)% F,L
Supplemental Data
Net assets, end of period (000 omitted)	$	639,652	$	540,854	$	364,564	$	93,849	$	26,006
Portfolio turnover rate M		29%		40%		54%		109%		79%

AFor the period October 2, 2018 (commencement of sale of shares) through July 31, 2019.

BCalculated based on average shares outstanding during the period.

CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.

ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.

FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.82)%.

GTotal distributions per share do not sum due to rounding.

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

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

JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

LAnnualized.

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

Notes to Financial Statements

For the period ended July 31, 2023

1. Organization.

Fidelity Small Cap Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2023 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnership 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	$933,538,437
Gross unrealized depreciation	(497,619,729)
Net unrealized appreciation (depreciation)	$435,918,708
Tax Cost	$4,804,330,593

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

Undistributed ordinary income	$4,221,983
Undistributed long-term capital gain	$183,106,308
Net unrealized appreciation (depreciation) on securities and other investments	$435,876,481

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$-	$ 237,962,097
Long-term Capital Gains	265,224,207	121,288,506
Total	$265,224,207	$ 359,250,603

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Value Fund	1,380,385,376	1,721,265,320

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 annual management fee rate, including the performance adjustment, was .83% 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%	$642,538	$28,237
Class M	.25%	.25%	405,376	1,340
Class C	.75%	.25%	371,883	97,856
			$1,419,797	$127,433

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	$172,205
Class M	4,870
Class CA	22,572
	$199,647

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 AssetsA
Class A	$472,228	.18
Class M	144,681	.18
Class C	73,520	.20
Small Cap Value	4,457,135	.17
Class I	2,099,439	.17
Class Z	247,093	.04
	$7,494,096

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

	% of Average Net Assets
Fidelity Small Cap Value 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 Small Cap Value Fund	$43,930

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

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Small Cap Value Fund	Borrower	$ 4,964,176	5.32%	$12,459

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Small Cap Value Fund	88,627,878	111,407,778	7,465,332

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Small Cap Value Fund	$10,982

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Small Cap Value Fund	$56,639	$924	$68,238

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 Small Cap Value Fund	$1,849,000	5.58%	$287

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Class M	$177

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 $234,679.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Small Cap Value Fund
Distributions to shareholders
Class A	$ 14,784,350	$19,708,729
Class M	4,753,937	6,431,794
Class C	2,573,021	2,894,329
Small Cap Value	143,553,970	219,284,330
Class I	70,449,681	78,004,957
Class Z	29,109,248	32,926,464
Total	$ 265,224,207	$ 359,250,603

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2023	Year ended July 31, 2022	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Small Cap Value Fund
Class A
Shares sold	2,796,646	5,298,721	$49,740,328	$108,496,696
Reinvestment of distributions	821,348	931,850	14,511,162	19,175,840
Shares redeemed	(3,644,484)	(3,305,265)	(64,094,019)	(66,717,629)
Net increase (decrease)	(26,490)	2,925,306	$157,471	$60,954,907
Class M
Shares sold	1,323,567	1,378,126	$22,813,537	$27,066,436
Reinvestment of distributions	277,763	320,905	4,713,039	6,377,160
Shares redeemed	(962,174)	(1,207,147)	(16,264,726)	(23,647,044)
Net increase (decrease)	639,156	491,884	$11,261,850	$9,796,552
Class C
Shares sold	610,972	1,199,095	$9,222,163	$21,139,005
Reinvestment of distributions	162,722	159,909	2,435,733	2,839,061
Shares redeemed	(805,375)	(768,069)	(11,893,135)	(13,253,131)
Net increase (decrease)	(31,681)	590,935	$(235,239)	$10,724,935
Small Cap Value
Shares sold	30,005,506	47,561,130	$553,458,025	$1,004,315,420
Reinvestment of distributions	7,490,939	9,867,950	136,467,165	208,631,722
Shares redeemed	(39,383,960)	(46,550,420)	(716,479,073)	(975,621,735)
Net increase (decrease)	(1,887,515)	10,878,660	$(26,553,883)	$237,325,407
Class I
Shares sold	29,686,434	50,555,646	$543,972,298	$1,058,311,814
Reinvestment of distributions	3,613,120	3,478,382	65,821,608	73,471,142
Shares redeemed	(41,832,427)	(26,168,822)	(756,480,294)	(534,982,261)
Net increase (decrease)	(8,532,873)	27,865,206	$(146,686,388)	$596,800,695
Class Z
Shares sold	16,185,746	17,011,053	$291,398,386	$355,253,994
Reinvestment of distributions	1,366,081	1,279,957	24,883,951	27,023,961
Shares redeemed	(13,088,293)	(7,709,768)	(239,007,124)	(159,818,550)
Net increase (decrease)	4,463,534	10,581,242	$77,275,213	$222,459,405

12. Other.

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

13. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Small Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Small Cap Value Fund (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 321 funds. Mr. Chiel oversees 191 funds.

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

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one.

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

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

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

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

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

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

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

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

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

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

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

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

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments.

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

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

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

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

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

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

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

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

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

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

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023
Fidelity® Small Cap Value Fund
Class A	1.30%
Actual		$ 1,000	$ 1,021.60	$ 6.52
Hypothetical-B		$ 1,000	$ 1,018.35	$ 6.51
Class M	1.54%
Actual		$ 1,000	$ 1,020.40	$ 7.71
Hypothetical-B		$ 1,000	$ 1,017.16	$ 7.70
Class C	2.06%
Actual		$ 1,000	$ 1,017.50	$ 10.30
Hypothetical-B		$ 1,000	$ 1,014.58	$ 10.29
Fidelity® Small Cap Value Fund	1.04%
Actual		$ 1,000	$ 1,023.00	$ 5.22
Hypothetical-B		$ 1,000	$ 1,019.64	$ 5.21
Class I	1.04%
Actual		$ 1,000	$ 1,023.00	$ 5.22
Hypothetical-B		$ 1,000	$ 1,019.64	$ 5.21
Class Z	.90%
Actual		$ 1,000	$ 1,023.50	$ 4.52
Hypothetical-B		$ 1,000	$ 1,020.33	$ 4.51

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

B 5% return per year before expenses

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

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2023, $199,483,651, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Small Cap Value Fund

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

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

Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it is the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and 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 Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

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

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, 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 that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

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

In connection its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

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

Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

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

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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

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

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

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.

1.803706.118

SCV-ANN-0923

Fidelity® Dividend Growth Fund

Annual Report

July 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Dividend Growth Fund	9.39%	8.38%	9.48%
Class K	9.51%	8.50%	9.60%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Dividend Growth Fund, a class of the fund, on July 31, 2013.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Zach Turner:

For the fiscal year ending July 31, 2023, the fund's share classes gained about 9% to 10%, versus 13.02% for the benchmark S&P 500® index. Relative to the benchmark, market selection was the primary detractor, especially an underweight in the information technology sector. An overweight in utilities and stock selection in health care also hampered the fund's relative result. The biggest individual relative detractor was an underweight in Nvidia (+157%). We added to the stake during the period, and Nvidia was among the fund's largest holdings at period end. A second notable relative detractor was an underweight in Apple (+22%). This period we decreased our stake in Apple. An overweight in Fidelity National Information Services (-39%) also hurt. In contrast, stock picking in both consumer discretionary and industrials contributed meaningfully versus the benchmark. The top individual relative contributor was an overweight in General Electric (+99%). Not owning Tesla, a benchmark component that returned -10%, also helped. Avoiding Amazon.com, a benchmark component that returned -1%, was beneficial as well. Notable changes in positioning include increased exposure to the materials and energy sectors.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	8.4
UnitedHealth Group, Inc.	2.7
NVIDIA Corp.	2.5
Visa, Inc. Class A	2.3
Cigna Group	2.0
Exxon Mobil Corp.	1.9
The Boeing Co.	1.8
Wells Fargo & Co.	1.7
Allison Transmission Holdings, Inc.	1.6
Marvell Technology, Inc.	1.5
	26.4

Market Sectors (% of Fund's net assets)

Information Technology	21.6
Health Care	13.6
Industrials	12.7
Financials	12.0
Energy	10.3
Consumer Staples	6.8
Utilities	6.1
Materials	5.4
Communication Services	4.2
Consumer Discretionary	3.5
Real Estate	2.2

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 4.2%
Diversified Telecommunication Services - 0.7%
Cellnex Telecom SA (a)	671,800	27,433
Verizon Communications, Inc.	530,900	18,093
		45,526
Entertainment - 0.4%
Activision Blizzard, Inc.	236,700	21,956
Interactive Media & Services - 2.0%
Alphabet, Inc. Class A (b)	445,300	59,100
Meta Platforms, Inc. Class A (b)	208,800	66,524
		125,624
Media - 1.1%
Comcast Corp. Class A	1,482,892	67,116
TOTAL COMMUNICATION SERVICES		260,222
CONSUMER DISCRETIONARY - 3.5%
Diversified Consumer Services - 0.7%
H&R Block, Inc.	1,278,800	42,980
Hotels, Restaurants & Leisure - 1.5%
Churchill Downs, Inc.	104,600	12,118
Domino's Pizza, Inc.	118,200	46,895
Hilton Worldwide Holdings, Inc.	87,600	13,621
Restaurant Brands International, Inc. (c)	306,500	23,466
Starbucks Corp.	800	81
		96,181
Household Durables - 1.0%
D.R. Horton, Inc.	159,400	20,247
JM AB (B Shares)	224,908	3,534
Lennar Corp. Class A	191,800	24,326
Sony Group Corp.	155,400	14,556
		62,663
Specialty Retail - 0.3%
Valvoline, Inc.	439,400	16,684
TOTAL CONSUMER DISCRETIONARY		218,508
CONSUMER STAPLES - 6.8%
Beverages - 2.1%
Constellation Brands, Inc. Class A (sub. vtg.)	118,200	32,245
Keurig Dr. Pepper, Inc.	2,160,800	73,489
The Coca-Cola Co.	399,500	24,741
		130,475
Consumer Staples Distribution & Retail - 1.6%
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)	767,500	38,857
Dollar General Corp.	122,400	20,668
Walmart, Inc.	256,300	40,972
		100,497
Food Products - 0.4%
The J.M. Smucker Co.	157,000	23,652
Household Products - 0.7%
Reynolds Consumer Products, Inc.	1,626,557	45,023
Personal Care Products - 0.3%
Estee Lauder Companies, Inc. Class A	103,700	18,666
Tobacco - 1.7%
Altria Group, Inc.	794,814	36,100
Philip Morris International, Inc.	720,000	71,798
		107,898
TOTAL CONSUMER STAPLES		426,211
ENERGY - 10.3%
Energy Equipment & Services - 2.2%
Baker Hughes Co. Class A	714,400	25,568
Borr Drilling Ltd. (b)	1,969,300	17,290
Schlumberger Ltd.	517,700	30,203
Seadrill Ltd. (b)	754,500	36,903
Tidewater, Inc. (b)	364,800	23,023
		132,987
Oil, Gas & Consumable Fuels - 8.1%
ARC Resources Ltd. (c)	2,120,800	32,038
Arch Resources, Inc. (c)	344,600	44,260
Canadian Natural Resources Ltd.	582,700	35,428
Cheniere Energy, Inc.	165,800	26,836
Cool Co. Ltd.	1,556,100	21,188
Energy Transfer LP	5,379,700	71,496
Enterprise Products Partners LP	2,127,300	56,395
Exxon Mobil Corp.	1,097,397	117,685
Golar LNG Ltd.	686,100	16,549
Reliance Industries Ltd. GDR (a)(c)	753,700	47,106
Sitio Royalties Corp. (c)	699,700	19,130
Viper Energy Partners LP	623,322	16,904
		505,015
TOTAL ENERGY		638,002
FINANCIALS - 12.0%
Banks - 3.1%
Bank of America Corp.	2,752,300	88,074
Wells Fargo & Co.	2,245,893	103,670
		191,744
Capital Markets - 1.8%
B. Riley Financial, Inc. (c)	221,800	12,317
Brookfield Corp. Class A (c)	393,800	13,744
Intercontinental Exchange, Inc.	532,300	61,108
S&P Global, Inc.	68,468	27,011
		114,180
Financial Services - 5.2%
Apollo Global Management, Inc.	478,600	39,106
Fidelity National Information Services, Inc.	465,300	28,095
Global Payments, Inc.	305,100	33,637
MasterCard, Inc. Class A	199,600	78,698
Visa, Inc. Class A	615,000	146,204
		325,740
Insurance - 1.9%
Arthur J. Gallagher & Co.	211,200	45,366
Brookfield Asset Management Reinsurance Partners Ltd. (c)	2,825	98
Chubb Ltd.	71,400	14,595
Marsh & McLennan Companies, Inc.	186,400	35,121
The Travelers Companies, Inc.	132,200	22,819
		117,999
TOTAL FINANCIALS		749,663
HEALTH CARE - 13.6%
Biotechnology - 1.1%
AbbVie, Inc.	109,400	16,364
Gilead Sciences, Inc.	649,400	49,445
		65,809
Health Care Equipment & Supplies - 0.3%
Baxter International, Inc.	436,500	19,743
Health Care Providers & Services - 7.1%
Cigna Group	416,900	123,027
CVS Health Corp.	370,300	27,658
Elevance Health, Inc.	89,800	42,352
HCA Holdings, Inc.	129,900	35,438
Humana, Inc.	90,100	41,160
UnitedHealth Group, Inc.	335,206	169,738
		439,373
Life Sciences Tools & Services - 1.8%
Danaher Corp.	243,500	62,107
Thermo Fisher Scientific, Inc.	93,600	51,355
		113,462
Pharmaceuticals - 3.3%
Bristol-Myers Squibb Co.	842,600	52,401
Eli Lilly & Co.	134,200	61,001
Novo Nordisk A/S Series B sponsored ADR	152,800	24,616
Perrigo Co. PLC	711,000	26,051
Roche Holding AG (participation certificate)	64,850	20,107
Royalty Pharma PLC	698,100	21,906
		206,082
TOTAL HEALTH CARE		844,469
INDUSTRIALS - 12.7%
Aerospace & Defense - 4.6%
Airbus Group NV	175,300	25,822
Howmet Aerospace, Inc.	682,400	34,898
L3Harris Technologies, Inc.	79,100	14,989
Lockheed Martin Corp.	37,100	16,560
Northrop Grumman Corp.	54,000	24,030
Spirit AeroSystems Holdings, Inc. Class A	628,700	20,005
Textron, Inc.	500,300	38,908
The Boeing Co. (b)	463,400	110,683
		285,895
Commercial Services & Supplies - 0.8%
GFL Environmental, Inc.	1,208,000	41,251
The Brink's Co.	135,600	9,893
		51,144
Electrical Equipment - 0.6%
Vertiv Holdings Co.	1,439,800	37,449
Industrial Conglomerates - 1.6%
General Electric Co.	566,150	64,677
Hitachi Ltd.	515,100	33,665
		98,342
Machinery - 1.6%
Allison Transmission Holdings, Inc. (c)	1,710,602	100,395
Marine Transportation - 0.4%
2020 Bulkers Ltd. (d)	1,265,600	13,037
Himalaya Shipping Ltd. (c)	1,240,700	7,481
		20,518
Professional Services - 2.3%
Equifax, Inc.	97,600	19,918
Genpact Ltd.	497,800	17,966
Leidos Holdings, Inc.	151,100	14,132
Paycom Software, Inc.	72,800	26,846
SS&C Technologies Holdings, Inc.	1,116,700	65,048
		143,910
Trading Companies & Distributors - 0.8%
United Rentals, Inc.	42,300	19,656
Watsco, Inc. (c)	82,200	31,087
		50,743
TOTAL INDUSTRIALS		788,396
INFORMATION TECHNOLOGY - 21.6%
Communications Equipment - 0.5%
Cisco Systems, Inc.	588,800	30,641
Electronic Equipment, Instruments & Components - 0.4%
Jabil, Inc.	219,100	24,248
Vontier Corp.	6,702	207
		24,455
IT Services - 0.8%
Amdocs Ltd.	509,500	47,710
Semiconductors & Semiconductor Equipment - 8.7%
ASML Holding NV (Netherlands)	20,700	14,827
BE Semiconductor Industries NV	262,400	31,346
Broadcom, Inc.	84,500	75,936
Marvell Technology, Inc.	1,459,605	95,064
Monolithic Power Systems, Inc.	39,600	22,156
NVIDIA Corp.	326,600	152,617
NXP Semiconductors NV	205,900	45,912
Skyworks Solutions, Inc.	157,500	18,013
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	738,100	73,183
Universal Display Corp.	95,350	13,910
		542,964
Software - 9.8%
Intuit, Inc.	164,700	84,277
Microsoft Corp.	1,560,700	524,277
		608,554
Technology Hardware, Storage & Peripherals - 1.4%
Apple, Inc.	179,072	35,179
Samsung Electronics Co. Ltd.	959,480	52,415
		87,594
TOTAL INFORMATION TECHNOLOGY		1,341,918
MATERIALS - 5.4%
Chemicals - 1.0%
CF Industries Holdings, Inc.	196,000	16,088
International Flavors & Fragrances, Inc. (c)	184,200	15,585
Shin-Etsu Chemical Co. Ltd.	819,900	27,011
		58,684
Metals & Mining - 3.9%
Agnico Eagle Mines Ltd. (Canada)	522,700	27,402
Barrick Gold Corp.	1,639,347	28,344
First Quantum Minerals Ltd.	269,600	7,996
Freeport-McMoRan, Inc.	732,500	32,706
Glencore PLC	6,158,500	37,453
Newmont Corp. (c)	1,234,700	52,993
Wheaton Precious Metals Corp.	1,263,600	56,661
		243,555
Paper & Forest Products - 0.5%
Louisiana-Pacific Corp.	427,300	32,530
TOTAL MATERIALS		334,769
REAL ESTATE - 2.2%
Equity Real Estate Investment Trusts (REITs) - 2.2%
American Tower Corp.	143,200	27,252
Crown Castle International Corp.	255,300	27,646
Digital Realty Trust, Inc.	131,200	16,350
Four Corners Property Trust, Inc.	810,100	21,306
NNN (REIT), Inc.	606,900	25,902
Public Storage	58,300	16,426
		134,882
UTILITIES - 6.1%
Electric Utilities - 3.7%
Constellation Energy Corp.	415,076	40,117
Edison International	778,900	56,050
Exelon Corp.	797,430	33,380
FirstEnergy Corp.	1,284,200	50,585
PG&E Corp. (b)	419,924	7,395
Southern Co.	564,200	40,814
		228,341
Gas Utilities - 0.4%
Brookfield Infrastructure Corp. A Shares	552,600	25,817
Independent Power and Renewable Electricity Producers - 1.6%
NextEra Energy Partners LP	436,400	23,762
The AES Corp.	1,275,600	27,591
Vistra Corp.	1,810,850	50,812
		102,165
Multi-Utilities - 0.4%
Dominion Energy, Inc.	448,600	24,023
TOTAL UTILITIES		380,346
TOTAL COMMON STOCKS (Cost $4,981,511)		6,117,386

Money Market Funds - 4.7%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.32% (e)	140,269,686	140,298
Fidelity Securities Lending Cash Central Fund 5.32% (e)(f)	153,707,585	153,723
TOTAL MONEY MARKET FUNDS (Cost $294,021)		294,021

TOTAL INVESTMENT IN SECURITIES - 103.1% (Cost $5,275,532)	6,411,407
NET OTHER ASSETS (LIABILITIES) - (3.1)%	(190,899)
NET ASSETS - 100.0%	6,220,508

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

Legend

(a)

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 $74,539,000 or 1.2% of net assets.

(b)	Non-income producing

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

(d)	Affiliated company

(e)

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

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	176,927	2,067,695	2,104,324	5,922	-	-	140,298	0.3%
Fidelity Securities Lending Cash Central Fund 5.32%	114,743	1,540,112	1,501,132	661	-	-	153,723	0.5%
Total	291,670	3,607,807	3,605,456	6,583	-	-	294,021

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
2020 Bulkers Ltd.	13,190	1,332	-	933	-	(1,485)	13,037
Total	13,190	1,332	-	933	-	(1,485)	13,037

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	260,222	260,222	-	-
Consumer Discretionary	218,508	203,952	14,556	-
Consumer Staples	426,211	426,211	-	-
Energy	638,002	638,002	-	-
Financials	749,663	749,663	-	-
Health Care	844,469	824,362	20,107	-
Industrials	788,396	762,574	25,822	-
Information Technology	1,341,918	1,327,091	14,827	-
Materials	334,769	270,305	64,464	-
Real Estate	134,882	134,882	-	-
Utilities	380,346	380,346	-	-

Money Market Funds	294,021	294,021	-	-
Total Investments in Securities:	6,411,407	6,271,631	139,776	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $149,240) - See accompanying schedule:
Unaffiliated issuers (cost $4,966,768)	$	6,104,349
Fidelity Central Funds (cost $294,021)		294,021
Other affiliated issuers (cost $14,743)		13,037


Total Investment in Securities (cost $5,275,532)			$	6,411,407
Foreign currency held at value (cost $49)				51
Receivable for investments sold				3,724
Receivable for fund shares sold				1,174
Dividends receivable				5,582
Distributions receivable from Fidelity Central Funds				355
Prepaid expenses				12
Other receivables				371
Total assets				6,422,676
Liabilities
Payable to custodian bank	$	229
Payable for investments purchased		40,987
Payable for fund shares redeemed		2,824
Accrued management fee		3,229
Other affiliated payables		729
Other payables and accrued expenses		452
Collateral on securities loaned		153,718
Total Liabilities				202,168
Net Assets			$	6,220,508
Net Assets consist of:
Paid in capital			$	4,995,683
Total accumulated earnings (loss)				1,224,825
Net Assets			$	6,220,508

Net Asset Value and Maximum Offering Price
Dividend Growth :
Net Asset Value, offering price and redemption price per share ($5,711,207 ÷ 177,266 shares)			$	32.22
Class K :
Net Asset Value, offering price and redemption price per share ($509,301 ÷ 15,833 shares)			$	32.17

Statement of Operations
Amounts in thousands				Year ended July 31, 2023
Investment Income
Dividends (including $933 earned from affiliated issuers)			$	127,114
Income from Fidelity Central Funds (including $661 from security lending)				6,583
Total Income				133,697
Expenses
Management fee
Basic fee	$	32,713
Performance adjustment		(6,287)
Transfer agent fees		7,761
Accounting fees		1,009
Custodian fees and expenses		79
Independent trustees' fees and expenses		32
Registration fees		99
Audit		76
Legal		10
Interest		33
Miscellaneous		36
Total expenses before reductions		35,561
Expense reductions		(317)
Total expenses after reductions				35,244
Net Investment income (loss)				98,453
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		121,514
Redemptions in-kind		72,578
Foreign currency transactions		2,914
Total net realized gain (loss)				197,006
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		260,403
Affiliated issuers		(1,485)
Assets and liabilities in foreign currencies		141
Total change in net unrealized appreciation (depreciation)				259,059
Net gain (loss)				456,065
Net increase (decrease) in net assets resulting from operations			$	554,518

Statement of Changes in Net Assets

Amount in thousands		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	98,453	$	83,538
Net realized gain (loss)		197,006		673,133
Change in net unrealized appreciation (depreciation)		259,059		(940,202)
Net increase (decrease) in net assets resulting from operations		554,518		(183,531)
Distributions to shareholders		(658,335)		(571,295)

Share transactions - net increase (decrease)		120,909		37,007
Total increase (decrease) in net assets		17,092		(717,819)

Net Assets
Beginning of period		6,203,416		6,921,235
End of period	$	6,220,508	$	6,203,416

Fidelity® Dividend Growth Fund

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	32.82	$	36.80	$	26.38	$	29.59	$	33.79
Income from Investment Operations
Net investment income (loss) A,B		.47		.44		.42		.58		.59
Net realized and unrealized gain (loss)		2.26		(1.37)		10.59		(2.29)		1.01 C
Total from investment operations		2.73		(.93)		11.01		(1.71)		1.60
Distributions from net investment income		(.47)		(.55)		(.59)		(.49)		(.60)
Distributions from net realized gain		(2.85)		(2.50)		-		(1.01)		(5.20)
Total distributions		(3.33) D		(3.05)		(.59)		(1.50)		(5.80)
Net asset value, end of period	$	32.22	$	32.82	$	36.80	$	26.38	$	29.59
Total Return E		9.39%		(2.83)%		42.42%		(6.24)%		5.38% C
Ratios to Average Net Assets B,F,G
Expenses before reductions		.58%		.48%		.49%		.49%		.50%
Expenses net of fee waivers, if any		.58%		.47%		.49%		.49%		.50%
Expenses net of all reductions		.58%		.47%		.48%		.48%		.49%
Net investment income (loss)		1.57%		1.27%		1.31%		2.11%		2.05%
Supplemental Data
Net assets, end of period (in millions)	$	5,711	$	5,661	$	6,114	$	4,685	$	5,728
Portfolio turnover rate H		66% I		52%		93%		69%		101%

ACalculated based on average shares outstanding during the period.

CNet 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%.

DTotal distributions per share do not sum due to rounding.

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

FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

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

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

Fidelity® Dividend Growth Fund Class K

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	32.77	$	36.76	$	26.36	$	29.56	$	33.76
Income from Investment Operations
Net investment income (loss) A,B		.50		.47		.44		.61		.63
Net realized and unrealized gain (loss)		2.26		(1.37)		10.57		(2.28)		1.01 C
Total from investment operations		2.76		(.90)		11.01		(1.67)		1.64
Distributions from net investment income		(.50)		(.59)		(.61)		(.52)		(.63)
Distributions from net realized gain		(2.85)		(2.50)		-		(1.01)		(5.20)
Total distributions		(3.36) D		(3.09)		(.61)		(1.53)		(5.84) D
Net asset value, end of period	$	32.17	$	32.77	$	36.76	$	26.36	$	29.56
Total Return E		9.51%		(2.75)%		42.53%		(6.11)%		5.50% C
Ratios to Average Net Assets B,F,G
Expenses before reductions		.49%		.38%		.39%		.39%		.40%
Expenses net of fee waivers, if any		.48%		.38%		.39%		.39%		.39%
Expenses net of all reductions		.48%		.38%		.38%		.38%		.38%
Net investment income (loss)		1.67%		1.36%		1.41%		2.22%		2.16%
Supplemental Data
Net assets, end of period (in millions)	$	509	$	542	$	807	$	1,228	$	1,480
Portfolio turnover rate H		66% I		52%		93%		69%		101%

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

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

Notes to Financial Statements

For the period ended July 31, 2023

(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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Fidelity Dividend Growth Fund

$371

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, 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	$1,299,921
Gross unrealized depreciation	(176,867)
Net unrealized appreciation (depreciation)	$1,123,054
Tax Cost	$5,288,353

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

Undistributed tax-exempt income	-
Undistributed ordinary income	$17,644
Undistributed long-term capital gain	$96,418
Net unrealized appreciation (depreciation) on securities and other investments	$1,110,763

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022

Ordinary Income	$100,435	$319,003
Long-term Capital Gains	557,900	252,292
Total	$658,335	$571,295

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Dividend Growth Fund	3,992,270	4,143,443

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

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Dividend Growth Fund	5,897	72,578	188,231	Dividend Growth

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 annual 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 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
Dividend Growth	$7,421	.14
Class K	340	.04
	$7,761

	% of Average Net Assets
Fidelity Dividend Growth Fund	.02

	Amount
Fidelity Dividend Growth Fund	$85

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Dividend Growth Fund	Borrower	$20,765	5.22%	$33

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Dividend Growth Fund	293,710	247,937	(280)

6. Committed Line of Credit.

	Amount
Fidelity Dividend Growth Fund	$14

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Dividend Growth Fund	$70	$ -A	$-
A In the amount of less than five hundred dollars.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balance were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $6.

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 $311.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Dividend Growth Fund
Distributions to shareholders
Dividend Growth	$576,918	$510,637
Class K	81,417	60,658
Total	$658,335	$571,295

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2023	Year ended July 31, 2022	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Dividend Growth Fund
Dividend Growth
Shares sold	11,761	9,180	$365,822	$317,840
Reinvestment of distributions	18,481	14,043	548,214	487,723
Shares redeemed	(25,467)	(16,893)	(772,029)	(581,352)
Net increase (decrease)	4,775	6,330	$142,007	$224,211
Class K
Shares sold	18,841	3,443	$581,956	$117,316
Reinvestment of distributions	2,752	1,749	81,417	60,658
Shares redeemed	(22,314)	(10,595)	(684,471)	(365,178)
Net increase (decrease)	(721)	(5,403)	$(21,098)	$(187,204)

11. Other.

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Dividend Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Dividend Growth Fund (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023
Fidelity® Dividend Growth Fund
Fidelity® Dividend Growth Fund	.67%
Actual		$ 1,000	$ 1,069.30	$ 3.44
Hypothetical-B		$ 1,000	$ 1,021.47	$ 3.36
Class K	.56%
Actual		$ 1,000	$ 1,069.90	$ 2.87
Hypothetical-B		$ 1,000	$ 1,022.02	$ 2.81

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2023, $139,703,582, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.02% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $4,026,297 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

Dividend Growth designates 84%, 79%, 100% and 100%; Class K designates 80%, 75%, 100% and 100%; of the dividends distributed in October, December, April, and July, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Dividend Growth designates 91.09%, 86.72%, 100%, and 100%; Class K designates 86.35%, 82.25%, 100%, and 100%; of the dividends distributed in October, December, April, and July, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Dividend Growth designates 4.51% and 6.65%; Class K designates 4.27% and 6.31%; of the dividends distributed in October and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Dividend Growth Fund

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, 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 that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

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.

1.536090.126

DGF-ANN-0923

Fidelity® Blue Chip Growth Fund

Annual Report

July 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Blue Chip Growth Fund	24.43%	16.30%	16.69%
Class K	24.55%	16.41%	16.81%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Growth Fund, a class of the fund, on July 31, 2013.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Sonu Kalra:

For the fiscal year ending July 31, 2023, the fund's share classes gained about 24% to 25%, versus 17.31% for the benchmark Russell 1000 Growth Index. Relative to the benchmark, security selection was the primary contributor, led by the information technology sector. Picks in communication services and consumer discretionary also boosted the fund's relative performance. The top individual relative contributor was an overweight in Nvidia (+158%), the fund's largest holding at period end. The second-largest relative contributor was an overweight in Meta Platforms (+100%), another of our biggest holdings. An overweight in Uber Technologies (+111%), another top-10 fund holding, also contributed. In contrast, the primary detractor from performance versus the benchmark was an overweight in consumer discretionary. An underweight in information technology also modestly hampered the fund's result, as did stock picking in real estate. The largest individual relative detractor this period was avoiding Broadcom, a benchmark component that gained 73%. A stake in Tesla returned about -10% and was a second notable relative detractor. Tesla was among our biggest holdings. A non-benchmark stake in Penn Entertainment returned roughly -24% and also hurt. Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to communication services.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

NVIDIA Corp.	10.0
Apple, Inc.	9.6
Microsoft Corp.	8.6
Amazon.com, Inc.	7.4
Alphabet, Inc. Class A	5.7
Meta Platforms, Inc. Class A	4.4
Marvell Technology, Inc.	3.6
Uber Technologies, Inc.	2.4
Tesla, Inc.	2.1
Netflix, Inc.	2.0
	55.8

Market Sectors (% of Fund's net assets)

Information Technology	40.9
Consumer Discretionary	22.1
Communication Services	14.4
Health Care	8.4
Industrials	5.4
Energy	2.8
Consumer Staples	2.5
Financials	2.4
Materials	0.9
Real Estate	0.2
Utilities	0.0

Asset Allocation (% of Fund's net assets)

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 14.2%
Entertainment - 2.3%
Netflix, Inc. (a)	2,222,178	975,469
Sea Ltd. ADR (a)	1,879,017	124,992
Take-Two Interactive Software, Inc. (a)	108,775	16,636
Universal Music Group NV	1,972,028	50,582
		1,167,679
Interactive Media & Services - 11.8%
Alphabet, Inc. Class A (a)	21,537,460	2,858,452
Baidu, Inc. sponsored ADR (a)	99,100	15,459
Epic Games, Inc. (a)(b)(c)	6,131	4,281
Meta Platforms, Inc. Class A (a)	6,838,961	2,178,893
Snap, Inc. Class A (a)(d)	72,580,345	824,513
		5,881,598
Wireless Telecommunication Services - 0.1%
Rogers Communications, Inc. Class B (non-vtg.)	77,588	3,397
T-Mobile U.S., Inc. (a)	233,651	32,190
		35,587
TOTAL COMMUNICATION SERVICES		7,084,864
CONSUMER DISCRETIONARY - 21.8%
Automobile Components - 0.1%
Aptiv PLC (a)	297,145	32,534
Automobiles - 2.5%
Li Auto, Inc. ADR (a)	284,700	12,185
Neutron Holdings, Inc. (a)(b)(c)	7,152,433	183
Rad Power Bikes, Inc. (a)(b)(c)	928,091	798
Rivian Automotive, Inc. (a)(d)	7,531,371	208,167
Tesla, Inc. (a)	3,861,619	1,032,713
		1,254,046
Broadline Retail - 7.9%
Alibaba Group Holding Ltd. sponsored ADR (a)	1,655,005	169,075
Amazon.com, Inc. (a)	27,452,900	3,669,904
Dollarama, Inc.	176,000	11,593
MercadoLibre, Inc. (a)	11,187	13,850
Ollie's Bargain Outlet Holdings, Inc. (a)	701,909	51,155
PDD Holdings, Inc. ADR (a)	393,700	35,362
		3,950,939
Diversified Consumer Services - 0.1%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	714,724	40,117
Hotels, Restaurants & Leisure - 3.2%
Airbnb, Inc. Class A (a)	2,903,295	441,852
Booking Holdings, Inc. (a)	1,700	5,050
Caesars Entertainment, Inc. (a)	3,902,128	230,304
Chipotle Mexican Grill, Inc. (a)	22,878	44,893
Deliveroo PLC Class A (a)(e)	11,635,110	19,621
Draftkings Holdings, Inc. (a)(d)	587,010	18,655
Flutter Entertainment PLC (a)	174,558	34,745
Hilton Worldwide Holdings, Inc.	619,746	96,364
Light & Wonder, Inc. Class A (a)	127,500	8,963
Marriott International, Inc. Class A	1,080,536	218,063
McDonald's Corp.	139,383	40,867
Penn Entertainment, Inc. (a)	4,121,936	108,366
Restaurant Brands International, Inc.	306,719	23,481
Sonder Holdings, Inc.:
Stage 1 rights (a)(c)	16,222	0
Stage 2 rights (a)(c)	16,221	0
Stage 3 rights (a)(c)	16,222	0
Stage 4 rights (a)(c)	16,221	0
Stage 5:
rights (a)(c)	16,221	0
rights (a)(c)	16,221	0
Starbucks Corp.	1,079,719	109,667
Sweetgreen, Inc. Class A (a)(d)	6,977,717	105,154
Trip.com Group Ltd. ADR (a)	833,433	34,204
Yum China Holdings, Inc.	323,310	19,728
Yum! Brands, Inc.	98,887	13,614
		1,573,591
Household Durables - 0.0%
Sony Group Corp. sponsored ADR	86,231	8,071
Leisure Products - 0.0%
Peloton Interactive, Inc. Class A (a)(d)	1,987,640	19,300
Specialty Retail - 4.4%
Abercrombie & Fitch Co. Class A (a)	1,145,200	45,361
American Eagle Outfitters, Inc. (f)	11,827,717	166,179
Aritzia, Inc. (a)	674,900	12,841
Bath & Body Works, Inc.	538,818	19,969
Fanatics, Inc. Class A (a)(b)(c)	1,938,909	151,972
Fast Retailing Co. Ltd.	18,821	4,704
Five Below, Inc. (a)	830,385	173,002
Floor & Decor Holdings, Inc. Class A (a)	40,961	4,704
Foot Locker, Inc.	791,509	21,268
FSN E-Commerce Ventures Private Ltd.	16,730,280	29,274
Lowe's Companies, Inc.	3,329,071	779,901
Overstock.com, Inc. (a)	320,900	11,703
RH (a)(d)	763,437	296,343
TJX Companies, Inc.	2,943,940	254,739
Victoria's Secret & Co. (a)	801,676	16,426
Warby Parker, Inc. (a)(d)(f)	5,571,031	83,231
Wayfair LLC Class A (a)	1,241,421	96,669
Williams-Sonoma, Inc.	204,186	28,308
		2,196,594
Textiles, Apparel & Luxury Goods - 3.6%
Compagnie Financiere Richemont SA Series A	192,271	30,962
Crocs, Inc. (a)	843,220	91,363
Deckers Outdoor Corp. (a)	734,655	399,425
Hermes International SCA	21,520	47,713
lululemon athletica, Inc. (a)	1,399,823	529,875
LVMH Moet Hennessy Louis Vuitton SE	144,353	134,070
NIKE, Inc. Class B	3,369,653	371,976
On Holding AG (a)	2,282,625	82,175
PVH Corp.	391,600	35,103
Ralph Lauren Corp.	126,100	16,561
Tory Burch LLC (a)(b)(c)(g)	293,611	8,940
VF Corp.	1,334,407	26,435
		1,774,598
TOTAL CONSUMER DISCRETIONARY		10,849,790
CONSUMER STAPLES - 2.4%
Beverages - 1.2%
Boston Beer Co., Inc. Class A (a)	187,498	69,644
Celsius Holdings, Inc. (a)(d)	3,287,212	475,660
Constellation Brands, Inc. Class A (sub. vtg.)	57,229	15,612
PepsiCo, Inc.	237,497	44,521
		605,437
Consumer Staples Distribution & Retail - 1.0%
BJ's Wholesale Club Holdings, Inc. (a)	152,342	10,102
Costco Wholesale Corp.	7,509	4,210
Dollar Tree, Inc. (a)	2,159,124	333,218
Target Corp.	370,636	50,581
Walmart, Inc.	637,197	101,862
		499,973
Food Products - 0.0%
Patanjali Foods Ltd.	1,079,012	17,463
Sovos Brands, Inc. (a)	61,341	1,092
The Real Good Food Co. LLC:
Class B (a)(c)(f)	1,262,073	0
Class B unit (a)(e)(f)	1,262,073	5,301
The Real Good Food Co., Inc. (a)	44,743	188
		24,044
Household Products - 0.1%
Procter & Gamble Co.	227,270	35,522
Personal Care Products - 0.1%
Estee Lauder Companies, Inc. Class A	43,161	7,769
Oddity Tech Ltd. (d)	73,400	3,911
Oddity Tech Ltd.	360,543	17,292
		28,972
Tobacco - 0.0%
JUUL Labs, Inc.:
Class A (a)(b)(c)	21,148	154
Class B (a)(b)(c)	6,625	48
		202
TOTAL CONSUMER STAPLES		1,194,150
ENERGY - 2.8%
Oil, Gas & Consumable Fuels - 2.8%
Antero Resources Corp. (a)	915,684	24,495
Cenovus Energy, Inc. (Canada)	202,400	3,850
Cheniere Energy, Inc.	202,658	32,802
Denbury, Inc. (a)	687,621	60,449
Diamondback Energy, Inc.	1,010,388	148,850
EOG Resources, Inc. (d)	1,530,139	202,789
Exxon Mobil Corp.	1,169,872	125,457
Hess Corp.	1,934,286	293,489
Northern Oil & Gas, Inc.	436,041	17,167
Occidental Petroleum Corp.	1,749,361	110,437
Pioneer Natural Resources Co.	585,081	132,035
Reliance Industries Ltd.	6,689,593	207,362
Reliance Industries Ltd. GDR (d)(e)	220,516	13,782
		1,372,964
FINANCIALS - 2.3%
Banks - 0.1%
HDFC Bank Ltd.	1,172,172	23,535
Capital Markets - 0.0%
Coinbase Global, Inc. (a)	97,900	9,654
Consumer Finance - 0.4%
American Express Co.	1,193,842	201,616
Financial Services - 1.8%
Adyen BV (a)(e)	5,461	10,136
Ant International Co. Ltd. Class C (a)(b)(c)	6,428,801	12,086
Berkshire Hathaway, Inc. Class B (a)	41,219	14,507
Block, Inc. Class A (a)	1,912,241	153,993
Jio Financial Services Ltd. (c)	6,689,593	21,299
MasterCard, Inc. Class A	1,402,265	552,885
Rapyd Financial Network 2016 Ltd. (a)(b)(c)	204,327	15,776
Visa, Inc. Class A	535,463	127,296
		907,978
TOTAL FINANCIALS		1,142,783
HEALTH CARE - 8.4%
Biotechnology - 1.2%
Alnylam Pharmaceuticals, Inc. (a)	653,268	127,649
Apogee Therapeutics, Inc. (d)	278,500	5,960
Argenx SE ADR (a)	117,429	59,241
Ascendis Pharma A/S sponsored ADR (a)	420,710	37,927
Cibus, Inc. (a)	476,498	9,530
CytomX Therapeutics, Inc. (a)(e)	378,621	659
Exact Sciences Corp. (a)	199,600	19,469
Generation Bio Co. (a)	777,977	3,952
Karuna Therapeutics, Inc. (a)	187,551	37,467
Moderna, Inc. (a)	17,777	2,092
Moonlake Immunotherapeutics (a)(d)	397,203	24,154
Regeneron Pharmaceuticals, Inc. (a)	205,645	152,570
Sagimet Biosciences, Inc.	278,500	4,442
Vertex Pharmaceuticals, Inc. (a)	311,635	109,801
Viking Therapeutics, Inc. (a)	484,377	7,023
		601,936
Health Care Equipment & Supplies - 1.5%
Axonics Modulation Technologies, Inc. (a)	572,873	34,584
Blink Health LLC Series A1 (a)(b)(c)	51,117	2,444
Boston Scientific Corp. (a)	2,184,646	113,274
DexCom, Inc. (a)	2,288,914	285,107
Insulet Corp. (a)	310,546	85,944
Intuitive Surgical, Inc. (a)	41,487	13,458
Penumbra, Inc. (a)	14,986	4,546
Shockwave Medical, Inc. (a)	400,877	104,469
Stryker Corp.	311,703	88,340
TransMedics Group, Inc. (a)	105,746	9,853
Zimmer Biomet Holdings, Inc.	35,000	4,835
		746,854
Health Care Providers & Services - 2.2%
agilon health, Inc. (a)	362,993	6,951
Alignment Healthcare, Inc. (a)	886,234	5,504
Guardant Health, Inc. (a)	2,044,920	79,793
Humana, Inc.	282,374	128,997
Surgery Partners, Inc. (a)	562,383	21,725
UnitedHealth Group, Inc.	1,712,978	867,401
		1,110,371
Health Care Technology - 0.0%
Certara, Inc. (a)(d)	371,586	7,235
MultiPlan Corp. warrants (a)(b)	138,859	2
		7,237
Life Sciences Tools & Services - 0.6%
Danaher Corp.	578,477	147,546
ICON PLC (a)	47,520	11,947
Olink Holding AB ADR (a)	574,100	10,908
Thermo Fisher Scientific, Inc.	187,684	102,975
Veterinary Emergency Group LLC Class A (a)(b)(c)(g)	524,494	26,482
		299,858
Pharmaceuticals - 2.9%
Eli Lilly & Co.	1,864,531	847,523
Novo Nordisk A/S:
Series B	137,007	22,093
Series B sponsored ADR	1,112,850	179,280
Roche Holding AG (participation certificate)	44,764	13,879
Ventyx Biosciences, Inc. (a)	179,925	6,666
Zoetis, Inc. Class A	1,829,346	344,082
		1,413,523
TOTAL HEALTH CARE		4,179,779
INDUSTRIALS - 4.9%
Aerospace & Defense - 1.2%
Airbus Group NV	211,455	31,147
Howmet Aerospace, Inc.	1,088,826	55,683
L3Harris Technologies, Inc.	133,938	25,380
Lockheed Martin Corp.	70,929	31,661
Northrop Grumman Corp.	51,937	23,112
Space Exploration Technologies Corp.:
Class A (a)(b)(c)	2,961,836	239,909
Class C (a)(b)(c)	27,830	2,254
The Boeing Co. (a)	788,956	188,442
TransDigm Group, Inc.	21,018	18,910
		616,498
Air Freight & Logistics - 0.0%
Delhivery Private Ltd. (a)	2,469,600	11,986
Commercial Services & Supplies - 0.1%
ACV Auctions, Inc. Class A (a)	2,256,900	39,473
Electrical Equipment - 0.1%
Eaton Corp. PLC	155,554	31,938
Vertiv Holdings Co.	67,300	1,750
		33,688
Ground Transportation - 3.1%
Avis Budget Group, Inc. (a)	246,483	54,298
Bird Global, Inc. (a)(b)	72,846	181
Bird Global, Inc.:
Class A (a)(d)	737,714	1,830
Stage 1 rights (a)(c)	10,516	0
Stage 2 rights (a)(c)	10,516	0
Stage 3 rights (a)(c)	10,516	0
Hertz Global Holdings, Inc. (a)(d)	886,414	14,936
Lyft, Inc. (a)(d)	21,770,343	276,701
Uber Technologies, Inc. (a)	24,235,272	1,198,677
		1,546,623
Passenger Airlines - 0.2%
Delta Air Lines, Inc.	747,991	34,602
United Airlines Holdings, Inc. (a)	844,608	45,871
		80,473
Professional Services - 0.1%
Paycom Software, Inc.	217,581	80,235
Trading Companies & Distributors - 0.1%
FTAI Aviation Ltd.	1,503,970	48,443
TOTAL INDUSTRIALS		2,457,419
INFORMATION TECHNOLOGY - 40.3%
Communications Equipment - 0.1%
Arista Networks, Inc. (a)	150,017	23,266
Electronic Equipment, Instruments & Components - 0.0%
Flex Ltd. (a)	345,970	9,466
IT Services - 0.5%
Digitalocean Holdings, Inc. (a)	120,900	5,987
MongoDB, Inc. Class A (a)	203,822	86,298
Okta, Inc. (a)	1,413,913	108,673
Shopify, Inc. Class A (a)	233,477	15,772
Snowflake, Inc. (a)	224,757	39,942
X Holdings Corp. Class A (c)	196,600	8,222
		264,894
Semiconductors & Semiconductor Equipment - 18.6%
Advanced Micro Devices, Inc. (a)	2,393,265	273,790
AEHR Test Systems (a)	94,400	4,924
ASML Holding NV (depository receipt)	85,884	61,528
First Solar, Inc. (a)	21,180	4,393
GlobalFoundries, Inc. (a)	4,885,337	311,147
Impinj, Inc. (a)	256,576	17,093
Lattice Semiconductor Corp. (a)	104,400	9,494
Marvell Technology, Inc.	27,488,451	1,790,323
Monolithic Power Systems, Inc.	222,527	124,502
NVIDIA Corp.	10,686,013	4,993,472
NXP Semiconductors NV	3,741,629	834,308
ON Semiconductor Corp. (a)	3,892,029	419,366
Skyworks Solutions, Inc.	170,889	19,545
SolarEdge Technologies, Inc. (a)	85,874	20,735
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,329,030	230,923
Teradyne, Inc.	1,377,903	155,620
		9,271,163
Software - 11.5%
Adobe, Inc. (a)	105,400	57,566
Atom Tickets LLC (a)(b)(c)(g)	1,204,239	0
Bill Holdings, Inc. (a)(d)	809,222	101,428
Confluent, Inc. (a)	345,423	11,931
Datadog, Inc. Class A (a)(d)	614,969	71,779
HubSpot, Inc. (a)	408,293	237,035
Intuit, Inc.	328,126	167,902
Microsoft Corp.	12,774,239	4,291,122
Oracle Corp.	278,138	32,606
Palantir Technologies, Inc. (a)(d)	1,211,700	24,040
Palo Alto Networks, Inc. (a)	19,500	4,874
Pine Labs Private Ltd. (a)(b)(c)	9,912	5,296
Salesforce, Inc. (a)	2,005,603	451,281
ServiceNow, Inc. (a)	168,409	98,182
Splunk, Inc. (a)	511,469	55,407
Stripe, Inc. Class B (a)(b)(c)	173,600	3,495
Tanium, Inc. Class B (a)(b)(c)	554,900	4,273
Workday, Inc. Class A (a)	84,113	19,946
Zoom Video Communications, Inc. Class A (a)	951,249	69,774
		5,707,937
Technology Hardware, Storage & Peripherals - 9.6%
Apple, Inc.	24,348,675	4,783,297
TOTAL INFORMATION TECHNOLOGY		20,060,023
MATERIALS - 0.7%
Chemicals - 0.1%
Linde PLC	65,983	25,778
Metals & Mining - 0.6%
ATI, Inc. (a)	597,363	28,482
Carpenter Technology Corp.	496,869	29,743
Freeport-McMoRan, Inc.	5,309,028	237,048
		295,273
TOTAL MATERIALS		321,051
REAL ESTATE - 0.2%
Equity Real Estate Investment Trusts (REITs) - 0.1%
Equinix, Inc.	21,200	17,170
Welltower, Inc.	321,897	26,444
		43,614
Real Estate Management & Development - 0.1%
Zillow Group, Inc. Class C (a)	787,800	42,667
TOTAL REAL ESTATE		86,281
UTILITIES - 0.0%
Electric Utilities - 0.0%
NextEra Energy, Inc.	157,632	11,554
TOTAL COMMON STOCKS (Cost $22,183,940)		48,760,658

Preferred Stocks - 1.9%
	Shares	Value ($) (000s)
Convertible Preferred Stocks - 1.7%
COMMUNICATION SERVICES - 0.2%
Interactive Media & Services - 0.2%
ByteDance Ltd. Series E1 (a)(b)(c)	293,038	70,256
Reddit, Inc.:
Series B(a)(b)(c)	524,232	18,595
Series E(a)(b)(c)	43,813	1,554
Series F(a)(b)(c)	457,142	16,215
		106,620
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.0%
Rad Power Bikes, Inc.:
Series A(a)(b)(c)	120,997	104
Series C(a)(b)(c)	476,111	962
Series D(a)(b)(c)	867,000	2,757
		3,823
Broadline Retail - 0.1%
Meesho Series F (a)(b)(c)	546,589	43,241

Hotels, Restaurants & Leisure - 0.1%
Discord, Inc. Series I (a)(b)(c)	6,100	1,974
MOD Super Fast Pizza Holdings LLC:
Series 3(a)(b)(c)(g)	68,723	20,697
Series 4(a)(b)(c)(g)	6,272	1,815
Series 5(a)(b)(c)(g)	25,187	6,900
		31,386
TOTAL CONSUMER DISCRETIONARY		78,450

CONSUMER STAPLES - 0.1%
Consumer Staples Distribution & Retail - 0.1%
GoBrands, Inc.:
Series G(a)(b)(c)	166,200	16,572
Series H(a)(b)(c)	104,029	10,373
Instacart, Inc.:
Series H(a)(b)(c)	245,379	11,067
Series I(a)(b)(c)	118,846	5,360
		43,372
Food Products - 0.0%
AgBiome LLC Series C (a)(b)(c)	1,091,300	5,522
Bowery Farming, Inc. Series C1 (a)(b)(c)	161,262	1,271
		6,793
Tobacco - 0.0%
JUUL Labs, Inc.:
Series C(a)(b)(c)	2,570,575	18,714
Series D(a)(b)(c)	13,822	101
Series E(a)(b)(c)	14,959	109
		18,924
TOTAL CONSUMER STAPLES		69,089

HEALTH CARE - 0.0%
Biotechnology - 0.0%
Castle Creek Biosciences, Inc. Series D2 (a)(b)(c)	5,347	1,005

Health Care Equipment & Supplies - 0.0%
Blink Health LLC Series C (a)(b)(c)	170,685	8,162

Pharmaceuticals - 0.0%
Castle Creek Pharmaceutical Holdings, Inc. Series B (a)(b)(c)	3,301	650

TOTAL HEALTH CARE		9,817

INDUSTRIALS - 0.5%
Aerospace & Defense - 0.5%
ABL Space Systems:
Series B(a)(b)(c)	270,130	8,903
Series B2(a)(b)(c)	141,569	4,550
Relativity Space, Inc. Series E (a)(b)(c)	2,480,614	44,825
Space Exploration Technologies Corp.:
Series G(a)(b)(c)	97,277	78,794
Series H(a)(b)(c)	25,767	20,871
Series N(a)(b)(c)	79,406	64,319
		222,262
Construction & Engineering - 0.0%
Beta Technologies, Inc. Series A (a)(b)(c)	101,010	12,715

TOTAL INDUSTRIALS		234,977

INFORMATION TECHNOLOGY - 0.5%
Electronic Equipment, Instruments & Components - 0.0%
CelLink Corp. Series D (a)(b)(c)	771,513	10,076
Enevate Corp. Series E (a)(b)(c)	12,084,432	7,372
Menlo Micro, Inc. Series C (a)(b)(c)	4,680,700	4,962
		22,410
IT Services - 0.0%
Yanka Industries, Inc. Series F (a)(b)(c)	508,854	3,796

Semiconductors & Semiconductor Equipment - 0.2%
Alif Semiconductor Series C (a)(b)(c)	391,847	7,880
Astera Labs, Inc.:
Series A(a)(b)(c)	672,992	6,784
Series B(a)(b)(c)	114,587	1,155
Series C(a)(b)(c)	1,572,300	15,849
Series D(a)(b)(c)	2,623,426	26,444
GaN Systems, Inc.:
Series F1(a)(b)(c)	661,660	7,364
Series F2(a)(b)(c)	349,385	3,889
Retym, Inc. Series C (b)(c)	810,037	6,302
SiMa.ai:
Series B(a)(b)(c)	2,821,200	17,407
Series B1(a)(b)(c)	188,978	1,363
Xsight Labs Ltd. Series D (a)(b)(c)	1,192,000	6,854
		101,291
Software - 0.3%
Algolia, Inc. Series D (a)(b)(c)	276,495	4,416
Bolt Technology OU Series E (a)(b)(c)	170,267	22,289
Databricks, Inc.:
Series G(a)(b)(c)	437,958	22,292
Series H(a)(b)(c)	273,924	13,943
Dataminr, Inc. Series D (a)(b)(c)	277,250	4,123
Delphix Corp. Series D (a)(b)(c)	675,445	2,810
Moloco, Inc. Series A (b)(c)	103,822	6,229
Mountain Digital, Inc. Series D (a)(b)(c)	524,265	8,844
Skyryse, Inc. Series B (a)(b)(c)	560,000	12,958
Stripe, Inc.:
Series H(a)(b)(c)	73,100	1,472
Series I(b)(c)	1,129,819	22,743
Tenstorrent, Inc. Series C1 (a)(b)(c)	77,800	4,803
		126,922
Technology Hardware, Storage & Peripherals - 0.0%
Lightmatter, Inc. Series C (b)(c)	372,617	6,103

TOTAL INFORMATION TECHNOLOGY		260,522

MATERIALS - 0.2%
Metals & Mining - 0.2%
Diamond Foundry, Inc. Series C (a)(b)(c)	2,271,329	75,499

UTILITIES - 0.0%
Independent Power and Renewable Electricity Producers - 0.0%
Redwood Materials:
Series C(a)(b)(c)	341,408	16,299
Series D(b)(c)	97,832	4,670
		20,969
TOTAL CONVERTIBLE PREFERRED STOCKS		855,943
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Neutron Holdings, Inc.:
Series 1C(a)(b)(c)	50,654,200	1,297
Series 1D(a)(b)(c)	85,315,542	2,184
Waymo LLC Series A2 (a)(b)(c)	81,316	4,398
		7,879
FINANCIALS - 0.1%
Financial Services - 0.1%
Circle Internet Financial Ltd. Series E (a)(b)(c)	1,244,183	28,007

HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(b)(c)	29,758	6,080

INFORMATION TECHNOLOGY - 0.1%
IT Services - 0.0%
Gupshup, Inc. (a)(b)(c)	709,497	8,081

Software - 0.1%
Pine Labs Private Ltd.:
Series 1(a)(b)(c)	23,689	12,656
Series A(a)(b)(c)	5,920	3,163
Series B(a)(b)(c)	6,440	3,441
Series B2(a)(b)(c)	5,209	2,783
Series C(a)(b)(c)	9,690	5,177
Series C1(a)(b)(c)	2,041	1,090
Series D(a)(b)(c)	2,183	1,166
		29,476
TOTAL INFORMATION TECHNOLOGY		37,557

REAL ESTATE - 0.0%
Real Estate Management & Development - 0.0%
ZKH Group Ltd. Series F (c)	21,325,985	8,744

TOTAL NONCONVERTIBLE PREFERRED STOCKS		88,267
TOTAL PREFERRED STOCKS (Cost $903,407)		944,210

Convertible Bonds - 0.1%
	Principal Amount (h) (000s)	Value ($) (000s)
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Neutron Holdings, Inc.:
4% 5/22/27 (b)(c)	2,433	2,511
4% 6/12/27 (b)(c)	647	668
4.5% 10/27/25 (b)(c)(i)	21,263	20,806
(Cost $24,343)		23,985

Preferred Securities - 0.0%
	Principal Amount (h) (000s)	Value ($) (000s)
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
GaN Systems, Inc. 0% (b)(c)(j)	15,508	19,168
Software - 0.0%
Tenstorrent, Inc. 0% (b)(c)(j)	4,320	4,484
TOTAL PREFERRED SECURITIES (Cost $19,828)		23,652

Money Market Funds - 1.6%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.32% (k)	35,299,091	35,306
Fidelity Securities Lending Cash Central Fund 5.32% (k)(l)	735,363,886	735,437
TOTAL MONEY MARKET FUNDS (Cost $770,743)		770,743

TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $23,902,261)	50,523,248
NET OTHER ASSETS (LIABILITIES) - (1.6)%	(778,356)
NET ASSETS - 100.0%	49,744,892

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

Legend

(a)	Non-income producing

(b)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,461,677,000 or 2.9% of net assets.

(c)	Level 3 security

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

(e)

(f)	Affiliated company

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

(h)	Amount is stated in United States dollars unless otherwise noted.

(i)	Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(k)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($) (000s)
ABL Space Systems Series B	3/24/21	12,165

ABL Space Systems Series B2	10/22/21	9,626

AgBiome LLC Series C	6/29/18	6,912

Algolia, Inc. Series D	7/23/21	8,086

Alif Semiconductor Series C	3/08/22	7,954

Ant International Co. Ltd. Class C	5/16/18	24,503

Astera Labs, Inc. Series A	5/17/22	6,844

Astera Labs, Inc. Series B	5/17/22	1,165

Astera Labs, Inc. Series C	8/24/21	5,286

Astera Labs, Inc. Series D	5/17/22 - 5/27/22	26,679

Atom Tickets LLC	8/15/17	7,000

Beta Technologies, Inc. Series A	4/09/21	7,401

Bird Global, Inc.	5/11/21	18,211

Blink Health LLC Series A1	12/30/20	1,385

Blink Health LLC Series C	11/07/19 - 7/14/21	6,515

Bolt Technology OU Series E	1/03/22	44,235

Bowery Farming, Inc. Series C1	5/18/21	9,716

ByteDance Ltd. Series E1	11/18/20	32,109

Castle Creek Biosciences, Inc. Series D2	6/28/21	917

Castle Creek Pharmaceutical Holdings, Inc. Series A4	9/29/16	9,831

Castle Creek Pharmaceutical Holdings, Inc. Series B	10/09/18	1,360

CelLink Corp. Series D	1/20/22	16,066

Circle Internet Financial Ltd. Series E	5/11/21	20,193

Databricks, Inc. Series G	2/01/21	25,893

Databricks, Inc. Series H	8/31/21	20,129

Dataminr, Inc. Series D	3/06/15	3,535

Delphix Corp. Series D	7/10/15	6,079

Diamond Foundry, Inc. Series C	3/15/21	54,512

Discord, Inc. Series I	9/15/21	3,359

Enevate Corp. Series E	1/29/21	13,398

Epic Games, Inc.	7/30/20	3,525

Fanatics, Inc. Class A	8/13/20 - 10/24/22	78,990

GaN Systems, Inc. Series F1	11/30/21	5,611

GaN Systems, Inc. Series F2	11/30/21	2,963

GaN Systems, Inc. 0%	11/30/21	15,508

GoBrands, Inc. Series G	3/02/21	41,503

GoBrands, Inc. Series H	7/22/21	40,414

Gupshup, Inc.	6/08/21	16,223

Instacart, Inc. Series H	11/13/20	14,723

Instacart, Inc. Series I	2/26/21	14,856

JUUL Labs, Inc. Class A	12/20/17	453

JUUL Labs, Inc. Class B	11/21/17	0

JUUL Labs, Inc. Series C	5/22/15 - 7/06/18	0

JUUL Labs, Inc. Series D	6/25/18 - 7/06/18	0

JUUL Labs, Inc. Series E	12/20/17	321

Lightmatter, Inc. Series C	5/19/23	6,132

Meesho Series F	9/21/21	41,908

Menlo Micro, Inc. Series C	2/09/22	6,204

MOD Super Fast Pizza Holdings LLC Series 3	11/03/16	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

Moloco, Inc. Series A	6/26/23	6,229

Mountain Digital, Inc. Series D	11/05/21	12,040

MultiPlan Corp. warrants	10/08/20	0

Neutron Holdings, Inc.	2/04/21	72

Neutron Holdings, Inc. Series 1C	7/03/18	9,262

Neutron Holdings, Inc. Series 1D	1/25/19	20,689

Neutron Holdings, Inc. 4% 5/22/27	6/04/20	2,433

Neutron Holdings, Inc. 4% 6/12/27	6/12/20	647

Neutron Holdings, Inc. 4.5% 10/27/25	10/29/21 - 4/27/23	21,264

Pine Labs Private Ltd.	6/30/21	3,696

Pine Labs Private Ltd. Series 1	6/30/21	8,833

Pine Labs Private Ltd. Series A	6/30/21	2,207

Pine Labs Private Ltd. Series B	6/30/21	2,401

Pine Labs Private Ltd. Series B2	6/30/21	1,942

Pine Labs Private Ltd. Series C	6/30/21	3,613

Pine Labs Private Ltd. Series C1	6/30/21	761

Pine Labs Private Ltd. Series D	6/30/21	814

Rad Power Bikes, Inc.	1/21/21	4,477

Rad Power Bikes, Inc. Series A	1/21/21	584

Rad Power Bikes, Inc. Series C	1/21/21	2,297

Rad Power Bikes, Inc. Series D	9/17/21	8,309

Rapyd Financial Network 2016 Ltd.	3/30/21	15,000

Reddit, Inc. Series B	7/26/17	7,442

Reddit, Inc. Series E	5/18/21	1,861

Reddit, Inc. Series F	8/11/21	28,249

Redwood Materials Series C	5/28/21	16,184

Redwood Materials Series D	6/02/23	4,670

Relativity Space, Inc. Series E	5/27/21	56,645

Retym, Inc. Series C	5/17/23 - 6/20/23	6,303

SiMa.ai Series B	5/10/21	14,465

SiMa.ai Series B1	4/25/22	1,340

Skyryse, Inc. Series B	10/21/21	13,821

Space Exploration Technologies Corp. Class A	10/16/15 - 5/24/22	55,406

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	8/04/17	3,479

Space Exploration Technologies Corp. Series N	8/04/20	21,440

Stripe, Inc. Class B	5/18/21	6,966

Stripe, Inc. Series H	3/15/21	2,933

Stripe, Inc. Series I	3/20/23 - 5/12/23	22,748

Tanium, Inc. Class B	4/21/17	2,755

Tenstorrent, Inc. Series C1	4/23/21	4,626

Tenstorrent, Inc. 0%	4/23/21	4,320

Tory Burch LLC	5/14/15	20,890

Veterinary Emergency Group LLC Class A	9/16/21 - 3/17/22	21,636

Waymo LLC Series A2	5/08/20	6,982

Xsight Labs Ltd. Series D	2/16/21	9,531

Yanka Industries, Inc. Series F	4/08/21	16,221

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	-	1,783,106	1,747,800	1,565	-	-	35,306	0.1%
Fidelity Securities Lending Cash Central Fund 5.32%	776,449	2,954,644	2,995,656	2,210	-	-	735,437	2.5%
Total	776,449	4,737,750	4,743,456	3,775	-	-	770,743

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
American Eagle Outfitters, Inc.	116,007	28,093	3,621	2,362	543	25,157	166,179
The Real Good Food Co. LLC Class B	-	-	-	-	-	-	-
The Real Good Food Co. LLC Class B unit	8,203	-	-	-	-	(2,902)	5,301
The Real Good Food Co., Inc.	314	-	14	-	(28)	(84)	-
Warby Parker, Inc.	48,727	20,925	1,376	-	53	14,902	83,231
Total	173,251	49,018	5,011	2,362	568	37,073	254,711

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	7,191,484	7,030,001	50,582	110,901
Consumer Discretionary	10,936,119	10,522,865	165,032	248,222
Consumer Staples	1,263,239	1,176,656	17,292	69,291
Energy	1,372,964	1,372,964	-	-
Financials	1,170,790	1,059,951	33,671	77,168
Health Care	4,195,676	4,114,879	35,974	44,823
Industrials	2,692,396	2,184,109	31,147	477,140
Information Technology	20,358,102	20,038,737	-	319,365
Materials	396,550	321,051	-	75,499
Real Estate	95,025	86,281	-	8,744
Utilities	32,523	11,554	-	20,969

Corporate Bonds	23,985	-	-	23,985

Preferred Securities	23,652	-	-	23,652

Money Market Funds	770,743	770,743	-	-
Total Investments in Securities:	50,523,248	48,689,791	333,698	1,499,759

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	$	1,405,103
Net Realized Gain (Loss) on Investment Securities		(1,154)
Net Unrealized Gain (Loss) on Investment Securities		(17,076)
Cost of Purchases		94,462
Proceeds of Sales		(25,028)
Amortization/Accretion		-
Transfers into Level 3		72,469
Transfers out of Level 3		(29,017)
Ending Balance	$	1,499,759
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	(7,776)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $724,378) - See accompanying schedule:
Unaffiliated issuers (cost $22,747,311)	$	49,497,794
Fidelity Central Funds (cost $770,743)		770,743
Other affiliated issuers (cost $384,207)		254,711


Total Investment in Securities (cost $23,902,261)			$	50,523,248
Cash				405
Restricted cash				187
Foreign currency held at value (cost $527)				525
Receivable for investments sold				47,565
Receivable for fund shares sold				43,522
Dividends receivable				9,133
Interest receivable				639
Distributions receivable from Fidelity Central Funds				242
Prepaid expenses				87
Other receivables				2,002
Total assets				50,627,555
Liabilities
Payable for investments purchased	$	70,176
Payable for fund shares redeemed		30,690
Accrued management fee		19,727
Other affiliated payables		4,935
Other payables and accrued expenses		21,735
Collateral on securities loaned		735,400
Total Liabilities				882,663
Commitments and contingent liabilities (see Commitments note)
Net Assets			$	49,744,892
Net Assets consist of:
Paid in capital			$	22,947,610
Total accumulated earnings (loss)				26,797,282
Net Assets			$	49,744,892

Net Asset Value and Maximum Offering Price
Blue Chip Growth :
Net Asset Value, offering price and redemption price per share ($45,272,122 ÷ 275,002 shares)			$	164.62
Class K :
Net Asset Value, offering price and redemption price per share ($4,472,770 ÷ 27,033 shares)(a)			$	165.45
(a)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.

Statement of Operations
Amounts in thousands				Year ended July 31, 2023
Investment Income
Dividends (including $2,362 earned from affiliated issuers)			$	226,172
Interest				1,150
Income from Fidelity Central Funds (including $2,210 from security lending)				3,775
Total Income				231,097
Expenses
Management fee
Basic fee	$	209,813
Performance adjustment		4,778
Transfer agent fees		51,251
Accounting fees		2,062
Custodian fees and expenses		538
Independent trustees' fees and expenses		206
Registration fees		343
Audit		145
Legal		47
Interest		302
Miscellaneous		803
Total expenses before reductions		270,288
Expense reductions		(2,026)
Total expenses after reductions				268,262
Net Investment income (loss)				(37,165)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $2,598)		526,843
Redemptions in-kind		290,079
Affiliated issuers		568
Foreign currency transactions		(54)
Total net realized gain (loss)				817,436
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers(net of decrease in deferred foreign taxes of $4,061)		8,839,483
Affiliated issuers		37,073
Unfunded commitments		2,642
Assets and liabilities in foreign currencies		101
Total change in net unrealized appreciation (depreciation)				8,879,299
Net gain (loss)				9,696,735
Net increase (decrease) in net assets resulting from operations			$	9,659,570

Statement of Changes in Net Assets

Amount in thousands		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(37,165)	$	(156,441)
Net realized gain (loss)		817,436		1,694,904
Change in net unrealized appreciation (depreciation)		8,879,299		(14,698,589)
Net increase (decrease) in net assets resulting from operations		9,659,570		(13,160,126)
Distributions to shareholders		(195,822)		(4,919,350)

Share transactions - net increase (decrease)		(825,802)		2,233,155
Total increase (decrease) in net assets		8,637,946		(15,846,321)

Net Assets
Beginning of period		41,106,946		56,953,267
End of period	$	49,744,892	$	41,106,946

Fidelity® Blue Chip Growth Fund

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	132.94	$	187.79	$	138.12	$	103.05	$	99.75
Income from Investment Operations
Net investment income (loss) A,B		(.13)		(.50)		(.73)		(.17)		(.04)
Net realized and unrealized gain (loss)		32.45		(38.32)		60.84		39.23		8.65
Total from investment operations		32.32		(38.82)		60.11		39.06		8.61
Distributions from net investment income		-		-		-		-		(.11)
Distributions from net realized gain		(.64)		(16.03)		(10.44)		(3.99)		(5.20)
Total distributions		(.64)		(16.03)		(10.44)		(3.99)		(5.31)
Net asset value, end of period	$	164.62	$	132.94	$	187.79	$	138.12	$	103.05
Total Return C		24.43%		(22.85)%		45.70%		39.45%		9.09%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.69%		.76%		.79%		.79%		.80%
Expenses net of fee waivers, if any		.68%		.76%		.79%		.79%		.80%
Expenses net of all reductions		.68%		.76%		.78%		.78%		.80%
Net investment income (loss)		(.10)%		(.31)%		(.44)%		(.16)%		(.04)%
Supplemental Data
Net assets, end of period (in millions)	$	45,272	$	36,726	$	48,318	$	31,023	$	23,023
Portfolio turnover rate F		19% G		34% G		41% G		49% G		45% G

ACalculated based on average shares outstanding during the period.

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

DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

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

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

Fidelity® Blue Chip Growth Fund Class K

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	133.48	$	188.45	$	138.50	$	103.24	$	99.92
Income from Investment Operations
Net investment income (loss) A,B		(.01)		(.37)		(.60)		(.08)		.05
Net realized and unrealized gain (loss)		32.62		(38.45)		61.04		39.33		8.66
Total from investment operations		32.61		(38.82)		60.44		39.25		8.71
Distributions from net investment income		-		-		-		-		(.19)
Distributions from net realized gain		(.64)		(16.15)		(10.49)		(3.99)		(5.20)
Total distributions		(.64)		(16.15)		(10.49)		(3.99)		(5.39)
Net asset value, end of period	$	165.45	$	133.48	$	188.45	$	138.50	$	103.24
Total Return C		24.55%		(22.78)%		45.83%		39.57%		9.20%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.59%		.68%		.71%		.70%		.70%
Expenses net of fee waivers, if any		.59%		.68%		.71%		.69%		.70%
Expenses net of all reductions		.59%		.68%		.70%		.69%		.70%
Net investment income (loss)		(.01)%		(.23)%		(.36)%		(.07)%		.05%
Supplemental Data
Net assets, end of period (in millions)	$	4,473	$	4,380	$	8,635	$	6,625	$	5,316
Portfolio turnover rate F		19% G		34% G		41% G		49% G		45% G

ACalculated based on average shares outstanding during the period.

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

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

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

Notes to Financial Statements

For the period ended July 31, 2023

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3.Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$1,452,122	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	6.0 - 15.7 / 10.4	Increase
			Enterprise value/Revenue multiple (EV/R)	1.6 - 25.0 / 7.1	Increase
			Enterprise value/Gross profit multiple (EV/GP)	5.8	Increase
			Probability rate	25.0% - 75.0% / 50.0%	Increase
			Liquidity preference	$273.94 - $301.16 / $288.17	Increase
		Recovery value	Recovery value	$0.00 - $0.31 / $0.09	Increase
		Market approach	Transaction price	$1.11 - $215.03 / $43.25	Increase
			Discount rate	20.0% - 45.0% / 35.9%	Decrease
			Parity price	3.18	Increase
			Premium rate	5.0% - 20.0% / 10.7%	Increase
		Book value	Book value multiple	1.7	Increase
		Discounted cash flow	Weighted average cost of capital (WACC)	21.5% - 29.0% / 26.7%	Decrease
			Exit multiple	1.8 - 7.3 / 3.4	Increase
		Black scholes	Discount rate	4.1% - 5.5% / 4.4%	Increase
			Volatility	50.0% - 100.0% / 69.4%	Increase
			Term	0.5 - 5.0 / 3.7	Increase
Corporate Bonds	$23,985	Market comparable	Enterprise value/Revenue multiple (EV/R)	2.5	Increase
			Discount rate	29.2%	Decrease
			Probability rate	10.0% - 70.0% / 33.3%	Increase
		Black scholes	Volatility	75.0%	Increase
			Term	1.2	Increase
Preferred Securities	$23,652	Market comparable	Enterprise value/Revenue multiple (EV/R)	5.0	Increase
		Market approach	Transaction price	59.45	Increase
			Premium rate	20.0%	Increase
		Discounted cash flow	Discount rate	20.0%	Decrease
		Black scholes	Discount rate	4.7%	Increase
			Volatility	70.0%	Increase
			Term	2.0	Increase

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Fidelity Blue Chip Growth Fund

$853

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, deferred Trustee compensation, net operating losses, 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	$28,730,585
Gross unrealized depreciation	(2,201,345)
Net unrealized appreciation (depreciation)	$26,529,240
Tax Cost	$23,994,008

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

Undistributed long-term capital gain	$321,297
Net unrealized appreciation (depreciation) on securities and other investments	$26,529,190

The Fund elected to defer to its next fiscal year approximately $33,470 of ordinary losses recognized during the period January 1, 2023 to July 31, 2023.

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$-	$ 408,457
Long-term Capital Gains	195,822	4,510,893
Total	$195,822	$4,919,350

Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

	Investment to be Acquired	Commitment Amount	Unrealized Appreciation (Depreciation)
Fidelity Blue Chip Growth Fund	Space Exploration Technologies Corp.	$5,000	$ -

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

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

	$ Amount	% of Net Assets
Fidelity Blue Chip Growth Fund	65,021	.13

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

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Blue Chip Growth Fund	7,700,491	8,146,984

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Blue Chip Growth Fund	4,731	290,079	606,525	Blue Chip Growth, Class K

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

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Blue Chip Growth Fund	10,273	673,294	1,424,375	Blue Chip Growth, Class K

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .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 annual management fee rate, including the performance adjustment, was .54% 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 the respective classes of the Fund, 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
Blue Chip Growth	$49,629	.14
Class K	1,622	.04
	$51,251

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

	Amount
Fidelity Blue Chip Growth Fund	$ 208

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Blue Chip Growth Fund	Borrower	$12,929	4.12%	$288

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Blue Chip Growth Fund	754,170	274,180	(4,530)

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

	Amount ($)
Fidelity Blue Chip Growth Fund	56

6. Committed Line of Credit.

	Amount
Fidelity Blue Chip Growth Fund	$91

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Blue Chip Growth Fund	$228	$80	$6,289

8. Bank Borrowings.

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Blue Chip Growth Fund	$8,383	3.94%	$14

9. Expense Reductions.

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 $2,022.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Blue Chip Growth Fund
Distributions to shareholders
Blue Chip Growth	$175,348	$4,200,150
Class K	20,474	719,200
Total	$195,822	$4,919,350

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2023	Year ended July 31, 2022	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Blue Chip Growth Fund
Blue Chip Growth
Shares sold	43,972	59,594	$5,714,869	$9,796,348
Reinvestment of distributions	1,237	21,851	162,230	3,946,089
Shares redeemed	(46,469)	(62,488)	(5,985,882)	(9,722,466)
Net increase (decrease)	(1,260)	18,957	$(108,783)	$4,019,971
Class K
Shares sold	5,674	6,939	$755,595	$1,053,095
Reinvestment of distributions	155	3,969	20,474	719,197
Shares redeemed	(11,614)	(23,912)	(1,493,088)	(3,559,108)
Net increase (decrease)	(5,785)	(13,004)	$(717,019)	$(1,786,816)

12. Other.

13. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Blue Chip Growth Fund (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 14, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023
Fidelity® Blue Chip Growth Fund
Fidelity® Blue Chip Growth Fund	.65%
Actual		$ 1,000	$ 1,298.30	$ 3.70
Hypothetical-B		$ 1,000	$ 1,021.57	$ 3.26
Class K	.56%
Actual		$ 1,000	$ 1,298.80	$ 3.19
Hypothetical-B		$ 1,000	$ 1,022.02	$ 2.81

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2023, $361,225,332, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Blue Chip Growth Fund

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it is the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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 the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, 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 that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

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.

Proxy Voting Results

A special meeting of shareholders was held on April 19, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To reclassify the diversification status of the fund from diversified to non-diversified by eliminating the following fundamental policy: The fund may not with respect to 75% of fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or securities of other investment companies) if as a result, (a) more than 5% of fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of outstanding voting securities of issuer.
	# of Votes	% of Votes
Affirmative	18,080,195,985.210	84.850
Against	2,342,509,252.130	10.990
Abstain	887,187,711.340	4.160
TOTAL	21,309,892,948.680	100.000

1.536058.126

BCF-ANN-0923

Fidelity® Growth & Income Portfolio

Annual Report

July 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Growth & Income Portfolio	14.77%	10.94%	10.93%
Class K	14.89%	11.04%	11.05%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Growth & Income Portfolio, a class of the fund, on July 31, 2013.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Matthew Fruhan:

For the fiscal year, the fund's share classes gained about 15%, versus 13.02% for the benchmark S&P 500® index. Relative to the benchmark, security selection was the primary contributor, led by the industrials sector. Picks in materials also boosted relative performance. Also lifting the fund's relative result were stock picks and an underweight in consumer discretionary. The top individual contributor by a wide margin was an overweight in General Electric (+100%). General Electric was among the fund's biggest holdings. Not owning Tesla, a benchmark component that returned -10%, helped our relative result. Another notable relative contributor this period was avoiding Amazon.com, a benchmark component that returned -1%. In contrast, the primary detractors from performance versus the benchmark were stock selection and an underweight in information technology. Security selection in financials also hampered the fund's result. Also detracting were stock picks and an underweight in communication services. The largest individual relative detractor was an underweight in Nvidia (+157%). This period we increased our position in Nvidia. The second-largest relative detractor this period was avoiding Meta Platforms, a benchmark component that gained about 100%. An underweight in Broadcom (+73%) also hurt. This was an investment we established the past year. Notable changes in positioning include decreased exposure to energy and a higher allocation to information technology.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	7.6
Exxon Mobil Corp.	7.0
Wells Fargo & Co.	5.6
General Electric Co.	4.2
Apple, Inc.	3.4
Bank of America Corp.	2.5
Comcast Corp. Class A	2.0
UnitedHealth Group, Inc.	2.0
Visa, Inc. Class A	1.9
The Boeing Co.	1.8
	38.0

Market Sectors (% of Fund's net assets)

Financials	18.0
Information Technology	18.0
Industrials	16.5
Health Care	12.4
Energy	10.5
Consumer Staples	5.7
Communication Services	4.6
Consumer Discretionary	3.2
Materials	3.0
Utilities	1.6
Real Estate	1.3

Asset Allocation (% of Fund's net assets)

Written options - (0.0)%

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

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 4.5%
Diversified Telecommunication Services - 0.7%
Cellnex Telecom SA (a)	735,500	30,034
Elisa Corp. (A Shares)	113,800	5,936
Verizon Communications, Inc.	780,074	26,585
		62,555
Entertainment - 1.2%
Activision Blizzard, Inc.	131,350	12,184
The Walt Disney Co. (b)	442,290	39,315
Universal Music Group NV	2,016,300	51,718
Warner Music Group Corp. Class A	479,200	15,119
		118,336
Media - 2.6%
Comcast Corp. Class A	4,114,512	186,223
Interpublic Group of Companies, Inc.	1,624,931	55,621
		241,844
TOTAL COMMUNICATION SERVICES		422,735
CONSUMER DISCRETIONARY - 3.2%
Automobile Components - 0.4%
BorgWarner, Inc.	637,852	29,660
Phinia, Inc.	127,570	3,619
		33,279
Hotels, Restaurants & Leisure - 1.4%
Amadeus IT Holding SA Class A	611,800	43,872
Churchill Downs, Inc.	232,200	26,900
Domino's Pizza, Inc.	55,000	21,821
Marriott International, Inc. Class A	122,623	24,747
Starbucks Corp.	181,860	18,472
		135,812
Household Durables - 0.2%
Sony Group Corp. sponsored ADR	138,214	12,937
Whirlpool Corp.	31,894	4,601
		17,538
Specialty Retail - 0.9%
Lowe's Companies, Inc.	343,114	80,381
TJX Companies, Inc.	24,500	2,120
Williams-Sonoma, Inc.	11,200	1,553
		84,054
Textiles, Apparel & Luxury Goods - 0.3%
NIKE, Inc. Class B	121,600	13,423
Puma AG	185,454	12,533
Tapestry, Inc.	3,700	160
Wolverine World Wide, Inc.	193,500	2,452
		28,568
TOTAL CONSUMER DISCRETIONARY		299,251
CONSUMER STAPLES - 5.7%
Beverages - 2.3%
Diageo PLC sponsored ADR (c)	243,211	42,791
Keurig Dr. Pepper, Inc.	1,888,100	64,214
Pernod Ricard SA	66,200	14,601
Remy Cointreau SA	41,547	7,133
The Coca-Cola Co.	1,472,010	91,162
		219,901
Consumer Staples Distribution & Retail - 1.4%
Alimentation Couche-Tard, Inc. Class A (multi-vtg.)	44,400	2,248
Sysco Corp.	737,336	56,266
Target Corp.	196,800	26,857
Walmart, Inc.	277,100	44,297
		129,668
Household Products - 0.2%
Colgate-Palmolive Co.	62,300	4,751
Kimberly-Clark Corp.	12,500	1,614
Procter & Gamble Co.	88,000	13,754
		20,119
Personal Care Products - 0.8%
Estee Lauder Companies, Inc. Class A	89,600	16,128
Haleon PLC ADR	4,342,711	38,259
Kenvue, Inc. (c)	980,900	23,228
		77,615
Tobacco - 1.0%
Altria Group, Inc.	1,679,967	76,304
Philip Morris International, Inc.	128,300	12,794
		89,098
TOTAL CONSUMER STAPLES		536,401
ENERGY - 10.5%
Energy Equipment & Services - 0.0%
Baker Hughes Co. Class A	59,500	2,130
Oil, Gas & Consumable Fuels - 10.5%
Canadian Natural Resources Ltd.	203,115	12,352
Cenovus Energy, Inc. (Canada)	2,221,973	42,261
Energy Transfer LP	423,900	5,634
Enterprise Products Partners LP	254,500	6,747
Exxon Mobil Corp.	6,147,099	659,215
Hess Corp.	1,059,264	160,722
Imperial Oil Ltd.	1,236,226	66,600
Kosmos Energy Ltd. (b)	3,356,955	23,834
		977,365
TOTAL ENERGY		979,495
FINANCIALS - 18.0%
Banks - 11.7%
Bank of America Corp.	7,278,036	232,897
JPMorgan Chase & Co.	603,275	95,293
M&T Bank Corp.	217,494	30,419
PNC Financial Services Group, Inc.	675,701	92,497
Truist Financial Corp.	1,466,032	48,702
U.S. Bancorp	1,884,237	74,767
Wells Fargo & Co.	11,328,170	522,908
		1,097,483
Capital Markets - 2.2%
Brookfield Asset Management Ltd. Class A	75,747	2,554
Brookfield Corp. Class A	324,202	11,315
Charles Schwab Corp.	28,500	1,884
CME Group, Inc.	4,500	895
Intercontinental Exchange, Inc.	12,600	1,446
KKR & Co. LP	575,852	34,194
Morgan Stanley	338,451	30,989
Northern Trust Corp.	846,553	67,826
Raymond James Financial, Inc.	385,470	42,429
S&P Global, Inc.	1,100	434
State Street Corp.	87,991	6,374
		200,340
Financial Services - 3.2%
Edenred SA	610,100	39,631
Essent Group Ltd.	199,023	9,872
Fidelity National Information Services, Inc.	488,632	29,504
Global Payments, Inc.	170,500	18,798
MasterCard, Inc. Class A	63,067	24,866
Visa, Inc. Class A	739,575	175,819
		298,490
Insurance - 0.9%
American Financial Group, Inc.	40,800	4,962
Arthur J. Gallagher & Co.	34,200	7,346
Brookfield Asset Management Reinsurance Partners Ltd.	2,086	73
Chubb Ltd.	114,356	23,376
Marsh & McLennan Companies, Inc.	168,770	31,800
Old Republic International Corp.	213,800	5,894
The Travelers Companies, Inc.	77,627	13,399
		86,850
TOTAL FINANCIALS		1,683,163
HEALTH CARE - 12.4%
Health Care Equipment & Supplies - 2.1%
Abbott Laboratories	101,700	11,322
Becton, Dickinson & Co.	137,011	38,174
Boston Scientific Corp. (b)	1,549,122	80,322
GE Healthcare Holding LLC (d)	543,536	42,396
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.)	1,025,702	21,242
Sonova Holding AG	24,692	6,866
		200,322
Health Care Providers & Services - 5.5%
Cardinal Health, Inc. (d)	512,811	46,907
Cigna Group	391,454	115,518
CVS Health Corp.	758,312	56,638
Humana, Inc.	38,800	17,725
McKesson Corp. (d)	235,834	94,900
UnitedHealth Group, Inc.	358,587	181,578
		513,266
Life Sciences Tools & Services - 0.6%
Danaher Corp.	204,003	52,033
Pharmaceuticals - 4.2%
Bristol-Myers Squibb Co.	2,064,236	128,375
Eli Lilly & Co.	139,048	63,204
GSK PLC sponsored ADR	1,665,128	59,229
Johnson & Johnson	627,689	105,157
Sanofi SA sponsored ADR	217,097	11,586
UCB SA	258,900	22,921
Viatris, Inc.	86,400	910
Zoetis, Inc. Class A	13,900	2,614
		393,996
TOTAL HEALTH CARE		1,159,617
INDUSTRIALS - 16.5%
Aerospace & Defense - 3.7%
Airbus Group NV	371,100	54,663
General Dynamics Corp.	144,161	32,232
Huntington Ingalls Industries, Inc.	111,584	25,627
MTU Aero Engines AG	58,800	13,725
Raytheon Technologies Corp.	208,625	18,344
Safran SA	134,600	22,345
Textron, Inc.	162,200	12,614
The Boeing Co. (b)	708,720	169,278
		348,828
Air Freight & Logistics - 1.8%
DSV A/S	48,200	9,651
Expeditors International of Washington, Inc.	8,400	1,069
FedEx Corp.	115,974	31,307
United Parcel Service, Inc. Class B	653,399	122,271
		164,298
Building Products - 0.5%
A.O. Smith Corp.	190,700	13,851
Johnson Controls International PLC	419,611	29,184
		43,035
Commercial Services & Supplies - 0.6%
GFL Environmental, Inc.	1,475,400	50,383
RB Global, Inc.	15,600	1,007
		51,390
Electrical Equipment - 1.0%
Acuity Brands, Inc.	133,615	22,079
AMETEK, Inc.	30,500	4,837
Hubbell, Inc. Class B	126,972	39,615
Regal Rexnord Corp.	146,800	22,927
Rockwell Automation, Inc.	19,318	6,496
		95,954
Ground Transportation - 0.5%
Knight-Swift Transportation Holdings, Inc. Class A	725,309	44,063
Industrial Conglomerates - 4.3%
3M Co.	103,466	11,536
General Electric Co. (d)	3,444,811	393,535
		405,071
Machinery - 2.0%
Allison Transmission Holdings, Inc.	385,800	22,643
Caterpillar, Inc.	27,723	7,351
Cummins, Inc.	57,976	15,120
Donaldson Co., Inc.	643,912	40,457
Epiroc AB (A Shares)	32,700	653
Flowserve Corp. (d)	173,878	6,566
Fortive Corp.	292,388	22,909
Kardex AG	6,600	1,646
Nordson Corp.	145,927	36,717
Otis Worldwide Corp.	87,573	7,966
Stanley Black & Decker, Inc.	113,518	11,269
Westinghouse Air Brake Tech Co.	120,647	14,289
		187,586
Passenger Airlines - 0.0%
Copa Holdings SA Class A	30,400	3,588
Professional Services - 0.9%
Equifax, Inc.	93,923	19,168
Genpact Ltd.	614,371	22,173
Paycom Software, Inc.	14,700	5,421
RELX PLC (London Stock Exchange)	897,501	30,207
Robert Half, Inc.	9,500	704
TransUnion Holding Co., Inc.	56,700	4,518
		82,191
Trading Companies & Distributors - 1.1%
Brenntag SE	74,700	5,789
Fastenal Co.	126,376	7,407
MSC Industrial Direct Co., Inc. Class A	16,600	1,675
Watsco, Inc. (c)	208,991	79,038
WESCO International, Inc.	46,900	8,234
		102,143
Transportation Infrastructure - 0.1%
Aena SME SA (a)	84,400	13,493
TOTAL INDUSTRIALS		1,541,640
INFORMATION TECHNOLOGY - 18.0%
Electronic Equipment, Instruments & Components - 0.3%
CDW Corp.	116,364	21,768
IT Services - 0.4%
Amdocs Ltd.	140,100	13,119
IBM Corp.	184,842	26,651
		39,770
Semiconductors & Semiconductor Equipment - 4.4%
Analog Devices, Inc.	171,208	34,161
Applied Materials, Inc.	191,700	29,060
BE Semiconductor Industries NV	74,400	8,888
Broadcom, Inc.	13,600	12,222
Lam Research Corp.	40,130	28,833
Marvell Technology, Inc.	1,230,531	80,144
Microchip Technology, Inc.	23,700	2,226
NVIDIA Corp.	124,405	58,133
NXP Semiconductors NV	216,826	48,348
Qualcomm, Inc. (d)	555,772	73,456
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	299,800	29,725
Teradyne, Inc.	78,000	8,809
		414,005
Software - 9.4%
Intuit, Inc.	139,700	71,484
Microsoft Corp.	2,123,182	713,217
Open Text Corp.	165,128	7,093
Sage Group PLC	459,800	5,527
SAP SE sponsored ADR	593,245	80,889
		878,210
Technology Hardware, Storage & Peripherals - 3.5%
Apple, Inc. (d)	1,594,902	313,318
FUJIFILM Holdings Corp.	62,600	3,629
Samsung Electronics Co. Ltd.	162,180	8,860
		325,807
TOTAL INFORMATION TECHNOLOGY		1,679,560
MATERIALS - 3.0%
Chemicals - 0.9%
DuPont de Nemours, Inc.	632,998	49,140
International Flavors & Fragrances, Inc.	35,300	2,987
LyondellBasell Industries NV Class A	212,000	20,958
PPG Industries, Inc.	54,322	7,817
Sherwin-Williams Co.	14,400	3,982
		84,884
Metals & Mining - 2.1%
First Quantum Minerals Ltd.	2,953,500	87,598
Freeport-McMoRan, Inc.	2,099,612	93,748
Glencore PLC	2,263,800	13,767
		195,113
Paper & Forest Products - 0.0%
Louisiana-Pacific Corp.	28,300	2,154
TOTAL MATERIALS		282,151
REAL ESTATE - 1.3%
Equity Real Estate Investment Trusts (REITs) - 1.3%
American Tower Corp.	234,678	44,662
Crown Castle International Corp.	253,600	27,462
Equinix, Inc.	1,100	891
Public Storage	2,400	676
Simon Property Group, Inc.	419,460	52,265
		125,956
UTILITIES - 1.6%
Electric Utilities - 1.5%
Constellation Energy Corp.	47,813	4,621
Duke Energy Corp.	125,221	11,723
Entergy Corp.	142,463	14,631
Exelon Corp.	155,840	6,523
PG&E Corp. (b)	944,900	16,640
Southern Co.	1,207,266	87,334
		141,472
Multi-Utilities - 0.1%
Sempra Energy	74,096	11,042
TOTAL UTILITIES		152,514
TOTAL COMMON STOCKS (Cost $5,630,914)		8,862,483

Convertible Bonds - 0.1%
	Principal Amount (e) (000s)	Value ($) (000s)
COMMUNICATION SERVICES - 0.1%
Interactive Media & Services - 0.1%
Snap, Inc. 0.125% 3/1/28 (Cost $7,791)	10,669	7,660

Money Market Funds - 6.4%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.32% (f)	498,289,505	498,389
Fidelity Securities Lending Cash Central Fund 5.32% (f)(g)	99,526,440	99,536
TOTAL MONEY MARKET FUNDS (Cost $597,925)		597,925

TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $6,236,630)	9,468,068
NET OTHER ASSETS (LIABILITIES) - (1.2)%	(111,016)
NET ASSETS - 100.0%	9,357,052

Written Options
	Counterparty	Number of Contracts	Notional Amount ($) (000s)	Exercise Price ($)	Expiration Date	Value ($) (000s)
Call Options
Apple, Inc.	Chicago Board Options Exchange	1,634	32,100	195.00	08/18/23	(882)
Cardinal Health, Inc.	Chicago Board Options Exchange	595	5,442	100.00	09/15/23	(25)
Flowserve Corp.	Chicago Board Options Exchange	1,564	5,906	35.00	08/18/23	(516)
GE HealthCare Technologies, Inc.	Chicago Board Options Exchange	2,731	21,302	90.00	10/20/23	(102)
General Electric Co.	Chicago Board Options Exchange	3,565	40,727	120.00	09/15/23	(508)
McKesson Corp.	Chicago Board Options Exchange	520	20,925	430.00	08/18/23	(113)
Qualcomm, Inc.	Chicago Board Options Exchange	1,186	15,675	125.00	08/18/23	(1,103)

TOTAL WRITTEN OPTIONS						(3,249)

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

Legend

(a)

(b)	Non-income producing

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

(d)	Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $142,077,000.

(e)	Amount is stated in United States dollars unless otherwise noted.

(f)

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

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	214,836	1,253,786	970,233	13,739	-	-	498,389	1.2%
Fidelity Securities Lending Cash Central Fund 5.32%	-	731,855	632,319	333	-	-	99,536	0.3%
Total	214,836	1,985,641	1,602,552	14,072	-	-	597,925

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	422,735	371,017	51,718	-
Consumer Discretionary	299,251	286,718	12,533	-
Consumer Staples	536,401	536,401	-	-
Energy	979,495	979,495	-	-
Financials	1,683,163	1,683,163	-	-
Health Care	1,159,617	1,159,617	-	-
Industrials	1,541,640	1,433,772	107,868	-
Information Technology	1,679,560	1,679,560	-	-
Materials	282,151	268,384	13,767	-
Real Estate	125,956	125,956	-	-
Utilities	152,514	152,514	-	-

Corporate Bonds	7,660	-	7,660	-

Money Market Funds	597,925	597,925	-	-
Total Investments in Securities:	9,468,068	9,274,522	193,546	-
Derivative Instruments:

Liabilities
Written Options	(3,249)	(3,249)	-	-
Total Liabilities	(3,249)	(3,249)	-	-
Total Derivative Instruments:	(3,249)	(3,249)	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2023. 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
(Amounts in thousands)	Asset ($)	Liability ($)
Equity Risk
Written Options (a)	0	(3,249)
Total Equity Risk	0	(3,249)
Total Value of Derivatives	0	(3,249)

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

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $97,758) - See accompanying schedule:
Unaffiliated issuers (cost $5,638,705)	$	8,870,143
Fidelity Central Funds (cost $597,925)		597,925


Total Investment in Securities (cost $6,236,630)			$	9,468,068
Cash				16
Receivable for investments sold				2,818
Receivable for fund shares sold				3,119
Dividends receivable				6,808
Interest receivable				6
Distributions receivable from Fidelity Central Funds				1,338
Prepaid expenses				16
Other receivables				382
Total assets				9,482,571
Liabilities
Payable for investments purchased	$	14,435
Payable for fund shares redeemed		3,687
Accrued management fee		3,147
Written options, at value (premium received $2,995)		3,249
Other affiliated payables		991
Other payables and accrued expenses		474
Collateral on securities loaned		99,536
Total Liabilities				125,519
Net Assets			$	9,357,052
Net Assets consist of:
Paid in capital			$	6,030,380
Total accumulated earnings (loss)				3,326,672
Net Assets			$	9,357,052

Net Asset Value and Maximum Offering Price
Growth and Income :
Net Asset Value, offering price and redemption price per share ($8,277,107 ÷ 152,724 shares)			$	54.20
Class K :
Net Asset Value, offering price and redemption price per share ($1,079,945 ÷ 19,947 shares)			$	54.14

Statement of Operations
Amounts in thousands				Year ended July 31, 2023
Investment Income
Dividends			$	167,846
Interest				464
Income from Fidelity Central Funds (including $333 from security lending)				14,072
Total Income				182,382
Expenses
Management fee	$	34,058
Transfer agent fees		10,239
Accounting fees		1,081
Custodian fees and expenses		175
Independent trustees' fees and expenses		40
Registration fees		176
Audit		108
Legal		10
Miscellaneous		44
Total expenses before reductions		45,931
Expense reductions		(401)
Total expenses after reductions				45,530
Net Investment income (loss)				136,852
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		107,176
Foreign currency transactions		1,486
Written options		6,139
Total net realized gain (loss)				114,801
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		907,094
Assets and liabilities in foreign currencies		123
Written options		(1,124)
Total change in net unrealized appreciation (depreciation)				906,093
Net gain (loss)				1,020,894
Net increase (decrease) in net assets resulting from operations			$	1,157,746

Statement of Changes in Net Assets

Amount in thousands		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	136,852	$	119,515
Net realized gain (loss)		114,801		276,478
Change in net unrealized appreciation (depreciation)		906,093		(392,829)
Net increase (decrease) in net assets resulting from operations		1,157,746		3,164
Distributions to shareholders		(270,534)		(483,440)

Share transactions - net increase (decrease)		786,109		94,863
Total increase (decrease) in net assets		1,673,321		(385,413)

Net Assets
Beginning of period		7,683,731		8,069,144
End of period	$	9,357,052	$	7,683,731

Fidelity® Growth & Income Portfolio

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	48.92	$	51.87	$	38.15	$	38.98	$	39.34
Income from Investment Operations
Net investment income (loss) A,B		.84		.76		.78		.83		.87
Net realized and unrealized gain (loss)		6.13		(.61)		14.49		(.37)		(.05) C
Total from investment operations		6.97		.15		15.27		.46		.82
Distributions from net investment income		(.86)		(1.06)		(.79)		(.84)		(.77)
Distributions from net realized gain		(.83)		(2.05)		(.75)		(.46)		(.42)
Total distributions		(1.69)		(3.10) D		(1.55) D		(1.29) D		(1.18) D
Net asset value, end of period	$	54.20	$	48.92	$	51.87	$	38.15	$	38.98
Total Return E		14.77%		.26%		41.01%		1.27%		2.26% C
Ratios to Average Net Assets B,F,G
Expenses before reductions		.58%		.57%		.58%		.60%		.61%
Expenses net of fee waivers, if any		.58%		.57%		.58%		.60%		.61%
Expenses net of all reductions		.58%		.57%		.58%		.60%		.61%
Net investment income (loss)		1.71%		1.51%		1.71%		2.18%		2.31%
Supplemental Data
Net assets, end of period (in millions)	$	8,277	$	7,360	$	7,219	$	5,451	$	5,927
Portfolio turnover rate H		13%		12%		16%		32%		36%

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

Fidelity® Growth & Income Portfolio Class K

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	48.86	$	51.82	$	38.11	$	38.94	$	39.31
Income from Investment Operations
Net investment income (loss) A,B		.89		.81		.81		.86		.91
Net realized and unrealized gain (loss)		6.13		(.62)		14.48		(.35)		(.06) C
Total from investment operations		7.02		.19		15.29		.51		.85
Distributions from net investment income		(.91)		(1.10)		(.83)		(.88)		(.81)
Distributions from net realized gain		(.83)		(2.05)		(.75)		(.46)		(.42)
Total distributions		(1.74)		(3.15)		(1.58)		(1.34)		(1.22) D
Net asset value, end of period	$	54.14	$	48.86	$	51.82	$	38.11	$	38.94
Total Return E		14.89%		.33%		41.15%		1.39%		2.35% C
Ratios to Average Net Assets B,F,G
Expenses before reductions		.49%		.49%		.49%		.50%		.51%
Expenses net of fee waivers, if any		.48%		.48%		.49%		.50%		.51%
Expenses net of all reductions		.48%		.48%		.49%		.50%		.50%
Net investment income (loss)		1.80%		1.60%		1.80%		2.28%		2.41%
Supplemental Data
Net assets, end of period (in millions)	$	1,080	$	323	$	850	$	1,020	$	497
Portfolio turnover rate H		13%		12%		16%		32%		36%

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

Notes to Financial Statements

For the period ended July 31, 2023

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Fidelity Growth & Income Portfolio

$381

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, partnerships, deferred Trustee 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	$3,371,937
Gross unrealized depreciation	(169,329)
Net unrealized appreciation (depreciation)	$3,202,608
Tax Cost	$6,262,211

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

Undistributed ordinary income	$19,242
Undistributed long-term capital gain	$105,382
Net unrealized appreciation (depreciation) on securities and other investments	$3,202,221

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$140,027	$207,211
Long-term Capital Gains	130,507	276,229
Total	$270,534	$483,440

4. Derivative Instruments.

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

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

Derivatives were used to increase or decrease exposure to the following risk(s):


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

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

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

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

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a 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, a 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 in total accumulated earnings (loss) in 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, a gain or loss is realized 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 unless an average contracts amount is presented.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Growth & Income Portfolio	1,442,066	1,033,014

6. Fees and Other Transactions with Affiliates.

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
Growth and Income	$10,035	.13
Class K	204	.04
	$10,239

	% of Average Net Assets
Fidelity Growth & Income Portfolio	.01

	Amount
Fidelity Growth & Income Portfolio	$17

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Growth & Income Portfolio	351,793	32,501	6,082

7. Committed Line of Credit.

	Amount
Fidelity Growth & Income Portfolio	$18

8. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Growth & Income Portfolio	$36	$-	$-

9. Expense Reductions.

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 $400.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Growth & Income Portfolio
Distributions to shareholders
Growth and Income	$256,486	$441,736
Class K	14,048	41,704
Total	$270,534	$483,440

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2023	Year ended July 31, 2022	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Growth & Income Portfolio
Growth and Income
Shares sold	13,611	18,506	$672,097	$948,009
Reinvestment of distributions	4,987	8,279	238,237	415,917
Shares redeemed	(16,347)	(15,495)	(803,035)	(779,035)
Net increase (decrease)	2,251	11,290	$107,299	$584,891
Class K
Shares sold	14,938	1,472	$758,212	$75,794
Reinvestment of distributions	291	827	14,048	41,704
Shares redeemed	(1,898)	(12,089)	(93,450)	(607,526)
Net increase (decrease)	13,331	(9,790)	$678,810	$(490,028)

12. Other.

13. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Growth & Income Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Growth & Income Portfolio (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 13, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023
Fidelity® Growth & Income Portfolio
Fidelity® Growth & Income Portfolio	.57%
Actual		$ 1,000	$ 1,073.20	$ 2.93
Hypothetical-B		$ 1,000	$ 1,021.97	$ 2.86
Class K	.48%
Actual		$ 1,000	$ 1,073.80	$ 2.47
Hypothetical-B		$ 1,000	$ 1,022.41	$ 2.41

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2023, $105,954,719, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.04% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Growth & Income Portfolio and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Growth & Income Portfolio and Class K designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Growth & Income Portfolio

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (retail class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, 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 that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the 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.

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.

1.536189.126

GAI-ANN-0923

Fidelity® Leveraged Company Stock Fund

Annual Report

July 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Leveraged Company Stock Fund	12.01%	10.51%	9.16%
Class K	12.11%	10.62%	9.28%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Leveraged Company Stock Fund, a class of the fund, on July 31, 2013.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Co-Portfolio Managers Mark Notkin and Brian Chang:

For the fiscal year, the fund's share classes gained about 12%, versus 8.75% for the benchmark Russell MidCap® Index. Security selection was the primary contributor to the fund's outperformance of the benchmark, led by the communication services sector. Stock selection in information technology and financials also boosted the fund's relative result. The top individual relative contributor was a non-benchmark stake in Meta Platforms (+99%). Meta Platforms was among the largest holdings at period end. The second-largest relative contributor was an overweight in ON Semiconductor (+59%). ON Semiconductor was among the fund's top holdings at period end. An overweight in PG&E (+62%) also helped. PG&E was one of the fund's largest holdings. In contrast, the primary detractor from performance versus the benchmark was stock picking in consumer staples. Stock picks and an underweight in industrials also hampered the fund's relative result. Also detracting was stock selection in health care. The largest individual relative detractor was a non-benchmark stake in JBS (-29%). JBS was among the fund's biggest holdings this period. A second notable relative detractor was an overweight in Antero Resources (-33%). A non-benchmark stake in Thermo Fisher Scientific returned -9% and also hurt. Thermo Fisher Scientific was a sizable holding for the 12 months. This period we decreased our stake in Thermo Fisher Scientific. Notable changes in positioning include higher allocations to the industrials and consumer discretionary sectors.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	3.2
Boyd Gaming Corp.	2.9
Meta Platforms, Inc. Class A	2.9
UnitedHealth Group, Inc.	2.8
IQVIA Holdings, Inc.	2.7
ON Semiconductor Corp.	2.7
Caesars Entertainment, Inc.	2.5
PG&E Corp.	2.5
Cheniere Energy, Inc.	2.3
The Chemours Co. LLC	2.1
	26.6

Market Sectors (% of Fund's net assets)

Information Technology	23.2
Consumer Discretionary	17.0
Financials	10.8
Industrials	10.3
Health Care	9.0
Communication Services	8.1
Materials	6.9
Energy	5.5
Utilities	3.8
Consumer Staples	3.7

Asset Allocation (% of Fund's net assets)

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 8.1%
Entertainment - 1.5%
Netflix, Inc. (a)	58,600	25,724
Warner Bros Discovery, Inc. (a)	423,900	5,540
		31,264
Interactive Media & Services - 5.3%
Alphabet, Inc. Class A (a)	285,800	37,931
Cars.com, Inc. (a)	482,700	11,010
Meta Platforms, Inc. Class A (a)	188,600	60,088
		109,029
Media - 0.9%
Nexstar Broadcasting Group, Inc. Class A	101,043	18,867
Wireless Telecommunication Services - 0.4%
T-Mobile U.S., Inc. (a)	59,400	8,184
TOTAL COMMUNICATION SERVICES		167,344
CONSUMER DISCRETIONARY - 17.0%
Automobiles - 1.7%
Tesla, Inc. (a)	128,900	34,472
Hotels, Restaurants & Leisure - 8.1%
Airbnb, Inc. Class A (a)	46,100	7,016
Booking Holdings, Inc. (a)	3,900	11,586
Boyd Gaming Corp.	886,822	60,588
Caesars Entertainment, Inc. (a)	881,480	52,025
Domino's Pizza, Inc.	13,300	5,277
Draftkings Holdings, Inc. (a)	196,800	6,254
Flutter Entertainment PLC (a)	29,200	5,812
Red Rock Resorts, Inc.	216,000	10,476
Studio City International Holdings Ltd.:
ADR (a)(b)	631,958	4,487
(NYSE) ADR (a)	692,929	4,920
		168,441
Household Durables - 1.8%
D.R. Horton, Inc.	42,600	5,411
PulteGroup, Inc.	70,300	5,933
Tempur Sealy International, Inc.	473,832	21,147
TopBuild Corp. (a)	18,800	5,150
		37,641
Specialty Retail - 4.1%
Bath & Body Works, Inc.	126,500	4,688
Dick's Sporting Goods, Inc.	172,400	24,308
Lowe's Companies, Inc.	150,100	35,164
Ulta Beauty, Inc. (a)	27,000	12,010
Williams-Sonoma, Inc. (c)	67,200	9,317
		85,487
Textiles, Apparel & Luxury Goods - 1.3%
LVMH Moet Hennessy Louis Vuitton SE	9,600	8,916
Tapestry, Inc.	421,500	18,188
		27,104
TOTAL CONSUMER DISCRETIONARY		353,145
CONSUMER STAPLES - 3.7%
Beverages - 0.6%
Celsius Holdings, Inc. (a)	79,100	11,446
Consumer Staples Distribution & Retail - 1.1%
Albertsons Companies, Inc.	281,100	6,108
BJ's Wholesale Club Holdings, Inc. (a)	187,100	12,407
Performance Food Group Co. (a)	77,000	4,602
		23,117
Food Products - 2.0%
JBS SA	10,694,400	42,472
TOTAL CONSUMER STAPLES		77,035
ENERGY - 5.5%
Energy Equipment & Services - 0.3%
Halliburton Co.	142,400	5,565
Oil, Gas & Consumable Fuels - 5.2%
Antero Resources Corp. (a)	582,800	15,590
Canadian Natural Resources Ltd.	94,500	5,747
Cheniere Energy, Inc.	297,022	48,076
Chesapeake Energy Corp.	223,800	18,875
Denbury, Inc. (a)	101,500	8,923
Diamondback Energy, Inc.	76,500	11,270
		108,481
TOTAL ENERGY		114,046
FINANCIALS - 10.8%
Banks - 1.2%
JPMorgan Chase & Co.	105,600	16,681
Wells Fargo & Co.	183,600	8,475
		25,156
Capital Markets - 0.3%
Moody's Corp.	14,300	5,044
Consumer Finance - 1.6%
OneMain Holdings, Inc.	729,900	33,196
Financial Services - 6.0%
Apollo Global Management, Inc.	282,100	23,050
Block, Inc. Class A (a)	85,600	6,893
Fiserv, Inc. (a)	282,500	35,654
Global Payments, Inc.	87,900	9,691
MasterCard, Inc. Class A	43,000	16,954
Visa, Inc. Class A	137,400	32,664
		124,906
Insurance - 1.7%
Arthur J. Gallagher & Co.	164,200	35,270
TOTAL FINANCIALS		223,572
HEALTH CARE - 9.0%
Health Care Providers & Services - 4.6%
Humana, Inc.	58,400	26,679
Tenet Healthcare Corp. (a)	138,009	10,313
UnitedHealth Group, Inc.	116,200	58,840
		95,832
Life Sciences Tools & Services - 3.9%
Charles River Laboratories International, Inc. (a)	24,800	5,197
IQVIA Holdings, Inc. (a)	254,600	56,969
Thermo Fisher Scientific, Inc.	35,700	19,587
		81,753
Pharmaceuticals - 0.5%
AstraZeneca PLC sponsored ADR	136,200	9,766
TOTAL HEALTH CARE		187,351
INDUSTRIALS - 10.3%
Aerospace & Defense - 1.0%
Lockheed Martin Corp.	18,100	8,079
TransDigm Group, Inc.	12,900	11,606
		19,685
Building Products - 1.8%
Builders FirstSource, Inc. (a)	97,500	14,082
Carrier Global Corp.	382,062	22,752
		36,834
Construction & Engineering - 0.7%
Willscot Mobile Mini Holdings (a)	319,900	15,339
Electrical Equipment - 2.7%
AMETEK, Inc.	63,800	10,119
Eaton Corp. PLC	29,800	6,119
Generac Holdings, Inc. (a)	49,800	7,654
Regal Rexnord Corp.	203,900	31,845
		55,737
Ground Transportation - 0.6%
Uber Technologies, Inc. (a)	262,800	12,998
Machinery - 0.9%
Parker Hannifin Corp.	44,700	18,327
Marine Transportation - 0.0%
Genco Shipping & Trading Ltd.	831	12
Passenger Airlines - 0.6%
Air Canada (a)	327,200	6,030
Delta Air Lines, Inc.	126,100	5,833
		11,863
Professional Services - 0.4%
ASGN, Inc. (a)	116,534	8,894
Trading Companies & Distributors - 1.6%
United Rentals, Inc.	48,800	22,676
WESCO International, Inc.	61,723	10,837
		33,513
TOTAL INDUSTRIALS		213,202
INFORMATION TECHNOLOGY - 23.2%
Communications Equipment - 1.0%
Arista Networks, Inc. (a)	133,300	20,673
Electronic Equipment, Instruments & Components - 1.1%
CDW Corp.	119,500	22,355
Semiconductors & Semiconductor Equipment - 11.1%
Advanced Micro Devices, Inc. (a)	73,100	8,363
ASML Holding NV (depository receipt)	19,600	14,042
Broadcom, Inc.	21,900	19,680
Enphase Energy, Inc. (a)	27,400	4,160
Marvell Technology, Inc.	382,400	24,906
Microchip Technology, Inc.	326,300	30,653
NVIDIA Corp.	90,500	42,290
NXP Semiconductors NV	138,600	30,905
ON Semiconductor Corp. (a)	522,359	56,284
		231,283
Software - 10.0%
Adobe, Inc. (a)	50,400	27,527
Dynatrace, Inc. (a)	194,100	10,615
Gen Digital, Inc.	265,700	5,168
Microsoft Corp.	198,400	66,646
Oracle Corp.	192,800	22,602
Palo Alto Networks, Inc. (a)	166,100	41,518
Salesforce, Inc. (a)	45,400	10,215
Splunk, Inc. (a)	98,700	10,692
Synopsys, Inc. (a)	27,200	12,289
		207,272
TOTAL INFORMATION TECHNOLOGY		481,583
MATERIALS - 6.9%
Chemicals - 4.1%
Celanese Corp. Class A	68,800	8,627
CF Industries Holdings, Inc.	109,500	8,988
Olin Corp.	167,600	9,667
The Chemours Co. LLC	1,199,110	44,343
Westlake Corp.	97,200	13,365
		84,990
Containers & Packaging - 0.8%
Graphic Packaging Holding Co.	668,800	16,185
Metals & Mining - 2.0%
ATI, Inc. (a)	295,900	14,109
First Quantum Minerals Ltd.	572,100	16,968
Freeport-McMoRan, Inc.	218,400	9,752
		40,829
TOTAL MATERIALS		142,004
UTILITIES - 3.8%
Electric Utilities - 2.5%
PG&E Corp. (a)	2,945,202	51,865
Independent Power and Renewable Electricity Producers - 1.3%
Vistra Corp.	927,700	26,031
TOTAL UTILITIES		77,896
TOTAL COMMON STOCKS (Cost $1,305,592)		2,037,178

Money Market Funds - 1.7%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.32% (d)	29,139,099	29,145
Fidelity Securities Lending Cash Central Fund 5.32% (d)(e)	5,567,243	5,568
TOTAL MONEY MARKET FUNDS (Cost $34,710)		34,713

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $1,340,302)	2,071,891
NET OTHER ASSETS (LIABILITIES) - 0.0%	80
NET ASSETS - 100.0%	2,071,971

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

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 $4,487,000 or 0.2% of net assets.

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

(d)

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

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	129,463	654,101	754,419	2,333	-	-	29,145	0.1%
Fidelity Securities Lending Cash Central Fund 5.32%	39,227	532,440	566,099	38	-	-	5,568	0.0%
Total	168,690	1,186,541	1,320,518	2,371	-	-	34,713

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	167,344	167,344	-	-
Consumer Discretionary	353,145	344,229	8,916	-
Consumer Staples	77,035	77,035	-	-
Energy	114,046	114,046	-	-
Financials	223,572	223,572	-	-
Health Care	187,351	187,351	-	-
Industrials	213,202	213,202	-	-
Information Technology	481,583	481,583	-	-
Materials	142,004	142,004	-	-
Utilities	77,896	77,896	-	-

Money Market Funds	34,713	34,713	-	-
Total Investments in Securities:	2,071,891	2,062,975	8,916	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $5,379) - See accompanying schedule:
Unaffiliated issuers (cost $1,305,592)	$	2,037,178
Fidelity Central Funds (cost $34,710)		34,713


Total Investment in Securities (cost $1,340,302)			$	2,071,891
Receivable for investments sold				27,902
Receivable for fund shares sold				243
Dividends receivable				487
Distributions receivable from Fidelity Central Funds				140
Prepaid expenses				4
Total assets				2,100,667
Liabilities
Payable for investments purchased	$	20,917
Payable for fund shares redeemed		926
Accrued management fee		973
Other affiliated payables		256
Other payables and accrued expenses		56
Collateral on securities loaned		5,568
Total Liabilities				28,696
Net Assets			$	2,071,971
Net Assets consist of:
Paid in capital			$	1,180,238
Total accumulated earnings (loss)				891,733
Net Assets			$	2,071,971

Net Asset Value and Maximum Offering Price
Leveraged Company Stock :
Net Asset Value, offering price and redemption price per share ($1,933,517 ÷ 51,059 shares)			$	37.87
Class K :
Net Asset Value, offering price and redemption price per share ($138,454 ÷ 3,636 shares)			$	38.08

Statement of Operations
Amounts in thousands				Year ended July 31, 2023
Investment Income
Dividends			$	29,132
Interest				1
Income from Fidelity Central Funds (including $38 from security lending)				2,371
Total Income				31,504
Expenses
Management fee	$	11,242
Transfer agent fees		2,550
Accounting fees		525
Custodian fees and expenses		40
Independent trustees' fees and expenses		10
Registration fees		44
Audit		62
Legal		4
Miscellaneous		14
Total expenses before reductions		14,491
Expense reductions		(97)
Total expenses after reductions				14,394
Net Investment income (loss)				17,110
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		264,915
Foreign currency transactions		6
Total net realized gain (loss)				264,921
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(80,149)
Assets and liabilities in foreign currencies		3
Total change in net unrealized appreciation (depreciation)				(80,146)
Net gain (loss)				184,775
Net increase (decrease) in net assets resulting from operations			$	201,885

Statement of Changes in Net Assets

Amount in thousands		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	17,110	$	10,222
Net realized gain (loss)		264,921		320,112
Change in net unrealized appreciation (depreciation)		(80,146)		(607,754)
Net increase (decrease) in net assets resulting from operations		201,885		(277,420)
Distributions to shareholders		(321,039)		(239,412)

Share transactions - net increase (decrease)		(19,247)		(168,539)
Total increase (decrease) in net assets		(138,401)		(685,371)

Net Assets
Beginning of period		2,210,372		2,895,743
End of period	$	2,071,971	$	2,210,372

Fidelity® Leveraged Company Stock Fund

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	39.65	$	48.37	$	30.88	$	29.94	$	34.31
Income from Investment Operations
Net investment income (loss) A,B		.30		.17		.03 C		.08 D		(.02)
Net realized and unrealized gain (loss)		3.69 E		(4.89)		17.50		.89		.42
Total from investment operations		3.99		(4.72)		17.53		.97		.40
Distributions from net investment income		(.25)		(.12)		(.04)		(.03)		-
Distributions from net realized gain		(5.52)		(3.89)		-		-		(4.77)
Total distributions		(5.77)		(4.00) F		(.04)		(.03)		(4.77)
Net asset value, end of period	$	37.87	$	39.65	$	48.37	$	30.88	$	29.94
Total Return G		12.01% E		(10.85)%		56.84%		3.24%		1.93%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.75%		.74%		.75%		.78%		.78%
Expenses net of fee waivers, if any		.74%		.74%		.75%		.78%		.78%
Expenses net of all reductions		.74%		.74%		.75%		.77%		.78%
Net investment income (loss)		.87%		.38%		.06% C		.27% D		(.06)%
Supplemental Data
Net assets, end of period (in millions)	$	1,934	$	1,937	$	2,534	$	1,631	$	1,945
Portfolio turnover rate J		58%		26%		15%		31%		53%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.05)%.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .16%.

ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 11.96%.

FTotal distributions per share do not sum due to rounding.

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

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

Fidelity® Leveraged Company Stock Fund Class K

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	39.84	$	48.58	$	31.01	$	30.04	$	34.40
Income from Investment Operations
Net investment income (loss) A,B		.33		.21		.06 C		.11 D		.01
Net realized and unrealized gain (loss)		3.72 E		(4.91)		17.59		.91		.42
Total from investment operations		4.05		(4.70)		17.65		1.02		.43
Distributions from net investment income		(.28)		(.16)		(.08)		(.05)		-
Distributions from net realized gain		(5.52)		(3.89)		-		-		(4.79)
Total distributions		(5.81) F		(4.04) F		(.08)		(.05)		(4.79)
Net asset value, end of period	$	38.08	$	39.84	$	48.58	$	31.01	$	30.04
Total Return G		12.11% E		(10.77)%		57.00%		3.38%		2.03%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.65%		.65%		.66%		.67%		.67%
Expenses net of fee waivers, if any		.65%		.65%		.66%		.67%		.67%
Expenses net of all reductions		.65%		.65%		.66%		.66%		.67%
Net investment income (loss)		.96%		.47%		.15% C		.38% D		.05%
Supplemental Data
Net assets, end of period (in millions)	$	138	$	274	$	362	$	285	$	347
Portfolio turnover rate J		58%		26%		15%		31%		53%

ACalculated based on average shares outstanding during the period.

FTotal distributions per share do not sum due to rounding.

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

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

Notes to Financial Statements

For the period ended July 31, 2023

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Book-tax differences are primarily due to foreign currency transactions 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	746,779
Gross unrealized depreciation	(20,303)
Net unrealized appreciation (depreciation)	$726,476
Tax Cost	$1,345,415

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

Undistributed ordinary income	$6,892
Undistributed long-term capital gain	$158,367
Net unrealized appreciation (depreciation) on securities and other investments	$726,473

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$14,220	$10,485
Long-term Capital Gains	306,819	228,927
Total	$321,039	$239,412

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Leveraged Company Stock Fund	1,101,740	1,329,835

5. Fees and Other Transactions with Affiliates.

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 pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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

	Amount	% of Class-Level Average Net Assets
Leveraged Company Stock	$2,484	.14
Class K	66	.04
	$2,550

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

	Amount
Fidelity Leveraged Company Stock Fund	$17

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Leveraged Company Stock Fund	40,367	54,979	965

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

	Amount ($)
Fidelity Leveraged Company Stock Fund	21

6. Committed Line of Credit.

	Amount
Fidelity Leveraged Company Stock Fund	$5

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Leveraged Company Stock Fund	$4	-	-

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by less than five-hundred dollars.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $97.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Leveraged Company Stock Fund
Distributions to shareholders
Leveraged Company Stock	$284,888	$209,842
Class K	36,151	29,570
Total	$321,039	$239,412

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2023	Year ended July 31, 2022	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Leveraged Company Stock Fund
Leveraged Company Stock
Shares sold	1,200	1,890	$42,108	$85,159
Reinvestment of distributions	7,834	4,268	268,740	199,167
Shares redeemed	(6,815)	(9,699)	(231,649)	(427,361)
Net increase (decrease)	2,219	(3,541)	$79,199	$(143,035)
Class K
Shares sold	273	517	$9,384	$23,487
Reinvestment of distributions	1,038	631	36,151	29,570
Shares redeemed	(4,546)	(1,729)	(143,981)	(78,561)
Net increase (decrease)	(3,235)	(581)	$(98,446)	$(25,504)

11. Other.

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Leveraged Company Stock Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Leveraged Company Stock Fund (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023
Fidelity® Leveraged Company Stock Fund
Fidelity® Leveraged Company Stock Fund	.74%
Actual		$ 1,000	$ 1,114.50	$ 3.88
Hypothetical-B		$ 1,000	$ 1,021.12	$ 3.71
Class K	.65%
Actual		$ 1,000	$ 1,115.10	$ 3.41
Hypothetical-B		$ 1,000	$ 1,021.57	$ 3.26

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2023, $223,586,302 or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $442,386 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

Leveraged Company Stock designates 100% and 71%; and Class K designates 98% and 67%; of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Leveraged Company Stock designates 100% and 77.36%; and Class K designates 98.80% and 72.88%; of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Leveraged Company Stock designates 0.98% and 0.00%; and Class K designates 0.06% and 0.92%; of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Leveraged Company Stock Fund

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it is the largest share class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, 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 that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

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.

1.762413.122

LSF-ANN-0923

Fidelity® Real Estate Income Fund

Annual Report

July 31, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 4.00% sales charge)	-6.61%	2.92%	4.59%
Class M (incl. 4.00% sales charge)	-6.64%	2.90%	4.56%
Class C (incl. contingent deferred sales charge)	-4.37%	2.99%	4.39%
Fidelity® Real Estate Income Fund	-2.42%	4.05%	5.28%
Class I	-2.52%	4.03%	5.29%
Class Z	-2.36%	4.16%	5.36%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on October 2, 2018. Returns prior to October 2, 2018, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Real Estate Income Fund, a class of the fund, on July 31, 2013.

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

Management's Discussion of Fund Performance

Market Recap:

For the 12 months ending July 31, 2023, continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets. Aggressive monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points. Despite a generally strong fundamental backdrop for most areas of the commercial real estate market - including continued low employment, a generally solid U.S. economy and growing rents across most sectors - higher interest rates weighed on real estate security types. Real estate investment trust common stocks returned -10.12%, as measured by the FTSE® NAREIT® All REITs Index, as higher interest rates led to property revaluations that weighed on REIT prices. Meanwhile, real estate preferred stocks returned -6.38%, according to the MSCI REIT Preferred Index. Real estate bonds, captured by the ICE BofA® US Real Estate Index - a market-capitalization-weighted measure of investment-grade corporate debt in the domestic real estate sector - returned -0.97%. Higher rates hampered both real estate preferred stocks and bonds. Bonds with lower credit ratings topped higher-quality issues, reflecting their higher coupons and reduced sensitivity to interest rates.

Comments from Portfolio Manager William Maclay:

For the fiscal year, the fund's share classes (excluding sales charges, if applicable) returned roughly -3% to -2%, versus -4.72% for the Fidelity Real Estate Income Composite IndexSM. The Composite index is a 40/40/20 blend of the MSCI REIT Preferred Index, the ICE BofA® U.S. Real Estate Index and the FTSE® NAREIT® All REITs Index. The main factors behind the fund's outperformance of the Composite index were stock picks among real estate preferred stocks and bonds. On the preferred stock side, we benefited from the relatively high coupons of our holdings, while many also include an interest rate reset feature, meaning these securities will see their coupon move higher as rates go up. Accordingly, higher rates benefited our preferred holdings, as they enjoyed a big increase in their coupon. Further helping relative performance was a significant underweight in preferred securities. Meanwhile, on the bond side of the portfolio, security selection and an overweight contributed. The main performance driver here was high-yield bond exposure, especially among higher-coupon bonds of issuers we deemed to be in strong financial health. The fund's allocation to cash of 10%, on average, helped relative performance in a down market. The primary relative detractor was the fund's overweight in the real estate equity asset class. Real estate equities underperformed the Composite index. Real estate stocks lagged this period, as higher interest rates caused the revaluation of individual properties and the REITs that own them. Lastly, security selection modestly detracted from relative performance.

Notes to shareholders:

Beginning in 2023, the fund moved to an income-distribution schedule of April, July, October and December. The intent, based on feedback from customers, is to smooth out the quarterly income distributions and make them more equal. The new cycle commenced in April 2023. Please note that there are no changes to the frequency of capital gain distributions. On August 1, 2023, the fund's supplemental benchmark was adjusted - we added a 15% allocation to commercial mortgage-backed securities, with a corresponding decrease in real estate investment trust preferred stock - to better align with how the fund is managed.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Equity Lifestyle Properties, Inc.	2.2
American Tower Corp.	2.2
Prologis (REIT), Inc.	2.0
Crown Castle International Corp.	1.4
Welltower, Inc.	1.3
Equinix, Inc.	1.1
Ventas, Inc.	1.0
Public Storage	1.0
Mid-America Apartment Communities, Inc.	0.9
Annaly Capital Management, Inc. Series F, 3 month U.S. LIBOR + 4.990% 6.95%	0.9
	14.0

Top REIT Sectors (% of Fund's net assets)

REITs - Diversified	15.0
REITs - Mortgage	9.3
REITs - Apartments	5.5
REITs - Health Care	4.9
REITs - Management/Investment	4.8

Quality Diversification (% of Fund's net assets)

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

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

Asset Allocation (% of Fund's net assets)

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 23.8%
	Shares	Value ($)
FINANCIALS - 0.6%
Mortgage Real Estate Investment Trusts - 0.6%
Great Ajax Corp. (a)	1,663,364	11,477,212
MFA Financial, Inc.	1,231,885	13,871,025
Rithm Capital Corp.	385,699	3,887,846
		29,236,083
INDUSTRIALS - 0.2%
Construction & Engineering - 0.2%
Willscot Mobile Mini Holdings (b)	178,000	8,535,100
INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
Cyxtera Technologies, Inc. Class A (b)(c)	740,700	41,553
REAL ESTATE - 23.0%
Equity Real Estate Investment Trusts (REITs) - 22.8%
Acadia Realty Trust (SBI)	510,426	8,018,792
American Homes 4 Rent Class A	633,100	23,728,588
American Tower Corp.	524,200	99,760,502
AvalonBay Communities, Inc.	126,700	23,901,955
Crown Castle International Corp.	606,610	65,689,797
CubeSmart	367,800	15,947,808
Digital Realty Trust, Inc.	103,500	12,898,170
Douglas Emmett, Inc.	103,300	1,518,510
Easterly Government Properties, Inc. (c)	998,900	14,743,764
EastGroup Properties, Inc.	63,100	11,180,058
Elme Communities (SBI)	755,647	12,279,264
Equinix, Inc.	65,000	52,644,800
Equity Lifestyle Properties, Inc.	1,429,596	101,758,648
Equity Residential (SBI)	103,700	6,837,978
Essex Property Trust, Inc.	163,700	39,869,135
Extra Space Storage, Inc.	192,949	26,929,892
Gaming & Leisure Properties	313,946	14,899,877
Healthcare Trust of America, Inc.	186,360	3,639,611
Invitation Homes, Inc.	570,000	20,235,000
Lamar Advertising Co. Class A	201,900	19,927,530
LXP Industrial Trust (REIT)	3,644,474	36,699,853
Mid-America Apartment Communities, Inc.	290,006	43,402,298
NNN (REIT), Inc.	52,100	2,223,628
Postal Realty Trust, Inc.	878,500	13,238,995
Prologis (REIT), Inc.	737,730	92,031,818
Public Storage	159,500	44,939,125
Retail Value, Inc. (b)(d)	274,131	27,687
Rexford Industrial Realty, Inc.	67,700	3,729,593
RLJ Lodging Trust	607,000	6,252,100
Sabra Health Care REIT, Inc.	604,175	7,848,233
SITE Centers Corp.	1,379,438	19,381,104
Spirit Realty Capital, Inc.	583,900	23,548,687
Sunstone Hotel Investors, Inc.	372,700	3,797,813
Terreno Realty Corp.	286,228	16,984,770
UDR, Inc.	392,200	16,033,136
UMH Properties, Inc.	335,723	5,589,788
Ventas, Inc.	939,186	45,569,305
VICI Properties, Inc.	783,600	24,667,728
Welltower, Inc.	719,100	59,074,065
Weyerhaeuser Co.	147,500	5,023,850
		1,046,473,255
Real Estate Management & Development - 0.2%
Cushman & Wakefield PLC (b)	201,400	1,979,762
Digitalbridge Group, Inc.	361,288	5,787,834
		7,767,596
TOTAL REAL ESTATE		1,054,240,851
TOTAL COMMON STOCKS (Cost $836,708,796)		1,092,053,587

Preferred Stocks - 20.0%
	Shares	Value ($)
Convertible Preferred Stocks - 0.8%
FINANCIALS - 0.3%
Mortgage Real Estate Investment Trusts - 0.3%
Great Ajax Corp. 7.25% (a)	611,442	14,943,642

REAL ESTATE - 0.5%
Equity Real Estate Investment Trusts (REITs) - 0.5%
LXP Industrial Trust (REIT) Series C, 6.50%	440,102	20,682,532
RLJ Lodging Trust Series A, 1.95%	31,585	767,516
		21,450,048
TOTAL CONVERTIBLE PREFERRED STOCKS		36,393,690
Nonconvertible Preferred Stocks - 19.2%
ENERGY - 0.9%
Oil, Gas & Consumable Fuels - 0.9%
DCP Midstream Partners LP 7.95% (e)	328,262	8,232,811
Enbridge, Inc.:
Series 1, 5 year U.S. Treasury Index + 3.140% 5.949%(e)(f)	498,275	10,483,706
Series L, 5 year U.S. Treasury Index + 3.150% 4.959%(e)(f)	111,400	2,105,460
Energy Transfer LP 7.60% (e)	525,651	12,999,349
Global Partners LP:
9.75%(e)	161,507	4,228,269
Series B, 9.50%	67,800	1,739,070
		39,788,665
FINANCIALS - 9.1%
Mortgage Real Estate Investment Trusts - 9.1%
AG Mortgage Investment Trust, Inc.:
8.00%	67,118	1,114,159
Series C, 8.00%(e)	308,938	5,987,218
AGNC Investment Corp.:
6.125%(e)	930,100	19,718,120
6.875%(e)	673,972	15,494,616
Series C, 3 month U.S. LIBOR + 5.110% 7.00%(e)(f)	653,202	16,741,567
Series E, 6.50%(e)	1,399,834	32,434,154
Series G, 7.75%(e)	320,000	7,200,000
Annaly Capital Management, Inc.:
6.75%(e)	192,992	4,477,414
Series F, 3 month U.S. LIBOR + 4.990% 6.95%(e)(f)	1,599,843	40,795,997
Series G, 3 month U.S. LIBOR + 4.170% 6.50%(e)(f)	1,069,599	26,846,935
Arbor Realty Trust, Inc.:
Series D, 6.375%	126,100	2,402,205
Series F, 6.25%(e)	447,536	9,098,407
Cherry Hill Mortgage Investment Corp.:
8.25%(e)	33,261	700,144
Series A, 8.20%	63,650	1,379,296
Chimera Investment Corp.:
8.00%(e)	453,517	9,709,799
Series B, 8.00%(e)	1,262,180	27,528,146
Series C, 7.75%(e)	1,782,886	35,853,837
Dynex Capital, Inc. Series C 6.90% (e)	298,683	6,750,236
Ellington Financial LLC 6.75% (e)	212,370	4,710,367
Franklin BSP Realty Trust, Inc. 7.50%	57,733	1,173,135
KKR Real Estate Finance Trust, Inc. 6.50%	188,372	3,808,882
MFA Financial, Inc.:
6.50%(e)	1,074,351	21,110,997
Series B, 7.50%	426,732	8,765,075
PennyMac Mortgage Investment Trust:
6.75%	217,700	4,147,185
8.125%(e)	388,754	9,326,208
Series B, 8.00%(e)	597,708	13,932,573
Ready Capital Corp. Series C, 6.20%	189,250	4,470,085
Rithm Capital Corp.:
7.125%(e)	1,073,942	24,249,610
Series A, 7.50%(e)	505,904	11,443,548
Series C, 6.375%(e)	1,074,554	21,351,388
Series D, 7.00%(e)	151,200	3,228,120
Two Harbors Investment Corp.:
Series A, 8.125%(e)	363,526	7,852,198
Series B, 7.625%(e)	776,859	16,034,370
		419,835,991
REAL ESTATE - 9.2%
Equity Real Estate Investment Trusts (REITs) - 7.4%
Agree Realty Corp. 4.375%	259,800	4,659,565
American Homes 4 Rent:
6.25%	98,905	2,342,070
Series G, 5.875%	224,550	5,172,509
Armada Hoffler Properties, Inc. 6.75%	255,050	5,863,600
Ashford Hospitality Trust, Inc.:
Series D, 8.45%	190,073	3,145,917
Series F, 7.375%	111,000	1,570,650
Series G, 7.375%	63,168	963,312
Series H, 7.50%	226,738	3,287,701
Series I, 7.50%	135,658	1,972,467
Braemar Hotels & Resorts, Inc. Series D, 8.25%	173,050	3,928,235
Cedar Realty Trust, Inc.:
7.25%	126,972	2,134,399
Series C, 6.50%	291,600	4,312,764
Centerspace Series C, 6.625%	317,300	7,567,605
City Office REIT, Inc. Series A, 6.625%	83,975	1,429,255
CTO Realty Growth, Inc. 6.375%	120,000	2,370,000
DiamondRock Hospitality Co. 8.25%	448,231	11,524,019
Digital Realty Trust, Inc.:
5.25%	32,900	726,432
Series L, 5.20%	33,700	735,334
Gladstone Commercial Corp.:
6.625%	157,675	2,973,735
Series G, 6.00%	516,000	9,107,400
Gladstone Land Corp. Series D, 5.00%	30,000	706,503
Global Medical REIT, Inc. Series A, 7.50%	150,848	3,736,505
Global Net Lease, Inc.:
Series A, 7.25%	531,595	11,657,878
Series B 6.875%	294,000	6,015,240
Healthcare Trust, Inc.:
7.125%	190,000	3,659,400
Series A 7.375%	364,800	6,562,752
Hersha Hospitality Trust:
Series C, 6.875%	49,450	981,583
Series D, 6.50%	197,750	3,844,260
Hudson Pacific Properties, Inc. Series C, 4.75%	780,500	9,225,510
Kimco Realty Corp.:
5.125%	49,000	1,135,330
Series M, 5.25%	58,100	1,388,009
National Storage Affiliates Trust Series A, 6.00%	101,375	2,401,574
Necessity Retail (REIT), Inc./The:
7.50%	853,587	17,592,428
Series C 7.375%	379,839	7,976,619
Pebblebrook Hotel Trust:
6.30%	281,697	5,535,346
6.375%	666,800	13,042,608
6.375%	372,994	7,444,960
Series H, 5.70%	717,200	12,730,300
Pennsylvania (REIT):
Series B, 7.375%(b)	99,385	106,342
Series C, 7.20%(b)	50,325	54,351
Series D, 6.875%(b)	150,100	195,130
Plymouth Industrial REIT, Inc. Series A, 7.50%	171,625	4,311,992
Prologis (REIT), Inc. Series Q, 8.54%	93,396	5,393,619
Public Storage:
4.00%	47,800	904,376
4.00%	342,600	6,372,360
Series F, 5.15%	25,800	634,422
Series G, 5.05%	43,800	1,073,976
Series I, 4.875%	75,000	1,748,250
Series J, 4.70%	1,089,700	24,322,104
Series K, 4.75%	921,000	20,317,260
Series L, 4.625%	335,900	7,406,595
Series M, 4.125%	53,000	1,042,945
Series S, 4.10%	200,000	3,861,800
Rexford Industrial Realty, Inc.:
Series B, 5.875%	98,400	2,282,880
Series C, 5.625%	78,225	1,732,684
Saul Centers, Inc.:
Series D, 6.125%	82,775	1,858,299
Series E, 6.00%	76,841	1,749,677
SITE Centers Corp. 6.375%	124,200	2,993,220
Sotherly Hotels, Inc.:
Series B, 8.00%	67,250	1,627,450
Series C, 7.875%	107,000	2,562,650
Spirit Realty Capital, Inc. Series A, 6.00%	121,125	2,739,848
Summit Hotel Properties, Inc.:
Series E, 6.25%	457,602	9,083,400
Series F, 5.875%	377,000	7,027,280
Sunstone Hotel Investors, Inc.:
Series H, 6.125%	180,000	3,898,800
Series I, 5.70%	240,000	4,869,600
UMH Properties, Inc. Series D, 6.375%	694,525	14,987,850
Urstadt Biddle Properties, Inc.:
Series H, 6.25%	281,325	6,568,939
Series K 5.875%	69,225	1,550,640
Vornado Realty Trust:
Series L, 5.40%	30,100	471,366
Series M, 5.25%	2,000	29,840
Series N, 5.25%	50,700	756,444
Series O, 4.45%	283,000	3,845,970
		339,806,133
Real Estate Management & Development - 1.8%
Brookfield Properties Corp. Series EE, Canadian Government Bond 5 Year Note Index + 3.960% 5.10% (e)(f)	478,259	4,500,962
Brookfield Property Partners LP:
5.75%	43,000	582,650
6.50%	34,125	525,866
Digitalbridge Group, Inc.:
Series H, 7.125%	965,305	20,628,568
Series I, 7.15%	1,074,492	22,736,251
Series J, 7.15%	1,387,346	29,453,356
Seritage Growth Properties Series A, 7.00%	91,986	2,193,866
		80,621,519
TOTAL REAL ESTATE		420,427,652

TOTAL NONCONVERTIBLE PREFERRED STOCKS		880,052,308
TOTAL PREFERRED STOCKS (Cost $1,037,043,111)		916,445,998

Corporate Bonds - 19.4%
	Principal Amount (g)	Value ($)
Convertible Bonds - 0.7%
FINANCIALS - 0.7%
Mortgage Real Estate Investment Trusts - 0.7%
MFA Financial, Inc. 6.25% 6/15/24	9,700,000	9,577,931
PennyMac Corp. 5.5% 11/1/24	13,601,000	13,016,157
Redwood Trust, Inc. 5.625% 7/15/24	3,631,000	3,522,295
Two Harbors Investment Corp. 6.25% 1/15/26	4,896,000	4,381,920
		30,498,303
Nonconvertible Bonds - 18.7%
CONSUMER DISCRETIONARY - 3.3%
Hotels, Restaurants & Leisure - 1.7%
Caesars Entertainment, Inc. 8.125% 7/1/27 (h)	17,465,000	17,913,379
Hilton Domestic Operating Co., Inc.:
3.625% 2/15/32(h)	13,965,000	11,718,780
4% 5/1/31(h)	6,000,000	5,233,550
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (h)	18,265,000	15,613,276
Hyatt Hotels Corp. 5.75% 1/30/27	5,000,000	5,021,173
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (h)	15,960,000	13,835,405
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (h)	8,000,000	7,680,000
Times Square Hotel Trust 8.528% 8/1/26 (h)	2,974,582	2,939,342
		79,954,905
Household Durables - 1.6%
Adams Homes, Inc. 7.5% 2/15/25 (h)	7,530,000	7,396,883
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 6.625% 1/15/28 (h)	7,925,000	7,604,241
Century Communities, Inc.:
3.875% 8/15/29(h)	13,005,000	11,310,253
6.75% 6/1/27	4,670,000	4,688,073
LGI Homes, Inc. 4% 7/15/29 (h)	13,310,000	11,181,761
M/I Homes, Inc. 3.95% 2/15/30	17,070,000	14,765,550
New Home Co., Inc. 8.25% 10/15/27 (d)(h)(i)	4,680,000	4,463,550
TRI Pointe Homes, Inc. 5.25% 6/1/27	11,458,000	11,071,293
		72,481,604
TOTAL CONSUMER DISCRETIONARY		152,436,509

ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
EG Global Finance PLC 8.5% 10/30/25 (h)	1,557,000	1,541,757

FINANCIALS - 0.2%
Financial Services - 0.2%
Brixmor Operating Partnership LP 4.05% 7/1/30	4,000,000	3,638,291
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 5.25% 5/15/27	5,000,000	4,400,000
Rexford Industrial Realty LP 2.15% 9/1/31	3,000,000	2,329,888
		10,368,179
HEALTH CARE - 0.4%
Health Care Providers & Services - 0.4%
Sabra Health Care LP:
3.9% 10/15/29	989,000	818,574
5.125% 8/15/26	20,264,000	19,521,675
		20,340,249
INDUSTRIALS - 0.1%
Trading Companies & Distributors - 0.1%
Williams Scotsman International, Inc. 6.125% 6/15/25 (h)	3,240,000	3,219,117

REAL ESTATE - 14.7%
Equity Real Estate Investment Trusts (REITs) - 12.0%
American Finance Trust, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (h)	23,405,000	18,138,875
American Homes 4 Rent LP:
2.375% 7/15/31	7,000,000	5,588,939
3.625% 4/15/32	22,000,000	19,099,211
4.9% 2/15/29	13,000,000	12,621,823
American Tower Corp.:
2.7% 4/15/31	2,000,000	1,653,245
3.8% 8/15/29	23,000,000	21,071,437
4.05% 3/15/32	27,000,000	24,396,398
5.55% 7/15/33	18,000,000	18,005,420
5.65% 3/15/33	15,000,000	15,142,850
Boston Properties, Inc.:
3.25% 1/30/31	8,000,000	6,594,143
6.75% 12/1/27	37,000	37,839
CBL & Associates LP:
4.6%(d)(j)	18,229,000	2
5.25%(d)(j)	11,371,000	1
5.95%(d)(j)	10,317,000	1
Crown Castle International Corp.:
2.25% 1/15/31	5,000,000	4,065,639
2.5% 7/15/31	10,000,000	8,154,832
3.8% 2/15/28	2,000,000	1,868,943
5.1% 5/1/33	9,000,000	8,767,323
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (h)	26,490,000	23,546,431
EPR Properties:
3.6% 11/15/31	2,000,000	1,562,101
4.95% 4/15/28	8,000,000	7,189,241
Equinix, Inc.:
3.2% 11/18/29	10,000,000	8,812,744
3.9% 4/15/32	22,000,000	19,793,062
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (h)	5,075,000	4,049,840
GLP Capital LP/GLP Financing II, Inc.:
4% 1/15/31	2,000,000	1,729,061
5.3% 1/15/29	19,193,000	18,313,408
5.375% 4/15/26	3,000,000	2,944,084
Hudson Pacific Properties LP 4.65% 4/1/29	6,000,000	4,697,335
Invitation Homes Operating Partnership LP:
4.15% 4/15/32	35,000,000	31,624,661
5.95% 8/15/33	20,000,000	19,728,400
LXP Industrial Trust (REIT) 2.375% 10/1/31	3,000,000	2,275,772
MPT Operating Partnership LP/MPT Finance Corp.:
3.5% 3/15/31	6,000,000	4,321,682
4.625% 8/1/29	19,835,000	15,755,155
5% 10/15/27	5,000,000	4,380,105
Omega Healthcare Investors, Inc.:
3.25% 4/15/33	6,000,000	4,548,935
3.375% 2/1/31	2,000,000	1,606,754
4.5% 4/1/27	2,434,000	2,301,893
4.95% 4/1/24	2,866,000	2,834,760
Park Intermediate Holdings LLC 4.875% 5/15/29 (h)	12,000,000	10,485,000
Public Storage:
5.1% 8/1/33	10,000,000	10,008,354
5.35% 8/1/53	5,000,000	4,996,606
Realty Income Corp. 4.875% 6/1/26	436,000	431,383
RLJ Lodging Trust LP:
3.75% 7/1/26(h)	4,000,000	3,685,000
4% 9/15/29(h)	16,550,000	13,872,210
SBA Communications Corp.:
3.125% 2/1/29	21,000,000	17,705,060
3.875% 2/15/27	3,000,000	2,763,813
Spirit Realty LP 4% 7/15/29	1,000,000	894,134
Sun Communities Operating LP:
4.2% 4/15/32	11,439,000	10,067,319
5.7% 1/15/33	12,750,000	12,532,014
Uniti Group LP / Uniti Group Finance, Inc.:
6.5% 2/15/29(h)	27,505,000	19,133,446
10.5% 2/15/28(h)	7,000,000	6,958,141
Uniti Group, Inc. 6% 1/15/30 (h)	18,035,000	11,925,644
Ventas Realty LP 4.4% 1/15/29	3,000,000	2,813,920
VICI Properties LP 5.125% 5/15/32	34,931,000	32,870,389
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (h)	17,000,000	15,534,260
Vornado Realty LP 3.4% 6/1/31	6,000,000	4,448,012
Welltower OP LLC:
4% 6/1/25	5,000,000	4,842,857
4.125% 3/15/29	3,000,000	2,798,486
XHR LP:
4.875% 6/1/29(h)	10,000,000	8,699,013
6.375% 8/15/25(h)	4,250,000	4,178,432
		548,865,838
Real Estate Management & Development - 2.7%
Digital Realty Trust LP:
3.6% 7/1/29	5,000,000	4,518,257
3.7% 8/15/27	5,000,000	4,674,708
5.55% 1/15/28	5,000,000	4,983,022
DTZ U.S. Borrower LLC 6.75% 5/15/28 (h)	11,165,000	10,234,286
Forestar Group, Inc.:
3.85% 5/15/26(h)	8,000,000	7,426,048
5% 3/1/28(h)	5,000,000	4,636,624
Greystar Real Estate Partners 5.75% 12/1/25 (h)	6,885,000	6,769,716
Howard Hughes Corp.:
4.125% 2/1/29(h)	14,960,000	12,641,350
4.375% 2/1/31(h)	22,625,000	18,615,433
5.375% 8/1/28(h)	11,900,000	10,918,250
Kennedy-Wilson, Inc.:
4.75% 3/1/29	17,075,000	13,916,125
4.75% 2/1/30	22,245,000	17,356,216
5% 3/1/31	6,960,000	5,394,000
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (h)	1,798,000	1,769,894
		123,853,929
TOTAL REAL ESTATE		672,719,767

TOTAL NONCONVERTIBLE BONDS		860,625,578
TOTAL CORPORATE BONDS (Cost $962,017,596)		891,123,881

Asset-Backed Securities - 1.6%
	Principal Amount (g)	Value ($)
American Homes 4 Rent:
Series 2015-SFR1 Class F, 5.885% 4/17/52 (h)	2,000,000	1,955,032
Series 2015-SFR2:
Class E, 6.07% 10/17/52 (h)	8,259,000	8,144,573
Class XS, 0% 10/17/52 (d)(e)(h)(k)	4,484,675	45
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)(h)	2,250,000	0
Home Partners of America Trust:
Series 2019-2 Class F, 3.866% 10/19/39 (h)	2,767,082	2,347,230
Series 2021-1 Class F, 3.325% 9/17/41 (h)	6,690,974	5,348,531
Series 2021-2 Class G, 4.505% 12/17/26 (h)	27,767,593	23,328,566
Series 2021-3 Class F, 4.242% 1/17/41 (h)	9,986,229	8,294,287
New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/39 (h)	2,900,000	2,479,384
Tricon American Homes:
Series 2017-SFR2 Class F, 5.104% 1/17/36 (h)	3,785,000	3,734,838
Series 2018-SFR1 Class F, 4.96% 5/17/37 (h)	8,282,000	7,994,800
Tricon Residential 2023-Sfr1 T Series 2023-SFR1:
Class D, 5.1% 7/17/40 (h)	5,000,000	4,682,387
Class E, 7.977% 7/17/40 (h)	2,000,000	1,992,906
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (h)	3,000,000	2,624,345
TOTAL ASSET-BACKED SECURITIES (Cost $83,239,967)		72,926,924

Collateralized Mortgage Obligations - 0.0%
	Principal Amount (g)	Value ($)
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.605% 2/25/42 (d)(e)(h)	23,202	8,741
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.5731% 6/25/43 (d)(e)(h)	39,531	27,594
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $43,337)		36,335

Commercial Mortgage Securities - 23.1%
	Principal Amount (g)	Value ($)
BANK sequential payer:
Series 2021-BN33 Class A5, 2.556% 5/15/64	14,931,000	12,324,888
Series 2021-BN35 Class A5, 2.285% 6/15/64	7,366,000	5,931,913
Bank sequential payer Series 2021-BN36 Class A5, 2.47% 9/15/64	25,000,000	20,360,913
BANK:
sequential payer:
Series 2022-BNK39 Class A4, 2.928% 2/15/55	13,750,000	11,553,391
Series 2022-BNK42 Class D, 2.5% 6/15/55 (h)	2,000,000	982,268
Series 2022-BNK42, Class A5, 4.493% 6/15/55 (e)	20,000,000	18,875,102
Series 2022-BNK43 Class A5, 4.399% 8/15/55	10,485,000	9,836,274
Series 2022-BNK44, Class A5, 5.7457% 11/15/55 (e)	15,900,000	16,371,363
Series 2017-BNK8 Class E, 2.8% 11/15/50 (d)(h)	11,374,393	4,418,858
Series 2020-BN30 Class MCDG, 2.9182% 12/15/53 (e)	2,000,000	885,481
Series 2021-BN38 Class C, 3.2172% 12/15/64 (e)	3,505,000	2,250,382
Series 2022-BNK41, Class C, 3.7901% 4/15/65 (e)	4,433,000	3,116,023
Series 2022-BNK42 Class C, 4.722% 6/15/55 (e)	6,500,000	4,911,743
Series 2022-BNK43 Class D, 3% 8/15/55 (h)	5,344,000	2,688,821
Series 2022-BNK44 Class A/S, 5.7457% 11/15/55	5,000,000	4,849,216
Bank of America Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8255% 7/15/49 (e)	3,030,000	2,618,588
Barclays Commercial Mortgage Securities sequential payer Series 2021-C12 Class A5, 2.689% 11/15/54	25,000,000	20,577,555
BBCMS Series 2022-C15, Class A5, 3.662% 4/15/55	9,822,000	8,721,200
BBCMS Mortgage Trust:
sequential payer Series 2022-C17:
Class C, 5.45% 9/15/55	2,000,000	1,590,970
Class D, 2.5% 9/15/55 (d)(h)	2,000,000	963,282
Series 2020-C6 Class C, 3.045% 2/15/53	1,129,000	802,335
Series 2020-C7 Class C, 3.6028% 4/15/53 (e)	2,067,000	1,313,591
Series 2022-C16 Class C, 4.6% 6/15/55 (e)	5,250,000	3,890,676
Benchmark 2023-B39 C Mtg Trust Series 2023-B39 Class B, 6.192% 7/15/56 (h)	5,000,000	4,944,430
Benchmark 2023-V3 Mtg Trust Series 2023-V3 Class A/S, 7.0967% 7/15/56	5,000,000	5,150,000
Benchmark Mortgage Trust:
sequential payer:
Series 2019-B13 Class A4, 2.952% 8/15/57	19,715,000	17,182,468
Series 2019-B14:
Class 225D, 3.2943% 12/15/62 (d)(e)(h)	3,427,000	1,648,006
Class 225E, 3.2943% 12/15/62 (d)(e)(h)	5,141,000	1,832,848
Series 2021-B28 Class A5, 2.2237% 8/15/54	10,000,000	7,945,317
Series 2021-B29, Class A5, 2.3879% 9/15/54	15,000,000	12,098,654
Series 2022-B34 Class A5, 3.786% 4/15/55	22,168,402	19,203,214
Series 2022-B35 Class A5, 4.4448% 5/15/55 (e)	27,302,000	25,116,232
Series 2022-B36 Class A5, 4.4699% 7/15/55	4,900,000	4,591,446
Series 2019-B13 Class D, 2.5% 8/15/57 (h)	1,000,000	551,446
Series 2020-B18 Class AGNG, 4.3885% 7/15/53 (e)(h)	11,379,000	9,667,994
Series 2022-B32 Class A5, 3.0019% 1/15/55	26,618,000	21,632,313
Series 2022-B35:
Class C, 4.4448% 5/15/55 (e)	7,000,000	5,080,030
Class D, 2.5% 5/15/55 (h)	3,500,000	1,712,989
Series 2022-B36:
Class C, 5.1189% 7/15/55 (e)	2,000,000	1,435,470
Class D, 2.5% 7/15/55 (d)(h)	3,828,000	1,748,389
Series 2023-C5 Class B, 6.4767% 6/15/56 (e)	4,750,000	4,861,065
Bmo 2023-5C1 Mtg Trust Series 2023-5C1 Class A/S, 7.255% 8/15/56 (e)	3,500,000	3,594,539
BX Commercial Mortgage Trust:
floater:
Series 2021-CIP Class F, CME Term SOFR 1 Month Index + 3.330% 8.5555% 12/15/38 (e)(f)(h)	7,790,000	7,437,757
Series 2021-PAC Class G, CME Term SOFR 1 Month Index + 3.060% 8.2826% 10/15/36 (e)(f)(h)	17,232,000	16,195,864
Series 2021-VINO Class G, CME Term SOFR 1 Month Index + 4.060% 9.2888% 5/15/38 (e)(f)(h)	12,077,382	11,431,980
Series 2020-VIVA Class E, 3.5488% 3/11/44 (e)(h)	20,898,990	15,982,774
Bx Commercial Mortgage Trust 2 floater Series 2019-IMC Class G, CME Term SOFR 1 Month Index + 3.710% 8.9365% 4/15/34 (e)(f)(h)	5,181,000	5,029,733
BX Trust:
floater:
Series 2019-XL:
Class G, CME Term SOFR 1 Month Index + 2.410% 7.6361% 10/15/36 (e)(f)(h)	13,391,750	13,155,872
Class J, CME Term SOFR 1 Month Index + 2.760% 7.9861% 10/15/36 (e)(f)(h)	15,217,550	14,732,022
Series 2021-ACNT Class G, CME Term SOFR 1 Month Index + 3.400% 8.6315% 11/15/38 (e)(f)(h)	15,581,000	14,868,144
Series 2021-BXMF Class G, CME Term SOFR 1 Month Index + 3.460% 8.686% 10/15/26 (e)(f)(h)	2,574,000	2,380,186
Series 2021-SOAR Class J, CME Term SOFR 1 Month Index + 3.860% 9.0865% 6/15/38 (e)(f)(h)	17,644,334	16,610,832
Series 2021-VOLT Class G, CME Term SOFR 1 Month Index + 2.960% 8.1861% 9/15/36 (e)(f)(h)	5,000,000	4,611,645
Series 2022-LBA6:
Class F, CME Term SOFR 1 Month Index + 3.350% 8.5716% 1/15/39 (e)(f)(h)	6,200,000	5,952,002
Class G, CME Term SOFR 1 Month Index + 4.200% 9.4216% 1/15/39 (e)(f)(h)	11,340,000	10,891,631
Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 8.5206% 1/15/39 (e)(f)(h)	4,367,000	4,075,182
Series 2019-OC11 Class E, 3.944% 12/9/41 (e)(h)	22,521,000	18,046,649
BXP Trust Series 2021-601L Class E, 2.7755% 1/15/44 (e)(h)	5,754,000	3,106,411
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, CME Term SOFR 1 Month Index + 3.360% 8.5865% 12/15/37 (e)(f)(h)	14,973,000	14,498,666
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (d)(h)	3,353,000	1,290,805
Citigroup Commercial Mortgage Series 2023-SMRT Class C, 5.8524% 6/10/28 (e)(h)	9,750,000	9,362,482
Citigroup Commercial Mortgage Trust:
sequential payer:
Series 2019-C7 Class A4, 3.102% 12/15/72	14,820,000	12,876,527
Series 2023-V2 Class A3, 5.8524% 6/10/28 (e)(h)	5,000,000	4,886,488
Series 2022-GC48:
Class D, 2.5% 6/15/55 (h)	4,000,000	1,918,768
Class E, 2.5% 6/15/55 (h)	2,000,000	867,688
Citigroup Commercial Mtg Trust 2023-Prm Series 2023-PRM3:
Class B, 6.3597% 7/10/28 (e)(h)	5,000,000	4,964,839
Class C, 6.3597% 7/10/28 (h)	5,500,000	5,317,621
COMM Mortgage Trust:
floater Series 2018-HCLV:
Class F, CME Term SOFR 1 Month Index + 3.190% 8.418% 9/15/33 (e)(f)(h)	4,265,000	2,225,692
Class G, CME Term SOFR 1 Month Index + 5.200% 10.4243% 9/15/33 (e)(f)(h)	4,265,000	1,799,242
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (h)	4,741,000	3,793,022
Series 2012-CR1:
Class D, 5.3011% 5/15/45 (e)(h)	2,002,000	1,331,330
Class G, 2.462% 5/15/45 (h)	6,346,000	1,858,948
Series 2014-UBS2 Class D, 4.9802% 3/10/47 (e)(h)	3,713,000	3,166,268
Series 2017-CD4 Class D, 3.3% 5/10/50 (h)	2,769,000	1,832,952
Series 2019-CD4 Class C, 4.3497% 5/10/50 (e)	3,000,000	2,235,770
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (h)	2,769,000	1,798,402
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:
Class D, 4.8738% 8/15/45 (e)(h)	1,270,440	1,206,986
Class E, 4.8738% 8/15/45 (e)(h)	8,000,000	7,120,306
Class F, 4.25% 8/15/45 (h)	2,000,000	1,410,008
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.330% 9.553% 6/15/34 (f)(h)	7,120,000	5,001,274
Credit Suisse Mortgage Trust:
floater:
Series 2021-4SZN Class A, CME Term SOFR 1 Month Index + 3.960% 9.1885% 11/15/23 (e)(f)(h)	906,000	874,333
Series 2021-BPNY Class A, CME Term SOFR 1 Month Index + 3.820% 9.0514% 8/15/23 (e)(f)(h)	18,000,000	16,519,208
Series 2020-NET:
Class E, 3.7042% 8/15/37 (e)(h)	9,400,000	7,985,589
Class F, 3.7042% 8/15/37 (e)(h)	7,050,000	5,792,641
Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 8.7957% 5/15/26 (e)(f)(h)	8,146,318	7,692,309
CSAIL Commercial Mortgage Trust:
sequential payer Series 2019-C15 Class A4, 4.0529% 3/15/52	9,425,000	8,650,808
Series 2017-C8 Class D, 4.4343% 6/15/50 (e)(h)	4,297,000	2,791,022
DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.3592% 8/10/44 (e)(h)	2,874,476	2,476,548
ELP Commercial Mortgage Trust floater Series 2021-ELP Class J, CME Term SOFR 1 Month Index + 3.720% 8.9514% 11/15/38 (e)(f)(h)	15,448,000	14,360,204
GS Mortgage Securities Corp. Trust floater Series 2019-70P Class E, CME Term SOFR 1 Month Index + 2.310% 7.393% 10/15/36 (e)(f)(h)	7,437,000	6,594,259
GS Mortgage Securities Trust:
floater Series 2018-RIVR Class G, CME Term SOFR 1 Month Index + 2.600% 8.119% 7/15/35 (e)(f)(h)	3,808,000	430,290
sequential payer:
Series 2019-GSA1 Class A4, 3.0479% 11/10/52	25,860,000	22,249,747
Series 2021-GSA3 Class A5, 2.6183% 12/15/54	12,657,000	10,283,828
Series 2011-GC5:
Class C, 5.152% 8/10/44 (e)(h)	8,899,000	6,184,924
Class D, 5.152% 8/10/44 (e)(h)	2,733,635	799,728
Class E, 5.152% 8/10/44 (d)(e)(h)	8,138,000	758,847
Class F, 4.5% 8/10/44 (d)(h)	7,897,000	27,699
Series 2012-GCJ9:
Class D, 4.614% 11/10/45 (e)(h)	4,768,093	4,365,296
Class E, 4.614% 11/10/45 (e)(h)	1,908,000	1,615,475
Series 2013-GC16:
Class D, 5.3258% 11/10/46 (e)(h)	3,708,000	3,475,548
Class F, 3.5% 11/10/46 (h)	7,221,000	5,919,852
Series 2021-RENT Class G, CME Term SOFR 1 Month Index + 5.810% 11.0781% 11/21/35 (d)(e)(f)(h)	6,938,114	5,204,044
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.1935% 11/5/38 (e)(h)	20,270,000	17,882,265
IMT Trust Series 2017-APTS Class EFX, 3.4966% 6/15/34 (e)(h)	9,213,000	8,713,169
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (h)	2,896,000	2,606,976
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (h)	8,640,000	6,508,885
Series 2014-C26 Class D, 3.8707% 1/15/48 (e)(h)	2,398,000	1,831,943
JPMDB Commercial Mortgage Securities Trust:
sequential payer Series 2019-COR6 Class A4, 3.0565% 11/13/52	13,000,000	10,908,465
Series 2018-C8 Class D, 3.2691% 6/15/51 (d)(e)(h)	1,698,000	1,002,862
JPMorgan Chase Commercial Mortgage Securities Trust:
sequential payer Series 2021-1MEM Class E, 2.6535% 10/9/42 (e)(h)	9,552,000	5,224,727
Series 2011-C3:
Class E, 5.5258% 2/15/46 (e)(h)	13,774,000	5,745,820
Class G, 4.409% 2/15/46 (e)(h)	4,671,000	527,142
Class H, 4.409% 2/15/46 (d)(e)(h)	7,077,000	541,273
Series 2012-CBX:
Class E, 4.6896% 6/15/45 (d)(e)(h)	4,668,779	4,010,196
Class F, 4% 6/15/45 (d)(h)	8,192,000	3,153,920
Class G 4% 6/15/45 (d)(h)	4,044,000	1,112,100
Series 2013-LC11:
Class D, 4.1682% 4/15/46 (e)	7,722,000	4,797,293
Class E, 3.25% 4/15/46 (e)(h)	472,000	198,712
Class F, 3.25% 4/15/46 (d)(e)(h)	2,518,000	272,176
Series 2014-DSTY Class E, 3.8046% 6/10/27 (d)(e)(h)	8,161,000	19,912
Series 2018-AON Class F, 4.6132% 7/5/31 (e)(h)	5,039,000	1,244,633
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (h)	2,000,000	1,468,136
KNDR Trust floater Series 2021-KIND Class F, CME Term SOFR 1 Month Index + 4.060% 9.2865% 8/15/38 (e)(f)(h)	7,103,659	6,484,938
Merit floater Series 2021-STOR Class J, CME Term SOFR 1 Month Index + 4.060% 9.2865% 7/15/38 (e)(f)(h)	3,476,000	3,296,520
MHC Commercial Mortgage Trust floater Series 2021-MHC Class G, CME Term SOFR 1 Month Index + 3.310% 8.5374% 4/15/38 (e)(f)(h)	15,601,000	14,911,603
MHP Commercial Mortgage Trust floater Series 2022-MHIL:
Class F, CME Term SOFR 1 Month Index + 3.250% 8.4808% 1/15/27 (e)(f)(h)	4,182,990	3,928,205
Class G, CME Term SOFR 1 Month Index + 3.950% 9.1791% 1/15/27 (e)(f)(h)	14,015,203	13,299,167
Mira Trust 2023-Mile sequential payer Series 2023-MILE Class B, 7.2026% 6/10/38 (h)	4,200,000	4,135,179
Morgan Stanley BAML Trust:
Series 2012-C6 Class D, 4.5221% 11/15/45 (e)(h)	2,000,000	1,670,831
Series 2012-C6, Class F, 4.5221% 11/15/45 (d)(e)(h)	2,500,000	1,541,306
Series 2013-C12 Class D, 4.9127% 10/15/46 (e)(h)	5,670,988	4,700,656
Series 2013-C13:
Class D, 4.8843% 11/15/46 (e)(h)	6,218,000	5,819,322
Class E, 4.8843% 11/15/46 (e)(h)	3,341,000	2,985,760
Series 2013-C9:
Class C, 3.757% 5/15/46 (e)	3,302,000	2,707,682
Class D, 3.845% 5/15/46 (e)(h)	5,137,000	4,006,974
Series 2016-C30 Class D, 3% 9/15/49 (h)	2,726,000	1,236,810
Morgan Stanley Capital I Trust:
Series 2011-C2:
Class D, 5.2113% 6/15/44 (e)(h)	3,103,728	2,814,346
Class F, 5.2113% 6/15/44 (d)(e)(h)	4,440,000	1,695,029
Class XB, 0.4518% 6/15/44 (e)(h)(k)	28,416,234	94,839
Series 2011-C3:
Class E, 4.9447% 7/15/49 (e)(h)	1,267,196	1,186,889
Class F, 4.9447% 7/15/49 (e)(h)	5,624,050	4,799,185
Class G, 4.9447% 7/15/49 (d)(e)(h)	5,049,500	3,564,359
Series 2015-MS1 Class D, 4.024% 5/15/48 (e)(h)	10,833,000	8,481,717
Series 2016-BNK2 Class C, 3% 11/15/49 (h)	2,966,000	1,937,518
Series 2017-H1 Class C, 4.281% 6/15/50	2,470,594	1,952,288
Series 2018-H4 Class A4, 4.31% 12/15/51	14,240,929	13,321,147
Series 2020-L4, Class C, 3.536% 2/15/53	2,765,000	1,875,725
MSC sequential payer Series 2021-L7 Class A5, 2.574% 10/15/54	10,055,000	8,172,533
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (e)(h)	1,500,000	972,844
MSWF Commercial Mortgage Trust sequential payer Series 2023-1:
Class A5, 5.752% 5/15/56	4,000,000	4,111,886
Class B, 6.6828% 5/15/56 (e)	3,750,000	3,785,922
Natixis Commercial Mortgage Securities Trust:
floater Series 2018-FL1 Class WAN2, CME Term SOFR 1 Month Index + 3.860% 9.0861% 6/15/35 (e)(f)(h)	651,000	111,426
Series 2020-2PAC Class AMZ3, 3.5% 1/15/37 (d)(e)(h)	2,502,675	1,692,405
OPG Trust floater Series 2021-PORT:
Class G, CME Term SOFR 1 Month Index + 2.510% 7.7345% 10/15/36 (e)(f)(h)	4,640,257	4,361,240
Class J, CME Term SOFR 1 Month Index + 3.460% 8.6825% 10/15/36 (e)(f)(h)	8,311,048	7,864,254
PKHL Commercial Mortgage Trust floater Series 2021-MF:
Class E, CME Term SOFR 1 Month Index + 2.710% 7.794% 7/15/38 (e)(f)(h)	500,000	398,978
Class G, CME Term SOFR 1 Month Index + 4.460% 9.6865% 7/15/38 (d)(e)(f)(h)	5,944,000	4,502,901
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/1/70 (h)	9,277,000	6,710,360
Prima Capital Ltd. floater Series 2021-9A Class C, CME Term SOFR 1 Month Index + 2.460% 7.7191% 12/15/37 (e)(f)(h)	5,000,000	4,725,142
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h)	2,801,559	2,821,727
SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/37 (e)(h)	5,000,000	4,310,394
SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, CME Term SOFR 1 Month Index + 3.350% 8.572% 1/15/39 (e)(f)(h)	19,615,000	18,141,039
SREIT Trust floater:
Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.6023% 10/15/38 (e)(f)(h)	12,754,000	11,925,355
Series 2021-MFP Class G, CME Term SOFR 1 Month Index + 3.080% 8.3099% 11/15/38 (e)(f)(h)	3,874,000	3,676,256
Series 2021-MFP2 Class J, CME Term SOFR 1 Month Index + 4.020% 9.252% 11/15/36 (e)(f)(h)	10,872,000	10,360,310
STWD Trust floater sequential payer Series 2021-LIH:
Class E, CME Term SOFR 1 Month Index + 2.950% 8.172% 11/15/36 (e)(f)(h)	4,985,000	4,724,301
Class F, CME Term SOFR 1 Month Index + 3.590% 8.82% 11/15/36 (e)(f)(h)	15,282,000	14,296,898
Class G, CME Term SOFR 1 Month Index + 4.240% 9.469% 11/15/36 (e)(f)(h)	9,177,000	8,542,399
SUMIT Mortgage Trust Series 2022-BVUE:
Class D, 2.8925% 2/12/41 (e)(h)	6,000,000	4,121,315
Class F, 2.8925% 2/12/41 (e)(h)	3,211,000	1,911,313
TPGI Trust floater Series 2021-DGWD Class G, CME Term SOFR 1 Month Index + 3.960% 9.1845% 6/15/26 (e)(f)(h)	6,131,271	5,887,020
UBS Commercial Mortgage Trust Series 2012-C1:
Class E, 5% 5/10/45 (d)(e)(h)	4,847,273	3,223,436
Class F, 5% 5/10/45 (d)(e)(h)	2,221,350	106,329
UBS-BAMLL Trust Series 12-WRM Class D, 4.238% 6/10/30 (e)(h)	2,143,000	1,734,138
VASA Trust:
floater Series 2021-VASA Class G, CME Term SOFR 1 Month Index + 5.110% 10.3365% 7/15/39 (e)(f)(h)	800,000	345,233
floater sequential payer Series 2021-VASA Class F, CME Term SOFR 1 Month Index + 4.010% 9.2365% 7/15/39 (e)(f)(h)	6,685,000	3,550,057
Wells Fargo Commercial Mortgage Trust:
Series 2016-BNK1 Class D, 3% 8/15/49 (h)	6,979,000	3,357,630
Series 2016-NXS6 Class D, 3.059% 11/15/49 (h)	5,037,000	3,553,225
Series 2019-C52 Class C, 3.561% 8/15/52	883,000	656,624
WF-RBS Commercial Mortgage Trust:
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (d)(e)	3,955,000	155,706
Series 2011-C3 Class D, 5.8545% 3/15/44 (e)(h)	503,530	156,724
Series 2013-C11 Class E, 4.0614% 3/15/45 (d)(e)(h)	4,727,000	2,492,941
Series 2013-C13 Class D, 4.0438% 5/15/45 (d)(e)(h)	3,955,000	3,282,650
WP Glimcher Mall Trust Series 2015-WPG:
Class PR1, 3.516% 6/5/35 (e)(h)	6,725,000	5,360,886
Class PR2, 3.516% 6/5/35 (e)(h)	2,541,000	1,925,710
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $1,249,840,318)		1,058,404,757

Bank Loan Obligations - 1.7%
	Principal Amount (g)	Value ($)
CONSUMER DISCRETIONARY - 0.2%
Hotels, Restaurants & Leisure - 0.2%
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 10.4155% 9/9/26 (e)(f)(l)	8,116,120	8,055,249
FINANCIALS - 1.4%
Financial Services - 1.4%
Agellan Portfolio 9% 8/7/25 (d)(l)	6,611,000	6,611,000
Mhp 2022-Mhil Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 10.2216% 1/9/24 (d)(e)(f)(l)	24,679,910	22,922,700
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 9.6775% 1/21/27 (d)(e)(f)(l)	18,837,337	18,837,337
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 0.000% 0% (d)(f)(j)(l)	29,336,049	16,428,188
		64,799,225
REAL ESTATE - 0.1%
Real Estate Management & Development - 0.1%
DTZ U.S. Borrower LLC Tranche B 1LN, term loan:
CME Term SOFR 1 Month Index + 2.750% 8.1831% 8/21/25 (e)(f)(l)	2,091,232	2,084,436
CME Term SOFR 1 Month Index + 3.250% 8.6686% 1/31/30 (e)(f)(l)	2,637,788	2,545,465
		4,629,901
TOTAL BANK LOAN OBLIGATIONS (Cost $92,213,050)		77,484,375

Preferred Securities - 0.1%
	Principal Amount (g)	Value ($)
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Energy Transfer LP 7.125% (e)(m)	6,000,000	5,360,418
FINANCIALS - 0.0%
Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (d)(h)	500,000	0
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (d)(h)	1,220,000	12
		12
TOTAL PREFERRED SECURITIES (Cost $7,297,768)		5,360,430

Money Market Funds - 11.0%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (n)	506,178,262	506,279,498
Fidelity Securities Lending Cash Central Fund 5.32% (n)(o)	573,343	573,400
TOTAL MONEY MARKET FUNDS (Cost $506,805,879)		506,852,898

TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $4,775,209,822)	4,620,689,185
NET OTHER ASSETS (LIABILITIES) - (0.7)%	(31,963,228)
NET ASSETS - 100.0%	4,588,725,957

Legend

(a)	Affiliated company

(b)	Non-income producing

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

(d)	Level 3 security

(e)	Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(f)	Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(g)	Amount is stated in United States dollars unless otherwise noted.

(h)

(i)	Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(j)	Non-income producing - Security is in default.

(k)	Interest Only (IO) security represents the right to receive only 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.

(l)	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.

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

(n)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	750,712,446	1,120,224,855	1,364,657,803	19,862,164	-	-	506,279,498	1.2%
Fidelity Securities Lending Cash Central Fund 5.32%	-	35,066,801	34,493,401	6,536	-	-	573,400	0.0%
Total	750,712,446	1,155,291,656	1,399,151,204	19,868,700	-	-	506,852,898

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Other Affiliated Issuers

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Great Ajax Corp.	18,330,271	-	-	1,449,375	197,355	(6,853,060)	11,477,212
Great Ajax Corp. 7.25%	15,139,304	-	-	1,108,239	-	(195,661)	14,943,642
Total	33,469,575	-	-	2,557,614	197,355	(7,048,721)	26,420,854

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Energy	39,788,665	39,788,665	-	-
Financials	464,015,716	449,072,074	14,943,642	-
Industrials	8,535,100	8,535,100	-	-
Information Technology	41,553	41,553	-	-
Real Estate	1,496,118,551	1,474,640,816	21,450,048	27,687

Corporate Bonds	891,123,881	-	886,660,327	4,463,554

Asset-Backed Securities	72,926,924	-	72,926,879	45

Collateralized Mortgage Obligations	36,335	-	-	36,335

Commercial Mortgage Securities	1,058,404,757	-	1,008,142,478	50,262,279

Bank Loan Obligations	77,484,375	-	12,685,150	64,799,225

Preferred Securities	5,360,430	-	5,360,418	12

Money Market Funds	506,852,898	506,852,898	-	-
Total Investments in Securities:	4,620,689,185	2,478,931,106	2,022,168,942	119,589,137

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


Investments in Securities:
Commercial Mortgage Securities
Beginning Balance	$	43,384,637
Net Realized Gain (Loss) on Investment Securities		(4,809,787)
Net Unrealized Gain (Loss) on Investment Securities		(6,447,487)
Cost of Purchases		3,902,922
Proceeds of Sales		(6,568,063)
Amortization/Accretion		(907,361)
Transfers into Level 3		42,146,195
Transfers out of Level 3		(20,438,777)
Ending Balance	$	50,262,279
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	(11,288,191)
Bank Loan Obligations
Beginning Balance	$	78,982,346
Net Realized Gain (Loss) on Investment Securities		38
Net Unrealized Gain (Loss) on Investment Securities		(13,467,974)
Cost of Purchases		-
Proceeds of Sales		(720,128)
Amortization/Accretion		4,943
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	64,799,225
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	(13,467,974)
Other Investments in Securities
Beginning Balance	$	45,124
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		161,433
Cost of Purchases		12,345,488
Proceeds of Sales		(8,072,461)
Amortization/Accretion		3,262
Transfers into Level 3		44,787
Transfers out of Level 3		-
Ending Balance	$	4,527,633
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	161,433
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements

Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $103,152) - See accompanying schedule:
Unaffiliated issuers (cost $4,232,365,326)	$	4,087,415,433
Fidelity Central Funds (cost $506,805,879)		506,852,898
Other affiliated issuers (cost $36,038,617)		26,420,854


Total Investment in Securities (cost $4,775,209,822)			$	4,620,689,185
Foreign currency held at value (cost $68)				69
Receivable for investments sold				2,104,273
Receivable for fund shares sold				3,064,207
Dividends receivable				2,429,049
Interest receivable				18,025,643
Distributions receivable from Fidelity Central Funds				2,229,739
Prepaid expenses				8,122
Total assets				4,648,550,287
Liabilities
Payable to custodian bank	$	385,365
Payable for investments purchased		52,335,601
Payable for fund shares redeemed		3,699,717
Accrued management fee		2,004,544
Distribution and service plan fees payable		120,562
Other affiliated payables		597,264
Other payables and accrued expenses		107,877
Collateral on securities loaned		573,400
Total Liabilities				59,824,330
Net Assets			$	4,588,725,957
Net Assets consist of:
Paid in capital			$	4,818,340,568
Total accumulated earnings (loss)				(229,614,611)
Net Assets			$	4,588,725,957

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($304,754,415 ÷ 26,827,904 shares)(a)			$	11.36
Maximum offering price per share (100/96.00 of $11.36)			$	11.83
Class M :
Net Asset Value and redemption price per share ($42,829,213 ÷ 3,768,889 shares)(a)			$	11.36
Maximum offering price per share (100/96.00 of $11.36)			$	11.83
Class C :
Net Asset Value and offering price per share ($56,795,419 ÷ 5,088,636 shares)(a)			$	11.16
Real Estate Income :
Net Asset Value, offering price and redemption price per share ($1,288,147,168 ÷ 112,523,677 shares)			$	11.45
Class I :
Net Asset Value, offering price and redemption price per share ($1,379,614,266 ÷ 121,073,158 shares)			$	11.39
Class Z :
Net Asset Value, offering price and redemption price per share ($1,516,585,476 ÷ 133,152,152 shares)			$	11.39
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Year ended July 31, 2023
Investment Income
Dividends (including $2,557,614 earned from affiliated issuers)			$	111,456,617
Interest				142,037,839
Income from Fidelity Central Funds (including $6,536 from security lending)				19,868,700
Total Income				273,363,156
Expenses
Management fee	$	25,687,757
Transfer agent fees		6,404,098
Distribution and service plan fees		1,610,369
Accounting fees		1,291,728
Custodian fees and expenses		28,610
Independent trustees' fees and expenses		26,952
Registration fees		157,681
Audit		102,093
Legal		5,452
Miscellaneous		59,249
Total expenses before reductions		35,373,989
Expense reductions		(254,858)
Total expenses after reductions				35,119,131
Net Investment income (loss)				238,244,025
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(93,576,853)
Affiliated issuers		197,355
Foreign currency transactions		423
Total net realized gain (loss)				(93,379,075)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(317,713,863)
Affiliated issuers		(7,048,721)
Assets and liabilities in foreign currencies		(85)
Total change in net unrealized appreciation (depreciation)				(324,762,669)
Net gain (loss)				(418,141,744)
Net increase (decrease) in net assets resulting from operations			$	(179,897,719)

Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	238,244,025	$	227,811,336
Net realized gain (loss)		(93,379,075)		117,976,313
Change in net unrealized appreciation (depreciation)		(324,762,669)		(691,088,380)
Net increase (decrease) in net assets resulting from operations		(179,897,719)		(345,300,731)
Distributions to shareholders		(351,750,740)		(182,301,772)

Share transactions - net increase (decrease)		(838,782,559)		(582,517,493)
Total increase (decrease) in net assets		(1,370,431,018)		(1,110,119,996)

Net Assets
Beginning of period		5,959,156,975		7,069,276,971
End of period	$	4,588,725,957	$	5,959,156,975

Fidelity Advisor® Real Estate Income Fund Class A

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	12.49	$	13.43	$	11.02	$	12.43	$	11.99
Income from Investment Operations
Net investment income (loss) A,B		.53		.39		.33		.45		.51
Net realized and unrealized gain (loss)		(.88)		(1.03)		2.53		(1.25)		.65
Total from investment operations		(.35)		(.64)		2.86		(.80)		1.16
Distributions from net investment income		(.56)		(.28)		(.42) C		(.44)		(.51)
Distributions from net realized gain		(.22)		(.02)		(.03) C		(.16)		(.21)
Total distributions		(.78)		(.30)		(.45)		(.61) D		(.72)
Net asset value, end of period	$	11.36	$	12.49	$	13.43	$	11.02	$	12.43
Total Return E,F		(2.72)%		(4.83)%		26.64%		(6.88)%		10.15%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.99%		.98%		.99%		1.01%		1.01%
Expenses net of fee waivers, if any		.98%		.98%		.99%		1.01%		1.01%
Expenses net of all reductions		.98%		.98%		.99%		1.00%		1.01%
Net investment income (loss)		4.61%		2.97%		2.75%		3.85%		4.29%
Supplemental Data
Net assets, end of period (000 omitted)	$	304,754	$	364,443	$	384,382	$	324,031	$	325,296
Portfolio turnover rate I		17%		42%		26%		32% J		17%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

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

FTotal returns do not include the effect of the sales charges.

GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

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

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

Fidelity Advisor® Real Estate Income Fund Class M

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	12.49	$	13.43	$	11.02	$	12.43	$	11.99
Income from Investment Operations
Net investment income (loss) A,B		.52		.39		.33		.45		.51
Net realized and unrealized gain (loss)		(.87)		(1.03)		2.53		(1.26)		.65
Total from investment operations		(.35)		(.64)		2.86		(.81)		1.16
Distributions from net investment income		(.56)		(.28)		(.42) C		(.44)		(.51)
Distributions from net realized gain		(.22)		(.02)		(.03) C		(.16)		(.21)
Total distributions		(.78)		(.30)		(.45)		(.60)		(.72)
Net asset value, end of period	$	11.36	$	12.49	$	13.43	$	11.02	$	12.43
Total Return D,E		(2.75)%		(4.85)%		26.62%		(6.89)%		10.12%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.01%		.99%		1.01%		1.03%		1.04%
Expenses net of fee waivers, if any		1.00%		.99%		1.01%		1.03%		1.04%
Expenses net of all reductions		1.00%		.99%		1.01%		1.03%		1.04%
Net investment income (loss)		4.59%		2.97%		2.73%		3.82%		4.26%
Supplemental Data
Net assets, end of period (000 omitted)	$	42,829	$	52,919	$	57,338	$	49,387	$	60,540
Portfolio turnover rate H		17%		42%		26%		32% I		17%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

ETotal returns do not include the effect of the sales charges.

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

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

Fidelity Advisor® Real Estate Income Fund Class C

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	12.27	$	13.21	$	10.88	$	12.28	$	11.85
Income from Investment Operations
Net investment income (loss) A,B		.43		.29		.24		.36		.42
Net realized and unrealized gain (loss)		(.86)		(1.01)		2.48		(1.23)		.64
Total from investment operations		(.43)		(.72)		2.72		(.87)		1.06
Distributions from net investment income		(.46)		(.20)		(.36) C		(.36)		(.42)
Distributions from net realized gain		(.22)		(.02)		(.03) C		(.16)		(.21)
Total distributions		(.68)		(.22)		(.39)		(.53) D		(.63)
Net asset value, end of period	$	11.16	$	12.27	$	13.21	$	10.88	$	12.28
Total Return E,F		(3.46)%		(5.54)%		25.64%		(7.50)%		9.34%
Ratios to Average Net Assets A,G,H
Expenses before reductions		1.74%		1.72%		1.74%		1.76%		1.76%
Expenses net of fee waivers, if any		1.73%		1.72%		1.74%		1.76%		1.76%
Expenses net of all reductions		1.73%		1.72%		1.74%		1.76%		1.76%
Net investment income (loss)		3.86%		2.23%		2.00%		3.09%		3.54%
Supplemental Data
Net assets, end of period (000 omitted)	$	56,795	$	89,135	$	120,072	$	150,653	$	210,156
Portfolio turnover rate I		17%		42%		26%		32% J		17%

ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

BCalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

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

FTotal returns do not include the effect of the contingent deferred sales charge.

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

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

Fidelity® Real Estate Income Fund

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	12.58	$	13.52	$	11.09	$	12.50	$	12.05
Income from Investment Operations
Net investment income (loss) A,B		.56		.43		.37		.48		.54
Net realized and unrealized gain (loss)		(.88)		(1.03)		2.53		(1.25)		.66
Total from investment operations		(.32)		(.60)		2.90		(.77)		1.20
Distributions from net investment income		(.60)		(.32)		(.44) C		(.48)		(.54)
Distributions from net realized gain		(.22)		(.02)		(.03) C		(.16)		(.21)
Total distributions		(.81) D		(.34)		(.47)		(.64)		(.75)
Net asset value, end of period	$	11.45	$	12.58	$	13.52	$	11.09	$	12.50
Total Return E		(2.42)%		(4.56)%		26.88%		(6.58)%		10.47%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.73%		.71%		.72%		.73%		.75%
Expenses net of fee waivers, if any		.72%		.71%		.72%		.73%		.75%
Expenses net of all reductions		.72%		.71%		.72%		.73%		.75%
Net investment income (loss)		4.87%		3.24%		3.02%		4.12%		4.55%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,288,147	$	1,898,345	$	2,777,243	$	2,205,319	$	2,691,820
Portfolio turnover rate H		17%		42%		26%		32% I		17%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

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

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

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

Fidelity Advisor® Real Estate Income Fund Class I

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	12.53	$	13.47	$	11.04	$	12.45	$	12.01
Income from Investment Operations
Net investment income (loss) A,B		.56		.43		.37		.48		.54
Net realized and unrealized gain (loss)		(.89)		(1.03)		2.53		(1.25)		.65
Total from investment operations		(.33)		(.60)		2.90		(.77)		1.19
Distributions from net investment income		(.60)		(.32)		(.44) C		(.47)		(.54)
Distributions from net realized gain		(.22)		(.02)		(.03) C		(.16)		(.21)
Total distributions		(.81) D		(.34)		(.47)		(.64) D		(.75)
Net asset value, end of period	$	11.39	$	12.53	$	13.47	$	11.04	$	12.45
Total Return E		(2.52)%		(4.57)%		27.03%		(6.62)%		10.43%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.73%		.71%		.71%		.74%		.75%
Expenses net of fee waivers, if any		.72%		.71%		.71%		.74%		.74%
Expenses net of all reductions		.72%		.71%		.71%		.74%		.74%
Net investment income (loss)		4.87%		3.24%		3.03%		4.11%		4.55%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,379,614	$	1,946,852	$	2,810,475	$	1,782,594	$	2,386,308
Portfolio turnover rate H		17%		42%		26%		32% I		17%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

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

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

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

Fidelity Advisor® Real Estate Income Fund Class Z

Years ended July 31,		2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	12.53	$	13.47	$	11.04	$	12.45	$	11.74
Income from Investment Operations
Net investment income (loss) B,C		.57		.44		.38		.49		.47
Net realized and unrealized gain (loss)		(.88)		(1.02)		2.53		(1.25)		.67
Total from investment operations		(.31)		(.58)		2.91		(.76)		1.14
Distributions from net investment income		(.61)		(.34)		(.45) D		(.49)		(.42)
Distributions from net realized gain		(.22)		(.02)		(.03) D		(.16)		(.02)
Total distributions		(.83)		(.36)		(.48)		(.65)		(.43) E
Net asset value, end of period	$	11.39	$	12.53	$	13.47	$	11.04	$	12.45
Total Return F,G		(2.36)%		(4.44)%		27.15%		(6.50)%		10.00%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.60%		.59%		.60%		.62%		.62% J
Expenses net of fee waivers, if any		.60%		.59%		.60%		.62%		.62% J
Expenses net of all reductions		.60%		.59%		.60%		.61%		.62% J
Net investment income (loss)		4.99%		3.36%		3.14%		4.24%		4.71% J
Supplemental Data
Net assets, end of period (000 omitted)	$	1,516,585	$	1,607,463	$	919,766	$	793,220	$	467,324
Portfolio turnover rate K		17%		42%		26%		32% L		17%

AFor the period October 2, 2018 (commencement of sale of shares) through July 31, 2019.

BCalculated based on average shares outstanding during the period.

DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

ETotal distributions per share do not sum due to rounding.

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

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

JAnnualized.

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

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

Notes to Financial Statements

For the period ended July 31, 2023

1. Organization.

Fidelity Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Real Estate Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$27,687	Recovery value	Recovery value	$0.10	Increase
Corporate Bonds	$4,463,554	Recovery value	Recovery value	$0.00	Increase
		Indicative market price	Evaluated bid	$95.38	Increase
Asset-Backed Securities	$45	Recovery value	Recovery value	$0.00	Increase
		Indicative market price	Evaluated bid	$0.00	Increase
Commercial Mortgage Securities	$50,262,279	Indicative market price	Evaluated bid	$0.24 - $85.89 / $58.47	Increase
Collateralized Mortgage Obligations	$36,335	Indicative market price	Evaluated bid	$37.68 - $69.80 / $62.07	Increase
Preferred Securities	$12	Recovery value	Recovery value	$0.00	Increase
Bank Loan Obligations	$64,799,225	Discounted cash flow	Yield	8.4% - 21.0% / 12.9%	Decrease

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain conversion ratio adjustments, equity-debt classifications, 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	$314,331,258
Gross unrealized depreciation	(475,773,664)
Net unrealized appreciation (depreciation)	$(161,442,406)
Tax Cost	$4,782,131,591

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

Undistributed ordinary income	$22,222,116
Capital loss carryforward	$(90,282,610)
Net unrealized appreciation (depreciation) on securities and other investments	$(161,442,491)

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 fiscal period end and is subject to adjustment.

Short-term	$(27,960,936)
Long-term	(62,321,674)
Total capital loss carryforward	$(90,282,610)

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$252,925,681	$ 171,594,973
Long-term Capital Gains	98,825,059	10,706,799
Total	$351,750,740	$ 182,301,772

Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

LIBOR Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management does not expect the adoption of ASU 2020-04 to have a material impact on the Fund's financial statements.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Real Estate Income Fund	750,456,874	1,363,961,376

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$802,152	$11,715
Class M	- %	.25%	113,962	254
Class C	.75%	.25%	694,255	36,587
			$1,610,369	$48,556

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	$47,436
Class M	7,929
Class C A	4,211
	$59,576

A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

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

	Amount	% of Class-Level Average Net Assets
Class A	$568,765	.18
Class M	89,712	.20
Class C	125,658	.18
Real Estate Income	2,382,893	.17
Class I	2,638,603	.17
Class Z	598,467	.04
	$6,404,098

	% of Average Net Assets
Fidelity Real Estate Income Fund	.03

	Amount
Fidelity Real Estate Income Fund	$7,545

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Real Estate Income Fund	8,427,505	12,433,416	3,121,136

6. Committed Line of Credit.

	Amount
Fidelity Real Estate Income Fund	$12,114

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Real Estate Income Fund	$944	$163	$-

8. Expense Reductions.

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 $14,289. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction
Class M	$216

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 $240,353.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Real Estate Income Fund
Distributions to shareholders
Class A	$21,930,158	$8,818,580
Class M	3,110,455	1,275,531
Class C	4,348,277	1,818,918
Real Estate Income	103,579,841	67,601,059
Class I	115,278,699	55,434,062
Class Z	103,503,310	47,353,622
Total	$351,750,740	$182,301,772

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2023	Year ended July 31, 2022	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Real Estate Income Fund
Class A
Shares sold	4,529,438	5,531,610	$51,823,043	$72,570,914
Reinvestment of distributions	1,431,595	513,437	16,449,419	6,723,485
Shares redeemed	(8,310,972)	(5,497,840)	(94,422,132)	(71,617,823)
Net increase (decrease)	(2,349,939)	547,207	$(26,149,670)	$7,676,576
Class M
Shares sold	182,092	573,436	$2,081,875	$7,485,522
Reinvestment of distributions	262,127	95,811	3,012,477	1,255,521
Shares redeemed	(910,889)	(703,618)	(10,351,315)	(9,213,383)
Net increase (decrease)	(466,670)	(34,371)	$(5,256,963)	$(472,340)
Class C
Shares sold	229,563	795,990	$2,595,406	$10,421,747
Reinvestment of distributions	375,961	137,493	4,260,263	1,780,331
Shares redeemed	(2,780,448)	(2,761,921)	(31,102,886)	(35,374,652)
Net increase (decrease)	(2,174,924)	(1,828,438)	$(24,247,217)	$(23,172,574)
Real Estate Income
Shares sold	14,381,485	45,578,678	$165,460,169	$609,828,801
Reinvestment of distributions	7,887,949	4,627,906	91,324,900	61,214,036
Shares redeemed	(60,597,988)	(104,743,578)	(708,964,361)	(1,345,838,761)
Net increase (decrease)	(38,328,554)	(54,536,994)	$(452,179,292)	$(674,795,924)
Class I
Shares sold	30,191,122	51,885,027	$345,734,833	$688,287,283
Reinvestment of distributions	9,257,182	3,827,145	106,675,182	50,268,241
Shares redeemed	(73,751,513)	(109,053,815)	(837,783,994)	(1,441,761,631)
Net increase (decrease)	(34,303,209)	(53,341,643)	$(385,373,979)	$(703,206,107)
Class Z
Shares sold	30,444,095	110,101,188	$349,094,163	$1,472,830,240
Reinvestment of distributions	8,001,421	3,202,845	91,968,427	42,119,423
Shares redeemed	(33,595,613)	(53,304,114)	(386,638,028)	(703,496,787)
Net increase (decrease)	4,849,903	59,999,919	$54,424,562	$811,452,876

11. Other.

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

	Strategic Advisers Fidelity Core Income Fund
Fidelity Real Estate Income Fund	22%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Real Estate Income Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Real Estate Income Fund (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 14, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023
Fidelity® Real Estate Income Fund
Class A	.98%
Actual		$ 1,000	$ 989.40	$ 4.83
Hypothetical-B		$ 1,000	$ 1,019.93	$ 4.91
Class M	1.00%
Actual		$ 1,000	$ 989.30	$ 4.93
Hypothetical-B		$ 1,000	$ 1,019.84	$ 5.01
Class C	1.74%
Actual		$ 1,000	$ 985.40	$ 8.57
Hypothetical-B		$ 1,000	$ 1,016.17	$ 8.70
Fidelity® Real Estate Income Fund	.72%
Actual		$ 1,000	$ 990.70	$ 3.55
Hypothetical-B		$ 1,000	$ 1,021.22	$ 3.61
Class I	.72%
Actual		$ 1,000	$ 990.60	$ 3.55
Hypothetical-B		$ 1,000	$ 1,021.22	$ 3.61
Class Z	.60%
Actual		$ 1,000	$ 991.40	$ 2.96
Hypothetical-B		$ 1,000	$ 1,021.82	$ 3.01

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

A total of 0.03% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $133,232,926 of distributions paid in the calendar year 2022 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $179,871,407 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 1% and 3%; Class M designates 1% and 3%; Class C designates 1% and 4%; Class Fidelity Real Estate Income Fund designates 1% and 3%; Class I designates 1% and 3% and Class Z designates 1% and 3% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 0.91% and 3.61%; Class M designates 0.92% and 3.63%; Class C designates 1.17% and 4.30%; Class Fidelity Real Estate Income Fund designates 0.85% and 3.41%; Class I designates 0.85% and 3.41% and Class Z designates 0.82% and 3.33%; of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 10.31% and 41.09%; Class M designates 10.40% and 41.31%; Class C designates 13.32% and 48.94%; Class Fidelity Real Estate Income Fund designates 9.64% and 38.81%; Class I designates 9.64% and 38.81% and Class Z designates 9.26% and 37.85% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

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.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

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.

1.788862.120

REI-ANN-0923

Fidelity® OTC Portfolio

Annual Report

July 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® OTC Portfolio	21.63%	14.73%	16.72%
Class K	21.71%	14.84%	16.85%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® OTC Portfolio, a class of the fund, on July 31, 2013.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Christopher Lin:

For the fiscal year ending July 31, 2023, the fund's share classes gained about 22%, versus 16.82% for the benchmark NASDAQ Composite Index. The biggest contributor to performance versus the benchmark was security selection in the communication services sector. Stock picks and an underweight in consumer discretionary and health care also boosted the portfolio's relative result. The top individual relative contributor was an overweight in Meta Platforms (+101%), one of our largest holdings. An underweight in Tesla (-10%), where we decreased our stake this period, also added value compared with the benchmark. Another notable relative contributor was a non-benchmark position in Twitter (+30%), which was not held at period end. In contrast, the primary detractor from performance versus the benchmark was stock selection in information technology. Investment choices in the food, beverage & tobacco segment of consumer staples hampered the fund's result to a lesser extent. The biggest individual relative detractor was an underweight in Nvidia (+157%), though it was still among our largest holdings. Not owning Broadcom, a benchmark component that gained 73%, further detracted. Outsized exposure to Charter Communications (-6%) proved detrimental as well. Notable changes in positioning include lower allocations to the health care and consumer staples sectors.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Apple, Inc.	13.6
Microsoft Corp.	11.6
Amazon.com, Inc.	7.7
Alphabet, Inc. Class A	6.4
Meta Platforms, Inc. Class A	4.5
NVIDIA Corp.	4.5
Alphabet, Inc. Class C	3.2
Marvell Technology, Inc.	2.6
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2.4
Comcast Corp. Class A	1.9
	58.4

Market Sectors (% of Fund's net assets)

Information Technology	43.6
Communication Services	20.7
Consumer Discretionary	14.1
Health Care	5.7
Energy	5.4
Consumer Staples	3.9
Financials	3.7
Industrials	2.7
Real Estate	0.0

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 20.0%
Diversified Telecommunication Services - 0.0%
Starry Group Holdings, Inc. Class A (a)(b)	331,308	0
Entertainment - 1.8%
Activision Blizzard, Inc.	641,363	59,493
Electronic Arts, Inc.	2,318	316
NetEase, Inc. ADR	14,571	1,584
Netflix, Inc. (a)	917,871	402,918
Take-Two Interactive Software, Inc. (a)	11,474	1,755
		466,066
Interactive Media & Services - 14.8%
Alphabet, Inc.:
Class A (a)	12,288,014	1,630,865
Class C (a)	6,181,601	822,833
Epic Games, Inc. (a)(c)(d)	77,600	54,190
Match Group, Inc. (a)	230,565	10,724
Meta Platforms, Inc. Class A (a)	3,616,509	1,152,220
Snap, Inc. Class A (a)	1,212,300	13,772
Tencent Holdings Ltd. sponsored ADR	893,226	41,035
Vimeo, Inc. (a)	280,690	1,156
Yandex NV Series A (a)(d)	2,813,567	33,763
		3,760,558
Media - 3.4%
Charter Communications, Inc. Class A (a)	947,639	383,974
Comcast Corp. Class A	10,391,439	470,317
		854,291
Wireless Telecommunication Services - 0.0%
T-Mobile U.S., Inc. (a)	90,500	12,468
TOTAL COMMUNICATION SERVICES		5,093,383
CONSUMER DISCRETIONARY - 14.0%
Automobiles - 0.1%
Rivian Automotive, Inc. (a)	12,976	359
Tesla, Inc. (a)	90,325	24,156
		24,515
Broadline Retail - 7.8%
Alibaba Group Holding Ltd. sponsored ADR (a)	6,312	645
Amazon.com, Inc. (a)	14,691,383	1,963,944
ContextLogic, Inc. (a)(b)	4,887	46
Etsy, Inc. (a)	136,437	13,869
Global-e Online Ltd. (a)	248,592	11,199
JD.com, Inc. Class A	8,560	177
		1,989,880
Hotels, Restaurants & Leisure - 0.9%
Airbnb, Inc. Class A (a)	18,969	2,887
Churchill Downs, Inc.	1,338,096	155,018
Domino's Pizza, Inc.	28,529	11,319
Hilton Worldwide Holdings, Inc.	76,465	11,890
Marriott International, Inc. Class A	42,424	8,562
Meituan Class B (a)(e)	756,723	14,446
Vail Resorts, Inc.	19,810	4,665
Wynn Resorts Ltd.	121,571	13,249
Zomato Ltd. (a)	7,745,200	7,920
		229,956
Specialty Retail - 2.7%
Five Below, Inc. (a)	904,331	188,408
Lowe's Companies, Inc.	920,517	215,650
Ross Stores, Inc.	2,295,108	263,111
thredUP, Inc. (a)	86,404	304
TJX Companies, Inc.	195,054	16,878
		684,351
Textiles, Apparel & Luxury Goods - 2.5%
Figs, Inc. Class A (a)	44,994	331
Kontoor Brands, Inc.	5,808	246
lululemon athletica, Inc. (a)	968,765	366,707
LVMH Moet Hennessy Louis Vuitton SE	258,490	240,077
NIKE, Inc. Class B	162,478	17,936
		625,297
TOTAL CONSUMER DISCRETIONARY		3,553,999
CONSUMER STAPLES - 3.9%
Beverages - 2.5%
Diageo PLC	2,675,855	116,780
Keurig Dr. Pepper, Inc.	6,933,076	235,794
Monster Beverage Corp.	4,732,923	272,096
		624,670
Consumer Staples Distribution & Retail - 0.4%
Costco Wholesale Corp.	120,545	67,586
Dollar Tree, Inc. (a)	286,874	44,273
		111,859
Food Products - 1.0%
Mondelez International, Inc.	3,357,555	248,896
Personal Care Products - 0.0%
The Honest Co., Inc. (a)	157,592	238
TOTAL CONSUMER STAPLES		985,663
ENERGY - 5.4%
Energy Equipment & Services - 1.6%
Halliburton Co.	3,004,989	117,435
Schlumberger Ltd.	4,407,894	257,157
TGS ASA ADR	2,320,262	30,929
		405,521
Oil, Gas & Consumable Fuels - 3.8%
Cenovus Energy, Inc. (Canada)	164,955	3,137
Diamondback Energy, Inc.	1,011,618	149,032
EOG Resources, Inc.	13,680	1,813
Exxon Mobil Corp.	1,351,949	144,983
Hess Corp.	1,053,469	159,843
Reliance Industries Ltd.	12,375,617	383,616
Reliance Industries Ltd. GDR (e)	1,775,932	110,996
		953,420
TOTAL ENERGY		1,358,941
FINANCIALS - 3.3%
Banks - 1.7%
Bank of America Corp.	1,937,630	62,004
Fifth Third Bancorp	2,938,105	85,499
Huntington Bancshares, Inc.	12,866,893	157,491
M&T Bank Corp.	94,200	13,175
U.S. Bancorp	913,245	36,238
Wells Fargo & Co.	1,542,088	71,183
Wintrust Financial Corp.	43,763	3,692
		429,282
Capital Markets - 0.0%
S&P Global, Inc.	679	268
Financial Services - 1.6%
Ant International Co. Ltd. Class C (a)(c)(d)	10,036,067	18,868
Jio Financial Services Ltd. (d)	12,375,617	39,404
MasterCard, Inc. Class A	843,390	332,532
PayPal Holdings, Inc. (a)	170,153	12,901
		403,705
TOTAL FINANCIALS		833,255
HEALTH CARE - 5.7%
Biotechnology - 2.3%
Alnylam Pharmaceuticals, Inc. (a)	1,134,921	221,764
Amgen, Inc.	495,067	115,920
Arcutis Biotherapeutics, Inc. (a)	832,188	9,079
Ascendis Pharma A/S sponsored ADR (a)	271,220	24,450
GenSight Biologics SA (a)(b)	211,791	160
Ionis Pharmaceuticals, Inc. (a)	31,614	1,310
Regeneron Pharmaceuticals, Inc. (a)	95,059	70,525
Trevena, Inc. (a)(b)	17,806	18
Vertex Pharmaceuticals, Inc. (a)	392,620	138,336
		581,562
Health Care Equipment & Supplies - 1.1%
DexCom, Inc. (a)	598,063	74,495
Insulet Corp. (a)	736,469	203,818
Neuronetics, Inc. (a)	38,510	76
Outset Medical, Inc. (a)	39,921	822
Pulmonx Corp. (a)	26,049	365
Tandem Diabetes Care, Inc. (a)	191,234	6,678
		286,254
Health Care Providers & Services - 0.9%
agilon health, Inc. (a)	433,071	8,293
Cigna Group	74,834	22,084
Guardant Health, Inc. (a)	2,082,122	81,244
Humana, Inc.	250,854	114,598
		226,219
Health Care Technology - 0.0%
Certara, Inc. (a)	222,626	4,335
Life Sciences Tools & Services - 0.9%
10X Genomics, Inc. (a)	285,175	17,960
Bruker Corp.	2,427,419	166,812
Danaher Corp.	47,700	12,166
Illumina, Inc. (a)	38,780	7,452
Olink Holding AB ADR (a)	1,009,360	19,178
Seer, Inc. (a)	587,199	2,971
Thermo Fisher Scientific, Inc.	21,900	12,016
		238,555
Pharmaceuticals - 0.5%
AstraZeneca PLC sponsored ADR	1,678,023	120,314
Elanco Animal Health, Inc. (a)	88,545	1,069
TherapeuticsMD, Inc. (a)(b)	6,826	28
		121,411
TOTAL HEALTH CARE		1,458,336
INDUSTRIALS - 2.3%
Aerospace & Defense - 0.7%
Space Exploration Technologies Corp.:
Class A (a)(c)(d)	2,034,880	164,825
Class C (a)(c)(d)	70,920	5,745
		170,570
Electrical Equipment - 0.2%
Vertiv Holdings Co.	2,269,000	59,017
Ground Transportation - 0.3%
Canadian Pacific Kansas City Ltd.	148,928	12,255
CSX Corp.	285,633	9,517
Uber Technologies, Inc. (a)	1,333,100	65,935
		87,707
Passenger Airlines - 0.0%
Wheels Up Experience, Inc.:
Class A (a)(b)	80,274	190
rights (a)(d)	11,102	0
rights (a)(d)	11,102	0
rights (a)(d)	11,103	0
		190
Professional Services - 1.1%
Verisk Analytics, Inc.	1,193,756	273,298
TOTAL INDUSTRIALS		590,782
INFORMATION TECHNOLOGY - 43.6%
Communications Equipment - 0.4%
Cisco Systems, Inc.	1,759,896	91,585
IT Services - 0.8%
EPAM Systems, Inc. (a)	36,037	8,534
Gartner, Inc. (a)	366,482	129,584
MongoDB, Inc. Class A (a)	95,812	40,567
Twilio, Inc. Class A (a)	916	60
X Holdings Corp. Class A (d)	709,150	29,657
		208,402
Semiconductors & Semiconductor Equipment - 13.7%
Advanced Micro Devices, Inc. (a)	177,989	20,362
Analog Devices, Inc.	219,098	43,717
Applied Materials, Inc.	1,457,816	220,990
ASML Holding NV (depository receipt)	534,869	383,186
Lam Research Corp.	285,278	204,969
Marvell Technology, Inc.	10,286,519	669,961
NVIDIA Corp.	2,438,545	1,139,508
NXP Semiconductors NV	592,496	132,115
Skyworks Solutions, Inc.	93,002	10,637
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	6,242,092	618,903
Texas Instruments, Inc.	143,837	25,891
		3,470,239
Software - 14.3%
Adobe, Inc. (a)	134,344	73,375
ANSYS, Inc. (a)	53,106	18,168
Atom Tickets LLC (a)(c)(d)(f)	516,103	0
Autodesk, Inc. (a)	237,148	50,273
Cadence Design Systems, Inc. (a)	925,540	216,586
Dropbox, Inc. Class A (a)	191,949	5,173
Dynatrace, Inc. (a)	9,118	499
Elastic NV (a)	514,207	34,169
Intuit, Inc.	303,357	155,228
Microsoft Corp.	8,769,636	2,945,896
Roper Technologies, Inc.	105,500	52,017
Salesforce, Inc. (a)	8,549	1,924
Stripe, Inc. Class B (a)(c)(d)	91,800	1,848
Synopsys, Inc. (a)	169,195	76,442
Workday, Inc. Class A (a)	70,108	16,625
		3,648,223
Technology Hardware, Storage & Peripherals - 14.4%
Apple, Inc.	17,537,680	3,445,266
Samsung Electronics Co. Ltd.	3,727,410	203,623
Western Digital Corp. (a)	284,421	12,105
		3,660,994
TOTAL INFORMATION TECHNOLOGY		11,079,443
REAL ESTATE - 0.0%
Equity Real Estate Investment Trusts (REITs) - 0.0%
Equinix, Inc.	8,060	6,528
TOTAL COMMON STOCKS (Cost $11,278,210)		24,960,330

Preferred Stocks - 1.3%
	Shares	Value ($) (000s)
Convertible Preferred Stocks - 1.1%
COMMUNICATION SERVICES - 0.7%
Interactive Media & Services - 0.7%
ByteDance Ltd. Series E1 (a)(c)(d)	130,752	31,348
Reddit, Inc.:
Series B(a)(c)(d)	1,337,584	47,444
Series C(a)(c)(d)	300,673	10,665
Series D(a)(c)(d)	929,200	32,959
Series E(a)(c)(d)	33,800	1,199
Series F(a)(c)(d)	1,250,100	44,341
		167,956
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Discord, Inc. Series I (a)(c)(d)	3,300	1,068

FINANCIALS - 0.0%
Financial Services - 0.0%
Circle Internet Financial Ltd. Series F (a)(c)(d)	391,560	8,814

INDUSTRIALS - 0.4%
Aerospace & Defense - 0.4%
Space Exploration Technologies Corp.:
Series G(a)(c)(d)	62,037	50,250
Series H(a)(c)(d)	65,670	53,193
		103,443
INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
Stripe, Inc. Series H (a)(c)(d)	315,830	6,358
Tenstorrent, Inc. Series C1 (a)(c)(d)	41,000	2,531
		8,889
TOTAL CONVERTIBLE PREFERRED STOCKS		290,170
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Waymo LLC:
Series A2(a)(c)(d)	103,940	5,622
Series B2(a)(c)(d)	178,470	10,060
		15,682
FINANCIALS - 0.1%
Financial Services - 0.1%
Circle Internet Financial Ltd. Series E (a)(c)(d)	1,272,556	28,645

HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(c)(d)	30,303	6,191

TOTAL NONCONVERTIBLE PREFERRED STOCKS		50,518
TOTAL PREFERRED STOCKS (Cost $239,953)		340,688

Convertible Bonds - 0.3%
	Principal Amount (g) (000s)	Value ($) (000s)
FINANCIALS - 0.3%
Capital Markets - 0.3%
Coinbase Global, Inc. 0.5% 6/1/26 (Cost $66,052)	88,901	68,046

Preferred Securities - 0.0%
	Principal Amount (g) (000s)	Value ($) (000s)
INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
Tenstorrent, Inc. 0% (c)(d)(h) (Cost $2,280)	2,280	2,367

Money Market Funds - 0.4%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.32% (i)	95,630,208	95,649
Fidelity Securities Lending Cash Central Fund 5.32% (i)(j)	410,678	411
TOTAL MONEY MARKET FUNDS (Cost $96,060)		96,060

TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $11,682,555)	25,467,491
NET OTHER ASSETS (LIABILITIES) - (0.2)%	(40,749)
NET ASSETS - 100.0%	25,426,742

Any 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)	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 $588,531,000 or 2.3% of net assets.

(d)	Level 3 security

(e)

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

(g)	Amount is stated in United States dollars unless otherwise noted.

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

(i)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($) (000s)
Ant International Co. Ltd. Class C	5/16/18	38,251

Atom Tickets LLC	8/15/17	3,000

ByteDance Ltd. Series E1	11/18/20	14,327

Castle Creek Pharmaceutical Holdings, Inc. Series A4	9/29/16	10,011

Circle Internet Financial Ltd. Series E	5/11/21	20,654

Circle Internet Financial Ltd. Series F	5/09/22	16,500

Discord, Inc. Series I	9/15/21	1,817

Epic Games, Inc.	7/13/20 - 3/29/21	61,546

Reddit, Inc. Series B	7/26/17	18,989

Reddit, Inc. Series C	7/24/17	4,743

Reddit, Inc. Series D	2/04/19	20,151

Reddit, Inc. Series E	5/18/21	1,436

Reddit, Inc. Series F	8/11/21	77,249

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	8/04/17	8,865

Stripe, Inc. Class B	5/18/21	3,684

Stripe, Inc. Series H	3/15/21 - 5/25/23	12,673

Tenstorrent, Inc. Series C1	4/23/21	2,438

Tenstorrent, Inc. 0%	4/23/21	2,280

Waymo LLC Series A2	5/08/20	8,925

Waymo LLC Series B2	6/11/21	16,370

Affiliated Central Funds

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	214,599	1,546,351	1,665,301	2,563	-	-	95,649	0.2%
Fidelity Securities Lending Cash Central Fund 5.32%	148,107	1,163,993	1,311,689	1,996	-	-	411	0.0%
Total	362,706	2,710,344	2,976,990	4,559	-	-	96,060

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Nanostring Technologies, Inc.	31,085	-	22,083	-	(76,619)	67,617	-
Total	31,085	-	22,083	-	(76,619)	67,617	-

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	5,261,339	5,005,430	-	255,909
Consumer Discretionary	3,570,749	3,299,299	254,700	16,750
Consumer Staples	985,663	868,883	116,780	-
Energy	1,358,941	1,358,941	-	-
Financials	870,714	774,983	-	95,731
Health Care	1,464,527	1,458,336	-	6,191
Industrials	694,225	420,212	-	274,013
Information Technology	11,088,332	11,047,938	-	40,394
Real Estate	6,528	6,528	-	-

Corporate Bonds	68,046	-	68,046	-

Preferred Securities	2,367	-	-	2,367

Money Market Funds	96,060	96,060	-	-
Total Investments in Securities:	25,467,491	24,336,610	439,526	691,355

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:
Communication Services
Beginning Balance	$	161,163
Net Realized Gain (Loss) on Investment Securities		2,165
Net Unrealized Gain (Loss) on Investment Securities		99,521
Cost of Purchases		-
Proceeds of Sales		(6,940)
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	255,909
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	2,329
Industrials
Beginning Balance	$	236,816
Net Realized Gain (Loss) on Investment Securities		(6)
Net Unrealized Gain (Loss) on Investment Securities		37,236
Cost of Purchases		-
Proceeds of Sales		(33)
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	274,013
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	37,166
Other Investments in Securities
Beginning Balance	$	150,405
Net Realized Gain (Loss) on Investment Securities		149
Net Unrealized Gain (Loss) on Investment Securities		(169,344)
Cost of Purchases		29,323
Proceeds of Sales		(149)
Amortization/Accretion		-
Transfers into Level 3		151,049
Transfers out of Level 3		-
Ending Balance	$	161,433
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	(72,082)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $336) - See accompanying schedule:
Unaffiliated issuers (cost $11,586,495)	$	25,371,431
Fidelity Central Funds (cost $96,060)		96,060


Total Investment in Securities (cost $11,682,555)			$	25,467,491
Cash				18
Receivable for investments sold				39,089
Receivable for fund shares sold				13,584
Dividends receivable				2,933
Interest receivable				74
Distributions receivable from Fidelity Central Funds				638
Prepaid expenses				45
Other receivables				469
Total assets				25,524,341
Liabilities
Payable for investments purchased	$	48,752
Payable for fund shares redeemed		10,424
Accrued management fee		12,386
Other affiliated payables		2,328
Deferred taxes		22,732
Other payables and accrued expenses		590
Collateral on securities loaned		387
Total Liabilities				97,599
Net Assets			$	25,426,742
Net Assets consist of:
Paid in capital			$	12,056,719
Total accumulated earnings (loss)				13,370,023
Net Assets			$	25,426,742

Net Asset Value and Maximum Offering Price
OTC :
Net Asset Value, offering price and redemption price per share ($18,890,289 ÷ 1,092,471 shares)			$	17.29
Class K :
Net Asset Value, offering price and redemption price per share ($6,536,453 ÷ 369,517 shares)			$	17.69

Statement of Operations
Amounts in thousands				Year ended July 31, 2023
Investment Income
Dividends			$	164,544
Interest				6,964
Income from Fidelity Central Funds (including $1,996 from security lending)				4,559
Total Income				176,067
Expenses
Management fee
Basic fee	$	124,802
Performance adjustment		14,371
Transfer agent fees		24,214
Accounting fees		1,642
Custodian fees and expenses		300
Independent trustees' fees and expenses		112
Registration fees		135
Audit		116
Legal		27
Interest		144
Miscellaneous		130
Total expenses before reductions		165,993
Expense reductions		(1,132)
Total expenses after reductions				164,861
Net Investment income (loss)				11,206
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $1,065)		(86,563)
Redemptions in-kind		80,520
Affiliated issuers		(76,619)
Foreign currency transactions		(285)
Total net realized gain (loss)				(82,947)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers(net of increase in deferred foreign taxes of $4,153)		4,477,257
Affiliated issuers		67,617
Unfunded commitments		2,381
Assets and liabilities in foreign currencies		28
Total change in net unrealized appreciation (depreciation)				4,547,283
Net gain (loss)				4,464,336
Net increase (decrease) in net assets resulting from operations			$	4,475,542

Statement of Changes in Net Assets

Amount in thousands		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	11,206	$	(96,304)
Net realized gain (loss)		(82,947)		1,601,620
Change in net unrealized appreciation (depreciation)		4,547,283		(7,437,027)
Net increase (decrease) in net assets resulting from operations		4,475,542		(5,931,711)
Distributions to shareholders		(782,062)		(3,357,390)

Share transactions - net increase (decrease)		(600,071)		1,278,068
Total increase (decrease) in net assets		3,093,409		(8,011,033)

Net Assets
Beginning of period		22,333,333		30,344,366
End of period	$	25,426,742	$	22,333,333

Fidelity® OTC Portfolio

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	14.74	$	20.67	$	15.61	$	12.45	$	12.50
Income from Investment Operations
Net investment income (loss) A,B		- C		(.07)		(.06)		(.01)		(.01)
Net realized and unrealized gain (loss)		3.07		(3.60)		6.21		4.14		.75
Total from investment operations		3.07		(3.67)		6.15		4.13		.74
Distributions from net investment income		-		-		(.01)		-		-
Distributions from net realized gain		(.52)		(2.26)		(1.08)		(.97)		(.79)
Total distributions		(.52)		(2.26)		(1.09)		(.97)		(.79)
Net asset value, end of period	$	17.29	$	14.74	$	20.67	$	15.61	$	12.45
Total Return D		21.63%		(20.30)%		41.90%		35.79%		6.43%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.79%		.81%		.80%		.87%		.88%
Expenses net of fee waivers, if any		.79%		.81%		.80%		.87%		.88%
Expenses net of all reductions		.78%		.81%		.80%		.87%		.88%
Net investment income (loss)		.03%		(.37)%		(.33)%		(.07)%		(.10)%
Supplemental Data
Net assets, end of period (in millions)	$	18,890	$	16,626	$	22,273	$	16,817	$	13,166
Portfolio turnover rate G,H		15%		32%		28%		48%		34%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

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

EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

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

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

Fidelity® OTC Portfolio Class K

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	15.06	$	21.06	$	15.88	$	12.64	$	12.67
Income from Investment Operations
Net investment income (loss) A,B		.02		(.05)		(.05)		- C		- C
Net realized and unrealized gain (loss)		3.13		(3.68)		6.33		4.21		.76
Total from investment operations		3.15		(3.73)		6.28		4.21		.76
Distributions from net investment income		-		-		(.01)		- C		-
Distributions from net realized gain		(.52)		(2.27)		(1.09)		(.97)		(.79)
Total distributions		(.52)		(2.27)		(1.10)		(.97)		(.79)
Net asset value, end of period	$	17.69	$	15.06	$	21.06	$	15.88	$	12.64
Total Return D		21.71%		(20.21)%		42.05%		35.94%		6.50%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.70%		.73%		.72%		.78%		.79%
Expenses net of fee waivers, if any		.69%		.73%		.71%		.78%		.79%
Expenses net of all reductions		.69%		.73%		.71%		.78%		.78%
Net investment income (loss)		.12%		(.29)%		(.25)%		.03%		(.01)%
Supplemental Data
Net assets, end of period (in millions)	$	6,536	$	5,707	$	8,072	$	7,074	$	6,752
Portfolio turnover rate G,H		15%		32%		28%		48%		34%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

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

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

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

Notes to Financial Statements

For the period ended July 31, 2023

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$688,988	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	13.4 - 13.8 / 13.5	Increase
			Enterprise value/Revenue multiple (EV/R)	3.2 - 20.0 / 7.0	Increase
		Recovery value	Recovery value	$0.00	Increase
		Market approach	Transaction price	$59.45 - $215.03 / $119.66	Increase
			Discount rate	20.0% - 40.0% / 26.3%	Decrease
			Parity price	$3.18	Increase
			Premium rate	20.0%	Increase
		Book value	Book value multiple	1.7	Increase
		Black scholes	Discount rate	4.1% - 4.7% / 4.3%	Increase
			Volatility	70.0% - 85.0% / 80.2%	Increase
			Term	2.0 - 5.0 / 4.2	Increase
Preferred Securities	$2,367	Market approach	Transaction price	$59.45	Increase
			Premium rate	20.0%	Increase
		Black scholes	Discount rate	4.7%	Increase
			Volatility	70.0%	Increase
			Term	2.0	Increase

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Fidelity OTC Portfolio

$446

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, redemptions in-kind, 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	$14,329,006
Gross unrealized depreciation	(664,805)
Net unrealized appreciation (depreciation)	$13,664,201
Tax Cost	$11,803,290

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

Capital loss carryforward	$(271,114)
Net unrealized appreciation (depreciation) on securities and other investments	$13,664,192

Short-term	$(150,119)
Long-term	(120,995)
Total capital loss carryforward	$(271,114)

The Fund intends to elect to defer to its next fiscal year $323 of ordinary losses recognized during the period January 1, 2023 to July 31, 2023.

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$-	$ 1,171,743
Long-term Capital Gains	782,062	2,185,647
Total	$782,062	$ 3,357,390

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

	$ Amount	% of Net Assets
Fidelity OTC Portfolio	-A	-B

A In the amount of less than five hundred dollars.

B In the amount of less than 0.005%.

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity OTC Portfolio	3,309,046	4,519,185

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity OTC Portfolio	8,690	80,520	126,282	Class K

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity OTC Portfolio	8,242	94,841	144,799	Class K

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of OTC as compared to its benchmark index, the Nasdaq Composite Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .64% 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 the respective classes of the fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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

	Amount	% of Class-Level Average Net Assets
OTC	$21,869	.14
Class K	2,345	.04
	$24,214

	% of Average Net Assets
Fidelity OTC Portfolio	.01

	Amount
Fidelity OTC Portfolio	$71

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity OTC Portfolio	Borrower	$12,310	4.09%	$138

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity OTC Portfolio	291,328	226,527	(24,302)

6. Committed Line of Credit.

	Amount
Fidelity OTC Portfolio	$50

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity OTC Portfolio	$213	$3	$-

8. Bank Borrowings.

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity OTC Portfolio	$7,282	3.57%	$6

9. Expense Reductions.

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 $1,094.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity OTC Portfolio
Distributions to shareholders
OTC	$584,667	$2,483,169
Class K	197,395	874,221
Total	$782,062	$3,357,390

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2023	Year ended July 31, 2022	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity OTC Portfolio
OTC
Shares sold	80,927	125,949	$1,192,342	$2,274,041
Reinvestment of distributions	38,691	119,609	545,928	2,344,237
Shares redeemed	(154,879)	(195,138)	(2,208,386)	(3,377,430)
Net increase (decrease)	(35,261)	50,420	$(470,116)	$1,240,848
Class K
Shares sold	22,556	23,252	$339,915	$425,759
Reinvestment of distributions	13,689	43,712	197,395	874,221
Shares redeemed	(45,781)	(71,161)	(667,265)	(1,262,760)
Net increase (decrease)	(9,536)	(4,197)	$(129,955)	$37,220

12. Other.

13. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity OTC Portfolio (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 14, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023
Fidelity® OTC Portfolio
Fidelity® OTC Portfolio	.78%
Actual		$ 1,000	$ 1,234.10	$ 4.32
Hypothetical-B		$ 1,000	$ 1,020.93	$ 3.91
Class K	.69%
Actual		$ 1,000	$ 1,234.50	$ 3.82
Hypothetical-B		$ 1,000	$ 1,021.37	$ 3.46

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity OTC Portfolio

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it is the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of the retail class, 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 that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

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.

1.536191.126

OTC-ANN-0923

Fidelity® Small Cap Growth Fund

Annual Report

July 31, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	3.30%	6.30%	10.72%
Class M (incl. 3.50% sales charge)	5.52%	6.52%	10.68%
Class C (incl. contingent deferred sales charge)	7.78%	6.75%	10.68%
Fidelity® Small Cap Growth Fund	9.92%	7.86%	11.68%
Class I	9.88%	7.85%	11.67%
Class Z	10.06%	7.99%	11.78%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Growth Fund, a class of the fund, on July 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Growth Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Patrick Venanzi:

For the fiscal year ending July 31, 2023, the fund's share classes (excluding sales charges, if applicable) gained about 9% to 10%, versus 11.58% for the benchmark Russell 2000 Growth Index. Relative to the benchmark, security selection was the primary detractor, especially within the health care sector. Picks in financials and communication services also hurt our relative result. The biggest individual relative detractor was an underweight in Super Micro Computer (+512%). This was a stake we established late in the period. A second notable detractor was a holding in SiTime (-54%). SiTime was not held at period end. An overweight in TechTarget (-49%) also detracted, and this period we decreased our investment. In contrast, the biggest contributor to performance versus the benchmark was security selection in consumer discretionary. Stock selection in industrials also boosted relative performance, as did an underweight in real estate. The top individual relative contributor was our non-benchmark stake in TechnipFMC (+127%). The second-largest relative contributor was an overweight in TransMedics Group (+130%), which was among the fund's top-10 holdings at period end. A stake in Crocs gained about 51% and also notably helped. This period we decreased our stake in Crocs. Notable changes in positioning include decreased exposure to the communication services sector and a higher allocation to materials.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

CACI International, Inc. Class A	1.3
KBR, Inc.	1.0
EMCOR Group, Inc.	1.1
Fanatics, Inc. Class A	1.0
Applied Industrial Technologies, Inc.	1.0
Haemonetics Corp.	1.0
Axcelis Technologies, Inc.	1.0
Dynatrace, Inc.	1.0
TransMedics Group, Inc.	1.0
Mueller Industries, Inc.	0.9
	10.3

Market Sectors (% of Fund's net assets)

Health Care	25.0
Industrials	22.8
Information Technology	19.3
Consumer Discretionary	12.5
Materials	5.1
Consumer Staples	4.7
Energy	4.4
Financials	4.3
Communication Services	1.7
Real Estate	0.6

Asset Allocation (% of Fund's net assets)

Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares	Value ($)
COMMUNICATION SERVICES - 1.5%
Interactive Media & Services - 0.6%
Cars.com, Inc. (a)	1,502,129	34,263,562
Media - 0.5%
Integral Ad Science Holding Corp. (a)	846,755	17,654,842
TechTarget, Inc. (a)	262,771	8,534,802
		26,189,644
Wireless Telecommunication Services - 0.4%
Gogo, Inc. (a)	1,637,551	24,677,894
TOTAL COMMUNICATION SERVICES		85,131,100
CONSUMER DISCRETIONARY - 12.5%
Automobile Components - 0.6%
Autoliv, Inc.	262,336	26,477,572
Gentherm, Inc. (a)	106,938	6,391,684
		32,869,256
Diversified Consumer Services - 1.8%
Duolingo, Inc. (a)	202,106	31,364,830
Grand Canyon Education, Inc. (a)	140,566	15,258,439
H&R Block, Inc.	607,729	20,425,772
OneSpaWorld Holdings Ltd. (a)	1,062,828	13,652,026
Rover Group, Inc. Class A (a)(b)	3,627,734	19,879,982
		100,581,049
Hotels, Restaurants & Leisure - 2.5%
Brinker International, Inc. (a)	904,258	35,519,254
GEN Restaurant Group, Inc.	40,270	802,581
Kura Sushi U.S.A., Inc. Class A (a)(c)	261,335	26,005,446
Lindblad Expeditions Holdings (a)	1,196,875	14,147,063
Red Rock Resorts, Inc.	401,407	19,468,240
SeaWorld Entertainment, Inc. (a)	554,800	30,719,276
Sportradar Holding AG (a)	657,500	9,684,975
		136,346,835
Household Durables - 2.3%
Helen of Troy Ltd. (a)(c)	251,688	35,563,514
KB Home	493,673	26,643,532
LGI Homes, Inc. (a)	215,225	29,862,469
Lovesac (a)(b)(c)	1,099,171	32,183,727
		124,253,242
Leisure Products - 0.2%
YETI Holdings, Inc. (a)(c)	253,206	10,786,576
Specialty Retail - 4.1%
Aritzia, Inc. (a)	532,533	10,132,524
BARK, Inc. warrants 8/29/25 (a)	565,369	73,498
Boot Barn Holdings, Inc. (a)	307,276	28,853,216
Dick's Sporting Goods, Inc.	177,496	25,026,936
Fanatics, Inc. Class A (a)(d)(e)	726,062	56,908,740
Floor & Decor Holdings, Inc. Class A (a)(c)	184,989	21,245,987
Lithia Motors, Inc. Class A (sub. vtg.)	31,430	9,759,958
Murphy U.S.A., Inc.	125,836	38,635,427
Musti Group OYJ	476,560	9,347,763
thredUP, Inc. (a)(c)	2,058,032	7,244,273
Valvoline, Inc. (c)	513,971	19,515,479
		226,743,801
Textiles, Apparel & Luxury Goods - 1.0%
Crocs, Inc. (a)	241,852	26,204,664
Kontoor Brands, Inc.	604,336	25,599,673
		51,804,337
TOTAL CONSUMER DISCRETIONARY		683,385,096
CONSUMER STAPLES - 4.7%
Beverages - 0.8%
Boston Beer Co., Inc. Class A (a)	77,135	28,651,024
The Vita Coco Co., Inc. (a)	660,491	17,450,172
		46,101,196
Consumer Staples Distribution & Retail - 2.7%
Casey's General Stores, Inc.	73,844	18,657,425
Performance Food Group Co. (a)	794,990	47,508,602
Sprouts Farmers Market LLC (a)	975,913	38,304,585
U.S. Foods Holding Corp. (a)	996,091	42,562,968
		147,033,580
Food Products - 0.6%
Nomad Foods Ltd. (a)	1,061,136	18,866,998
Sovos Brands, Inc. (a)	759,269	13,514,988
The Real Good Food Co. LLC:
Class B (a)(e)	248,558	2
Class B unit (a)(f)	248,558	1,043,944
The Real Good Food Co., Inc. (a)	400	1,680
		33,427,612
Personal Care Products - 0.6%
BellRing Brands, Inc. (a)	931,599	33,490,984
TOTAL CONSUMER STAPLES		260,053,372
ENERGY - 4.4%
Energy Equipment & Services - 2.5%
Cactus, Inc.	124,700	6,332,266
Championx Corp.	524,128	18,658,957
Expro Group Holdings NV (a)	134,327	2,980,716
Liberty Oilfield Services, Inc. Class A	1,569,990	25,857,735
Nextier Oilfield Solutions, Inc. (a)	1,748,976	20,847,794
TechnipFMC PLC	2,229,545	40,889,855
Weatherford International PLC (a)	215,646	17,920,183
		133,487,506
Oil, Gas & Consumable Fuels - 1.9%
Antero Resources Corp. (a)	778,933	20,836,458
Civitas Resources, Inc.	143,357	10,731,705
Genesis Energy LP	681,198	6,668,928
Northern Oil & Gas, Inc. (c)	1,197,573	47,148,449
Range Resources Corp.	648,473	20,381,506
		105,767,046
TOTAL ENERGY		239,254,552
FINANCIALS - 4.3%
Banks - 0.6%
First Interstate Bancsystem, Inc.	268,679	7,719,148
Pinnacle Financial Partners, Inc.	197,945	15,024,026
Starling Bank Ltd. Series D (a)(d)(e)	1,942,800	8,701,590
		31,444,764
Capital Markets - 1.0%
Lazard Ltd. Class A	371,302	13,032,700
Perella Weinberg Partners (d)	2,039,500	20,150,260
StepStone Group, Inc. Class A	724,574	20,338,792
		53,521,752
Consumer Finance - 0.8%
NerdWallet, Inc. (a)	550,700	6,173,347
OneMain Holdings, Inc.	338,025	15,373,377
PROG Holdings, Inc. (a)	575,919	23,370,793
		44,917,517
Financial Services - 1.3%
Flywire Corp. (a)	465,798	15,902,344
Remitly Global, Inc. (a)	1,741,747	33,580,882
Walker & Dunlop, Inc.	248,074	22,569,773
		72,052,999
Insurance - 0.6%
BRP Group, Inc. (a)	1,102,825	27,471,371
Selective Insurance Group, Inc.	50,055	5,165,175
		32,636,546
TOTAL FINANCIALS		234,573,578
HEALTH CARE - 24.4%
Biotechnology - 7.7%
Absci Corp. (a)(c)	810,335	1,782,737
Alkermes PLC (a)	308,300	9,027,024
Allogene Therapeutics, Inc. (a)	1,580,500	7,839,280
ALX Oncology Holdings, Inc. (a)	780,654	4,769,796
Arcellx, Inc. (a)	384,250	13,160,563
Arrowhead Pharmaceuticals, Inc. (a)	233,800	8,070,776
Ascendis Pharma A/S sponsored ADR (a)	221,856	20,000,318
Blueprint Medicines Corp. (a)	418,314	27,608,724
Celldex Therapeutics, Inc. (a)	532,021	18,812,263
Cyteir Therapeutics, Inc. (a)(c)	625,858	1,708,592
Cytokinetics, Inc. (a)	781,020	26,047,017
Day One Biopharmaceuticals, Inc. (a)(c)	674,829	8,934,736
Immunocore Holdings PLC ADR (a)(c)	313,384	20,677,076
ImmunoGen, Inc. (a)	282,200	5,028,804
Insmed, Inc. (a)	267,200	5,902,448
Janux Therapeutics, Inc. (a)	654,416	9,161,824
Karuna Therapeutics, Inc. (a)	23,931	4,780,696
Keros Therapeutics, Inc. (a)	298,532	12,502,520
Krystal Biotech, Inc. (a)	111,179	14,353,209
Mineralys Therapeutics, Inc.	328,100	4,636,053
Monte Rosa Therapeutics, Inc. (a)	626,338	4,428,210
Moonlake Immunotherapeutics (a)(c)	96,500	5,868,165
Morphic Holding, Inc. (a)	360,043	20,425,239
Nuvalent, Inc. Class A (a)(c)	549,942	27,414,609
PepGen, Inc. (a)	342,892	2,053,923
Prelude Therapeutics, Inc. (a)	731,491	2,860,130
PTC Therapeutics, Inc. (a)	561,819	22,663,778
Tango Therapeutics, Inc. (a)	1,263,679	4,271,235
Tenaya Therapeutics, Inc. (a)	792,705	3,836,692
Turnstone Biologics Corp.	367,000	4,752,650
Tyra Biosciences, Inc. (a)(c)	670,668	9,939,300
Vaxcyte, Inc. (a)	593,316	28,514,767
Vera Therapeutics, Inc. (a)	405,400	7,609,358
Vericel Corp. (a)	290,122	10,421,182
Verve Therapeutics, Inc. (a)(c)	535,962	10,981,861
Viking Therapeutics, Inc. (a)	688,012	9,976,174
Xenon Pharmaceuticals, Inc. (a)	339,743	12,543,312
Zentalis Pharmaceuticals, Inc. (a)	429,881	11,482,122
		424,847,163
Health Care Equipment & Supplies - 5.8%
Axonics Modulation Technologies, Inc. (a)	87,460	5,279,960
CONMED Corp. (c)	176,899	21,413,624
Envista Holdings Corp. (a)	282,069	9,705,994
Glaukos Corp. (a)	91,500	7,058,310
Haemonetics Corp. (a)	586,253	54,075,977
ICU Medical, Inc. (a)	142,488	25,388,512
Inspire Medical Systems, Inc. (a)	83,577	24,054,296
Insulet Corp. (a)	75,674	20,942,780
Integer Holdings Corp. (a)	277,838	25,694,458
Lantheus Holdings, Inc. (a)	234,300	20,264,607
Merit Medical Systems, Inc. (a)	132,916	9,924,838
Neogen Corp. (a)	400,500	9,287,595
NeuroPace, Inc. (a)(c)	927,539	3,849,287
Nyxoah SA (a)(c)	102,970	844,354
PROCEPT BioRobotics Corp. (a)(c)	484,883	16,699,371
Pulmonx Corp. (a)	702,607	9,836,498
TransMedics Group, Inc. (a)	562,087	52,375,267
		316,695,728
Health Care Providers & Services - 5.1%
Acadia Healthcare Co., Inc. (a)	568,654	44,940,726
agilon health, Inc. (a)	2,076,735	39,769,475
Chemed Corp.	28,418	14,808,336
HealthEquity, Inc. (a)	441,200	29,975,128
Molina Healthcare, Inc. (a)	92,080	28,037,439
Option Care Health, Inc. (a)	646,100	21,825,258
Privia Health Group, Inc. (a)	789,319	22,037,786
R1 RCM, Inc. (a)(c)	1,482,920	25,624,858
Surgery Partners, Inc. (a)	914,653	35,333,045
The Ensign Group, Inc.	159,539	15,454,543
		277,806,594
Health Care Technology - 1.5%
Evolent Health, Inc. (a)	1,045,899	31,784,871
Phreesia, Inc. (a)	975,356	30,938,292
Schrodinger, Inc. (a)(c)	340,496	17,811,346
		80,534,509
Life Sciences Tools & Services - 1.5%
10X Genomics, Inc. (a)	106,329	6,696,600
Medpace Holdings, Inc. (a)	177,004	44,812,103
Olink Holding AB ADR (a)	806,318	15,320,042
Pacific Biosciences of California, Inc. (a)	593,186	7,835,987
Veterinary Emergency Group LLC Class A (a)(d)(e)(g)	190,561	9,621,425
		84,286,157
Pharmaceuticals - 2.8%
Arvinas Holding Co. LLC (a)	396,921	9,811,887
Axsome Therapeutics, Inc. (a)(c)	303,664	23,828,514
Edgewise Therapeutics, Inc. (a)	1,345,899	9,811,604
Enliven Therapeutics, Inc. (a)(c)	608,609	11,527,054
Ikena Oncology, Inc. (a)	1,070,475	5,512,946
Intra-Cellular Therapies, Inc. (a)	542,859	33,570,401
Pharvaris BV (a)	681,117	11,578,989
Terns Pharmaceuticals, Inc. (a)	1,983,129	14,318,191
Ventyx Biosciences, Inc. (a)	508,418	18,836,887
Verona Pharma PLC ADR (a)	663,790	14,663,121
		153,459,594
TOTAL HEALTH CARE		1,337,629,745
INDUSTRIALS - 21.9%
Aerospace & Defense - 1.1%
AeroVironment, Inc. (a)	63,680	6,066,157
BWX Technologies, Inc.	237,117	16,361,073
V2X, Inc. (a)	711,288	36,602,880
		59,030,110
Building Products - 2.1%
Simpson Manufacturing Co. Ltd.	94,600	14,946,800
Tecnoglass, Inc. (c)	558,837	26,310,046
The AZEK Co., Inc. (a)	820,522	25,600,286
UFP Industries, Inc.	452,323	46,480,711
		113,337,843
Commercial Services & Supplies - 0.4%
ACV Auctions, Inc. Class A (a)	426,757	7,463,980
Driven Brands Holdings, Inc. (a)	481,715	12,461,967
		19,925,947
Construction & Engineering - 2.0%
Bowman Consulting Group Ltd. (a)	354,551	12,285,192
EMCOR Group, Inc.	266,837	57,380,628
Sterling Construction Co., Inc. (a)	187,121	11,225,389
Willscot Mobile Mini Holdings (a)	602,927	28,910,350
		109,801,559
Electrical Equipment - 3.7%
Acuity Brands, Inc.	96,483	15,942,851
Array Technologies, Inc. (a)	1,116,407	21,267,553
Atkore, Inc. (a)	245,548	38,961,101
Generac Holdings, Inc. (a)	151,562	23,295,079
nVent Electric PLC	657,415	34,764,105
Regal Rexnord Corp.	256,117	40,000,353
Vertiv Holdings Co.	1,147,133	29,836,929
		204,067,971
Machinery - 4.7%
Chart Industries, Inc. (a)(c)	154,913	28,218,952
Crane Co.	233,243	21,852,537
Crane Nxt Co.	230,207	13,616,744
ESAB Corp.	237,257	16,299,556
Federal Signal Corp.	551,792	33,708,973
ITT, Inc.	291,418	29,025,233
Mueller Industries, Inc. (c)	642,839	52,108,529
SPX Technologies, Inc. (a)	195,100	16,507,411
Terex Corp.	337,685	19,798,472
Timken Co.	324,111	30,096,947
		261,233,354
Marine Transportation - 0.3%
Kirby Corp. (a)	217,755	17,742,677
Professional Services - 5.8%
CACI International, Inc. Class A (a)	201,602	70,649,407
CBIZ, Inc. (a)	295,240	15,615,244
ExlService Holdings, Inc. (a)	289,884	40,859,150
FTI Consulting, Inc. (a)	99,831	17,486,398
ICF International, Inc.	150,033	17,642,380
Insperity, Inc.	217,214	25,555,227
KBR, Inc.	933,416	57,395,750
LegalZoom.com, Inc. (a)	596,300	9,111,464
Maximus, Inc.	526,389	44,090,343
Science Applications International Corp.	28,186	3,420,089
WNS Holdings Ltd. sponsored ADR (a)	240,306	16,607,548
		318,433,000
Trading Companies & Distributors - 1.8%
Alligo AB (B Shares)	893,900	9,663,876
Applied Industrial Technologies, Inc.	386,705	56,068,358
Custom Truck One Source, Inc. Class A (a)	1,639,478	11,345,188
FTAI Aviation Ltd.	280,105	9,022,182
WESCO International, Inc. (c)	77,165	13,547,859
		99,647,463
TOTAL INDUSTRIALS		1,203,219,924
INFORMATION TECHNOLOGY - 18.6%
Communications Equipment - 0.9%
Extreme Networks, Inc. (a)	663,554	17,643,901
Harmonic, Inc. (a)	1,200,073	17,905,089
Lumentum Holdings, Inc. (a)	245,911	12,875,900
		48,424,890
Electronic Equipment, Instruments & Components - 3.6%
Advanced Energy Industries, Inc.	372,355	46,611,399
Badger Meter, Inc.	69,000	11,360,160
Fabrinet (a)	324,281	40,094,103
Insight Enterprises, Inc. (a)	299,794	43,976,782
IPG Photonics Corp. (a)	89,300	11,738,485
TD SYNNEX Corp.	140,801	13,898,467
Vontier Corp.	952,209	29,451,824
		197,131,220
IT Services - 1.0%
Digitalocean Holdings, Inc. (a)(c)	587,952	29,115,383
Perficient, Inc. (a)	368,389	23,499,534
Wix.com Ltd. (a)	66,501	6,272,374
		58,887,291
Semiconductors & Semiconductor Equipment - 4.7%
AEHR Test Systems (a)(c)	330,429	17,235,177
Allegro MicroSystems LLC (a)	669,815	34,569,152
Axcelis Technologies, Inc. (a)	266,061	53,339,909
Cirrus Logic, Inc. (a)	296,430	23,951,544
Impinj, Inc. (a)	34,499	2,298,323
Lattice Semiconductor Corp. (a)	448,987	40,830,878
MACOM Technology Solutions Holdings, Inc. (a)	498,473	34,853,232
Nova Ltd. (a)	208,767	25,874,582
Onto Innovation, Inc. (a)	88,400	10,989,888
Rambus, Inc. (a)	213,800	13,386,018
		257,328,703
Software - 6.9%
Algolia, Inc. (a)(d)(e)	234,640	3,747,201
Alkami Technology, Inc. (a)	869,140	14,671,083
Braze, Inc. (a)(c)	190,303	8,651,174
CommVault Systems, Inc. (a)	76,664	5,974,426
Confluent, Inc. (a)(c)	748,360	25,848,354
Convoy, Inc. warrants (a)(d)(e)	59,855	172,981
CyberArk Software Ltd. (a)	114,100	18,941,741
DoubleVerify Holdings, Inc. (a)	483,630	20,360,823
Dynatrace, Inc. (a)	967,879	52,933,303
Elastic NV (a)	225,832	15,006,536
Intapp, Inc. (a)	842,307	34,585,125
JFrog Ltd. (a)	476,828	14,671,998
Lightspeed Commerce, Inc. (a)(c)	753,397	13,244,719
MicroStrategy, Inc. Class A (a)(c)	54,400	23,820,672
Sprout Social, Inc. (a)(c)	766,352	43,789,353
SPS Commerce, Inc. (a)	75,800	13,673,562
TECSYS, Inc.	688,785	14,223,346
Tenable Holdings, Inc. (a)	988,459	48,098,415
WalkMe Ltd. (a)(c)	839,573	7,547,761
		379,962,573
Technology Hardware, Storage & Peripherals - 1.5%
Avid Technology, Inc. (a)	1,140,214	27,182,702
IonQ, Inc. (a)(c)	207,700	3,998,225
Super Micro Computer, Inc. (a)	150,700	49,771,689
		80,952,616
TOTAL INFORMATION TECHNOLOGY		1,022,687,293
MATERIALS - 5.1%
Chemicals - 2.9%
Avient Corp.	326,756	13,243,421
Axalta Coating Systems Ltd. (a)	582,176	18,629,632
Cabot Corp.	456,974	32,445,154
Element Solutions, Inc.	858,466	17,993,447
Orion SA	1,050,539	23,027,815
The Chemours Co. LLC	1,395,613	51,609,769
		156,949,238
Construction Materials - 0.8%
Eagle Materials, Inc.	187,842	34,632,430
Summit Materials, Inc.	288,100	10,423,458
		45,055,888
Containers & Packaging - 1.1%
Ardagh Metal Packaging SA (d)	1,634,000	6,176,520
O-I Glass, Inc. (a)	1,752,426	40,235,701
Silgan Holdings, Inc.	256,836	11,262,259
		57,674,480
Paper & Forest Products - 0.3%
Louisiana-Pacific Corp.	238,112	18,127,467
TOTAL MATERIALS		277,807,073
REAL ESTATE - 0.6%
Equity Real Estate Investment Trusts (REITs) - 0.6%
Ryman Hospitality Properties, Inc.	368,546	35,118,748
TOTAL COMMON STOCKS (Cost $4,569,821,826)		5,378,860,481

Convertible Preferred Stocks - 2.4%
	Shares	Value ($)
COMMUNICATION SERVICES - 0.2%
Interactive Media & Services - 0.2%
Reddit, Inc. Series F (a)(d)(e)	253,500	8,991,645
HEALTH CARE - 0.6%
Biotechnology - 0.5%
Bright Peak Therapeutics AG Series B (a)(d)(e)	1,079,522	2,990,276
Caris Life Sciences, Inc. Series D (a)(d)(e)	780,603	4,371,377
LifeMine Therapeutics, Inc. Series C (a)(d)(e)	2,048,403	3,769,062
Sonoma Biotherapeutics, Inc.:
Series B (a)(d)(e)	2,370,360	6,139,232
Series B1 (a)(d)(e)	1,264,171	3,741,946
T-Knife Therapeutics, Inc. Series B (a)(d)(e)	1,097,257	4,323,193
Treeline Biosciences Series A (a)(d)(e)	115,000	897,000
		26,232,086
Health Care Providers & Services - 0.1%
Boundless Bio, Inc.:
Series B (a)(d)(e)	3,017,761	2,595,274
Series C (d)(e)	2,110,183	1,477,128
		4,072,402
Health Care Technology - 0.0%
Wugen, Inc. Series B (a)(d)(e)	326,496	1,629,215
TOTAL HEALTH CARE		31,933,703
INDUSTRIALS - 0.9%
Construction & Engineering - 0.9%
Beta Technologies, Inc.:
Series A (a)(d)(e)	278,129	35,010,879
Series B, 6.00% (a)(d)(e)	85,106	11,532,714
		46,543,593
INFORMATION TECHNOLOGY - 0.7%
Communications Equipment - 0.2%
Astranis Space Technologies Corp.:
Series C (a)(d)(e)	557,717	10,920,099
Series C Prime (d)(e)	87,241	1,708,179
		12,628,278
IT Services - 0.1%
Yanka Industries, Inc.:
Series E (a)(d)(e)	869,641	6,487,522
Series F (a)(d)(e)	127,716	952,761
		7,440,283
Software - 0.4%
Algolia, Inc. Series D (a)(d)(e)	53,800	859,186
Convoy, Inc. Series D (a)(d)(e)	913,444	5,645,084
Mountain Digital, Inc. Series D (a)(d)(e)	729,676	12,309,634
Skyryse, Inc. Series B (a)(d)(e)	62,100	1,436,994
		20,250,898
TOTAL INFORMATION TECHNOLOGY		40,319,459
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $144,225,371)		127,788,400

Convertible Bonds - 0.0%
	Principal Amount (h)	Value ($)
INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
Convoy, Inc. 15% 9/30/26 (d)(e) (Cost $398,614)	398,614	427,314

Money Market Funds - 6.3%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (i)	21	21
Fidelity Securities Lending Cash Central Fund 5.32% (i)(j)	346,992,594	347,027,293
TOTAL MONEY MARKET FUNDS (Cost $347,027,314)		347,027,314

TOTAL INVESTMENT IN SECURITIES - 106.7% (Cost $5,061,473,125)	5,854,103,509
NET OTHER ASSETS (LIABILITIES) - (6.7)%	(365,858,825)
NET ASSETS - 100.0%	5,488,244,684

Legend

(a)	Non-income producing

(b)	Affiliated company

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

(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 $233,694,431 or 4.3% 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 $1,043,944 or 0.0% of net assets.

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

(h)	Amount is stated in United States dollars unless otherwise noted.

(i)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Algolia, Inc.	10/27/21	6,862,059

Algolia, Inc. Series D	7/23/21	1,573,384

Ardagh Metal Packaging SA	2/22/21	16,340,000

Astranis Space Technologies Corp. Series C	3/19/21	12,225,675

Astranis Space Technologies Corp. Series C Prime	4/05/23	1,912,404

Beta Technologies, Inc. Series A	4/09/21	20,378,512

Beta Technologies, Inc. Series B, 6.00%	4/04/22	8,780,386

Boundless Bio, Inc. Series B	4/23/21	4,073,977

Boundless Bio, Inc. Series C	4/05/23	1,477,128

Bright Peak Therapeutics AG Series B	5/14/21	4,216,613

Caris Life Sciences, Inc. Series D	5/11/21	6,322,884

Convoy, Inc. Series D	10/30/19	12,368,032

Convoy, Inc. warrants	3/24/23	0

Convoy, Inc. 15% 9/30/26	3/24/23	398,614

Fanatics, Inc. Class A	8/13/20 - 3/22/21	12,874,623

LifeMine Therapeutics, Inc. Series C	2/15/22	4,171,757

Mountain Digital, Inc. Series D	11/05/21	16,757,228

Perella Weinberg Partners	12/29/20	20,395,000

Reddit, Inc. Series F	8/11/21	15,664,880

Skyryse, Inc. Series B	10/21/21	1,532,626

Sonoma Biotherapeutics, Inc. Series B	7/26/21	4,684,542

Sonoma Biotherapeutics, Inc. Series B1	7/26/21	3,747,635

Starling Bank Ltd. Series D	6/18/21 - 4/05/22	3,728,430

T-Knife Therapeutics, Inc. Series B	6/30/21	6,329,856

Treeline Biosciences Series A	7/30/21	900,163

Veterinary Emergency Group LLC Class A	9/16/21 - 3/17/22	9,331,366

Wugen, Inc. Series B	7/09/21	2,531,944

Yanka Industries, Inc. Series E	5/15/20	10,504,568

Yanka Industries, Inc. Series F	4/08/21	4,071,177

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	52,799,304	1,321,912,945	1,374,712,228	1,302,781	-	-	21	0.0%
Fidelity Securities Lending Cash Central Fund 5.32%	400,159,025	1,349,648,047	1,402,779,779	2,525,627	-	-	347,027,293	1.2%
Total	452,958,329	2,671,560,992	2,777,492,007	3,828,408	-	-	347,027,314

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Other Affiliated Issuers

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Avid Technology, Inc.	65,716,436	8,564,425	38,875,195	-	(10,929,183)	2,706,219	-
BARK, Inc.	3,021,230	-	5,925,292	-	(27,712,366)	18,664,428	-
BARK, Inc.	1,709,136	-	-	-	-	10,242,864	-
BARK, Inc. warrants 8/29/25	92,317	-	2,696	-	(28,866)	12,743	-
Enliven Therapeutics, Inc.	-	7,944,334	-	-	-	-	-
Lindblad Expeditions Holdings	25,014,078	9,158,369	29,499,440	-	(2,418,398)	11,892,454	-
Lovesac	-	15,535,822	3,242,569	-	(5,820,653)	4,277,503	32,183,727
Rover Group, Inc. Class A	10,653,724	6,035,101	333,463	-	21,056	3,503,564	19,879,982
Total	106,206,921	47,238,051	77,878,655	-	(46,888,410)	51,299,775	52,063,709

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	94,122,745	85,131,100	-	8,991,645
Consumer Discretionary	683,385,096	626,476,356	-	56,908,740
Consumer Staples	260,053,372	260,053,370	-	2
Energy	239,254,552	239,254,552	-	-
Financials	234,573,578	225,871,988	-	8,701,590
Health Care	1,369,563,448	1,328,008,320	-	41,555,128
Industrials	1,249,763,517	1,203,219,924	-	46,543,593
Information Technology	1,063,006,752	1,018,767,111	-	44,239,641
Materials	277,807,073	277,807,073	-	-
Real Estate	35,118,748	35,118,748	-	-

Corporate Bonds	427,314	-	-	427,314

Money Market Funds	347,027,314	347,027,314	-	-
Total Investments in Securities:	5,854,103,509	5,646,735,856	-	207,367,653

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


Investments in Securities:
Beginning Balance	$	199,676,909
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		3,887,921
Cost of Purchases		3,802,823
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	207,367,653
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	3,887,921
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements

Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $344,914,854) - See accompanying schedule:
Unaffiliated issuers (cost $4,645,353,786)	$	5,455,012,486
Fidelity Central Funds (cost $347,027,314)		347,027,314
Other affiliated issuers (cost $69,092,025)		52,063,709


Total Investment in Securities (cost $5,061,473,125)			$	5,854,103,509
Cash				347,748
Receivable for investments sold				53,756,862
Receivable for fund shares sold				3,762,475
Dividends receivable				374,984
Interest receivable				21,303
Distributions receivable from Fidelity Central Funds				177,341
Prepaid expenses				9,755
Other receivables				5,185
Total assets				5,912,559,162
Liabilities
Payable to custodian bank	$	635
Payable for investments purchased		55,844,836
Payable for fund shares redeemed		6,725,829
Accrued management fee		3,565,335
Distribution and service plan fees payable		134,271
Notes payable to affiliates		10,289,000
Other affiliated payables		663,497
Other payables and accrued expenses		74,731
Collateral on securities loaned		347,016,344
Total Liabilities				424,314,478
Net Assets			$	5,488,244,684
Net Assets consist of:
Paid in capital			$	5,099,165,502
Total accumulated earnings (loss)				389,079,182
Net Assets			$	5,488,244,684

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($295,800,754 ÷ 11,672,562 shares)(a)			$	25.34
Maximum offering price per share (100/94.25 of $25.34)			$	26.89
Class M :
Net Asset Value and redemption price per share ($76,283,096 ÷ 3,195,594 shares)(a)			$	23.87
Maximum offering price per share (100/96.50 of $23.87)			$	24.74
Class C :
Net Asset Value and offering price per share ($51,890,674 ÷ 2,523,328 shares)(a)			$	20.56
Small Cap Growth :
Net Asset Value, offering price and redemption price per share ($2,766,170,508 ÷ 101,425,918 shares)			$	27.27
Class I :
Net Asset Value, offering price and redemption price per share ($660,166,321 ÷ 24,129,213 shares)			$	27.36
Class Z :
Net Asset Value, offering price and redemption price per share ($1,637,933,331 ÷ 59,429,388 shares)			$	27.56
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Year ended July 31, 2023
Investment Income
Dividends			$	27,000,162
Interest				21,360
Income from Fidelity Central Funds (including $2,525,627 from security lending)				3,828,408
Total Income				30,849,930
Expenses
Management fee
Basic fee	$	34,493,437
Performance adjustment		9,152,417
Transfer agent fees		6,969,868
Distribution and service plan fees		1,573,024
Accounting fees		962,735
Custodian fees and expenses		81,908
Independent trustees' fees and expenses		26,318
Registration fees		149,387
Audit		82,121
Legal		9,546
Interest		76,855
Miscellaneous		30,489
Total expenses before reductions		53,608,105
Expense reductions		(262,540)
Total expenses after reductions				53,345,565
Net Investment income (loss)				(22,495,635)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(65,393,200)
Redemptions in-kind		23,556,784
Affiliated issuers		(46,888,410)
Foreign currency transactions		(65,431)
Total net realized gain (loss)				(88,790,257)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		550,116,150
Affiliated issuers		51,299,775
Assets and liabilities in foreign currencies		(2,375)
Total change in net unrealized appreciation (depreciation)				601,413,550
Net gain (loss)				512,623,293
Net increase (decrease) in net assets resulting from operations			$	490,127,658

Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(22,495,635)	$	(20,508,198)
Net realized gain (loss)		(88,790,257)		(11,495,189)
Change in net unrealized appreciation (depreciation)		601,413,550		(1,319,578,419)
Net increase (decrease) in net assets resulting from operations		490,127,658		(1,351,581,806)
Distributions to shareholders		-		(1,068,881,678)

Share transactions - net increase (decrease)		(238,473,369)		1,399,956,604
Total increase (decrease) in net assets		251,654,289		(1,020,506,880)

Net Assets
Beginning of period		5,236,590,395		6,257,097,275
End of period	$	5,488,244,684	$	5,236,590,395

Fidelity Advisor® Small Cap Growth Fund Class A

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	23.12	$	34.89	$	26.64	$	26.03	$	27.45
Income from Investment Operations
Net investment income (loss) A,B		(.17)		(.17)		(.26) C		(.20)		(.21)
Net realized and unrealized gain (loss)		2.39		(5.58)		11.27		2.26		1.79
Total from investment operations		2.22		(5.75)		11.01		2.06		1.58
Distributions from net realized gain		-		(6.02)		(2.76)		(1.45)		(3.00)
Total distributions		-		(6.02)		(2.76)		(1.45)		(3.00)
Net asset value, end of period	$	25.34	$	23.12	$	34.89	$	26.64	$	26.03
Total Return D,E		9.60%		(20.62)%		44.21%		8.39%		5.88%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.32%		1.29%		1.29%		1.37%		1.33%
Expenses net of fee waivers, if any		1.32%		1.29%		1.29%		1.37%		1.33%
Expenses net of all reductions		1.32%		1.29%		1.28%		1.36%		1.32%
Net investment income (loss)		(.71)%		(.61)%		(.82)% C		(.80)%		(.85)%
Supplemental Data
Net assets, end of period (000 omitted)	$	295,801	$	287,905	$	387,793	$	268,448	$	285,554
Portfolio turnover rate H		75% I		79% I		107%		126% I		91% I

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.91)%.

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

ETotal returns do not include the effect of the sales charges.

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

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

Fidelity Advisor® Small Cap Growth Fund Class M

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	21.83	$	33.27	$	25.56	$	25.09	$	26.59
Income from Investment Operations
Net investment income (loss) A,B		(.21)		(.22)		(.33) C		(.25)		(.26)
Net realized and unrealized gain (loss)		2.25		(5.28)		10.77		2.17		1.72
Total from investment operations		2.04		(5.50)		10.44		1.92		1.46
Distributions from net realized gain		-		(5.94)		(2.73)		(1.45)		(2.96)
Total distributions		-		(5.94)		(2.73)		(1.45)		(2.96)
Net asset value, end of period	$	23.87	$	21.83	$	33.27	$	25.56	$	25.09
Total Return D,E		9.34%		(20.85)%		43.82%		8.14%		5.60%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.58%		1.54%		1.55%		1.63%		1.60%
Expenses net of fee waivers, if any		1.57%		1.54%		1.55%		1.63%		1.60%
Expenses net of all reductions		1.57%		1.54%		1.53%		1.62%		1.59%
Net investment income (loss)		(.97)%		(.86)%		(1.08)% C		(1.06)%		(1.12)%
Supplemental Data
Net assets, end of period (000 omitted)	$	76,283	$	70,182	$	98,005	$	70,605	$	75,030
Portfolio turnover rate H		75% I		79% I		107%		126% I		91% I

ACalculated based on average shares outstanding during the period.

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

ETotal returns do not include the effect of the sales charges.

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

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

Fidelity Advisor® Small Cap Growth Fund Class C

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	18.90	$	29.58	$	23.07	$	22.89	$	24.56
Income from Investment Operations
Net investment income (loss) A,B		(.28)		(.31)		(.43) C		(.34)		(.35)
Net realized and unrealized gain (loss)		1.94		(4.54)		9.62		1.97		1.58
Total from investment operations		1.66		(4.85)		9.19		1.63		1.23
Distributions from net realized gain		-		(5.83)		(2.68)		(1.45)		(2.90)
Total distributions		-		(5.83)		(2.68)		(1.45)		(2.90)
Net asset value, end of period	$	20.56	$	18.90	$	29.58	$	23.07	$	22.89
Total Return D,E		8.78%		(21.24)%		43.07%		7.62%		5.06%
Ratios to Average Net Assets B,F,G
Expenses before reductions		2.08%		2.05%		2.06%		2.13%		2.09%
Expenses net of fee waivers, if any		2.08%		2.05%		2.06%		2.13%		2.09%
Expenses net of all reductions		2.08%		2.05%		2.05%		2.12%		2.08%
Net investment income (loss)		(1.48)%		(1.37)%		(1.59)% C		(1.56)%		(1.61)%
Supplemental Data
Net assets, end of period (000 omitted)	$	51,891	$	59,768	$	88,239	$	77,850	$	96,449
Portfolio turnover rate H		75% I		79% I		107%		126% I		91% I

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.68)%.

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

ETotal returns do not include the effect of the contingent deferred sales charge.

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

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

Fidelity® Small Cap Growth Fund

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	24.81	$	37.02	$	28.07	$	27.27	$	28.59
Income from Investment Operations
Net investment income (loss) A,B		(.11)		(.10)		(.18) C		(.13)		(.15)
Net realized and unrealized gain (loss)		2.57		(6.00)		11.92		2.38		1.87
Total from investment operations		2.46		(6.10)		11.74		2.25		1.72
Distributions from net realized gain		-		(6.11)		(2.79)		(1.45)		(3.04)
Total distributions		-		(6.11)		(2.79)		(1.45)		(3.04)
Net asset value, end of period	$	27.27	$	24.81	$	37.02	$	28.07	$	27.27
Total Return D		9.92%		(20.42)%		44.60%		8.72%		6.17%
Ratios to Average Net Assets A,E,F
Expenses before reductions		1.05%		1.02%		1.00%		1.08%		1.05%
Expenses net of fee waivers, if any		1.05%		1.01%		1.00%		1.08%		1.05%
Expenses net of all reductions		1.05%		1.01%		.99%		1.07%		1.04%
Net investment income (loss)		(.44)%		(.33)%		(.53)% C		(.52)%		(.57)%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,766,171	$	2,747,002	$	4,540,695	$	2,839,506	$	2,888,038
Portfolio turnover rate G		75% H		79% H		107%		126% H		91% H

BCalculated based on average shares outstanding during the period.

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

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

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

Fidelity Advisor® Small Cap Growth Fund Class I

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	24.90	$	37.13	$	28.15	$	27.35	$	28.66
Income from Investment Operations
Net investment income (loss) A,B		(.11)		(.10)		(.19) C		(.14)		(.15)
Net realized and unrealized gain (loss)		2.57		(6.03)		11.96		2.39		1.88
Total from investment operations		2.46		(6.13)		11.77		2.25		1.73
Distributions from net realized gain		-		(6.10)		(2.79)		(1.45)		(3.04)
Total distributions		-		(6.10)		(2.79)		(1.45)		(3.04)
Net asset value, end of period	$	27.36	$	24.90	$	37.13	$	28.15	$	27.35
Total Return D		9.88%		(20.42)%		44.57%		8.70%		6.18%
Ratios to Average Net Assets B,E,F
Expenses before reductions		1.07%		1.04%		1.04%		1.11%		1.06%
Expenses net of fee waivers, if any		1.06%		1.03%		1.04%		1.11%		1.06%
Expenses net of all reductions		1.06%		1.03%		1.03%		1.10%		1.06%
Net investment income (loss)		(.46)%		(.35)%		(.57)% C		(.54)%		(.58)%
Supplemental Data
Net assets, end of period (000 omitted)	$	660,166	$	606,422	$	775,746	$	540,553	$	590,311
Portfolio turnover rate G		75% H		79% H		107%		126% H		91% H

ACalculated based on average shares outstanding during the period.

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

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

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

Fidelity Advisor® Small Cap Growth Fund Class Z

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	25.04	$	37.32	$	28.26	$	27.41	$	28.71
Income from Investment Operations
Net investment income (loss) A,B		(.08)		(.06)		(.15) C		(.10)		(.11)
Net realized and unrealized gain (loss)		2.60		(6.06)		12.01		2.40		1.87
Total from investment operations		2.52		(6.12)		11.86		2.30		1.76
Distributions from net realized gain		-		(6.16)		(2.80)		(1.45)		(3.06)
Total distributions		-		(6.16)		(2.80)		(1.45)		(3.06)
Net asset value, end of period	$	27.56	$	25.04	$	37.32	$	28.26	$	27.41
Total Return D,E		10.06%		(20.33)%		44.75%		8.87%		6.29%
Ratios to Average Net Assets A,F,G
Expenses before reductions		.93%		.90%		.90%		.97%		.92%
Expenses net of fee waivers, if any		.92%		.90%		.90%		.96%		.92%
Expenses net of all reductions		.92%		.90%		.89%		.95%		.92%
Net investment income (loss)		(.32)%		(.22)%		(.43)% C		(.40)%		(.44)%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,637,933	$	1,465,312	$	366,620	$	197,764	$	183,552
Portfolio turnover rate H		75% I		79% I		107%		126% I		91% I

BCalculated based on average shares outstanding during the period.

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

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

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

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

Notes to Financial Statements

For the period ended July 31, 2023

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. Class A, Class M , Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$206,940,339	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	6.0 - 6.1 / 6.1	Increase
			Enterprise value/Revenue multiple (EV/R)	1.5 - 10.0 / 7.2	Increase
			Enterprise value/Net income multiple (EV/NI)	10.5	Increase
		Recovery value	Recovery value	$0.00	Increase
		Market approach	Transaction price	$0.70 - $8.61 / $3.51	Increase
			Discount rate	5.0% - 40.0% / 26.7%	Decrease
		Black scholes	Discount rate	4.3% - 4.8% / 4.5%	Increase
			Volatility	50.0% - 100.0% / 79.6%	Increase
			Term	2.0 - 3.0 / 2.8	Increase
Corporate Bonds	$427,314	Market comparable	Enterprise value/Revenue multiple (EV/R)	1.5	Increase
		Black scholes	Discount rate	4.8%	Increase
			Volatility	60.0%	Increase
			Term	2.0	Increase

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, redemptions in kind, 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	$1,185,781,254
Gross unrealized depreciation	(402,531,354)
Net unrealized appreciation (depreciation)	$783,249,900
Tax Cost	$5,070,853,609

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

Capital loss carryforward	$(362,913,920)
Net unrealized appreciation (depreciation) on securities and other investments	$765,050,388

Short-term	$(362,913,920)
Total capital loss carryforward	$(362,913,920)

The Fund intends to elect to defer to its next fiscal year $13,057,286 of ordinary losses recognized during the period January 1, 2023 to July 31, 2023.

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$-	$ 417,614,718
Long-term Capital Gains	-	651,266,960
Total	$-	$1,068,881,678

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

	$ Amount	% of Net Assets
Fidelity Small Cap Growth Fund	9,621,425	.18

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Growth Fund	3,820,410,323	3,899,895,601

	Shares	Total net realized gain or loss($)	Total Proceeds($)	Participating classes
Fidelity Small Cap Growth Fund	4,832,654	23,556,784	120,866,697	Fidelity Small Cap Growth and Class Z

	Shares	Total net realized gain or loss($)	Total Proceeds($)	Participating classes
Fidelity Small Cap Growth Fund	1,267,055	6,413,331	32,229,577	Fidelity Small Cap Growth and Class I

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 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 annual management fee rate, including the performance adjustment, was .86% 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 Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$688,675	$27,317
Class M	.25%	.25%	348,198	2,092
Class C	.75%	.25%	536,151	54,211
			$1,573,024	$83,620

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$208,363
Class M	7,805
Class CA	15,550
	$231,718

A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

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

	Amount	% of Class-Level Average Net Assets
Class A	$525,092	.19
Class M	135,079	.19
Class C	108,426	.20
Small Cap Growth	4,491,295	.17
Class I	1,092,069	.18
Class Z	617,907	.04
	$6,969,868

	% of Average Net Assets
Fidelity Small Cap Growth Fund	.02

	Amount
Fidelity Small Cap Growth Fund	$94,149

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Small Cap Growth Fund	Borrower	$ 12,905,956	4.76%	$76,855

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Small Cap Growth Fund	185,379,709	262,640,097	227,341

6. Committed Line of Credit.

	Amount
Fidelity Small Cap Growth Fund	$11,735

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Small Cap Growth Fund	$258,425	$86,500	$3,751,977

8. Expense Reductions.

	Expense reduction
Class M	$1,195

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 $254,619.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Small Cap Growth Fund
Distributions to shareholders
Class A	$-	$67,979,799
Class M	-	17,907,670
Class C	-	17,539,783
Small Cap Growth	-	638,250,356
Class I	-	130,451,281
Class Z	-	196,752,789
Total	$-	$1,068,881,678

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2023	Year ended July 31, 2022	Year ended July 31, 2023	Year ended July 31, 2022
Fidelity Small Cap Growth Fund
Class A
Shares sold	1,985,652	2,718,612	$46,092,120	$74,995,450
Reinvestment of distributions	-	2,151,573	-	67,245,012
Shares redeemed	(2,766,565)	(3,530,802)	(63,764,686)	(96,163,790)
Net increase (decrease)	(780,913)	1,339,383	$(17,672,566)	$46,076,672
Class M
Shares sold	434,136	431,115	$9,560,256	$11,263,605
Reinvestment of distributions	-	597,527	-	17,701,076
Shares redeemed	(453,165)	(760,045)	(9,876,371)	(19,559,813)
Net increase (decrease)	(19,029)	268,597	$(316,115)	$9,404,868
Class C
Shares sold	290,539	571,841	$5,509,177	$13,494,292
Reinvestment of distributions	-	673,112	-	17,397,814
Shares redeemed	(928,922)	(1,065,945)	(17,591,633)	(24,414,238)
Net increase (decrease)	(638,383)	179,008	$(12,082,456)	$6,477,868
Small Cap Growth
Shares sold	14,584,621	20,198,332	$365,567,725	$601,187,332
Reinvestment of distributions	-	18,119,358	-	605,852,496
Shares redeemed	(23,866,509)	(50,251,214)	(592,542,907)	(1,631,982,649)
Net increase (decrease)	(9,281,888)	(11,933,524)	$(226,975,182)	$(424,942,821)
Class I
Shares sold	7,314,970	9,200,827	$183,764,516	$260,264,783
Reinvestment of distributions	-	3,793,722	-	127,231,880
Shares redeemed	(7,544,771)	(9,529,628)	(187,661,628)	(270,197,792)
Net increase (decrease)	(229,801)	3,464,921	$(3,897,112)	$117,298,871
Class Z
Shares sold	8,164,174	47,704,858	$204,704,877	$1,587,489,270
Reinvestment of distributions	-	5,572,104	-	186,739,643
Shares redeemed	(7,246,491)	(4,588,101)	(182,234,815)	(128,587,767)
Net increase (decrease)	917,683	48,688,861	$22,470,062	$1,645,641,146

11.Other.

In addition, At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

	Strategic Advisers Fidelity U.S. Total Stock Fund
Fidelity Small Cap Growth Fund	14%

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund	% of shares held
Fidelity Small Cap Growth Fund	23%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Small Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Small Cap Growth Fund (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 13, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023
Fidelity® Small Cap Growth Fund
Class A	1.31%
Actual		$ 1,000	$ 1,052.30	$ 6.67
Hypothetical-B		$ 1,000	$ 1,018.30	$ 6.56
Class M	1.56%
Actual		$ 1,000	$ 1,051.10	$ 7.93
Hypothetical-B		$ 1,000	$ 1,017.06	$ 7.80
Class C	2.07%
Actual		$ 1,000	$ 1,048.40	$ 10.51
Hypothetical-B		$ 1,000	$ 1,014.53	$ 10.34
Fidelity® Small Cap Growth Fund	1.04%
Actual		$ 1,000	$ 1,053.70	$ 5.30
Hypothetical-B		$ 1,000	$ 1,019.64	$ 5.21
Class I	1.05%
Actual		$ 1,000	$ 1,053.90	$ 5.35
Hypothetical-B		$ 1,000	$ 1,019.59	$ 5.26
Class Z	.91%
Actual		$ 1,000	$ 1,054.70	$ 4.64
Hypothetical-B		$ 1,000	$ 1,020.28	$ 4.56

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Small Cap Growth 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.

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.

1.803695.118

SCP-ANN-0923

Fidelity® Blue Chip Value Fund

Annual Report

July 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Blue Chip Value Fund	8.61%	6.69%	8.18%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Value Fund on July 31, 2013.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Sean Gavin:

For the fiscal year ending July 31, 2023, the fund gained 8.61%, versus 8.28% for the benchmark Russell 1000 Value Index. Relative to the benchmark, security selection was the primary contributor, especially within the utilities sector. An underweight in real estate also boosted relative performance, as did stock picks in financials. The top individual relative contributor was an overweight in PG&E (+62%), which was among our largest holdings. Outsized exposure to Constellation Energy (+48%) also helped. A larger-than-benchmark position in Comcast (+24%), one of the fund's biggest holdings, was another plus. In contrast, the primary detractor from performance versus the benchmark was security selection in information technology. Stock picks in consumer staples also hampered the fund's result, followed by an overweight in utilities. The largest individual relative detractor was an outsized stake in Centene (-27%), one of our biggest holdings. A second notable relative detractor this period was avoiding Meta Platforms, a benchmark component that gained approximately 81%. An overweight in H&R Block (-14%) also hurt. Notable changes in positioning include higher allocations to the energy and financials sectors.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Berkshire Hathaway, Inc. Class B	5.9
Activision Blizzard, Inc.	5.3
Comcast Corp. Class A	5.2
Cigna Group	4.8
JPMorgan Chase & Co.	4.5
Exxon Mobil Corp.	4.5
Centene Corp.	3.9
PG&E Corp.	3.7
Bank of America Corp.	3.6
Samsung Electronics Co. Ltd.	3.3
	44.7

Market Sectors (% of Fund's net assets)

Financials	22.5
Health Care	19.6
Energy	11.7
Communication Services	10.5
Utilities	10.3
Consumer Staples	6.4
Information Technology	6.3
Industrials	5.5
Consumer Discretionary	2.8
Materials	2.1

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 94.4%
	Shares	Value ($)
COMMUNICATION SERVICES - 10.5%
Entertainment - 5.3%
Activision Blizzard, Inc.	425,100	39,432,276
Media - 5.2%
Comcast Corp. Class A	869,900	39,371,674
TOTAL COMMUNICATION SERVICES		78,803,950
CONSUMER DISCRETIONARY - 2.8%
Diversified Consumer Services - 2.8%
H&R Block, Inc.	627,920	21,104,391
CONSUMER STAPLES - 6.4%
Consumer Staples Distribution & Retail - 0.8%
Dollar General Corp.	35,600	6,011,416
Food Products - 3.7%
Mondelez International, Inc.	227,700	16,879,401
Tyson Foods, Inc. Class A	191,900	10,692,668
		27,572,069
Household Products - 1.7%
Reckitt Benckiser Group PLC	175,800	13,169,555
Personal Care Products - 0.2%
Kenvue, Inc. (a)	49,600	1,174,528
TOTAL CONSUMER STAPLES		47,927,568
ENERGY - 11.7%
Oil, Gas & Consumable Fuels - 11.7%
ConocoPhillips Co.	200,800	23,638,176
Exxon Mobil Corp.	314,100	33,684,084
Ovintiv, Inc.	166,000	7,650,940
Parex Resources, Inc. (a)	1,054,600	23,360,912
		88,334,112
FINANCIALS - 22.5%
Banks - 13.1%
Bank of America Corp.	836,000	26,752,000
JPMorgan Chase & Co.	214,700	33,914,012
PNC Financial Services Group, Inc.	93,500	12,799,215
U.S. Bancorp	306,800	12,173,824
Wells Fargo & Co.	281,000	12,970,960
		98,610,011
Financial Services - 5.9%
Berkshire Hathaway, Inc. Class B (b)	125,800	44,276,568
Insurance - 3.5%
Chubb Ltd.	72,700	14,860,607
The Travelers Companies, Inc.	68,100	11,754,741
		26,615,348
TOTAL FINANCIALS		169,501,927
HEALTH CARE - 19.6%
Health Care Providers & Services - 14.8%
Centene Corp. (b)	426,300	29,026,767
Cigna Group	121,900	35,972,690
Elevance Health, Inc.	33,600	15,846,768
Humana, Inc.	26,700	12,197,361
UnitedHealth Group, Inc.	35,600	18,026,772
		111,070,358
Pharmaceuticals - 4.8%
AstraZeneca PLC sponsored ADR	183,367	13,147,414
Roche Holding AG (participation certificate)	29,570	9,168,222
Sanofi SA sponsored ADR	262,600	14,014,962
		36,330,598
TOTAL HEALTH CARE		147,400,956
INDUSTRIALS - 5.5%
Aerospace & Defense - 1.7%
Northrop Grumman Corp.	29,000	12,905,000
Electrical Equipment - 2.0%
Regal Rexnord Corp.	95,100	14,852,718
Industrial Conglomerates - 1.8%
Siemens AG	79,300	13,516,068
TOTAL INDUSTRIALS		41,273,786
INFORMATION TECHNOLOGY - 3.0%
IT Services - 1.6%
Amdocs Ltd.	127,300	11,920,372
Software - 1.4%
Gen Digital, Inc.	570,300	11,092,335
TOTAL INFORMATION TECHNOLOGY		23,012,707
MATERIALS - 2.1%
Chemicals - 1.6%
DuPont de Nemours, Inc.	155,000	12,032,650
Metals & Mining - 0.5%
Lundin Mining Corp.	446,900	3,995,716
TOTAL MATERIALS		16,028,366
UTILITIES - 10.3%
Electric Utilities - 8.2%
Constellation Energy Corp.	129,233	12,490,369
NextEra Energy, Inc.	91,000	6,670,300
PG&E Corp. (b)	1,601,000	28,193,610
Southern Co.	197,700	14,301,618
		61,655,897
Independent Power and Renewable Electricity Producers - 2.1%
The AES Corp.	724,500	15,670,935
TOTAL UTILITIES		77,326,832
TOTAL COMMON STOCKS (Cost $568,297,311)		710,714,595

Nonconvertible Preferred Stocks - 3.3%
	Shares	Value ($)
INFORMATION TECHNOLOGY - 3.3%
Technology Hardware, Storage & Peripherals - 3.3%
Samsung Electronics Co. Ltd. (Cost $24,030,682)	549,950	24,705,828

Money Market Funds - 3.4%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (c)	14,452,773	14,455,664
Fidelity Securities Lending Cash Central Fund 5.32% (c)(d)	11,309,619	11,310,750
TOTAL MONEY MARKET FUNDS (Cost $25,766,414)		25,766,414

TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $618,094,407)	761,186,837
NET OTHER ASSETS (LIABILITIES) - (1.1)%	(8,630,442)
NET ASSETS - 100.0%	752,556,395

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	27,866,227	245,078,179	258,488,742	978,262	-	-	14,455,664	0.0%
Fidelity Securities Lending Cash Central Fund 5.32%	-	139,076,343	127,765,593	8,349	-	-	11,310,750	0.0%
Total	27,866,227	384,154,522	386,254,335	986,611	-	-	25,766,414

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	78,803,950	78,803,950	-	-
Consumer Discretionary	21,104,391	21,104,391	-	-
Consumer Staples	47,927,568	34,758,013	13,169,555	-
Energy	88,334,112	88,334,112	-	-
Financials	169,501,927	169,501,927	-	-
Health Care	147,400,956	138,232,734	9,168,222	-
Industrials	41,273,786	27,757,718	13,516,068	-
Information Technology	47,718,535	47,718,535	-	-
Materials	16,028,366	16,028,366	-	-
Utilities	77,326,832	77,326,832	-	-

Money Market Funds	25,766,414	25,766,414	-	-
Total Investments in Securities:	761,186,837	725,332,992	35,853,845	-

Financial Statements

Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $11,107,444) - See accompanying schedule:
Unaffiliated issuers (cost $592,327,993)	$	735,420,423
Fidelity Central Funds (cost $25,766,414)		25,766,414


Total Investment in Securities (cost $618,094,407)			$	761,186,837
Receivable for investments sold				3,260,647
Receivable for fund shares sold				391,254
Dividends receivable				454,599
Reclaims receivable				485,152
Distributions receivable from Fidelity Central Funds				56,220
Prepaid expenses				1,380
Other receivables				5
Total assets				765,836,094
Liabilities
Payable for fund shares redeemed	$	1,401,625
Accrued management fee		389,867
Other affiliated payables		126,145
Other payables and accrued expenses		51,312
Collateral on securities loaned		11,310,750
Total Liabilities				13,279,699
Net Assets			$	752,556,395
Net Assets consist of:
Paid in capital			$	598,844,129
Total accumulated earnings (loss)				153,712,266
Net Assets			$	752,556,395
Net Asset Value, offering price and redemption price per share ($752,556,395 ÷ 29,899,781 shares)			$	25.17

Statement of Operations
				Year ended July 31, 2023
Investment Income
Dividends			$	14,952,423
Income from Fidelity Central Funds (including $8,349 from security lending)				986,611
Total Income				15,939,034
Expenses
Management fee
Basic fee	$	3,985,076
Performance adjustment		348,787
Transfer agent fees		1,287,122
Accounting fees		238,851
Custodian fees and expenses		20,324
Independent trustees' fees and expenses		3,767
Registration fees		68,000
Audit		62,386
Legal		5,981
Miscellaneous		4,192
Total expenses before reductions		6,024,486
Expense reductions		(38,241)
Total expenses after reductions				5,986,245
Net Investment income (loss)				9,952,789
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		5,823,589
Foreign currency transactions		7,206
Total net realized gain (loss)				5,830,795
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		42,716,464
Assets and liabilities in foreign currencies		27,166
Total change in net unrealized appreciation (depreciation)				42,743,630
Net gain (loss)				48,574,425
Net increase (decrease) in net assets resulting from operations			$	58,527,214

Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	9,952,789	$	8,269,156
Net realized gain (loss)		5,830,795		43,550,463
Change in net unrealized appreciation (depreciation)		42,743,630		(27,921,066)
Net increase (decrease) in net assets resulting from operations		58,527,214		23,898,553
Distributions to shareholders		(19,890,909)		(7,053,848)

Share transactions
Proceeds from sales of shares		338,713,904		365,164,911
Reinvestment of distributions		12,947,154		5,127,250
Cost of shares redeemed		(378,726,174)		(171,960,863)

Net increase (decrease) in net assets resulting from share transactions		(27,065,116)		198,331,298
Total increase (decrease) in net assets		11,571,189		215,176,003

Net Assets
Beginning of period		740,985,206		525,809,203
End of period	$	752,556,395	$	740,985,206

Other Information
Shares
Sold		14,601,230		15,508,949
Issued in reinvestment of distributions		548,797		216,360
Redeemed		(16,401,327)		(7,331,297)
Net increase (decrease)		(1,251,300)		8,394,012

Fidelity® Blue Chip Value Fund

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	23.79	$	23.11	$	17.02	$	19.71	$	19.90
Income from Investment Operations
Net investment income (loss) A,B		.31		.33		.27		.31		.32
Net realized and unrealized gain (loss)		1.69		.66		6.03		(2.63)		(.14) C
Total from investment operations		2.00		.99		6.30		(2.32)		.18
Distributions from net investment income		(.26)		(.31)		(.21)		(.31)		(.29)
Distributions from net realized gain		(.37)		-		-		(.06)		(.09)
Total distributions		(.62) D		(.31)		(.21)		(.37)		(.37) D
Net asset value, end of period	$	25.17	$	23.79	$	23.11	$	17.02	$	19.71
Total Return E		8.61%		4.28%		37.36%		(12.03)%		.99% C
Ratios to Average Net Assets B,F,G
Expenses before reductions		.80%		.63%		.58%		.63%		.65%
Expenses net of fee waivers, if any		.79%		.63%		.58%		.63%		.65%
Expenses net of all reductions		.79%		.63%		.58%		.61%		.65%
Net investment income (loss)		1.32%		1.38%		1.35%		1.71%		1.67%
Supplemental Data
Net assets, end of period (000 omitted)	$	752,556	$	740,985	$	525,809	$	375,786	$	477,706
Portfolio turnover rate H		32%		41%		52%		119%		44%

ACalculated based on average shares outstanding during the period.

CNet 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%.

DTotal distributions per share do not sum due to rounding.

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

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

Notes to Financial Statements

For the period ended July 31, 2023

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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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	$157,563,080
Gross unrealized depreciation	(15,355,803)
Net unrealized appreciation (depreciation)	$142,207,277
Tax Cost	$618,979,560

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

Undistributed ordinary income	$9,292,736
Undistributed long-term capital gain	$2,188,814
Net unrealized appreciation (depreciation) on securities and other investments	$142,230,716

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$8,258,374	$7,053,848
Long-term Capital Gains	11,632,535	-
Total	$19,890,909	$7,053,848

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Blue Chip Value Fund	230,907,120	255,134,915

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 annual management fee rate, including the performance adjustment, was .57% 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 annual rate of .17% of average net assets.

	% of Average Net Assets
Fidelity Blue Chip Value Fund	.03

	Amount
Fidelity Blue Chip Value Fund	$2,400

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Blue Chip Value Fund	13,589,053	11,161,692	500,724

6. Committed Line of Credit.

	Amount
Fidelity Blue Chip Value Fund	$1,690

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Blue Chip Value Fund	$1,134	$-	$-

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 $438.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $37,803.

9. Other.

10. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Blue Chip Value Fund (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2023, the related statement of operations for the year ended July 31, 2023, the statement of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 13, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023

Fidelity® Blue Chip Value Fund	.81%
Actual		$ 1,000	$ 1,017.80	$ 4.05
Hypothetical-B		$ 1,000	$ 1,020.78	$ 4.06

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2023, $2,224,923, or, if subsequently determined to be different, the net capital gain of such year.

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

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

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Blue Chip Value Fund

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's 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 that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

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

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.

1.788861.120

BCV-ANN-0923

Fidelity® Series Small Cap Opportunities Fund

Annual Report

July 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Series Small Cap Opportunities Fund	12.51%	8.36%	9.07%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Series Small Cap Opportunities Fund on July 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap: U.S. equities gained 13.02% for the 12 months ending July 31, 2023, according to the S&P 500® index, as continued global economic expansion, falling commodity prices and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets. Large-cap stocks spearheaded the rally, which was driven by the shares of a narrow set of mega-cap companies in the information technology and communication services sectors, largely due to exuberance related to generative artificial intelligence. Aggressive monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation, a measure that excludes food and energy. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of a stepped down 25 basis points. The S&P 500® gained 3.21% in July, as a "soft landing" of the U.S. economy became the consensus view amid better-than-expected earnings, slowing inflation and easing financial conditions, bringing the index's year-to-date gain to 20.65%. July saw a continuance of the recent shift to wider market breadth and lower dispersion. For the full 12 months, value (+17%) handily topped growth (+8%) within the index. By sector, tech (+28%), communication services (+21%) and industrials (+17%) led, whereas real estate (-10%) lagged most, due to high borrowing costs, low home inventory and a deteriorating commercial property market.

Comments from Co-Lead Manager Morgen Peck, Co-Lead Manager Shadman Riaz and Co-Manager Jennifer Fo Cardillo: For the fiscal year ending July 31, 2023, the fund gained 12.51% versus 7.91% for the benchmark Russell 2000 Index. The biggest contributor to performance against the benchmark was security selection in industrials. Picks in materials and consumer discretionary also boosted the fund's relative performance. The top individual relative contributor was an overweight in Axcelis Technologies (+167%), which was among the fund's biggest holdings at period end. This was a stake we established this period. A second notable relative contributor was our non-benchmark stake in Builders FirstSource (+110%). This period, we decreased our position in the stock. An overweight in Atkore (+59%), another of the fund's largest holdings, also helped. In contrast, the primary detractor from performance versus the benchmark was stock selection in energy. Also modestly hurting our result were picks in information technology and communication services. The largest individual relative detractor was our non-benchmark stake in Antero Resources (-32%); this period we decreased our stake. Our stake in PacWest Bancorp (-82%) also hurt. We exited the position as of period end. Avoiding Super Micro Computer, a benchmark component that gained roughly 511%, further detracted. Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to real estate.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Academy Sports & Outdoors, Inc.	1.6
Commercial Metals Co.	1.5
Northern Oil & Gas, Inc.	1.3
Advanced Energy Industries, Inc.	1.3
Championx Corp.	1.3
Atkore, Inc.	1.2
Axcelis Technologies, Inc.	1.2
Primerica, Inc.	1.2
Brookfield Infrastructure Corp. A Shares	1.2
Insight Enterprises, Inc.	1.2
	13.0

Market Sectors (% of Fund's net assets)

Industrials	17.9
Health Care	15.7
Financials	14.7
Information Technology	13.8
Consumer Discretionary	11.7
Energy	7.2
Materials	6.6
Real Estate	4.3
Consumer Staples	3.4
Utilities	2.0
Communication Services	1.5

Asset Allocation (% of Fund's net assets)

Futures - 0.5%

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares	Value ($)
COMMUNICATION SERVICES - 1.5%
Entertainment - 0.3%
Vivid Seats, Inc. Class A (a)(b)	1,949,816	16,241,967
Interactive Media & Services - 0.3%
Ziff Davis, Inc. (a)	177,400	12,865,048
Media - 0.8%
Nexstar Broadcasting Group, Inc. Class A	97,600	18,223,872
TechTarget, Inc. (a)	184,548	5,994,119
Thryv Holdings, Inc. (a)	697,500	16,530,750
		40,748,741
Wireless Telecommunication Services - 0.1%
Gogo, Inc. (a)	388,400	5,853,188
TOTAL COMMUNICATION SERVICES		75,708,944
CONSUMER DISCRETIONARY - 11.7%
Automobile Components - 2.5%
Adient PLC (a)	879,000	37,410,240
Fox Factory Holding Corp. (a)	325,234	36,393,685
LCI Industries (b)	198,000	26,981,460
Patrick Industries, Inc.	293,500	25,402,425
		126,187,810
Diversified Consumer Services - 0.3%
Laureate Education, Inc. Class A	1,141,020	14,627,876
Hotels, Restaurants & Leisure - 1.4%
Brinker International, Inc. (a)	567,725	22,300,238
Churchill Downs, Inc.	172,800	20,018,880
Everi Holdings, Inc. (a)	700,600	10,396,904
Hilton Grand Vacations, Inc. (a)	372,100	17,302,650
		70,018,672
Household Durables - 2.1%
Green Brick Partners, Inc. (a)	447,047	25,267,096
M.D.C. Holdings, Inc.	340,650	17,468,532
Skyline Champion Corp. (a)	543,498	37,860,071
Tempur Sealy International, Inc.	494,000	22,047,220
		102,642,919
Leisure Products - 0.5%
Acushnet Holdings Corp. (b)	217,300	12,957,599
Clarus Corp. (b)	1,311,984	11,676,658
		24,634,257
Specialty Retail - 3.3%
Academy Sports & Outdoors, Inc.	1,342,172	80,248,460
Dick's Sporting Goods, Inc.	135,650	19,126,650
Murphy U.S.A., Inc.	166,191	51,025,623
Upbound Group, Inc.	342,052	11,845,261
		162,245,994
Textiles, Apparel & Luxury Goods - 1.6%
Crocs, Inc. (a)	281,800	30,533,030
Deckers Outdoor Corp. (a)	43,200	23,487,408
Kontoor Brands, Inc.	573,700	24,301,932
		78,322,370
TOTAL CONSUMER DISCRETIONARY		578,679,898
CONSUMER STAPLES - 3.4%
Beverages - 0.5%
Primo Water Corp.	1,647,500	23,345,075
Consumer Staples Distribution & Retail - 1.2%
BJ's Wholesale Club Holdings, Inc. (a)	347,450	23,039,410
Performance Food Group Co. (a)	345,800	20,665,008
Sprouts Farmers Market LLC (a)	430,100	16,881,425
		60,585,843
Food Products - 1.3%
Flowers Foods, Inc.	365,300	9,026,563
Nomad Foods Ltd. (a)	2,163,978	38,475,529
The Simply Good Foods Co. (a)	458,100	17,733,051
		65,235,143
Personal Care Products - 0.4%
BellRing Brands, Inc. (a)	467,033	16,789,836
TOTAL CONSUMER STAPLES		165,955,897
ENERGY - 7.2%
Energy Equipment & Services - 3.7%
Championx Corp. (b)	1,733,100	61,698,360
Liberty Oilfield Services, Inc. Class A	2,818,354	46,418,290
TechnipFMC PLC	3,006,800	55,144,712
Valaris Ltd. (a)	271,000	20,812,800
		184,074,162
Oil, Gas & Consumable Fuels - 3.5%
Antero Resources Corp. (a)	1,138,726	30,460,921
Denbury, Inc. (a)	509,800	44,816,518
HF Sinclair Corp.	167,240	8,711,532
Magnolia Oil & Gas Corp. Class A	1,052,200	23,306,230
Northern Oil & Gas, Inc. (b)	1,679,745	66,131,561
		173,426,762
TOTAL ENERGY		357,500,924
FINANCIALS - 14.7%
Banks - 7.4%
ConnectOne Bancorp, Inc.	533,918	10,929,301
East West Bancorp, Inc.	288,200	17,928,922
First Bancorp, Puerto Rico	2,873,500	42,671,475
First Interstate Bancsystem, Inc.	397,500	11,420,175
Glacier Bancorp, Inc. (b)	446,950	14,615,265
Independent Bank Group, Inc.	504,400	22,632,428
Metropolitan Bank Holding Corp. (a)	272,495	12,341,299
Pathward Financial, Inc.	603,702	31,368,356
Pinnacle Financial Partners, Inc.	310,200	23,544,180
Preferred Bank, Los Angeles	21,544	1,423,628
Synovus Financial Corp.	1,651,195	55,975,511
Trico Bancshares	794,080	29,682,710
United Community Bank, Inc.	1,665,800	48,424,806
Webster Financial Corp.	462,571	21,888,860
Western Alliance Bancorp.	342,050	17,769,498
		362,616,414
Capital Markets - 2.7%
Houlihan Lokey	421,079	42,044,738
Lazard Ltd. Class A	937,440	32,904,144
LPL Financial	46,250	10,607,900
TMX Group Ltd.	2,101,920	46,704,020
		132,260,802
Consumer Finance - 0.6%
FirstCash Holdings, Inc.	327,524	31,206,487
Financial Services - 1.5%
Essent Group Ltd.	1,122,800	55,690,880
Walker & Dunlop, Inc.	222,700	20,261,246
		75,952,126
Insurance - 2.5%
First American Financial Corp.	334,900	21,225,962
Genworth Financial, Inc. Class A (a)	2,358,900	13,823,154
Primerica, Inc.	276,580	58,828,566
Selective Insurance Group, Inc.	287,457	29,662,688
		123,540,370
TOTAL FINANCIALS		725,576,199
HEALTH CARE - 15.4%
Biotechnology - 7.4%
Acelyrin, Inc.	514,400	12,777,696
Acelyrin, Inc.	274,424	6,135,023
Acelyrin, Inc. rights (a)(c)	33,346	708,209
Allogene Therapeutics, Inc. (a)	1,500,200	7,440,992
ALX Oncology Holdings, Inc. (a)	337,600	2,062,736
Arcellx, Inc. (a)	393,200	13,467,100
Arcutis Biotherapeutics, Inc. (a)(b)	1,078,810	11,769,817
Argenx SE ADR (a)	42,800	21,591,744
Arrowhead Pharmaceuticals, Inc. (a)	462,100	15,951,692
Ascendis Pharma A/S sponsored ADR (a)	96,248	8,676,757
Astria Therapeutics, Inc. (a)	746,701	6,690,441
Blueprint Medicines Corp. (a)	310,500	20,493,000
Celldex Therapeutics, Inc. (a)	337,200	11,923,392
Cerevel Therapeutics Holdings (a)	450,200	13,771,618
Cytokinetics, Inc. (a)	573,045	19,111,051
Icosavax, Inc. (a)	1,211,756	10,699,805
Janux Therapeutics, Inc. (a)(b)	704,426	9,861,964
Karuna Therapeutics, Inc. (a)	40,474	8,085,491
Keros Therapeutics, Inc. (a)	354,900	14,863,212
Moonlake Immunotherapeutics (a)(b)	252,941	15,381,342
Morphic Holding, Inc. (a)	334,362	18,968,356
PepGen, Inc. (a)	670,937	4,018,913
Prothena Corp. PLC (a)	62,371	4,295,491
PTC Therapeutics, Inc. (a)	355,493	14,340,588
Scholar Rock Holding Corp. warrants 12/31/25 (a)(d)	18,825	43,999
Tango Therapeutics, Inc. (a)	1,419,976	4,799,519
Tyra Biosciences, Inc. (a)	778,669	11,539,875
Vaxcyte, Inc. (a)	338,340	16,260,620
Verve Therapeutics, Inc. (a)(b)	549,370	11,256,591
Viking Therapeutics, Inc. (a)	696,200	10,094,900
Xenon Pharmaceuticals, Inc. (a)	457,630	16,895,700
Zentalis Pharmaceuticals, Inc. (a)	728,496	19,458,128
		363,435,762
Health Care Equipment & Supplies - 2.9%
CONMED Corp. (b)	115,700	14,005,485
Envista Holdings Corp. (a)	347,397	11,953,931
Haemonetics Corp. (a)	335,436	30,940,617
Inspire Medical Systems, Inc. (a)	47,215	13,588,949
Integer Holdings Corp. (a)	260,300	24,072,544
Shockwave Medical, Inc. (a)	55,800	14,541,480
TransMedics Group, Inc. (a)	394,247	36,735,935
		145,838,941
Health Care Providers & Services - 2.8%
Acadia Healthcare Co., Inc. (a)	307,949	24,337,209
agilon health, Inc. (a)	1,108,699	21,231,586
Molina Healthcare, Inc. (a)	54,251	16,518,887
Privia Health Group, Inc. (a)	558,900	15,604,488
R1 RCM, Inc. (a)	962,843	16,637,927
Surgery Partners, Inc. (a)	663,892	25,646,148
Tenet Healthcare Corp. (a)	228,840	17,101,213
		137,077,458
Health Care Technology - 0.5%
Evolent Health, Inc. (a)	855,170	25,988,616
Life Sciences Tools & Services - 0.3%
10X Genomics, Inc. (a)	96,272	6,063,211
Olink Holding AB ADR (a)	556,495	10,573,405
		16,636,616
Pharmaceuticals - 1.5%
Axsome Therapeutics, Inc. (a)(b)	212,248	16,655,101
Edgewise Therapeutics, Inc. (a)	1,274,155	9,288,590
Enliven Therapeutics, Inc. (a)	385,007	7,292,033
Ikena Oncology, Inc. (a)	583,820	3,006,673
Terns Pharmaceuticals, Inc. (a)	898,700	6,488,614
Ventyx Biosciences, Inc. (a)	559,840	20,742,072
Verona Pharma PLC ADR (a)	489,455	10,812,061
		74,285,144
TOTAL HEALTH CARE		763,262,537
INDUSTRIALS - 17.9%
Building Products - 1.7%
Builders FirstSource, Inc. (a)	75,599	10,918,764
Masonite International Corp. (a)	167,234	17,484,315
Simpson Manufacturing Co. Ltd.	346,299	54,715,242
		83,118,321
Commercial Services & Supplies - 0.7%
Casella Waste Systems, Inc. Class A (a)	228,932	18,472,523
The Brink's Co.	228,100	16,642,176
		35,114,699
Construction & Engineering - 4.1%
Comfort Systems U.S.A., Inc.	230,222	40,051,721
Construction Partners, Inc. Class A (a)	368,555	10,835,517
Dycom Industries, Inc. (a)	174,910	17,417,538
EMCOR Group, Inc.	243,660	52,396,646
Granite Construction, Inc.	869,600	35,592,728
IES Holdings, Inc. (a)	526,918	30,202,940
Sterling Construction Co., Inc. (a)	228,200	13,689,718
		200,186,808
Electrical Equipment - 1.8%
Atkore, Inc. (a)	385,924	61,234,561
Fluence Energy, Inc. (a)(b)	258,500	7,558,540
Thermon Group Holdings, Inc. (a)	783,746	21,639,227
		90,432,328
Machinery - 4.0%
Federal Signal Corp.	778,528	47,560,276
ITT, Inc.	131,600	13,107,360
Kadant, Inc.	93,356	20,804,385
SPX Technologies, Inc. (a)	648,744	54,890,230
Terex Corp.	762,200	44,687,786
Timken Co.	174,800	16,231,928
		197,281,965
Professional Services - 3.3%
ASGN, Inc. (a)	218,150	16,649,208
CACI International, Inc. Class A (a)	60,700	21,271,708
CRA International, Inc.	152,274	15,241,105
ExlService Holdings, Inc. (a)	229,376	32,330,547
FTI Consulting, Inc. (a)	50,346	8,818,605
KBR, Inc.	327,900	20,162,571
NV5 Global, Inc. (a)	192,195	21,054,962
WNS Holdings Ltd. sponsored ADR (a)	409,690	28,313,676
		163,842,382
Trading Companies & Distributors - 2.3%
Beacon Roofing Supply, Inc. (a)	285,857	24,489,369
Finning International, Inc.	587,350	20,230,870
GMS, Inc. (a)	244,000	17,980,360
Rush Enterprises, Inc. Class A	776,301	50,211,149
		112,911,748
TOTAL INDUSTRIALS		882,888,251
INFORMATION TECHNOLOGY - 13.8%
Communications Equipment - 0.4%
Extreme Networks, Inc. (a)	786,400	20,910,376
Electronic Equipment, Instruments & Components - 4.6%
Advanced Energy Industries, Inc.	506,599	63,416,063
Fabrinet (a)	394,156	48,733,448
Insight Enterprises, Inc. (a)	393,207	57,679,535
Napco Security Technologies, Inc.	271,900	10,190,812
Sanmina Corp. (a)	195,100	11,990,846
TD SYNNEX Corp.	378,800	37,391,348
		229,402,052
IT Services - 1.0%
Endava PLC ADR (a)	443,103	23,245,183
Fastly, Inc. Class A (a)	621,600	11,418,792
Perficient, Inc. (a)	267,352	17,054,384
		51,718,359
Semiconductors & Semiconductor Equipment - 3.7%
Allegro MicroSystems LLC (a)	239,600	12,365,756
Axcelis Technologies, Inc. (a)	296,000	59,342,080
Diodes, Inc. (a)	149,200	14,097,908
MACOM Technology Solutions Holdings, Inc. (a)	635,600	44,441,152
Onto Innovation, Inc. (a)	287,092	35,691,277
Synaptics, Inc. (a)	172,800	15,605,568
		181,543,741
Software - 3.8%
Five9, Inc. (a)	117,200	10,284,300
Intapp, Inc. (a)	299,318	12,289,997
Manhattan Associates, Inc. (a)	70,800	13,495,896
PROS Holdings, Inc. (a)	842,752	32,024,576
Qualys, Inc. (a)	137,100	19,029,480
Rapid7, Inc. (a)	178,200	8,181,162
SPS Commerce, Inc. (a)	243,350	43,897,907
Tenable Holdings, Inc. (a)	1,007,900	49,044,414
		188,247,732
Technology Hardware, Storage & Peripherals - 0.3%
Avid Technology, Inc. (a)	518,448	12,359,800
TOTAL INFORMATION TECHNOLOGY		684,182,060
MATERIALS - 6.6%
Chemicals - 1.2%
Element Solutions, Inc.	1,332,017	27,919,076
The Chemours Co. LLC	443,400	16,396,932
Tronox Holdings PLC	999,647	13,285,309
		57,601,317
Construction Materials - 1.0%
Eagle Materials, Inc.	274,100	50,535,817
Containers & Packaging - 0.5%
O-I Glass, Inc. (a)	1,015,500	23,315,880
Metals & Mining - 3.1%
Commercial Metals Co.	1,308,930	74,896,975
Constellium NV (a)	2,821,645	53,865,203
Lundin Mining Corp.	2,972,300	26,575,222
		155,337,400
Paper & Forest Products - 0.8%
Louisiana-Pacific Corp.	277,200	21,103,236
Sylvamo Corp.	339,500	16,659,265
		37,762,501
TOTAL MATERIALS		324,552,915
REAL ESTATE - 4.3%
Equity Real Estate Investment Trusts (REITs) - 3.3%
EastGroup Properties, Inc.	154,900	27,445,182
Elme Communities (SBI)	1,559,100	25,335,375
Equity Commonwealth	244,200	4,783,878
Essential Properties Realty Trust, Inc.	1,795,400	44,077,070
Lamar Advertising Co. Class A	252,500	24,921,750
LXP Industrial Trust (REIT)	2,233,399	22,490,328
Terreno Realty Corp.	223,096	13,238,517
		162,292,100
Real Estate Management & Development - 1.0%
Colliers International Group, Inc.	103,200	10,448,741
Jones Lang LaSalle, Inc. (a)	174,200	29,013,010
Marcus & Millichap, Inc.	279,743	10,260,973
		49,722,724
TOTAL REAL ESTATE		212,014,824
UTILITIES - 2.0%
Electric Utilities - 0.4%
IDACORP, Inc.	195,600	20,111,592
Gas Utilities - 1.6%
Brookfield Infrastructure Corp. A Shares	1,248,166	58,314,316
ONE Gas, Inc. (b)	270,800	21,428,404
		79,742,720
TOTAL UTILITIES		99,854,312
TOTAL COMMON STOCKS (Cost $3,634,296,150)		4,870,176,761

Convertible Preferred Stocks - 0.3%
	Shares	Value ($)
HEALTH CARE - 0.3%
Biotechnology - 0.1%
Dianthus Therapeutics, Inc. Series A (a)(c)(d)	1,102,127	4,915,486
Health Care Providers & Services - 0.1%
Boundless Bio, Inc. Series C (c)(d)	4,913,490	3,439,443
Pharmaceuticals - 0.1%
Aristea Therapeutics, Inc. Series B (a)(c)(d)	733,075	4,039,243
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $12,271,794)		12,394,172

Money Market Funds - 4.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (e)	83,525,432	83,542,137
Fidelity Securities Lending Cash Central Fund 5.32% (e)(f)	139,474,889	139,488,836
TOTAL MONEY MARKET FUNDS (Cost $223,030,973)		223,030,973

TOTAL INVESTMENT IN SECURITIES - 103.3% (Cost $3,869,598,917)	5,105,601,906
NET OTHER ASSETS (LIABILITIES) - (3.3)%	(163,130,112)
NET ASSETS - 100.0%	4,942,471,794

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)	224	Sep 2023	22,552,320	822,173	822,173

The notional amount of futures purchased as a percentage of Net Assets is 0.5%

Legend

(a)	Non-income producing

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

(c)	Level 3 security

(d)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $12,438,171 or 0.3% of net assets.

(e)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Aristea Therapeutics, Inc. Series B	10/06/20 - 7/27/21	4,041,955

Boundless Bio, Inc. Series C	4/05/23	3,439,443

Dianthus Therapeutics, Inc. Series A	4/06/22	4,790,395

Scholar Rock Holding Corp. warrants 12/31/25	6/17/22	0

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	56,163,679	1,561,752,024	1,534,373,566	2,309,681	-	-	83,542,137	0.2%
Fidelity Securities Lending Cash Central Fund 5.32%	83,308,212	1,659,659,329	1,603,478,704	593,056	-	(1)	139,488,836	0.5%
Total	139,471,891	3,221,411,353	3,137,852,270	2,902,737	-	(1)	223,030,973

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	75,708,944	75,708,944	-	-
Consumer Discretionary	578,679,898	578,679,898	-	-
Consumer Staples	165,955,897	165,955,897	-	-
Energy	357,500,924	357,500,924	-	-
Financials	725,576,199	725,576,199	-	-
Health Care	775,656,709	756,375,306	6,179,022	13,102,381
Industrials	882,888,251	882,888,251	-	-
Information Technology	684,182,060	684,182,060	-	-
Materials	324,552,915	324,552,915	-	-
Real Estate	212,014,824	212,014,824	-	-
Utilities	99,854,312	99,854,312	-	-

Money Market Funds	223,030,973	223,030,973	-	-
Total Investments in Securities:	5,105,601,906	5,086,320,503	6,179,022	13,102,381
Derivative Instruments:

Assets
Futures Contracts	822,173	822,173	-	-
Total Assets	822,173	822,173	-	-
Total Derivative Instruments:	822,173	822,173	-	-


Net Unrealized Depreciation on Unfunded Commitments	(280,277)	-	-	(280,277)
Total	(280,277)	-	-	(280,277)

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	822,173	0
Total Equity Risk	822,173	0
Total Value of Derivatives	822,173	0

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

Financial Statements

Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $138,053,042) - See accompanying schedule:
Unaffiliated issuers (cost $3,646,567,944)	$	4,882,570,933
Fidelity Central Funds (cost $223,030,973)		223,030,973


Total Investment in Securities (cost $3,869,598,917)			$	5,105,601,906
Segregated cash with brokers for derivative instruments				781,200
Cash				1,158,070
Receivable for investments sold				20,377,841
Receivable for fund shares sold				2,074,594
Dividends receivable				209,987
Distributions receivable from Fidelity Central Funds				342,694
Receivable for daily variation margin on futures contracts				165,323
Other receivables				50,270
Total assets				5,130,761,885
Liabilities
Payable for investments purchased	$	12,359,125
Unrealized depreciation on unfunded commitments		280,277
Payable for fund shares redeemed		36,124,306
Other payables and accrued expenses		47,983
Collateral on securities loaned		139,478,400
Total Liabilities				188,290,091
Commitments and contingent liabilities (see Commitments note)
Net Assets			$	4,942,471,794
Net Assets consist of:
Paid in capital			$	3,850,798,457
Total accumulated earnings (loss)				1,091,673,337
Net Assets			$	4,942,471,794
Net Asset Value, offering price and redemption price per share ($4,942,471,794 ÷ 366,801,986 shares)			$	13.47

Statement of Operations
				Year ended July 31, 2023
Investment Income
Dividends			$	49,892,423
Interest				56,102
Income from Fidelity Central Funds (including $593,056 from security lending)				2,902,737
Total Income				52,851,262
Expenses
Custodian fees and expenses	$	84,128
Independent trustees' fees and expenses		24,617
Interest		54,040
Total Expenses				162,785
Net Investment income (loss)				52,688,477
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		19,818,357
Foreign currency transactions		(660)
Futures contracts		(625,361)
Total net realized gain (loss)				19,192,336
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		505,276,886
Fidelity Central Funds		(1)
Unfunded commitments		(280,277)
Assets and liabilities in foreign currencies		(915)
Futures contracts		(342,396)
Total change in net unrealized appreciation (depreciation)				504,653,297
Net gain (loss)				523,845,633
Net increase (decrease) in net assets resulting from operations			$	576,534,110

Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	52,688,477	$	48,514,660
Net realized gain (loss)		19,192,336		123,754,493
Change in net unrealized appreciation (depreciation)		504,653,297		(570,952,732)
Net increase (decrease) in net assets resulting from operations		576,534,110		(398,683,579)
Distributions to shareholders		(230,929,095)		(1,511,145,723)

Share transactions
Proceeds from sales of shares		674,296,906		772,983,933
Reinvestment of distributions		230,929,095		1,511,145,723
Cost of shares redeemed		(1,348,316,619)		(1,346,757,031)

Net increase (decrease) in net assets resulting from share transactions		(443,090,618)		937,372,625
Total increase (decrease) in net assets		(97,485,603)		(972,456,677)

Net Assets
Beginning of period		5,039,957,397		6,012,414,074
End of period	$	4,942,471,794	$	5,039,957,397

Other Information
Shares
Sold		55,711,299		57,044,933
Issued in reinvestment of distributions		19,053,605		106,014,574
Redeemed		(108,966,202)		(94,592,767)
Net increase (decrease)		(34,201,298)		68,466,740

Fidelity® Series Small Cap Opportunities Fund

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	12.57	$	18.08	$	12.66	$	14.04	$	15.46
Income from Investment Operations
Net investment income (loss) A,B		.14		.12		.12		.15		.15
Net realized and unrealized gain (loss)		1.36		(1.03)		5.62		(.60)		.12
Total from investment operations		1.50		(.91)		5.74		(.45)		.27
Distributions from net investment income		(.14)		(.12)		(.14)		(.16)		(.14)
Distributions from net realized gain		(.47)		(4.48)		(.19)		(.77)		(1.55)
Total distributions		(.60) C		(4.60)		(.32) C		(.93)		(1.69)
Net asset value, end of period	$	13.47	$	12.57	$	18.08	$	12.66	$	14.04
Total Return D		12.51%		(7.62)%		45.98%		(3.44)%		1.98%
Ratios to Average Net Assets B,E,F
Expenses before reductions G		-%		-%		-%		-%		-%
Expenses net of fee waivers, if any G		-%		-%		-%		-%		-%
Expenses net of all reductions G		-%		-%		-%		-%		-%
Net investment income (loss)		1.11%		.86%		.77%		1.17%		1.13%
Supplemental Data
Net assets, end of period (000 omitted)	$	4,942,472	$	5,039,957	$	6,012,414	$	4,931,192	$	5,667,458
Portfolio turnover rate H		34%		39%		96%		61% I		59%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

GAmount represents less than .005%.

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

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

Notes to Financial Statements

For the period ended July 31, 2023

1. Organization.

Fidelity Series Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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.

Book-tax differences are primarily due to primarily due to futures contracts, foreign currency transactions, partnerships, passive foreign investment companies (PFIC), 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	$1,454,253,185
Gross unrealized depreciation	(235,992,650)
Net unrealized appreciation (depreciation)	$1,218,260,535
Tax Cost	$3,887,061,094

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

Undistributed ordinary income	$22,209,517
Capital loss carryforward	$(148,779,330)
Net unrealized appreciation (depreciation) on securities and other investments	$1,218,243,149

Short-term	$(148,779,330)
Total capital loss carryforward	$(148,779,330)

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$52,416,681	$605,253,396
Long-term Capital Gains	178,512,414	905,892,327
Total	$230,929,095	$1,511,145,723

	Investment to be Acquired	Commitment Amount	Unrealized Appreciation (Depreciation)
Fidelity Series Small Cap Opportunities Fund	Dianthus Therapeutics, Inc.	$2,196,628	$(280,277)

4. Derivative Instruments.

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

Derivatives were used to increase or decrease exposure to the following risk(s):


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

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Series Small Cap Opportunities Fund	1,567,090,028	2,213,646,700

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.

	Amount
Fidelity Series Small Cap Opportunities Fund	$58,410

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Series Small Cap Opportunities Fund	Borrower	$ 80,612,400	4.83%	$54,040

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Series Small Cap Opportunities Fund	65,586,262	200,473,100	6,966,927

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Series Small Cap Opportunities Fund	$62,909	$28,538	$2,128,350

9. Other.

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.

10. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Series Small Cap Opportunities Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Series Small Cap Opportunities Fund (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 18, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023

Fidelity® Series Small Cap Opportunities Fund	.01%
Actual		$ 1,000	$ 1,054.80	$ .05
Hypothetical-B		$ 1,000	$ 1,024.74	$ .05

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund designates $1,078,590 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 67% and 47% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 85.78% and 60.49% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 4.70% and 12.29% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Small Cap Opportunities Fund

At its July 2023 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 in light of all of the surrounding circumstances.

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 Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.

Investment Performance. 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, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

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, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

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 0.003% through November 30, 2025.

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.

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.

1.839807.116

SMO-ANN-0923

Fidelity® OTC K6 Portfolio

Annual Report

July 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Life of Fund A
Fidelity® OTC K6 Portfolio	22.03%	18.20%

A From June 13, 2019

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® OTC K6 Portfolio, on June 13, 2019, when the fund started.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Christopher Lin:

For the fiscal year ending July 31, 2023, the fund gained 22.03%, versus 16.82% for the benchmark NASDAQ Composite Index. The biggest contributor to performance versus the benchmark was security selection in the communication services sector. Stock picks and an underweight in consumer discretionary and health care also boosted the portfolio's relative result. The top individual relative contributor was an overweight in Meta Platforms (+101%), one of our largest holdings. A non-benchmark stake in Twitter, which was not held at period end, gained 30% and also added value compared with the benchmark. An underweight in Tesla (-10%), where we decreased our investment this period, further added relative value. In contrast, the primary detractor from performance versus the benchmark was stock selection in information technology. The biggest individual relative detractor was an underweight in Nvidia (+157%), though it was still among our largest holdings. Not owning Broadcom, a benchmark component that gained 73%, further detracted. Outsized exposure to Charter Communications (-6%) proved detrimental as well. Notable changes in positioning include lower allocations to the health care and consumer staples sectors.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Apple, Inc.	13.6
Microsoft Corp.	11.7
Amazon.com, Inc.	7.9
Alphabet, Inc. Class A	6.5
Meta Platforms, Inc. Class A	4.6
NVIDIA Corp.	4.6
Alphabet, Inc. Class C	3.3
Marvell Technology, Inc.	2.6
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2.5
Comcast Corp. Class A	1.9
	59.2

Market Sectors (% of Fund's net assets)

Information Technology	44.0
Communication Services	20.7
Consumer Discretionary	14.1
Health Care	5.8
Energy	5.4
Consumer Staples	4.0
Financials	3.7
Industrials	1.7
Real Estate	0.0

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares	Value ($)
COMMUNICATION SERVICES - 20.4%
Diversified Telecommunication Services - 0.0%
Starry Group Holdings, Inc. Class A (a)(b)	1,498	0
Entertainment - 1.9%
Activision Blizzard, Inc.	53,247	4,939,192
Electronic Arts, Inc.	176	23,998
NetEase, Inc. ADR	1,159	126,030
Netflix, Inc. (a)	77,616	34,071,096
Take-Two Interactive Software, Inc. (a)	1,611	246,386
		39,406,702
Interactive Media & Services - 15.0%
Alphabet, Inc.:
Class A (a)	1,040,595	138,107,768
Class C (a)	522,958	69,610,939
Epic Games, Inc. (a)(c)(d)	5,200	3,631,316
Match Group, Inc. (a)	20,138	936,618
Meta Platforms, Inc. Class A (a)	305,549	97,347,911
Snap, Inc. Class A (a)	100,600	1,142,816
Tencent Holdings Ltd. sponsored ADR (b)	76,507	3,514,732
Vimeo, Inc. (a)	24,964	102,852
Yandex NV Series A (a)(b)(d)	253,404	3,040,848
		317,435,800
Media - 3.4%
Charter Communications, Inc. Class A (a)	80,134	32,469,495
Comcast Corp. Class A	879,044	39,785,531
		72,255,026
Wireless Telecommunication Services - 0.1%
T-Mobile U.S., Inc. (a)	7,500	1,033,275
TOTAL COMMUNICATION SERVICES		430,130,803
CONSUMER DISCRETIONARY - 14.0%
Automobiles - 0.1%
Rivian Automotive, Inc. (a)	1,247	34,467
Tesla, Inc. (a)	7,667	2,050,386
		2,084,853
Broadline Retail - 8.0%
Alibaba Group Holding Ltd. sponsored ADR (a)	522	53,328
Amazon.com, Inc. (a)	1,241,959	166,025,079
ContextLogic, Inc. (a)(b)	565	5,368
Etsy, Inc. (a)	11,427	1,161,555
Global-e Online Ltd. (a)	20,061	903,748
JD.com, Inc. Class A	739	15,300
		168,164,378
Hotels, Restaurants & Leisure - 0.9%
Airbnb, Inc. Class A (a)	1,530	232,851
Churchill Downs, Inc.	111,846	12,957,359
Domino's Pizza, Inc.	2,321	920,834
Hilton Worldwide Holdings, Inc.	6,300	979,587
Marriott International, Inc. Class A	4,094	826,210
Meituan Class B (a)(e)	66,013	1,260,196
Vail Resorts, Inc.	1,653	389,265
Wynn Resorts Ltd.	9,478	1,032,912
Zomato Ltd. (a)	368,500	376,834
		18,976,048
Specialty Retail - 2.7%
Five Below, Inc. (a)	76,086	15,851,757
Lowe's Companies, Inc.	78,359	18,357,163
Ross Stores, Inc.	194,272	22,271,342
thredUP, Inc. (a)	7,523	26,481
TJX Companies, Inc.	16,251	1,406,199
		57,912,942
Textiles, Apparel & Luxury Goods - 2.3%
Figs, Inc. Class A (a)	3,944	29,028
Kontoor Brands, Inc.	476	20,163
lululemon athletica, Inc. (a)	71,996	27,252,646
LVMH Moet Hennessy Louis Vuitton SE	22,043	20,472,832
NIKE, Inc. Class B	13,406	1,479,888
		49,254,557
TOTAL CONSUMER DISCRETIONARY		296,392,778
CONSUMER STAPLES - 4.0%
Beverages - 2.5%
Diageo PLC	225,520	9,842,210
Keurig Dr. Pepper, Inc.	587,557	19,982,814
Monster Beverage Corp.	400,422	23,020,261
		52,845,285
Consumer Staples Distribution & Retail - 0.5%
Costco Wholesale Corp.	10,292	5,770,416
Dollar Tree, Inc. (a)	23,767	3,667,961
		9,438,377
Food Products - 1.0%
Mondelez International, Inc.	284,664	21,102,142
Personal Care Products - 0.0%
The Honest Co., Inc. (a)	1,176	1,776
TOTAL CONSUMER STAPLES		83,387,580
ENERGY - 5.4%
Energy Equipment & Services - 1.6%
Halliburton Co.	255,506	9,985,174
Schlumberger Ltd.	372,880	21,753,819
TGS ASA ADR	196,736	2,622,487
		34,361,480
Oil, Gas & Consumable Fuels - 3.8%
Cenovus Energy, Inc. (Canada)	12,509	237,914
Diamondback Energy, Inc.	85,554	12,603,815
EOG Resources, Inc.	1,000	132,530
Exxon Mobil Corp.	115,100	12,343,324
Hess Corp.	89,122	13,522,481
Reliance Industries Ltd.	1,048,713	32,507,680
Reliance Industries Ltd. GDR (e)	149,324	9,332,750
		80,680,494
TOTAL ENERGY		115,041,974
FINANCIALS - 3.3%
Banks - 1.7%
Bank of America Corp.	161,501	5,168,032
Fifth Third Bancorp	248,058	7,218,488
Huntington Bancshares, Inc.	1,098,722	13,448,357
M&T Bank Corp.	7,700	1,076,922
U.S. Bancorp	75,600	2,999,808
Wells Fargo & Co.	128,942	5,951,963
Wintrust Financial Corp.	3,087	260,419
		36,123,989
Capital Markets - 0.0%
S&P Global, Inc.	149	58,782
Financial Services - 1.6%
Jio Financial Services Ltd. (d)	1,048,713	3,339,075
MasterCard, Inc. Class A	71,353	28,133,061
PayPal Holdings, Inc. (a)	13,683	1,037,445
		32,509,581
TOTAL FINANCIALS		68,692,352
HEALTH CARE - 5.8%
Biotechnology - 2.3%
Alnylam Pharmaceuticals, Inc. (a)	96,286	18,814,284
Amgen, Inc.	41,974	9,828,212
Arcutis Biotherapeutics, Inc. (a)	71,603	781,189
Ascendis Pharma A/S sponsored ADR (a)	22,142	1,996,101
GenSight Biologics SA (a)	16,039	12,080
Ionis Pharmaceuticals, Inc. (a)	2,430	100,675
Regeneron Pharmaceuticals, Inc. (a)	8,021	5,950,860
Trevena, Inc. (a)(b)	1,349	1,336
Vertex Pharmaceuticals, Inc. (a)	33,289	11,729,046
		49,213,783
Health Care Equipment & Supplies - 1.1%
DexCom, Inc. (a)	49,979	6,225,384
Insulet Corp. (a)	62,373	17,261,728
Neuronetics, Inc. (a)	2,922	5,756
Outset Medical, Inc. (a)	3,171	65,259
Pulmonx Corp. (a)	2,888	40,432
Tandem Diabetes Care, Inc. (a)	15,281	533,613
		24,132,172
Health Care Providers & Services - 0.9%
agilon health, Inc. (a)	37,745	722,817
Cigna Group	6,363	1,877,721
Guardant Health, Inc. (a)	174,989	6,828,071
Humana, Inc.	21,408	9,779,817
		19,208,426
Health Care Technology - 0.0%
Certara, Inc. (a)	21,121	411,226
Life Sciences Tools & Services - 1.0%
10X Genomics, Inc. (a)	25,281	1,592,197
Bruker Corp.	206,708	14,204,974
Danaher Corp.	4,000	1,020,240
Illumina, Inc. (a)	3,166	608,347
Olink Holding AB ADR (a)	89,287	1,696,453
Seer, Inc. (a)	38,113	192,852
Thermo Fisher Scientific, Inc.	1,800	987,588
		20,302,651
Pharmaceuticals - 0.5%
AstraZeneca PLC sponsored ADR	141,232	10,126,334
Elanco Animal Health, Inc. (a)	6,694	80,797
TherapeuticsMD, Inc. (a)(b)	519	2,107
		10,209,238
TOTAL HEALTH CARE		123,477,496
INDUSTRIALS - 1.7%
Electrical Equipment - 0.2%
Vertiv Holdings Co.	188,300	4,897,683
Ground Transportation - 0.4%
Canadian Pacific Kansas City Ltd.	11,831	973,573
CSX Corp.	26,687	889,211
Uber Technologies, Inc. (a)	110,500	5,465,330
		7,328,114
Passenger Airlines - 0.0%
Wheels Up Experience, Inc. Class A (a)(b)	7,082	16,784
Professional Services - 1.1%
Verisk Analytics, Inc.	100,953	23,112,180
TOTAL INDUSTRIALS		35,354,761
INFORMATION TECHNOLOGY - 44.0%
Communications Equipment - 0.4%
Cisco Systems, Inc.	147,143	7,657,322
IT Services - 0.8%
EPAM Systems, Inc. (a)	3,000	710,430
Gartner, Inc. (a)	31,423	11,110,859
MongoDB, Inc. Class A (a)	8,252	3,493,897
Twilio, Inc. Class A (a)	133	8,782
X Holdings Corp. Class A (d)	57,830	2,418,451
		17,742,419
Semiconductors & Semiconductor Equipment - 13.8%
Advanced Micro Devices, Inc. (a)	15,045	1,721,148
Analog Devices, Inc.	18,273	3,646,012
Applied Materials, Inc.	122,523	18,573,262
ASML Holding NV (depository receipt)	45,296	32,450,507
Lam Research Corp.	24,086	17,305,550
Marvell Technology, Inc.	852,419	55,518,049
NVIDIA Corp.	205,463	96,010,805
NXP Semiconductors NV	50,032	11,156,135
Skyworks Solutions, Inc.	8,215	939,550
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	528,043	52,355,463
Texas Instruments, Inc.	12,058	2,170,440
		291,846,921
Software - 14.5%
Adobe, Inc. (a)	11,379	6,214,868
ANSYS, Inc. (a)	4,642	1,588,028
Autodesk, Inc. (a)	20,286	4,300,429
Cadence Design Systems, Inc. (a)	78,616	18,396,930
Dropbox, Inc. Class A (a)	19,130	515,554
Dynatrace, Inc. (a)	3,034	165,929
Elastic NV (a)	43,594	2,896,821
Intuit, Inc.	25,715	13,158,366
Microsoft Corp.	733,086	246,258,249
Roper Technologies, Inc.	8,700	4,289,535
Salesforce, Inc. (a)	645	145,131
Stripe, Inc. Class B (a)(c)(d)	7,800	157,014
Synopsys, Inc. (a)	14,462	6,533,932
Workday, Inc. Class A (a)	6,345	1,504,590
		306,125,376
Technology Hardware, Storage & Peripherals - 14.5%
Apple, Inc.	1,466,100	288,015,345
Samsung Electronics Co. Ltd.	314,170	17,162,654
Western Digital Corp. (a)	22,977	977,901
		306,155,900
TOTAL INFORMATION TECHNOLOGY		929,527,938
REAL ESTATE - 0.0%
Equity Real Estate Investment Trusts (REITs) - 0.0%
Equinix, Inc.	783	634,167
TOTAL COMMON STOCKS (Cost $1,495,780,091)		2,082,639,849

Preferred Stocks - 0.5%
	Shares	Value ($)
Convertible Preferred Stocks - 0.3%
COMMUNICATION SERVICES - 0.3%
Interactive Media & Services - 0.3%
ByteDance Ltd. Series E1 (a)(c)(d)	6,135	1,470,866
Reddit, Inc.:
Series E(a)(c)(d)	2,900	102,863
Series F(a)(c)(d)	108,712	3,856,015
		5,429,744
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Discord, Inc. Series I (a)(c)(d)	300	97,083

FINANCIALS - 0.0%
Financial Services - 0.0%
Circle Internet Financial Ltd. Series F (a)(c)(d)	33,481	753,657

INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
Stripe, Inc. Series H (a)(c)(d)	24,206	487,267
Tenstorrent, Inc. Series C1 (a)(c)(d)	3,400	209,882
		697,149
TOTAL CONVERTIBLE PREFERRED STOCKS		6,977,633
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Waymo LLC:
Series A2(a)(c)(d)	2,467	133,440
Series B2(a)(c)(d)	15,200	856,824
		990,264
FINANCIALS - 0.1%
Financial Services - 0.1%
Circle Internet Financial Ltd. Series E (a)(c)(d)	108,317	2,438,216

TOTAL NONCONVERTIBLE PREFERRED STOCKS		3,428,480
TOTAL PREFERRED STOCKS (Cost $13,626,701)		10,406,113

Convertible Bonds - 0.3%
	Principal Amount (f)	Value ($)
FINANCIALS - 0.3%
Capital Markets - 0.3%
Coinbase Global, Inc. 0.5% 6/1/26 (Cost $5,757,603)	7,665,938	5,867,631

Preferred Securities - 0.0%
	Principal Amount (f)	Value ($)
INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
Tenstorrent, Inc. 0% (c)(d)(g) (Cost $190,000)	190,000	197,220

Money Market Funds - 0.9%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (h)	13,188,092	13,190,730
Fidelity Securities Lending Cash Central Fund 5.32% (h)(i)	6,208,148	6,208,769
TOTAL MONEY MARKET FUNDS (Cost $19,399,499)		19,399,499

TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $1,534,753,894)	2,118,510,312
NET OTHER ASSETS (LIABILITIES) - (0.3)%	(7,338,425)
NET ASSETS - 100.0%	2,111,171,887

Legend

(a)	Non-income producing

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

(c)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,391,663 or 0.7% of net assets.

(d)	Level 3 security

(e)

(f)	Amount is stated in United States dollars unless otherwise noted.

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

(h)

(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 ($)
ByteDance Ltd. Series E1	11/18/20	672,238

Circle Internet Financial Ltd. Series E	5/11/21	1,758,000

Circle Internet Financial Ltd. Series F	5/09/22	1,410,889

Discord, Inc. Series I	9/15/21	165,187

Epic Games, Inc.	7/13/20 - 3/29/21	4,292,000

Reddit, Inc. Series E	5/18/21	123,175

Reddit, Inc. Series F	8/11/21	6,717,793

Stripe, Inc. Class B	5/18/21	313,001

Stripe, Inc. Series H	3/15/21 - 5/25/23	971,266

Tenstorrent, Inc. Series C1	4/23/21	202,145

Tenstorrent, Inc. 0%	4/23/21	190,000

Waymo LLC Series A2	5/08/20	211,834

Waymo LLC Series B2	6/11/21	1,394,174

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	25,867,719	236,294,834	248,971,823	437,664	-	-	13,190,730	0.0%
Fidelity Securities Lending Cash Central Fund 5.32%	24,755,878	148,333,746	166,880,855	393,519	-	-	6,208,769	0.0%
Total	50,623,597	384,628,580	415,852,678	831,183	-	-	19,399,499

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	435,560,547	423,458,639	-	12,101,908
Consumer Discretionary	297,480,125	274,644,450	21,748,328	1,087,347
Consumer Staples	83,387,580	73,545,370	9,842,210	-
Energy	115,041,974	115,041,974	-	-
Financials	71,884,225	65,353,277	-	6,530,948
Health Care	123,477,496	123,477,496	-	-
Industrials	35,354,761	35,354,761	-	-
Information Technology	930,225,087	926,952,473	-	3,272,614
Real Estate	634,167	634,167	-	-

Corporate Bonds	5,867,631	-	5,867,631	-

Preferred Securities	197,220	-	-	197,220

Money Market Funds	19,399,499	19,399,499	-	-
Total Investments in Securities:	2,118,510,312	2,057,862,106	37,458,169	23,190,037

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


Investments in Securities:
Beginning Balance	$	13,213,584
Net Realized Gain (Loss) on Investment Securities		101,575
Net Unrealized Gain (Loss) on Investment Securities		(5,399,055)
Cost of Purchases		2,985,622
Proceeds of Sales		(325,654)
Amortization/Accretion		-
Transfers into Level 3		12,613,965
Transfers out of Level 3		-
Ending Balance	$	23,190,037
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	(5,399,055)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements

Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $5,231,563) - See accompanying schedule:
Unaffiliated issuers (cost $1,515,354,395)	$	2,099,110,813
Fidelity Central Funds (cost $19,399,499)		19,399,499


Total Investment in Securities (cost $1,534,753,894)			$	2,118,510,312
Cash				1,450
Receivable for investments sold				3,293,411
Receivable for fund shares sold				1,728,928
Dividends receivable				243,496
Interest receivable				6,389
Distributions receivable from Fidelity Central Funds				96,711
Total assets				2,123,880,697
Liabilities
Payable for investments purchased	$	4,046,474
Payable for fund shares redeemed		787,279
Accrued management fee		859,173
Deferred taxes		806,834
Collateral on securities loaned		6,209,050
Total Liabilities				12,708,810
Net Assets			$	2,111,171,887
Net Assets consist of:
Paid in capital			$	1,687,555,373
Total accumulated earnings (loss)				423,616,514
Net Assets			$	2,111,171,887
Net Asset Value, offering price and redemption price per share ($2,111,171,887 ÷ 110,742,248 shares)			$	19.06

Statement of Operations
				Year ended July 31, 2023
Investment Income
Dividends			$	13,258,241
Interest				546,688
Income from Fidelity Central Funds (including $393,519 from security lending)				831,183
Total Income				14,636,112
Expenses
Management fee	$	8,651,891
Independent trustees' fees and expenses		9,039
Interest		6,323
Total expenses before reductions		8,667,253
Expense reductions		(2,620)
Total expenses after reductions				8,664,633
Net Investment income (loss)				5,971,479
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $554,707)		(72,972,427)
Redemptions in-kind		71,430,269
Foreign currency transactions		90,161
Total net realized gain (loss)				(1,451,997)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers(net of increase in deferred foreign taxes of $366,487)		373,907,375
Unfunded commitments		182,425
Assets and liabilities in foreign currencies		(97,176)
Total change in net unrealized appreciation (depreciation)				373,992,624
Net gain (loss)				372,540,627
Net increase (decrease) in net assets resulting from operations			$	378,512,106

Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,971,479	$	(1,238,319)
Net realized gain (loss)		(1,451,997)		(64,095,382)
Change in net unrealized appreciation (depreciation)		373,992,624		(428,382,919)
Net increase (decrease) in net assets resulting from operations		378,512,106		(493,716,620)
Distributions to shareholders		(1,170,775)		(102,430,536)

Share transactions
Proceeds from sales of shares		352,174,249		603,778,476
Reinvestment of distributions		1,170,775		102,430,536
Cost of shares redeemed		(543,863,297)		(816,272,268)

Net increase (decrease) in net assets resulting from share transactions		(190,518,273)		(110,063,256)
Total increase (decrease) in net assets		186,823,058		(706,210,412)

Net Assets
Beginning of period		1,924,348,829		2,630,559,241
End of period	$	2,111,171,887	$	1,924,348,829

Other Information
Shares
Sold		22,429,283		33,021,590
Issued in reinvestment of distributions		76,322		4,958,146
Redeemed		(34,918,758)		(44,040,760)
Net increase (decrease)		(12,413,153)		(6,061,024)

Fidelity® OTC K6 Portfolio

Years ended July 31,		2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	15.63	$	20.36	$	14.29	$	10.50	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.05		(.01)		(.01)		.02		- D
Net realized and unrealized gain (loss)		3.39		(3.93)		6.15		3.81		.50
Total from investment operations		3.44		(3.94)		6.14		3.83		.50
Distributions from net investment income		(.01)		-		(.01)		(.01)		-
Distributions from net realized gain		-		(.79)		(.06)		(.02)		-
Total distributions		(.01)		(.79)		(.07)		(.04) E		-
Net asset value, end of period	$	19.06	$	15.63	$	20.36	$	14.29	$	10.50
Total Return F,G		22.03%		(20.27)%		43.11%		36.54%		5.00%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.50%		.50%		.50%		.50%		.50% J
Expenses net of fee waivers, if any		.50%		.50%		.50%		.50%		.50% J
Expenses net of all reductions		.50%		.50%		.50%		.49%		.50% J
Net investment income (loss)		.34%		(.05)%		(.05)%		.16%		.08% J
Supplemental Data
Net assets, end of period (000 omitted)	$	2,111,172	$	1,924,349	$	2,630,559	$	1,026,111	$	1,050
Portfolio turnover rate K		20% L		39% L		36% L		102% L		5% M

AFor the period June 13, 2019 (commencement of operations) through July 31, 2019.

BCalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

ETotal distributions per share do not sum due to rounding.

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

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

JAnnualized.

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

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

MAmount not annualized.

Notes to Financial Statements

For the period ended July 31, 2023

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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$22,992,817	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	13.8	Increase
			Enterprise value/Revenue multiple (EV/R)	3.2 - 20.0 / 6.6	Increase
		Market approach	Transaction price	$59.45 - $91.72 / $86.08	Increase
			Discount rate	20.0% - 40.0% / 24.9%	Decrease
			Parity price	$3.18	Increase
			Premium rate	20.0%	Increase
		Black scholes	Discount rate	4.1% - 4.7% / 4.2%	Increase
			Volatility	70.0% - 80.0% / 78.3%	Increase
			Term	2.0 - 5.0 / 4.5	Increase
Preferred Securities	$197,220	Market approach	Transaction price	$59.45	Increase
			Premium rate	20.0%	Increase
		Black scholes	Discount rate	4.7%	Increase
			Volatility	70.0%	Increase
			Term	2.0	Increase

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, redemptions in-kind, 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	$632,367,052
Gross unrealized depreciation	(68,438,932)
Net unrealized appreciation (depreciation)	$563,928,120
Tax Cost	$1,554,582,192

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

Undistributed tax-exempt income	$-
Undistributed ordinary income	$3,674,066
Capital loss carryforward	$(143,181,674)
Net unrealized appreciation (depreciation) on securities and other investments	$563,930,955

Short-term	$(134,247,833)
Long-term	(8,933,841)
Total capital loss carryforward	$(143,181,674)

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$1,170,775	$ 38,446,292
Long-term Capital Gains	-	63,984,244
Total	$1,170,775	$ 102,430,536

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity OTC K6 Portfolio	344,337,384	404,954,616

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity OTC K6 Portfolio	13,676,855	71,430,269	211,033,879

Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

	Shares	Total Proceeds ($)
Fidelity OTC K6 Portfolio	5,832,617	89,538,335

Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

	Shares	Total Proceeds ($)
Fidelity OTC K6 Portfolio	8,003,342	144,799,277

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.

	Amount
Fidelity OTC K6 Portfolio	$6,142

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity OTC K6 Portfolio	Borrower	$5,633,111	4.44%	$6,259

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity OTC K6 Portfolio	23,862,545	22,903,965	(3,405,887)

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity OTC K6 Portfolio	$42,365	$18	$-

8. Bank Borrowings.

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity OTC K6 Portfolio	$646,000	3.58%	$64

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,620.

10. Other.

11. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and the Shareholders of Fidelity OTC K6 Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity OTC K6 Portfolio (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from June 13, 2019 (commencement of operations) through July 31, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from June 13, 2019 (commencement of operations) through July 31, 2019, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 14, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023

Fidelity® OTC K6 Portfolio	.50%
Actual		$ 1,000	$ 1,238.50	$ 2.78
Hypothetical-B		$ 1,000	$ 1,022.32	$ 2.51

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

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

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

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity OTC K6 Portfolio

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

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 the resources devoted to expansion of Fidelity's global investment organization and 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.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

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

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

1.9893897.104

OTC-K6-ANN-0923

Fidelity® Series Blue Chip Growth Fund

Annual Report

July 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

Proxy Voting Results

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Life of Fund A
Fidelity® Series Blue Chip Growth Fund	26.84%	17.57%	17.11%

A From November 7, 2013

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Series Blue Chip Growth Fund, on November 7, 2013, when the fund started.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Sonu Kalra:

For the fiscal year ending July 31, 2023, the fund gained 26.84%, versus 17.31% for the benchmark Russell 1000 Growth Index. Relative to the benchmark, security selection was the primary contributor, led by the information technology sector. Stock selection and an overweight in communication services also boosted relative performance, as did picks in consumer discretionary. The top individual relative contributor was an overweight in Nvidia (+159%). Nvidia was the fund's largest holding at period end. The second-largest relative contributor was an overweight in Meta Platforms (+100%), also among our largest holdings. An overweight in Uber Technologies (+111%) - another of the fund's biggest positions - also helped. In contrast, the primary detractor from performance versus the benchmark was a notable overweight in consumer discretionary. Also, more modestly, hurting our result were an underweight in information technology and an overweight in energy. The biggest individual relative detractor this period was avoiding Broadcom, a benchmark component that gained 73%. A stake in Tesla returned -10% and was a second notable relative detractor. Tesla was among the fund's top-10 holdings as of July 31. A non-benchmark stake in Penn Entertainment returned -24% and also hurt. Notable changes in positioning during the period include increased exposure to the communication services and industrials sectors.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

NVIDIA Corp.	10.0
Apple, Inc.	9.6
Microsoft Corp.	8.7
Amazon.com, Inc.	7.6
Alphabet, Inc. Class A	5.8
Meta Platforms, Inc. Class A	4.5
Marvell Technology, Inc.	4.0
lululemon athletica, Inc.	2.4
Uber Technologies, Inc.	2.4
Tesla, Inc.	2.1
	57.1

Market Sectors (% of Fund's net assets)

Information Technology	41.1
Consumer Discretionary	22.7
Communication Services	14.6
Health Care	8.3
Industrials	5.2
Energy	2.6
Consumer Staples	2.4
Financials	2.2
Materials	0.6
Real Estate	0.2
Utilities	0.0

Asset Allocation (% of Fund's net assets)

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares	Value ($)
COMMUNICATION SERVICES - 14.4%
Entertainment - 2.3%
Netflix, Inc. (a)	393,024	172,525,745
Sea Ltd. ADR (a)	328,575	21,856,809
Take-Two Interactive Software, Inc. (a)	23,100	3,532,914
Universal Music Group NV	348,176	8,930,680
		206,846,148
Interactive Media & Services - 12.0%
Alphabet, Inc. Class A (a)	3,840,460	509,705,851
Baidu, Inc. sponsored ADR (a)	18,500	2,885,815
Epic Games, Inc. (a)(b)(c)	1,076	751,403
Meta Platforms, Inc. Class A (a)	1,243,810	396,277,866
Snap, Inc. Class A (a)	13,441,466	152,695,054
		1,062,315,989
Wireless Telecommunication Services - 0.1%
Rogers Communications, Inc. Class B (non-vtg.)	17,500	766,276
T-Mobile U.S., Inc. (a)	38,300	5,276,591
		6,042,867
TOTAL COMMUNICATION SERVICES		1,275,205,004
CONSUMER DISCRETIONARY - 22.6%
Automobile Components - 0.1%
Aptiv PLC (a)	49,100	5,375,959
Automobiles - 2.4%
Li Auto, Inc. ADR (a)	51,900	2,221,320
Neutron Holdings, Inc. (a)(b)(c)	691,699	17,707
Rad Power Bikes, Inc. (a)(b)(c)	110,210	94,781
Rivian Automotive, Inc. (a)(d)	1,072,395	29,640,998
Tesla, Inc. (a)	685,305	183,271,116
		215,245,922
Broadline Retail - 8.1%
Alibaba Group Holding Ltd. sponsored ADR (a)	273,300	27,920,328
Amazon.com, Inc. (a)	5,014,700	670,365,096
Dollarama, Inc.	32,700	2,153,962
MercadoLibre, Inc. (a)	2,200	2,723,710
Ollie's Bargain Outlet Holdings, Inc. (a)	120,500	8,782,040
PDD Holdings, Inc. ADR (a)	74,000	6,646,680
		718,591,816
Diversified Consumer Services - 0.1%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	134,622	7,556,333
Hotels, Restaurants & Leisure - 3.1%
Airbnb, Inc. Class A (a)	509,300	77,510,367
Booking Holdings, Inc. (a)	300	891,240
Caesars Entertainment, Inc. (a)	660,347	38,973,680
Chipotle Mexican Grill, Inc. (a)	3,142	6,165,484
Deliveroo PLC Class A (a)(e)	400,600	675,541
Draftkings Holdings, Inc. (a)	122,000	3,877,160
Flutter Entertainment PLC (a)	34,400	6,847,237
Hilton Worldwide Holdings, Inc.	114,000	17,725,860
Light & Wonder, Inc. Class A (a)	23,400	1,645,020
Marriott International, Inc. Class A	194,700	39,292,407
McDonald's Corp.	25,400	7,447,280
Penn Entertainment, Inc. (a)	714,243	18,777,448
Restaurant Brands International, Inc.	62,300	4,769,412
Starbucks Corp.	187,900	19,085,003
Sweetgreen, Inc. Class A (a)	1,168,526	17,609,687
Trip.com Group Ltd. ADR (a)	149,300	6,127,272
Yum China Holdings, Inc.	61,200	3,734,424
Yum! Brands, Inc.	20,700	2,849,769
		274,004,291
Household Durables - 0.0%
Sony Group Corp. sponsored ADR	18,600	1,740,960
Leisure Products - 0.0%
Peloton Interactive, Inc. Class A (a)	420,600	4,084,026
Specialty Retail - 4.2%
Abercrombie & Fitch Co. Class A (a)	209,600	8,302,256
American Eagle Outfitters, Inc.	1,884,686	26,479,838
Aritzia, Inc. (a)	124,900	2,376,477
Bath & Body Works, Inc.	106,700	3,954,302
Fanatics, Inc. Class A (a)(b)(c)	159,285	12,484,758
Fast Retailing Co. Ltd.	4,200	1,049,815
Five Below, Inc. (a)	139,484	29,060,097
Floor & Decor Holdings, Inc. Class A (a)(d)	8,500	976,225
Foot Locker, Inc.	148,400	3,987,508
FSN E-Commerce Ventures Private Ltd.	774,160	1,354,592
Lowe's Companies, Inc.	593,606	139,064,078
Overstock.com, Inc. (a)	58,500	2,133,495
RH (a)	129,104	50,114,300
TJX Companies, Inc.	500,300	43,290,959
Victoria's Secret & Co. (a)	135,627	2,778,997
Warby Parker, Inc. (a)	937,179	14,001,454
Wayfair LLC Class A (a)	259,820	20,232,183
Williams-Sonoma, Inc.	42,200	5,850,608
		367,491,942
Textiles, Apparel & Luxury Goods - 4.6%
Compagnie Financiere Richemont SA Series A	35,830	5,769,809
Crocs, Inc. (a)	138,284	14,983,071
Deckers Outdoor Corp. (a)	91,816	49,919,441
Hermes International SCA	4,101	9,092,498
lululemon athletica, Inc. (a)	561,774	212,648,312
LVMH Moet Hennessy Louis Vuitton SE	25,061	23,275,853
NIKE, Inc. Class B	600,213	66,257,513
On Holding AG (a)	288,600	10,389,600
PVH Corp.	72,900	6,534,756
Ralph Lauren Corp.	23,700	3,112,521
Tory Burch LLC (a)(b)(c)(f)	106,817	3,252,578
VF Corp.	272,000	5,388,320
		410,624,272
TOTAL CONSUMER DISCRETIONARY		2,004,715,521
CONSUMER STAPLES - 2.3%
Beverages - 1.2%
Boston Beer Co., Inc. Class A (a)	26,100	9,694,584
Celsius Holdings, Inc. (a)(d)	585,515	84,724,021
Constellation Brands, Inc. Class A (sub. vtg.)	14,200	3,873,760
PepsiCo, Inc.	44,300	8,304,478
		106,596,843
Consumer Staples Distribution & Retail - 1.0%
BJ's Wholesale Club Holdings, Inc. (a)	29,700	1,969,407
Costco Wholesale Corp.	1,300	728,871
Dollar Tree, Inc. (a)	368,500	56,870,605
Target Corp.	83,100	11,340,657
Walmart, Inc.	113,300	18,112,138
		89,021,678
Food Products - 0.0%
Patanjali Foods Ltd.	198,700	3,215,828
Sovos Brands, Inc. (a)	10,900	194,020
The Real Good Food Co., Inc. (a)	5,400	22,680
		3,432,528
Household Products - 0.1%
Procter & Gamble Co.	34,700	5,423,610
Personal Care Products - 0.0%
Estee Lauder Companies, Inc. Class A	8,300	1,494,000
Oddity Tech Ltd.	13,500	719,415
		2,213,415
Tobacco - 0.0%
JUUL Labs, Inc. Class B (a)(b)(c)	2,450	17,836
TOTAL CONSUMER STAPLES		206,705,910
ENERGY - 2.6%
Oil, Gas & Consumable Fuels - 2.6%
Antero Resources Corp. (a)	227,800	6,093,650
Cenovus Energy, Inc. (Canada)	26,000	494,506
Cheniere Energy, Inc.	46,400	7,510,304
Denbury, Inc. (a)	130,700	11,489,837
Diamondback Energy, Inc.	167,600	24,690,832
EOG Resources, Inc.	273,600	36,260,208
Exxon Mobil Corp.	194,600	20,868,904
Hess Corp.	335,900	50,966,107
Northern Oil & Gas, Inc.	65,300	2,570,861
Occidental Petroleum Corp.	302,500	19,096,825
Pioneer Natural Resources Co.	97,600	22,025,392
Reliance Industries Ltd.	698,049	21,637,906
Reliance Industries Ltd. GDR (e)	24,800	1,550,000
		225,255,332
FINANCIALS - 2.2%
Capital Markets - 0.0%
Coinbase Global, Inc. (a)	18,000	1,774,980
Consumer Finance - 0.4%
American Express Co.	201,400	34,012,432
Financial Services - 1.8%
Adyen BV (a)(e)	1,100	2,041,617
Ant International Co. Ltd. Class C (a)(b)(c)	1,568,556	2,948,885
Berkshire Hathaway, Inc. Class B (a)	5,300	1,865,388
Block, Inc. Class A (a)	332,800	26,800,384
Jio Financial Services Ltd. (c)	726,649	2,313,631
MasterCard, Inc. Class A	253,500	99,949,980
Visa, Inc. Class A	90,100	21,419,473
		157,339,358
TOTAL FINANCIALS		193,126,770
HEALTH CARE - 8.3%
Biotechnology - 1.3%
Alnylam Pharmaceuticals, Inc. (a)	107,981	21,099,487
Apogee Therapeutics, Inc.	51,300	1,097,820
Argenx SE ADR (a)	17,037	8,594,826
Ascendis Pharma A/S sponsored ADR (a)	145,496	13,116,464
Cibus, Inc. (a)	95,599	1,911,980
CytomX Therapeutics, Inc. (a)(e)	137,854	239,866
Exact Sciences Corp. (a)	37,300	3,638,242
Generation Bio Co. (a)	163,122	828,660
Karuna Therapeutics, Inc. (a)	44,400	8,869,788
Moderna, Inc. (a)	3,700	435,342
Moonlake Immunotherapeutics (a)(d)	81,300	4,943,853
Regeneron Pharmaceuticals, Inc. (a)	34,200	25,373,322
Sagimet Biosciences, Inc. (d)	51,300	818,235
Vertex Pharmaceuticals, Inc. (a)	54,300	19,132,062
Viking Therapeutics, Inc. (a)	103,000	1,493,500
		111,593,447
Health Care Equipment & Supplies - 1.4%
Axonics Modulation Technologies, Inc. (a)	101,120	6,104,614
Blink Health LLC Series A1 (a)(b)(c)	6,283	300,453
Boston Scientific Corp. (a)	385,500	19,988,175
DexCom, Inc. (a)	374,560	46,655,194
Insulet Corp. (a)	72,798	20,146,847
Intuitive Surgical, Inc. (a)	8,000	2,595,200
Penumbra, Inc. (a)	3,100	940,416
Shockwave Medical, Inc. (a)	34,533	8,999,300
Stryker Corp.	53,700	15,219,117
TransMedics Group, Inc. (a)	18,800	1,751,784
Zimmer Biomet Holdings, Inc.	6,400	884,160
		123,585,260
Health Care Providers & Services - 2.3%
agilon health, Inc. (a)	47,000	900,050
Alignment Healthcare, Inc. (a)	145,747	905,089
Guardant Health, Inc. (a)	311,809	12,166,787
Humana, Inc.	45,800	20,922,814
Surgery Partners, Inc. (a)	54,700	2,113,061
UnitedHealth Group, Inc.	330,100	167,152,737
		204,160,538
Health Care Technology - 0.0%
Certara, Inc. (a)	50,700	987,129
MultiPlan Corp. warrants (a)(b)	24,206	363
		987,492
Life Sciences Tools & Services - 0.5%
Danaher Corp.	95,100	24,256,206
ICON PLC (a)	18,600	4,676,226
Olink Holding AB ADR (a)	72,800	1,383,200
Thermo Fisher Scientific, Inc.	32,400	17,776,584
		48,092,216
Pharmaceuticals - 2.8%
Eli Lilly & Co.	331,979	150,901,054
Novo Nordisk A/S:
Series B	28,700	4,627,939
Series B sponsored ADR	178,400	28,740,240
Roche Holding AG (participation certificate)	10,650	3,302,048
Ventyx Biosciences, Inc. (a)	38,600	1,430,130
Zoetis, Inc. Class A	319,479	60,090,805
		249,092,216
TOTAL HEALTH CARE		737,511,169
INDUSTRIALS - 4.6%
Aerospace & Defense - 0.9%
Airbus Group NV	24,100	3,549,930
Howmet Aerospace, Inc.	197,500	10,100,150
L3Harris Technologies, Inc.	26,700	5,059,383
Lockheed Martin Corp.	13,600	6,070,632
Northrop Grumman Corp.	9,600	4,272,000
Space Exploration Technologies Corp.:
Class A (a)(b)(c)	227,030	18,389,430
Class C (a)(b)(c)	6,860	555,660
The Boeing Co. (a)	132,700	31,695,395
TransDigm Group, Inc.	4,500	4,048,740
		83,741,320
Air Freight & Logistics - 0.0%
Delhivery Private Ltd. (a)	294,700	1,430,320
Commercial Services & Supplies - 0.1%
ACV Auctions, Inc. Class A (a)	386,900	6,766,881
Electrical Equipment - 0.1%
Eaton Corp. PLC	30,200	6,200,664
Vertiv Holdings Co.	14,100	366,741
		6,567,405
Ground Transportation - 3.0%
Avis Budget Group, Inc. (a)	25,300	5,573,337
Bird Global, Inc.:
Class A (a)(d)	98,470	244,206
Stage 1 rights (a)(c)	549	5
Stage 2 rights (a)(c)	549	0
Stage 3 rights (a)(c)	549	0
Hertz Global Holdings, Inc. (a)	11,300	190,405
Lyft, Inc. (a)	4,004,389	50,895,784
Uber Technologies, Inc. (a)	4,289,475	212,157,434
		269,061,171
Passenger Airlines - 0.2%
Delta Air Lines, Inc.	138,400	6,402,384
United Airlines Holdings, Inc. (a)	154,300	8,380,033
		14,782,417
Professional Services - 0.2%
Paycom Software, Inc.	37,600	13,865,376
Trading Companies & Distributors - 0.1%
FTAI Aviation Ltd.	298,400	9,611,464
TOTAL INDUSTRIALS		405,826,354
INFORMATION TECHNOLOGY - 40.9%
Communications Equipment - 0.1%
Arista Networks, Inc. (a)	26,500	4,109,885
Electronic Equipment, Instruments & Components - 0.0%
Flex Ltd. (a)	72,200	1,975,392
IT Services - 0.5%
Digitalocean Holdings, Inc. (a)	22,000	1,089,440
MongoDB, Inc. Class A (a)	35,480	15,022,232
Okta, Inc. (a)	248,400	19,092,024
Shopify, Inc. Class A (a)	48,400	3,269,611
Snowflake, Inc. (a)	25,900	4,602,689
		43,075,996
Semiconductors & Semiconductor Equipment - 19.1%
Advanced Micro Devices, Inc. (a)	419,519	47,992,974
AEHR Test Systems (a)	17,400	907,584
ASML Holding NV (depository receipt)	15,900	11,390,919
First Solar, Inc. (a)	4,400	912,560
GlobalFoundries, Inc. (a)	853,560	54,363,236
Impinj, Inc. (a)	44,200	2,944,604
Lattice Semiconductor Corp. (a)	21,800	1,982,492
Marvell Technology, Inc.	5,364,095	349,363,507
Monolithic Power Systems, Inc.	38,800	21,708,212
NVIDIA Corp.	1,887,196	881,867,819
NXP Semiconductors NV	754,835	168,313,108
ON Semiconductor Corp. (a)	690,900	74,444,475
Skyworks Solutions, Inc.	36,700	4,197,379
SolarEdge Technologies, Inc. (a)	16,000	3,863,360
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	394,800	39,144,420
Teradyne, Inc.	263,200	29,725,808
		1,693,122,457
Software - 11.6%
Adobe, Inc. (a)	19,700	10,759,549
Atom Tickets LLC (a)(b)(c)(f)	344,068	3
Bill Holdings, Inc. (a)(d)	137,800	17,271,852
Confluent, Inc. (a)	77,100	2,663,034
Datadog, Inc. Class A (a)	106,800	12,465,696
HubSpot, Inc. (a)	70,292	40,808,021
Intuit, Inc.	54,300	27,785,310
Microsoft Corp.	2,303,600	773,825,312
Oracle Corp.	49,400	5,791,162
Palantir Technologies, Inc. (a)	228,800	4,539,392
Palo Alto Networks, Inc. (a)	3,700	924,852
Salesforce, Inc. (a)	359,270	80,839,343
ServiceNow, Inc. (a)	31,823	18,552,809
Splunk, Inc. (a)	82,800	8,969,724
Stripe, Inc. Class B (a)(b)(c)	19,900	400,587
Tanium, Inc. Class B (a)(b)(c)	151,000	1,162,700
Workday, Inc. Class A (a)	17,400	4,126,062
Zoom Video Communications, Inc. Class A (a)	160,300	11,758,005
		1,022,643,413
Technology Hardware, Storage & Peripherals - 9.6%
Apple, Inc.	4,348,136	854,191,317
TOTAL INFORMATION TECHNOLOGY		3,619,118,460
MATERIALS - 0.6%
Chemicals - 0.1%
Linde PLC	12,900	5,039,643
Metals & Mining - 0.5%
ATI, Inc. (a)	122,000	5,816,960
Carpenter Technology Corp.	100,500	6,015,930
Freeport-McMoRan, Inc.	838,100	37,421,165
		49,254,055
TOTAL MATERIALS		54,293,698
REAL ESTATE - 0.2%
Equity Real Estate Investment Trusts (REITs) - 0.1%
Equinix, Inc.	3,900	3,158,688
Welltower, Inc.	61,600	5,060,440
		8,219,128
Real Estate Management & Development - 0.1%
Zillow Group, Inc. Class C (a)	147,300	7,977,768
TOTAL REAL ESTATE		16,196,896
UTILITIES - 0.0%
Electric Utilities - 0.0%
NextEra Energy, Inc.	35,300	2,587,490
TOTAL COMMON STOCKS (Cost $4,362,879,504)		8,740,542,604

Preferred Stocks - 1.2%
	Shares	Value ($)
Convertible Preferred Stocks - 1.2%
COMMUNICATION SERVICES - 0.2%
Interactive Media & Services - 0.2%
ByteDance Ltd. Series E1 (a)(b)(c)	37,119	8,899,280
Reddit, Inc.:
Series B(a)(b)(c)	129,280	4,585,562
Series E(a)(b)(c)	5,005	177,527
		13,662,369
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.0%
Rad Power Bikes, Inc.:
Series A(a)(b)(c)	14,368	12,356
Series C(a)(b)(c)	56,537	114,205
		126,561
Hotels, Restaurants & Leisure - 0.1%
MOD Super Fast Pizza Holdings LLC:
Series 3(a)(b)(c)(f)	22,518	6,781,526
Series 4(a)(b)(c)(f)	2,055	594,738
Series 5(a)(b)(c)(f)	8,253	2,260,827
		9,637,091
TOTAL CONSUMER DISCRETIONARY		9,763,652

CONSUMER STAPLES - 0.1%
Consumer Staples Distribution & Retail - 0.0%
GoBrands, Inc. Series G (a)(b)(c)	19,600	1,954,316
Instacart, Inc.:
Series H(a)(b)(c)	31,105	1,402,836
Series I(a)(b)(c)	13,960	629,596
		3,986,748
Food Products - 0.0%
AgBiome LLC Series C (a)(b)(c)	266,499	1,348,485

Tobacco - 0.1%
JUUL Labs, Inc.:
Series C(a)(b)(c)	660,029	4,805,011
Series D(a)(b)(c)	5,110	37,201
		4,842,212
TOTAL CONSUMER STAPLES		10,177,445

HEALTH CARE - 0.0%
Biotechnology - 0.0%
Castle Creek Biosciences, Inc. Series D2 (a)(b)(c)	642	120,690

Health Care Equipment & Supplies - 0.0%
Blink Health LLC Series C (a)(b)(c)	27,197	1,300,561

Pharmaceuticals - 0.0%
Castle Creek Pharmaceutical Holdings, Inc. Series B (a)(b)(c)	1,069	210,465

TOTAL HEALTH CARE		1,631,716

INDUSTRIALS - 0.6%
Aerospace & Defense - 0.6%
Space Exploration Technologies Corp.:
Series G(a)(b)(c)	42,650	34,546,500
Series H(a)(b)(c)	6,348	5,141,880
Series N(a)(b)(c)	12,799	10,367,190
		50,055,570
Construction & Engineering - 0.0%
Beta Technologies, Inc. Series A (a)(b)(c)	12,033	1,514,714

TOTAL INDUSTRIALS		51,570,284

INFORMATION TECHNOLOGY - 0.2%
Electronic Equipment, Instruments & Components - 0.0%
Enevate Corp. Series E (a)(b)(c)	1,441,706	879,441

Semiconductors & Semiconductor Equipment - 0.0%
Retym, Inc. Series C (b)(c)	168,905	1,314,081
Xsight Labs Ltd. Series D (a)(b)(c)	140,500	807,875
		2,121,956
Software - 0.2%
Bolt Technology OU Series E (a)(b)(c)	18,160	2,377,262
Databricks, Inc. Series G (a)(b)(c)	51,900	2,641,710
Dataminr, Inc. Series D (a)(b)(c)	115,901	1,723,448
Delphix Corp. Series D (a)(b)(c)	242,876	1,010,364
Moloco, Inc. Series A (b)(c)	19,537	1,172,220
Stripe, Inc.:
Series H(a)(b)(c)	8,700	175,131
Series I(b)(c)	135,124	2,720,046
		11,820,181
Technology Hardware, Storage & Peripherals - 0.0%
Lightmatter, Inc. Series C (b)(c)	77,697	1,272,677

TOTAL INFORMATION TECHNOLOGY		16,094,255

MATERIALS - 0.0%
Metals & Mining - 0.0%
Diamond Foundry, Inc. Series C (a)(b)(c)	125,000	4,155,000

TOTAL CONVERTIBLE PREFERRED STOCKS		107,054,721
Nonconvertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Neutron Holdings, Inc. Series 1C (a)(b)(c)	12,405,800	317,588
Waymo LLC Series A2 (a)(b)(c)	15,200	822,168
		1,139,756
HEALTH CARE - 0.0%
Pharmaceuticals - 0.0%
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(b)(c)	9,636	1,968,731

TOTAL NONCONVERTIBLE PREFERRED STOCKS		3,108,487
TOTAL PREFERRED STOCKS (Cost $62,213,724)		110,163,208

Convertible Bonds - 0.0%
	Principal Amount (g)	Value ($)
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Neutron Holdings, Inc.:
4% 5/22/27 (b)(c)	433,800	447,725
4% 6/12/27 (b)(c)	115,200	118,898
(Cost $549,000)		566,623

Money Market Funds - 1.2%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (h)	5,675,042	5,676,177
Fidelity Securities Lending Cash Central Fund 5.32% (h)(i)	97,194,095	97,203,814
TOTAL MONEY MARKET FUNDS (Cost $102,879,991)		102,879,991

TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $4,528,522,219)	8,954,152,426
NET OTHER ASSETS (LIABILITIES) - (1.1)%	(93,733,339)
NET ASSETS - 100.0%	8,860,419,087

Legend

(a)	Non-income producing

(b)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $151,106,975 or 1.7% of net assets.

(c)	Level 3 security

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

(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,507,024 or 0.1% of net assets.

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

(g)	Amount is stated in United States dollars unless otherwise noted.

(h)

(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 ($)
AgBiome LLC Series C	6/29/18	1,687,925

Ant International Co. Ltd. Class C	5/16/18	5,978,358

Atom Tickets LLC	8/15/17	1,999,998

Beta Technologies, Inc. Series A	4/09/21	881,658

Blink Health LLC Series A1	12/30/20	170,206

Blink Health LLC Series C	11/07/19 - 1/21/21	1,038,273

Bolt Technology OU Series E	1/03/22	4,717,904

ByteDance Ltd. Series E1	11/18/20	4,067,284

Castle Creek Biosciences, Inc. Series D2	6/28/21	110,200

Castle Creek Pharmaceutical Holdings, Inc. Series A4	9/29/16	3,185,523

Castle Creek Pharmaceutical Holdings, Inc. Series B	10/09/18	440,268

Databricks, Inc. Series G	2/01/21	3,068,465

Dataminr, Inc. Series D	3/06/15	1,477,738

Delphix Corp. Series D	7/10/15	2,185,884

Diamond Foundry, Inc. Series C	3/15/21	3,000,000

Enevate Corp. Series E	1/29/21	1,598,398

Epic Games, Inc.	7/30/20	618,700

Fanatics, Inc. Class A	8/13/20	2,754,038

GoBrands, Inc. Series G	3/02/21	4,894,459

Instacart, Inc. Series H	11/13/20	1,866,300

Instacart, Inc. Series I	2/26/21	1,745,000

JUUL Labs, Inc. Class B	11/21/17	0

JUUL Labs, Inc. Series C	5/22/15 - 7/06/18	0

JUUL Labs, Inc. Series D	6/25/18 - 7/06/18	0

Lightmatter, Inc. Series C	5/19/23	1,278,644

MOD Super Fast Pizza Holdings LLC Series 3	11/03/16	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

Moloco, Inc. Series A	6/26/23	1,172,220

MultiPlan Corp. warrants	10/08/20	0

Neutron Holdings, Inc.	2/04/21	6,918

Neutron Holdings, Inc. Series 1C	7/03/18	2,268,276

Neutron Holdings, Inc. 4% 5/22/27	6/04/20	433,800

Neutron Holdings, Inc. 4% 6/12/27	6/12/20	115,200

Rad Power Bikes, Inc.	1/21/21	531,635

Rad Power Bikes, Inc. Series A	1/21/21	69,309

Rad Power Bikes, Inc. Series C	1/21/21	272,725

Reddit, Inc. Series B	7/26/17	1,835,324

Reddit, Inc. Series E	5/18/21	212,583

Retym, Inc. Series C	5/17/23 - 6/20/23	1,314,384

Space Exploration Technologies Corp. Class A	4/06/17 - 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	8/04/17	856,980

Space Exploration Technologies Corp. Series N	8/04/20	3,455,730

Stripe, Inc. Class B	5/18/21	798,555

Stripe, Inc. Series H	3/15/21	349,088

Stripe, Inc. Series I	3/20/23 - 5/12/23	2,720,605

Tanium, Inc. Class B	4/21/17	749,609

Tory Burch LLC	5/14/15	7,600,030

Waymo LLC Series A2	5/08/20	1,305,181

Xsight Labs Ltd. Series D	2/16/21	1,123,438

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	371,709,138	2,062,012,484	2,428,045,445	4,503,739	-	-	5,676,177	0.0%
Fidelity Securities Lending Cash Central Fund 5.32%	80,554,541	824,473,966	807,824,693	269,376	-	-	97,203,814	0.3%
Total	452,263,679	2,886,486,450	3,235,870,138	4,773,115	-	-	102,879,991

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	1,288,867,373	1,265,522,921	8,930,680	14,413,772
Consumer Discretionary	2,015,618,929	1,959,820,035	29,045,662	26,753,232
Consumer Staples	216,883,355	206,688,074	-	10,195,281
Energy	225,255,332	225,255,332	-	-
Financials	193,126,770	185,822,637	2,041,617	5,262,516
Health Care	741,111,616	729,280,366	7,930,350	3,900,900
Industrials	457,396,638	383,331,329	3,549,930	70,515,379
Information Technology	3,635,212,715	3,617,555,170	-	17,657,545
Materials	58,448,698	54,293,698	-	4,155,000
Real Estate	16,196,896	16,196,896	-	-
Utilities	2,587,490	2,587,490	-	-

Corporate Bonds	566,623	-	-	566,623

Money Market Funds	102,879,991	102,879,991	-	-
Total Investments in Securities:	8,954,152,426	8,749,233,939	51,498,239	153,420,248

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


Investments in Securities:
Beginning Balance	$	148,073,446
Net Realized Gain (Loss) on Investment Securities		(357,318)
Net Unrealized Gain (Loss) on Investment Securities		5,460,591
Cost of Purchases		7,317,378
Proceeds of Sales		(3,673,494)
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		(3,400,355)
Ending Balance	$	153,420,248
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	8,360,517
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements

Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $93,896,420) - See accompanying schedule:
Unaffiliated issuers (cost $4,425,642,228)	$	8,851,272,435
Fidelity Central Funds (cost $102,879,991)		102,879,991


Total Investment in Securities (cost $4,528,522,219)			$	8,954,152,426
Restricted cash				68,014
Foreign currency held at value (cost $1,964)				2,056
Receivable for investments sold				209,370,092
Receivable for fund shares sold				235,406
Dividends receivable				1,483,354
Interest receivable				69,297
Distributions receivable from Fidelity Central Funds				43,727
Other receivables				248,815
Total assets				9,165,673,187
Liabilities
Payable for investments purchased	$	12,697,939
Payable for fund shares redeemed		193,690,993
Other payables and accrued expenses		1,672,793
Collateral on securities loaned		97,192,375
Total Liabilities				305,254,100
Commitments and contingent liabilities (see Commitments note)
Net Assets			$	8,860,419,087
Net Assets consist of:
Paid in capital			$	4,674,671,221
Total accumulated earnings (loss)				4,185,747,866
Net Assets			$	8,860,419,087
Net Asset Value, offering price and redemption price per share ($8,860,419,087 ÷ 603,191,395 shares)			$	14.69

Statement of Operations
				Year ended July 31, 2023
Investment Income
Dividends			$	45,654,744
Interest				472,111
Income from Fidelity Central Funds (including $269,376 from security lending)				4,773,115
Total Income				50,899,970
Expenses
Custodian fees and expenses	$	146,775
Independent trustees' fees and expenses		38,018
Interest		182,011
Miscellaneous		812
Total expenses before reductions		367,616
Expense reductions		(3,024)
Total expenses after reductions				364,592
Net Investment income (loss)				50,535,378
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $1,386,302)		(25,093,267)
Foreign currency transactions		307,086
Futures contracts		4,492,981
Total net realized gain (loss)				(20,293,200)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers(net of decrease in deferred foreign taxes of $1,417,365)		2,180,162,694
Unfunded commitments		315,970
Assets and liabilities in foreign currencies		(289,872)
Futures contracts		(4,839,166)
Total change in net unrealized appreciation (depreciation)				2,175,349,626
Net gain (loss)				2,155,056,426
Net increase (decrease) in net assets resulting from operations			$	2,205,591,804

Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	50,535,378	$	27,984,322
Net realized gain (loss)		(20,293,200)		229,153,951
Change in net unrealized appreciation (depreciation)		2,175,349,626		(1,572,176,010)
Net increase (decrease) in net assets resulting from operations		2,205,591,804		(1,315,037,737)
Distributions to shareholders		(244,959,359)		(1,312,935,433)

Share transactions
Proceeds from sales of shares		2,616,003,821		3,773,203,170
Reinvestment of distributions		244,959,359		1,312,935,433
Cost of shares redeemed		(3,086,112,083)		(1,613,105,018)

Net increase (decrease) in net assets resulting from share transactions		(225,148,903)		3,473,033,585
Total increase (decrease) in net assets		1,735,483,542		845,060,415

Net Assets
Beginning of period		7,124,935,545		6,279,875,130
End of period	$	8,860,419,087	$	7,124,935,545

Other Information
Shares
Sold		241,750,189		297,595,283
Issued in reinvestment of distributions		21,469,993		78,714,050
Redeemed		(254,587,125)		(106,486,525)
Net increase (decrease)		8,633,057		269,822,808

Fidelity® Series Blue Chip Growth Fund

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.98	$	19.34	$	19.25	$	15.57	$	15.90
Income from Investment Operations
Net investment income (loss) A,B		.07		.07		.06		.09		.10
Net realized and unrealized gain (loss)		3.03		(3.37)		6.76		5.30		1.58
Total from investment operations		3.10		(3.30)		6.82		5.39		1.68
Distributions from net investment income		(.06)		(.05)		(.10)		(.11)		(.12)
Distributions from net realized gain		(.33)		(4.00)		(6.63)		(1.60)		(1.89)
Total distributions		(.39)		(4.06) C		(6.73)		(1.71)		(2.01)
Net asset value, end of period	$	14.69	$	11.98	$	19.34	$	19.25	$	15.57
Total Return D		26.84%		(22.51)%		46.98%		39.00%		11.85%
Ratios to Average Net Assets B,E,F
Expenses before reductions		-% G		-% G		-% G		-% G		-% G
Expenses net of fee waivers, if any		-% G		-% G		-% G		-% G		-% G
Expenses net of all reductions		-% G		-% G		-% G		-% G		-% G
Net investment income (loss)		.64%		.45%		.31%		.59%		.71%
Supplemental Data
Net assets, end of period (000 omitted)	$	8,860,419	$	7,124,936	$	6,279,875	$	5,789,434	$	5,846,965
Portfolio turnover rate H		38%		48%		53%		52% I		53%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

GAmount represents less than .005%.

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

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

Notes to Financial Statements

For the period ended July 31, 2023

1. Organization.

Fidelity Series Blue Chip Growth Fund (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$152,853,625	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	6.0 - 15.7 / 11.4	Increase
			Enterprise value/Revenue multiple (EV/R)	2.0 - 25.0 / 6.1	Increase
			Enterprise value/Gross profit multiple (EV/GP)	5.8	Increase
			Probability rate	25.0% - 75.0% / 50.0%	Increase
			Liquidity preference	$273.94 - $301.16 / $288.17	Increase
		Recovery value	Recovery value	$0.00 - $0.31 / $0.05	Increase
		Market approach	Transaction price	$1.11 - $215.03 / $120.06	Increase
			Discount rate	35.0% - 45.0% / 40.1%	Decrease
			Parity price	$3.18	Increase
		Book value	Book value multiple	1.7	Increase
		Discounted cash flow	Weighted average cost of capital (WACC)	21.5%	Decrease
			Exit multiple	2.0	Increase
		Black scholes	Discount rate	4.1% - 5.5% / 4.4%	Increase
			Volatility	55.0% - 100.0% / 74.5%	Increase
			Term	0.5 - 5.0 / 3.5	Increase
Corporate Bonds	$566,623	Market comparable	Enterprise value/Revenue multiple (EV/R)	2.5	Increase

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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	$4,586,285,688
Gross unrealized depreciation	(220,027,259)
Net unrealized appreciation (depreciation)	$4,366,258,429
Tax Cost	$4,587,893,997

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

Undistributed ordinary income	$26,653,822
Capital loss carryforward	$(205,565,600)
Net unrealized appreciation (depreciation) on securities and other investments	$4,366,291,744

Short-term	$(205,565,600)
Long-term	(-)
Total capital loss carryforward	$(205,565,600)

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$42,071,482	$ 226,283,391
Long-term Capital Gains	202,887,877	1,086,652,042
Total	$244,959,359	$1,312,935,433

	Investment to be Acquired	Commitment Amount	Unrealized Appreciation (Depreciation)
Fidelity Series Blue Chip Growth Fund	Space Exploration Technologies Corp.	$4,139,100	$ -

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

	$ Amount	% of Net Assets
Fidelity Series Blue Chip Growth Fund	12,957,686	.15

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

4. Derivative Instruments.

Derivatives were used to increase or decrease exposure to the following risk(s):


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

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Series Blue Chip Growth Fund	2,905,627,999	3,226,350,329

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.

	Amount
Fidelity Series Blue Chip Growth Fund	$ 64,718

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Series Blue Chip Growth Fund	Borrower	$ 42,550,233	5.10%	$180,686

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Series Blue Chip Growth Fund	362,837,523	107,477,476	(4,148,239)

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

	Amount ($)
Fidelity Series Blue Chip Growth Fund	20,520

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Series Blue Chip Growth Fund	$28,529	$ 4,554	$2,383,752

9. Bank Borrowings.

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Series Blue Chip Growth Fund	$2,855,000	5.57%	$1,325

10. 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 $3,024.

11. Other.

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.

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Series Blue Chip Growth Fund (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 18, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023

Fidelity® Series Blue Chip Growth Fund	.01%
Actual		$ 1,000	$ 1,309.30	$ .06
Hypothetical-B		$ 1,000	$ 1,024.74	$ .05

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund designates $4,879,228 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 73% and 74% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 80.92% and 82.31% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.19% and 0.03% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Blue Chip Growth 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.

Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

Proxy Voting Results

A special meeting of shareholders was held on April 19, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
Proposal 1
To reclassify the diversification status of the fund from diversified to non-diversified by eliminating the following fundamental policy: The fund may not with respect to 75% of fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or securities of other investment companies) if as a result, (a) more than 5% of fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of outstanding voting securities of issuer.
	# of Votes	% of Votes
Affirmative	8,010,525,819.050	100.000
Against	0.000	0.000
Abstain	0.000	0.000
TOTAL	8,010,525,819.050	100.000

1.967985.109

XS1-ANN-0923

Fidelity® Blue Chip Growth K6 Fund

Annual Report

July 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2023	Past 1 year	Past 5 years	Life of Fund A
Fidelity® Blue Chip Growth K6 Fund	25.55%	16.67%	17.89%

A From May 25, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Growth K6 Fund, on May 25, 2017, when the fund started.

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

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Sonu Kalra:

For the fiscal year ending July 31, 2023, the fund gained 25.55%, versus 17.31% for the benchmark Russell 1000 Growth Index. Relative to the benchmark, security selection was the primary contributor, led by the information technology sector. Stock picking in the communication services and consumer discretionary sectors also boosted the fund's relative performance. The top individual relative contributor was an overweight in Nvidia (+158%). Nvidia was the fund's largest holding. A second notable relative contributor was an overweight in Meta Platforms (+100%), another of the fund's biggest holdings. An overweight in Uber Technologies (+111%), another top-10 fund holding, also helped. In contrast, the primary detractor from performance versus the benchmark was an overweight in consumer discretionary. An underweight in information technology also hampered the fund's result. Not owning Broadcom, a benchmark component that gained 73%, was the biggest individual relative detractor. A second notable relative detractor was our stake in Tesla (-10%), one of our biggest holdings. Our non-benchmark stake in Penn Entertainment (-24%) also hurt. Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to energy.

Investment Summary July 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

NVIDIA Corp.	9.4
Apple, Inc.	8.7
Microsoft Corp.	6.7
Amazon.com, Inc.	6.2
Alphabet, Inc. Class A	5.4
Meta Platforms, Inc. Class A	4.7
Marvell Technology, Inc.	3.6
Uber Technologies, Inc.	2.4
Tesla, Inc.	2.1
Netflix, Inc.	2.0
	51.2

Market Sectors (% of Fund's net assets)

Information Technology	37.1
Consumer Discretionary	20.2
Communication Services	14.3
Health Care	8.5
Industrials	4.7
Energy	2.6
Consumer Staples	2.5
Financials	2.2
Materials	0.7
Real Estate	0.2
Utilities	0.0

Asset Allocation (% of Fund's net assets)

Futures - 4.5%

Schedule of Investments July 31, 2023

Showing Percentage of Net Assets

Common Stocks - 92.1%
	Shares	Value ($)
COMMUNICATION SERVICES - 14.2%
Entertainment - 2.4%
Netflix, Inc. (a)	441,481	193,796,915
Sea Ltd. ADR (a)	463,652	30,842,131
Take-Two Interactive Software, Inc. (a)	20,080	3,071,035
Universal Music Group NV	369,403	9,475,150
		237,185,231
Interactive Media & Services - 11.7%
Alphabet, Inc. Class A (a)	4,038,456	535,983,880
Baidu, Inc. sponsored ADR (a)	19,500	3,041,805
Epic Games, Inc. (a)(b)(c)	607	423,886
Meta Platforms, Inc. Class A (a)	1,443,610	459,934,146
Snap, Inc. Class A (a)	13,970,962	158,710,128
		1,158,093,845
Wireless Telecommunication Services - 0.1%
Rogers Communications, Inc. Class B (non-vtg.)	14,555	637,323
T-Mobile U.S., Inc. (a)	46,166	6,360,290
		6,997,613
TOTAL COMMUNICATION SERVICES		1,402,276,689
CONSUMER DISCRETIONARY - 20.1%
Automobile Components - 0.1%
Aptiv PLC (a)	55,000	6,021,950
Automobiles - 2.5%
Li Auto, Inc. ADR (a)	56,500	2,418,200
Neutron Holdings, Inc. (a)(b)(c)	491,550	12,584
Rad Power Bikes, Inc. (a)(b)(c)	101,681	87,446
Rivian Automotive, Inc. (a)(d)	1,360,024	37,591,063
Tesla, Inc. (a)	767,074	205,138,600
		245,247,893
Broadline Retail - 6.7%
Alibaba Group Holding Ltd. sponsored ADR (a)	314,043	32,082,633
Amazon.com, Inc. (a)	4,571,640	611,136,835
Dollarama, Inc.	34,500	2,272,529
MercadoLibre, Inc. (a)	2,091	2,588,763
Ollie's Bargain Outlet Holdings, Inc. (a)	142,016	10,350,126
PDD Holdings, Inc. ADR (a)	76,700	6,889,194
		665,320,080
Diversified Consumer Services - 0.1%
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	134,754	7,563,742
Hotels, Restaurants & Leisure - 3.1%
Airbnb, Inc. Class A (a)	554,936	84,455,710
Booking Holdings, Inc. (a)	300	891,240
Caesars Entertainment, Inc. (a)	755,206	44,572,258
Chipotle Mexican Grill, Inc. (a)	4,434	8,700,750
Deliveroo PLC Class A (a)(e)	1,288,303	2,172,494
Draftkings Holdings, Inc. (a)	109,191	3,470,090
Flutter Entertainment PLC (a)	32,983	6,565,186
Hilton Worldwide Holdings, Inc.	127,562	19,834,615
Light & Wonder, Inc. Class A (a)	25,300	1,778,590
Marriott International, Inc. Class A	223,671	45,139,045
McDonald's Corp.	26,232	7,691,222
Penn Entertainment, Inc. (a)	819,284	21,538,976
Restaurant Brands International, Inc.	56,679	4,339,093
Sonder Holdings, Inc.:
Stage 1 rights (a)(c)	1,448	43
Stage 2 rights (a)(c)	1,447	29
Stage 3 rights (a)(c)	1,447	14
Stage 4 rights (a)(c)	1,447	14
Stage 5:
rights (a)(c)	1,447	14
rights (a)(c)	1,447	14
Starbucks Corp.	201,849	20,501,803
Sweetgreen, Inc. Class A (a)	1,122,438	16,915,141
Trip.com Group Ltd. ADR (a)	154,339	6,334,073
Yum China Holdings, Inc.	59,477	3,629,287
Yum! Brands, Inc.	18,310	2,520,738
		301,050,439
Household Durables - 0.0%
Sony Group Corp. sponsored ADR	16,248	1,520,813
Leisure Products - 0.0%
Peloton Interactive, Inc. Class A (a)(d)	374,633	3,637,686
Specialty Retail - 4.2%
Abercrombie & Fitch Co. Class A (a)	227,400	9,007,314
American Eagle Outfitters, Inc.	2,202,919	30,951,012
Aritzia, Inc. (a)	133,200	2,534,401
Bath & Body Works, Inc.	99,098	3,672,572
Fanatics, Inc. Class A (a)(b)(c)	225,366	17,664,187
Fast Retailing Co. Ltd.	3,543	885,594
Five Below, Inc. (a)	160,716	33,483,571
Floor & Decor Holdings, Inc. Class A (a)	7,677	881,703
Foot Locker, Inc.	140,329	3,770,640
FSN E-Commerce Ventures Private Ltd.	232,400	406,643
Lowe's Companies, Inc.	667,508	156,377,099
Overstock.com, Inc. (a)	63,900	2,330,433
RH (a)(d)	152,733	59,286,369
TJX Companies, Inc.	579,751	50,165,854
Victoria's Secret & Co. (a)	189,319	3,879,146
Warby Parker, Inc. (a)(d)	1,065,510	15,918,719
Wayfair LLC Class A (a)	239,029	18,613,188
Williams-Sonoma, Inc.	38,002	5,268,597
		415,097,042
Textiles, Apparel & Luxury Goods - 3.4%
Compagnie Financiere Richemont SA Series A	35,810	5,766,588
Crocs, Inc. (a)	160,414	17,380,857
Deckers Outdoor Corp. (a)	140,910	76,611,358
Hermes International SCA	4,092	9,072,544
lululemon athletica, Inc. (a)	262,434	99,339,142
LVMH Moet Hennessy Louis Vuitton SE	26,994	25,071,162
NIKE, Inc. Class B	661,499	73,022,875
On Holding AG (a)	461,551	16,615,836
PVH Corp.	76,400	6,848,496
Ralph Lauren Corp.	24,600	3,230,718
VF Corp.	253,360	5,019,062
		337,978,638
TOTAL CONSUMER DISCRETIONARY		1,983,438,283
CONSUMER STAPLES - 2.4%
Beverages - 1.2%
Boston Beer Co., Inc. Class A (a)	35,811	13,301,638
Celsius Holdings, Inc. (a)(d)	650,890	94,183,783
Constellation Brands, Inc. Class A (sub. vtg.)	10,093	2,753,370
PepsiCo, Inc.	44,660	8,371,964
		118,610,755
Consumer Staples Distribution & Retail - 1.0%
BJ's Wholesale Club Holdings, Inc. (a)	29,315	1,943,878
Costco Wholesale Corp.	1,377	772,043
Dollar Tree, Inc. (a)	431,774	66,635,681
Target Corp.	88,778	12,115,534
Walmart, Inc.	122,446	19,574,218
		101,041,354
Food Products - 0.0%
Patanjali Foods Ltd.	213,500	3,455,356
Sovos Brands, Inc. (a)	11,137	198,239
The Real Good Food Co. LLC:
Class B (a)(c)	139,521	1
Class B unit (a)(e)	139,521	585,988
The Real Good Food Co., Inc. (a)	8,838	37,120
		4,276,704
Household Products - 0.1%
Procter & Gamble Co.	48,773	7,623,220
Personal Care Products - 0.1%
Estee Lauder Companies, Inc. Class A	8,241	1,483,380
Oddity Tech Ltd.	14,500	772,705
Oddity Tech Ltd.	42,893	2,057,191
		4,313,276
Tobacco - 0.0%
JUUL Labs, Inc. Class A (a)(b)(c)	23,134	168,416
TOTAL CONSUMER STAPLES		236,033,725
ENERGY - 2.6%
Oil, Gas & Consumable Fuels - 2.6%
Antero Resources Corp. (a)	197,268	5,276,919
Cenovus Energy, Inc. (Canada)	32,984	627,338
Cheniere Energy, Inc.	47,243	7,646,752
Denbury, Inc. (a)	132,290	11,629,614
Diamondback Energy, Inc.	211,158	31,107,797
EOG Resources, Inc.	314,762	41,715,408
Exxon Mobil Corp.	225,304	24,161,601
Hess Corp.	380,910	57,795,474
Northern Oil & Gas, Inc.	77,647	3,056,962
Occidental Petroleum Corp.	327,606	20,681,767
Pioneer Natural Resources Co.	121,110	27,330,894
Reliance Industries Ltd.	747,491	23,170,494
Reliance Industries Ltd. GDR (e)	40,304	2,519,000
		256,720,020
FINANCIALS - 2.2%
Banks - 0.0%
HDFC Bank Ltd.	109,468	2,197,923
Capital Markets - 0.0%
Coinbase Global, Inc. (a)	19,400	1,913,034
Consumer Finance - 0.4%
American Express Co.	227,879	38,484,206
Financial Services - 1.8%
Adyen BV (a)(e)	1,054	1,956,240
Ant International Co. Ltd. Class C (a)(b)(c)	403,977	759,477
Berkshire Hathaway, Inc. Class B (a)	8,074	2,841,725
Block, Inc. Class A (a)	360,963	29,068,350
Jio Financial Services Ltd. (c)	747,491	2,379,992
MasterCard, Inc. Class A	301,550	118,895,134
Visa, Inc. Class A	101,545	24,140,293
		180,041,211
Insurance - 0.0%
The Travelers Companies, Inc.	2	345
TOTAL FINANCIALS		222,636,719
HEALTH CARE - 8.5%
Biotechnology - 1.1%
Alnylam Pharmaceuticals, Inc. (a)	120,102	23,467,931
Apogee Therapeutics, Inc.	55,100	1,179,140
Argenx SE ADR (a)	21,149	10,669,248
Ascendis Pharma A/S sponsored ADR (a)	72,884	6,570,493
Cibus, Inc. (a)	34,767	695,340
Exact Sciences Corp. (a)	39,100	3,813,814
Generation Bio Co. (a)	123,117	625,434
Karuna Therapeutics, Inc. (a)	32,306	6,453,770
Moderna, Inc. (a)	3,336	392,514
Moonlake Immunotherapeutics (a)(d)	75,259	4,576,500
Regeneron Pharmaceuticals, Inc. (a)	39,367	29,206,771
Sagimet Biosciences, Inc.	55,100	878,845
Vertex Pharmaceuticals, Inc. (a)	59,098	20,822,589
Viking Therapeutics, Inc. (a)	89,568	1,298,736
		110,651,125
Health Care Equipment & Supplies - 1.4%
Axonics Modulation Technologies, Inc. (a)	98,727	5,960,149
Blink Health LLC Series A1 (a)(b)(c)	5,757	275,300
Boston Scientific Corp. (a)	405,531	21,026,782
DexCom, Inc. (a)	465,851	58,026,401
Insulet Corp. (a)	51,182	14,164,619
Intuitive Surgical, Inc. (a)	7,961	2,582,548
Penumbra, Inc. (a)	2,756	836,060
Shockwave Medical, Inc. (a)	73,052	19,037,351
Stryker Corp.	58,231	16,503,248
TransMedics Group, Inc. (a)	19,343	1,802,381
Zimmer Biomet Holdings, Inc.	6,900	953,235
		141,168,074
Health Care Providers & Services - 2.4%
agilon health, Inc. (a)	65,900	1,261,985
Alignment Healthcare, Inc. (a)	157,453	977,783
Guardant Health, Inc. (a)	389,860	15,212,337
Humana, Inc.	52,079	23,791,250
Surgery Partners, Inc. (a)	105,963	4,093,351
UnitedHealth Group, Inc.	382,395	193,633,356
		238,970,062
Health Care Technology - 0.0%
Certara, Inc. (a)	70,031	1,363,504
MultiPlan Corp. warrants (a)(b)	13,856	208
		1,363,712
Life Sciences Tools & Services - 0.6%
Danaher Corp.	116,297	29,662,713
ICON PLC (a)	15,031	3,778,944
Olink Holding AB ADR (a)	107,810	2,048,390
Thermo Fisher Scientific, Inc.	34,128	18,724,668
Veterinary Emergency Group LLC Class A (a)(b)(c)(f)	62,379	3,149,516
		57,364,231
Pharmaceuticals - 3.0%
Eli Lilly & Co.	398,319	181,055,901
Novo Nordisk A/S:
Series B	25,361	4,089,518
Series B sponsored ADR	206,560	33,276,816
Roche Holding AG (participation certificate)	8,789	2,725,042
Ventyx Biosciences, Inc. (a)	34,075	1,262,479
Zoetis, Inc. Class A	367,257	69,077,369
		291,487,125
TOTAL HEALTH CARE		841,004,329
INDUSTRIALS - 4.6%
Aerospace & Defense - 0.9%
Airbus Group NV	49,374	7,272,791
Howmet Aerospace, Inc.	204,609	10,463,704
L3Harris Technologies, Inc.	23,879	4,524,832
Lockheed Martin Corp.	12,881	5,749,692
Northrop Grumman Corp.	9,975	4,438,875
Space Exploration Technologies Corp.:
Class A (a)(b)(c)	201,490	16,320,690
Class C (a)(b)(c)	70,540	5,713,740
The Boeing Co. (a)	148,215	35,401,153
TransDigm Group, Inc.	3,931	3,536,799
		93,422,276
Air Freight & Logistics - 0.0%
Delhivery Private Ltd. (a)	271,900	1,319,661
Commercial Services & Supplies - 0.1%
ACV Auctions, Inc. Class A (a)	416,892	7,291,441
Electrical Equipment - 0.1%
Eaton Corp. PLC	29,907	6,140,505
Vertiv Holdings Co.	12,535	326,035
		6,466,540
Ground Transportation - 3.1%
Avis Budget Group, Inc. (a)	47,126	10,381,387
Bird Global, Inc. (a)(b)	8,054	19,974
Bird Global, Inc.:
Class A (a)(d)	135,925	337,094
Stage 1 rights (a)(c)	1,029	10
Stage 2 rights (a)(c)	1,029	0
Stage 3 rights (a)(c)	1,029	0
Hertz Global Holdings, Inc. (a)(d)	209,739	3,534,102
Lyft, Inc. (a)	4,217,184	53,600,409
Uber Technologies, Inc. (a)	4,832,055	238,993,440
		306,866,416
Passenger Airlines - 0.2%
Delta Air Lines, Inc.	161,060	7,450,636
United Airlines Holdings, Inc. (a)	190,904	10,367,996
		17,818,632
Professional Services - 0.1%
Paycom Software, Inc.	39,292	14,489,318
Trading Companies & Distributors - 0.1%
FTAI Aviation Ltd.	289,036	9,309,850
TOTAL INDUSTRIALS		456,984,134
INFORMATION TECHNOLOGY - 36.7%
Communications Equipment - 0.0%
Arista Networks, Inc. (a)	27,756	4,304,678
Electronic Equipment, Instruments & Components - 0.0%
Flex Ltd. (a)	64,957	1,777,224
IT Services - 0.5%
Digitalocean Holdings, Inc. (a)	24,100	1,193,432
MongoDB, Inc. Class A (a)	44,047	18,649,500
Okta, Inc. (a)	261,376	20,089,359
Shopify, Inc. Class A (a)	43,503	2,938,799
Snowflake, Inc. (a)	44,818	7,964,607
X Holdings Corp. Class A (c)	24,710	1,033,372
		51,869,069
Semiconductors & Semiconductor Equipment - 17.9%
Advanced Micro Devices, Inc. (a)	493,706	56,479,966
AEHR Test Systems (a)	18,700	975,392
ASML Holding NV (depository receipt)	16,741	11,993,420
First Solar, Inc. (a)	3,937	816,534
GlobalFoundries, Inc. (a)	955,912	60,882,035
Impinj, Inc. (a)	48,194	3,210,684
Lattice Semiconductor Corp. (a)	19,586	1,781,151
Marvell Technology, Inc.	5,412,057	352,487,272
Monolithic Power Systems, Inc.	39,165	21,912,426
NVIDIA Corp.	1,991,720	930,710,835
NXP Semiconductors NV	740,065	165,019,694
ON Semiconductor Corp. (a)	757,605	81,631,939
Skyworks Solutions, Inc.	32,376	3,702,843
SolarEdge Technologies, Inc. (a)	15,509	3,744,803
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	441,372	43,762,034
Teradyne, Inc.	287,343	32,452,518
		1,771,563,546
Software - 9.6%
Adobe, Inc. (a)	20,700	11,305,719
Bill Holdings, Inc. (a)	154,448	19,358,512
Confluent, Inc. (a)	64,765	2,236,983
Datadog, Inc. Class A (a)	116,204	13,563,331
HubSpot, Inc. (a)	80,145	46,528,180
Intuit, Inc.	69,970	35,803,649
Microsoft Corp.	1,966,308	660,522,183
Oracle Corp.	52,053	6,102,173
Palantir Technologies, Inc. (a)	236,100	4,684,224
Palo Alto Networks, Inc. (a)	3,800	949,848
Pine Labs Private Ltd. (a)(b)(c)	1,109	592,494
Salesforce, Inc. (a)	388,021	87,308,605
ServiceNow, Inc. (a)	43,945	25,619,935
Splunk, Inc. (a)	94,431	10,229,710
Stripe, Inc. Class B (a)(b)(c)	19,200	386,496
Workday, Inc. Class A (a)	15,931	3,777,718
Zoom Video Communications, Inc. Class A (a)	204,019	14,964,794
		943,934,554
Technology Hardware, Storage & Peripherals - 8.7%
Apple, Inc.	4,353,465	855,238,199
TOTAL INFORMATION TECHNOLOGY		3,628,687,270
MATERIALS - 0.6%
Chemicals - 0.0%
Linde PLC	12,115	4,732,967
Metals & Mining - 0.6%
ATI, Inc. (a)	113,120	5,393,562
Carpenter Technology Corp.	94,654	5,665,988
Freeport-McMoRan, Inc.	1,044,378	46,631,478
		57,691,028
TOTAL MATERIALS		62,423,995
REAL ESTATE - 0.2%
Equity Real Estate Investment Trusts (REITs) - 0.1%
Equinix, Inc.	4,200	3,401,664
Welltower, Inc.	62,226	5,111,866
		8,513,530
Real Estate Management & Development - 0.1%
Zillow Group, Inc. Class C (a)	154,100	8,346,056
TOTAL REAL ESTATE		16,859,586
UTILITIES - 0.0%
Electric Utilities - 0.0%
NextEra Energy, Inc.	29,634	2,172,172
TOTAL COMMON STOCKS (Cost $5,771,323,657)		9,109,236,922

Preferred Stocks - 0.9%
	Shares	Value ($)
Convertible Preferred Stocks - 0.8%
COMMUNICATION SERVICES - 0.1%
Interactive Media & Services - 0.1%
ByteDance Ltd. Series E1 (a)(b)(c)	31,950	7,660,013
Reddit, Inc.:
Series E(a)(b)(c)	4,835	171,497
Series F(a)(b)(c)	51,156	1,814,503
		9,646,013
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.0%
Rad Power Bikes, Inc.:
Series A(a)(b)(c)	13,256	11,400
Series C(a)(b)(c)	52,162	105,367
Series D(a)(b)(c)	102,800	326,904
		443,671
Broadline Retail - 0.1%
Meesho Series F (a)(b)(c)	63,600	5,031,396

Hotels, Restaurants & Leisure - 0.0%
Discord, Inc. Series I (a)(b)(c)	700	226,527

TOTAL CONSUMER DISCRETIONARY		5,701,594

CONSUMER STAPLES - 0.1%
Consumer Staples Distribution & Retail - 0.1%
GoBrands, Inc.:
Series G(a)(b)(c)	18,300	1,824,693
Series H(a)(b)(c)	11,467	1,143,375
Instacart, Inc.:
Series H(a)(b)(c)	27,205	1,226,946
Series I(a)(b)(c)	13,064	589,186
		4,784,200
Food Products - 0.0%
AgBiome LLC Series C (a)(b)(c)	68,700	347,622
Bowery Farming, Inc. Series C1 (a)(b)(c)	17,874	140,847
		488,469
Tobacco - 0.0%
JUUL Labs, Inc. Series E (a)(b)(c)	12,508	91,058

TOTAL CONSUMER STAPLES		5,363,727

HEALTH CARE - 0.0%
Health Care Equipment & Supplies - 0.0%
Blink Health LLC Series C (a)(b)(c)	16,970	811,505

INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
ABL Space Systems:
Series B(a)(b)(c)	29,724	979,703
Series B2(a)(b)(c)	17,155	551,362
Relativity Space, Inc. Series E (a)(b)(c)	276,014	4,987,573
Space Exploration Technologies Corp. Series N (a)(b)(c)	8,141	6,594,210
		13,112,848
Construction & Engineering - 0.0%
Beta Technologies, Inc. Series A (a)(b)(c)	11,104	1,397,772

TOTAL INDUSTRIALS		14,510,620

INFORMATION TECHNOLOGY - 0.3%
Electronic Equipment, Instruments & Components - 0.0%
CelLink Corp. Series D (a)(b)(c)	92,760	1,211,446
Enevate Corp. Series E (a)(b)(c)	1,325,513	808,563
Menlo Micro, Inc. Series C (a)(b)(c)	560,500	594,130
		2,614,139
IT Services - 0.0%
Yanka Industries, Inc. Series F (a)(b)(c)	55,991	417,693

Semiconductors & Semiconductor Equipment - 0.1%
Alif Semiconductor Series C (a)(b)(c)	47,598	957,196
Astera Labs, Inc.:
Series A(a)(b)(c)	84,721	853,988
Series B(a)(b)(c)	14,425	145,404
Series C(a)(b)(c)	180,900	1,823,472
Series D(a)(b)(c)	330,609	3,332,539
GaN Systems, Inc.:
Series F1(a)(b)(c)	78,477	873,449
Series F2(a)(b)(c)	41,439	461,216
Retym, Inc. Series C (b)(c)	154,149	1,199,279
SiMa.ai:
Series B(a)(b)(c)	313,000	1,931,210
Series B1(a)(b)(c)	20,966	151,165
Xsight Labs Ltd. Series D (a)(b)(c)	130,900	752,675
		12,481,593
Software - 0.2%
Algolia, Inc. Series D (a)(b)(c)	30,436	486,063
Bolt Technology OU Series E (a)(b)(c)	20,165	2,639,729
Databricks, Inc.:
Series G(a)(b)(c)	48,000	2,443,200
Series H(a)(b)(c)	31,572	1,607,015
Moloco, Inc. Series A (b)(c)	20,180	1,210,800
Mountain Digital, Inc. Series D (a)(b)(c)	62,139	1,048,285
Skyryse, Inc. Series B (a)(b)(c)	67,400	1,559,636
Stripe, Inc.:
Series H(a)(b)(c)	8,086	162,771
Series I(b)(c)	124,536	2,506,910
Tenstorrent, Inc. Series C1 (a)(b)(c)	8,600	530,878
		14,195,287
Technology Hardware, Storage & Peripherals - 0.0%
Lightmatter, Inc. Series C (b)(c)	70,909	1,161,489

TOTAL INFORMATION TECHNOLOGY		30,870,201

MATERIALS - 0.1%
Metals & Mining - 0.1%
Diamond Foundry, Inc. Series C (a)(b)(c)	249,802	8,303,418

UTILITIES - 0.0%
Independent Power and Renewable Electricity Producers - 0.0%
Redwood Materials:
Series C(a)(b)(c)	37,990	1,813,643
Series D(b)(c)	10,886	519,698
		2,333,341
TOTAL CONVERTIBLE PREFERRED STOCKS		77,540,419
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Neutron Holdings, Inc.:
Series 1C(a)(b)(c)	3,178,083	81,359
Series 1D(a)(b)(c)	5,904,173	151,147
Waymo LLC Series A2 (a)(b)(c)	7,817	422,822
		655,328
FINANCIALS - 0.0%
Financial Services - 0.0%
Circle Internet Financial Ltd. Series E (a)(b)(c)	137,547	3,096,183

INFORMATION TECHNOLOGY - 0.1%
IT Services - 0.0%
Gupshup, Inc. (a)(b)(c)	78,911	898,796

Software - 0.1%
Pine Labs Private Ltd.:
Series 1(a)(b)(c)	2,652	1,416,858
Series A(a)(b)(c)	663	354,214
Series B(a)(b)(c)	721	385,201
Series B2(a)(b)(c)	583	311,474
Series C(a)(b)(c)	1,085	579,672
Series C1(a)(b)(c)	228	121,811
Series D(a)(b)(c)	244	130,359
		3,299,589
TOTAL INFORMATION TECHNOLOGY		4,198,385

REAL ESTATE - 0.0%
Real Estate Management & Development - 0.0%
ZKH Group Ltd. Series F (c)	2,521,782	1,033,931

TOTAL NONCONVERTIBLE PREFERRED STOCKS		8,983,827
TOTAL PREFERRED STOCKS (Cost $95,797,257)		86,524,246

Convertible Bonds - 0.0%
	Principal Amount (g)	Value ($)
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Neutron Holdings, Inc.:
4% 5/22/27 (b)(c)	237,400	245,021
4% 6/12/27 (b)(c)	64,200	66,261
4.5% 10/27/25 (b)(c)(h)	2,578,062	2,522,634
(Cost $2,879,662)		2,833,916

Preferred Securities - 0.0%
	Principal Amount (g)	Value ($)
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
GaN Systems, Inc. 0% (b)(c)(i)	1,839,388	2,273,484
Software - 0.0%
Tenstorrent, Inc. 0% (b)(c)(i)	480,000	498,240
TOTAL PREFERRED SECURITIES (Cost $2,319,388)		2,771,724

Money Market Funds - 8.4%
	Shares	Value ($)
Fidelity Cash Central Fund 5.32% (j)	665,527,839	665,660,945
Fidelity Securities Lending Cash Central Fund 5.32% (j)(k)	161,510,961	161,527,112
TOTAL MONEY MARKET FUNDS (Cost $827,188,057)		827,188,057

TOTAL INVESTMENT IN SECURITIES - 101.4% (Cost $6,699,508,021)	10,028,554,865
NET OTHER ASSETS (LIABILITIES) - (1.4)%	(139,642,824)
NET ASSETS - 100.0%	9,888,912,041

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($)	Value ($)	Unrealized Appreciation/ (Depreciation) ($)
Purchased

Equity Index Contracts
CME E-mini NASDAQ 100 Index Contracts (United States)	912	Sep 2023	289,240,800	11,980,081	11,980,081
CME E-mini S&P 500 Index Contracts (United States)	670	Sep 2023	154,585,750	5,209,599	5,209,599

TOTAL FUTURES CONTRACTS					17,189,680
The notional amount of futures purchased as a percentage of Net Assets is 4.5%

Legend

(a)	Non-income producing

(b)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $136,670,369 or 1.4% of net assets.

(c)	Level 3 security

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

(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,233,722 or 0.1% of net assets.

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

(g)	Amount is stated in United States dollars unless otherwise noted.

(h)	Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(j)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
ABL Space Systems Series B	3/24/21	1,338,638

ABL Space Systems Series B2	10/22/21	1,166,473

AgBiome LLC Series C	6/29/18	435,125

Algolia, Inc. Series D	7/23/21	890,102

Alif Semiconductor Series C	3/08/22	966,170

Ant International Co. Ltd. Class C	5/16/18	1,539,709

Astera Labs, Inc. Series A	5/17/22	861,570

Astera Labs, Inc. Series B	5/17/22	146,695

Astera Labs, Inc. Series C	8/24/21	608,150

Astera Labs, Inc. Series D	5/17/22 - 5/27/22	3,362,128

Beta Technologies, Inc. Series A	4/09/21	813,590

Bird Global, Inc.	5/11/21	2,013,670

Blink Health LLC Series A1	12/30/20	155,957

Blink Health LLC Series C	11/07/19 - 7/14/21	647,847

Bolt Technology OU Series E	1/03/22	5,238,796

Bowery Farming, Inc. Series C1	5/18/21	1,076,896

ByteDance Ltd. Series E1	11/18/20	3,500,895

CelLink Corp. Series D	1/20/22	1,931,625

Circle Internet Financial Ltd. Series E	5/11/21	2,232,400

Databricks, Inc. Series G	2/01/21	2,837,886

Databricks, Inc. Series H	8/31/21	2,320,041

Diamond Foundry, Inc. Series C	3/15/21	5,995,248

Discord, Inc. Series I	9/15/21	385,437

Enevate Corp. Series E	1/29/21	1,469,576

Epic Games, Inc.	7/30/20	349,025

Fanatics, Inc. Class A	8/13/20 - 10/24/22	10,009,624

GaN Systems, Inc. Series F1	11/30/21	665,485

GaN Systems, Inc. Series F2	11/30/21	351,403

GaN Systems, Inc. 0%	11/30/21	1,839,388

GoBrands, Inc. Series G	3/02/21	4,569,827

GoBrands, Inc. Series H	7/22/21	4,454,821

Gupshup, Inc.	6/08/21	1,804,316

Instacart, Inc. Series H	11/13/20	1,632,300

Instacart, Inc. Series I	2/26/21	1,633,000

JUUL Labs, Inc. Class A	12/20/17 - 7/06/18	645,585

JUUL Labs, Inc. Series E	12/20/17 - 7/06/18	342,963

Lightmatter, Inc. Series C	5/19/23	1,166,935

Meesho Series F	9/21/21	4,876,358

Menlo Micro, Inc. Series C	2/09/22	742,943

Moloco, Inc. Series A	6/26/23	1,210,800

Mountain Digital, Inc. Series D	11/05/21	1,427,041

MultiPlan Corp. warrants	10/08/20	0

Neutron Holdings, Inc.	2/04/21	4,916

Neutron Holdings, Inc. Series 1C	7/03/18	581,081

Neutron Holdings, Inc. Series 1D	1/25/19	1,431,762

Neutron Holdings, Inc. 4% 5/22/27	6/04/20	237,400

Neutron Holdings, Inc. 4% 6/12/27	6/12/20	64,200

Neutron Holdings, Inc. 4.5% 10/27/25	10/29/21 - 4/27/23	2,578,062

Pine Labs Private Ltd.	6/30/21	413,502

Pine Labs Private Ltd. Series 1	6/30/21	988,825

Pine Labs Private Ltd. Series A	6/30/21	247,206

Pine Labs Private Ltd. Series B	6/30/21	268,832

Pine Labs Private Ltd. Series B2	6/30/21	217,377

Pine Labs Private Ltd. Series C	6/30/21	404,553

Pine Labs Private Ltd. Series C1	6/30/21	85,012

Pine Labs Private Ltd. Series D	6/30/21	90,978

Rad Power Bikes, Inc.	1/21/21	490,493

Rad Power Bikes, Inc. Series A	1/21/21	63,945

Rad Power Bikes, Inc. Series C	1/21/21	251,621

Rad Power Bikes, Inc. Series D	9/17/21	985,215

Reddit, Inc. Series E	5/18/21	205,363

Reddit, Inc. Series F	8/11/21	3,161,154

Redwood Materials Series C	5/28/21	1,800,858

Redwood Materials Series D	6/02/23	519,653

Relativity Space, Inc. Series E	5/27/21	6,302,807

Retym, Inc. Series C	5/17/23 - 6/20/23	1,199,557

SiMa.ai Series B	5/10/21	1,604,876

SiMa.ai Series B1	4/25/22	148,668

Skyryse, Inc. Series B	10/21/21	1,663,430

Space Exploration Technologies Corp. Class A	2/16/21 - 12/15/22	14,140,734

Space Exploration Technologies Corp. Class C	12/15/22	5,431,580

Space Exploration Technologies Corp. Series N	8/04/20	2,198,070

Stripe, Inc. Class B	5/18/21	770,465

Stripe, Inc. Series H	3/15/21	324,451

Stripe, Inc. Series I	3/20/23 - 5/12/23	2,507,425

Tenstorrent, Inc. Series C1	4/23/21	511,307

Tenstorrent, Inc. 0%	4/23/21	480,000

Veterinary Emergency Group LLC Class A	9/16/21 - 3/17/22	2,585,288

Waymo LLC Series A2	5/08/20	671,224

Xsight Labs Ltd. Series D	2/16/21	1,046,676

Yanka Industries, Inc. Series F	4/08/21	1,784,814

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.32%	91,389,124	1,659,657,229	1,085,385,408	5,533,213	-	-	665,660,945	1.6%
Fidelity Securities Lending Cash Central Fund 5.32%	84,008,097	719,916,187	642,397,172	365,536	-	-	161,527,112	0.6%
Total	175,397,221	2,379,573,416	1,727,782,580	5,898,749	-	-	827,188,057

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	1,411,922,702	1,392,377,653	9,475,150	10,069,899
Consumer Discretionary	1,989,795,205	1,934,836,188	30,837,750	24,121,267
Consumer Staples	241,397,452	233,808,117	2,057,191	5,532,144
Energy	256,720,020	256,720,020	-	-
Financials	225,732,902	215,343,087	4,154,163	6,235,652
Health Care	841,815,834	830,764,745	6,814,768	4,236,321
Industrials	471,494,754	427,676,903	7,272,791	36,545,060
Information Technology	3,663,755,856	3,626,674,908	-	37,080,948
Materials	70,727,413	62,423,995	-	8,303,418
Real Estate	17,893,517	16,859,586	-	1,033,931
Utilities	4,505,513	2,172,172	-	2,333,341

Corporate Bonds	2,833,916	-	-	2,833,916

Preferred Securities	2,771,724	-	-	2,771,724

Money Market Funds	827,188,057	827,188,057	-	-
Total Investments in Securities:	10,028,554,865	9,826,845,431	60,611,813	141,097,621
Derivative Instruments:

Assets
Futures Contracts	17,189,680	17,189,680	-	-
Total Assets	17,189,680	17,189,680	-	-
Total Derivative Instruments:	17,189,680	17,189,680	-	-

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


Investments in Securities:
Beginning Balance	$	115,038,369
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(3,804,884)
Cost of Purchases		26,186,731
Proceeds of Sales		(1,763,467)
Amortization/Accretion		-
Transfers into Level 3		8,104,517
Transfers out of Level 3		(2,663,645)
Ending Balance	$	141,097,621
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023	$	(4,031,608)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	17,189,680	0
Total Equity Risk	17,189,680	0
Total Value of Derivatives	17,189,680	0

Financial Statements

Statement of Assets and Liabilities
				July 31, 2023

Assets
Investment in securities, at value (including securities loaned of $157,344,909) - See accompanying schedule:
Unaffiliated issuers (cost $5,872,319,964)	$	9,201,366,808
Fidelity Central Funds (cost $827,188,057)		827,188,057


Total Investment in Securities (cost $6,699,508,021)			$	10,028,554,865
Segregated cash with brokers for derivative instruments				22,825,600
Foreign currency held at value (cost $96,613)				96,163
Receivable for investments sold				7,519,810
Receivable for fund shares sold				14,023,057
Dividends receivable				1,554,629
Interest receivable				68,460
Distributions receivable from Fidelity Central Funds				2,221,662
Receivable for daily variation margin on futures contracts				450,400
Other receivables				101,835
Total assets				10,077,416,481
Liabilities
Payable for investments purchased	$	11,897,947
Payable for fund shares redeemed		9,888,518
Accrued management fee		3,588,821
Other payables and accrued expenses		1,599,314
Collateral on securities loaned		161,529,840
Total Liabilities				188,504,440
Commitments and contingent liabilities (see Commitments note)
Net Assets			$	9,888,912,041
Net Assets consist of:
Paid in capital			$	6,973,812,087
Total accumulated earnings (loss)				2,915,099,954
Net Assets			$	9,888,912,041
Net Asset Value, offering price and redemption price per share ($9,888,912,041 ÷ 390,580,258 shares)			$	25.32

Statement of Operations
				Year ended July 31, 2023
Investment Income
Dividends			$	43,013,827
Interest				115,069
Income from Fidelity Central Funds (including $365,536 from security lending)				5,898,749
Total Income				49,027,645
Expenses
Management fee	$	32,452,159
Independent trustees' fees and expenses		34,584
Interest		9,317
Miscellaneous		183,445
Total expenses before reductions		32,679,505
Expense reductions		(1,859)
Total expenses after reductions				32,677,646
Net Investment income (loss)				16,349,999
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $808,565)		(197,437,612)
Redemptions in-kind		74,495,434
Foreign currency transactions		23,407
Total net realized gain (loss)				(122,918,771)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers(net of decrease in deferred foreign taxes of $644,196)		2,048,608,404
Unfunded commitments		291,212
Assets and liabilities in foreign currencies		278
Futures contracts		17,189,680
Total change in net unrealized appreciation (depreciation)				2,066,089,574
Net gain (loss)				1,943,170,803
Net increase (decrease) in net assets resulting from operations			$	1,959,520,802

Statement of Changes in Net Assets

		Year ended July 31, 2023		Year ended July 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	16,349,999	$	715,037
Net realized gain (loss)		(122,918,771)		(122,785,158)
Change in net unrealized appreciation (depreciation)		2,066,089,574		(1,443,162,254)
Net increase (decrease) in net assets resulting from operations		1,959,520,802		(1,565,232,375)
Distributions to shareholders		(7,284,411)		(450,387,568)

Share transactions
Proceeds from sales of shares		2,691,780,500		3,628,936,951
Reinvestment of distributions		7,274,331		450,387,568
Cost of shares redeemed		(1,583,663,662)		(1,698,109,014)

Net increase (decrease) in net assets resulting from share transactions		1,115,391,169		2,381,215,505
Total increase (decrease) in net assets		3,067,627,560		365,595,562

Net Assets
Beginning of period		6,821,284,481		6,455,688,919
End of period	$	9,888,912,041	$	6,821,284,481

Other Information
Shares
Sold		131,770,510		162,418,203
Issued in reinvestment of distributions		380,059		16,489,637
Redeemed		(79,361,422)		(72,616,870)
Net increase (decrease)		52,789,147		106,290,970

Fidelity® Blue Chip Growth K6 Fund

Years ended July 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	20.19	$	27.89	$	19.32	$	13.69	$	12.79
Income from Investment Operations
Net investment income (loss) A,B		.05		- C		(.03)		.03		.04
Net realized and unrealized gain (loss)		5.10		(5.83)		8.91		5.64		.91
Total from investment operations		5.15		(5.83)		8.88		5.67		.95
Distributions from net investment income		(.02)		-		(.02)		(.04)		(.05)
Distributions from net realized gain		-		(1.87)		(.29)		- C		-
Total distributions		(.02)		(1.87)		(.31)		(.04)		(.05)
Net asset value, end of period	$	25.32	$	20.19	$	27.89	$	19.32	$	13.69
Total Return D		25.55%		(22.62)%		46.28%		41.55%		7.48%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.45%		.45%		.45%		.45%		.45%
Expenses net of fee waivers, if any		.45%		.45%		.45%		.45%		.45%
Expenses net of all reductions		.45%		.45%		.45%		.45%		.45%
Net investment income (loss)		.23%		.01%		(.10)%		.19%		.34%
Supplemental Data
Net assets, end of period (000 omitted)	$	9,888,912	$	6,821,284	$	6,455,689	$	3,854,348	$	2,290,237
Portfolio turnover rate G		24% H		37% H		44% H		49% H		51% H

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

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

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

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

Notes to Financial Statements

For the period ended July 31, 2023

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.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3.Significant Accounting Policies.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Futures contracts are valued at the settlement price or official closing 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.

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Equities	$135,491,981	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	6.0 - 15.7 / 9.7	Increase
			Enterprise value/Revenue multiple (EV/R)	1.6 - 25.0 / 7.2	Increase
			Enterprise value/Gross profit multiple (EV/GP)	5.8	Increase
			Probability rate	25.0% - 75.0% / 50.0%	Increase
		Recovery value	Recovery value	$0.00 - $0.31 / $0.23	Increase
		Market approach	Transaction price	$1.11 - $91.72 / $18.25	Increase
			Discount rate	20.0% - 45.0% / 35.5%	Decrease
			Parity price	$3.18	Increase
			Premium rate	5.0% - 20.0% / 10.4%	Increase
		Book value	Book value multiple	1.7	Increase
		Discounted cash flow	Weighted average cost of capital (WACC)	21.5% - 29.0% / 26.9%	Decrease
			Exit multiple	1.8 - 7.3 / 3.4	Increase
		Black scholes	Discount rate	4.1% - 5.5% / 4.4%	Increase
			Volatility	50.0% - 100.0% / 67.4%	Increase
			Term	0.5 - 5.0 / 3.8	Increase
Corporate Bonds	$2,833,916	Market comparable	Enterprise value/Revenue multiple (EV/R)	2.5	Increase
			Discount rate	29.2%	Decrease
			Probability rate	10.0% - 70.0% / 33.3%	Increase
		Black scholes	Volatility	75.0%	Increase
			Term	1.2	Increase
Preferred Securities	$2,771,724	Market comparable	Enterprise value/Revenue multiple (EV/R)	5.0	Increase
		Market approach	Transaction price	$59.45	Increase
			Premium rate	20.0%	Increase
		Discounted cash flow	Discount rate	20.0%	Decrease
		Black scholes	Discount rate	4.7%	Increase
			Volatility	70.0%	Increase
			Term	2.0	Increase

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2023, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards, 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	$3,630,374,938
Gross unrealized depreciation	(326,132,804)
Net unrealized appreciation (depreciation)	$3,304,242,134
Tax Cost	$6,724,312,731

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

Undistributed ordinary income	$13,137,276
Capital loss carryforward	$(400,810,722)
Net unrealized appreciation (depreciation) on securities and other investments	$3,304,242,533

Short-term	$(400,810,722)
Long-term	(-)
Total capital loss carryforward	$(400,810,722)

The tax character of distributions paid was as follows:

	July 31, 2023	July 31, 2022
Ordinary Income	$7,284,411	$ 96,227,267
Long-term Capital Gains	-	354,160,301
Total	$7,284,411	$ 450,387,568

	Investment to be Acquired	Commitment Amount	Unrealized Appreciation (Depreciation)
Fidelity Blue Chip Growth K6 Fund	Space Exploration Technologies Corp.	$4,309,200	$ -

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

	$ Amount	% of Net Assets
Fidelity Blue Chip Growth K6 Fund	3,149,516	.03

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

4. Derivative Instruments.

Derivatives were used to increase or decrease exposure to the following risk(s):


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

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Blue Chip Growth K6 Fund	2,035,476,968	1,671,844,452

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity Blue Chip Growth K6 Fund	9,258,498	74,495,434	187,379,094

	Shares	Total Proceeds ($)
Fidelity Blue Chip Growth K6 Fund	19,728,593	383,753,808

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)
Fidelity Blue Chip Growth K6 Fund	3,743,610	60,349,449	101,901,059

	Shares	Total Proceeds ($)
Fidelity Blue Chip Growth K6 Fund	63,577,402	1,334,865,017

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 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.

	Amount
Fidelity Blue Chip Growth K6 Fund	$ 34,956

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Blue Chip Growth K6 Fund	Borrower	$ 4,788,188	4.38%	$9,317

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Blue Chip Growth K6 Fund	157,290,040	47,650,350	(14,880,797)

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

	Amount ($)
Fidelity Blue Chip Growth K6 Fund	1,112

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Blue Chip Growth K6 Fund	$38,973	$24,019	$85,134

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,859.

10. Other.

11. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Blue Chip Growth K6 Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Blue Chip Growth K6 Fund (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 14, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Member of the Advisory Board

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Expenses Paid During Period- C February 1, 2023 to July 31, 2023

Fidelity® Blue Chip Growth K6 Fund	.46%
Actual		$ 1,000	$ 1,295.80	$ 2.62
Hypothetical-B		$ 1,000	$ 1,022.51	$ 2.31

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

B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

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

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

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Blue Chip Growth K6 Fund