Consolidated Investment Summary January 31, 2024 (Unaudited)

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Top Holdings (% of Fund's net assets)

Microsoft Corp.	12.9
Apple, Inc.	11.2
Amazon.com, Inc.	8.4
NVIDIA Corp.	6.2
Alphabet, Inc. Class A	6.0
Meta Platforms, Inc. Class A	5.0
Alphabet, Inc. Class C	2.9
Marvell Technology, Inc.	2.6
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2.5
Netflix, Inc.	2.0
	59.7

Market Sectors (% of Fund's net assets)

Information Technology	45.1
Communication Services	18.8
Consumer Discretionary	13.6
Health Care	6.5
Energy	4.9
Consumer Staples	4.7
Industrials	3.4
Financials	2.1
Real Estate	0.4
Materials	0.1

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.

Consolidated Schedule of Investments January 31, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 18.2%
Diversified Telecommunication Services - 0.0%
Starry Group Holdings, Inc. Class A (a)(b)	331,308	0
Entertainment - 2.0%
Electronic Arts, Inc.	2,318	319
NetEase, Inc. ADR	14,571	1,423
Netflix, Inc. (a)	964,871	544,293
Take-Two Interactive Software, Inc. (a)	11,474	1,892
		547,927
Interactive Media & Services - 14.3%
Alphabet, Inc.:
Class A (a)	11,523,714	1,614,472
Class C (a)	5,453,401	773,292
Epic Games, Inc. (a)(b)(c)	77,600	47,851
Meta Platforms, Inc. Class A	3,410,809	1,330,693
Snap, Inc. Class A (a)	1,212,300	19,263
Vimeo, Inc. (a)	280,690	1,114
Yandex NV Series A (a)(b)	2,813,567	36,014
		3,822,699
Media - 1.9%
Charter Communications, Inc. Class A (a)	398,739	147,817
Comcast Corp. Class A	7,523,039	350,122
		497,939
Wireless Telecommunication Services - 0.0%
T-Mobile U.S., Inc.	90,500	14,591
TOTAL COMMUNICATION SERVICES		4,883,156
CONSUMER DISCRETIONARY - 13.5%
Automobiles - 0.1%
Rivian Automotive, Inc. (a)	12,976	199
Tesla, Inc. (a)	90,325	16,917
		17,116
Broadline Retail - 8.4%
Alibaba Group Holding Ltd. sponsored ADR	6,312	456
Amazon.com, Inc. (a)	14,453,683	2,243,212
ContextLogic, Inc. (a)	4,887	21
Etsy, Inc. (a)	136,437	9,081
Global-e Online Ltd. (a)(d)	248,592	9,389
JD.com, Inc. Class A	8,560	97
		2,262,256
Hotels, Restaurants & Leisure - 0.7%
Airbnb, Inc. Class A (a)	18,969	2,734
Churchill Downs, Inc.	1,001,752	121,182
Domino's Pizza, Inc.	28,529	12,160
Hilton Worldwide Holdings, Inc.	76,465	14,602
Marriott International, Inc. Class A	42,424	10,170
Wynn Resorts Ltd.	121,571	11,480
Zomato Ltd. (a)	7,745,200	13,007
		185,335
Specialty Retail - 2.1%
Five Below, Inc. (a)	559,336	100,378
Lowe's Companies, Inc.	908,117	193,284
Ross Stores, Inc.	1,803,608	253,010
thredUP, Inc. (a)(d)	86,404	176
TJX Companies, Inc.	195,054	18,513
		565,361
Textiles, Apparel & Luxury Goods - 2.2%
Figs, Inc. Class A (a)(d)	44,994	259
Kontoor Brands, Inc.	5,808	340
lululemon athletica, Inc. (a)	964,565	437,739
LVMH Moet Hennessy Louis Vuitton SE	164,290	136,699
NIKE, Inc. Class B	162,478	16,496
		591,533
TOTAL CONSUMER DISCRETIONARY		3,621,601
CONSUMER STAPLES - 4.7%
Beverages - 2.5%
Diageo PLC	3,886,755	140,381
Keurig Dr. Pepper, Inc.	8,310,476	261,281
Monster Beverage Corp.	5,189,723	285,539
		687,201
Consumer Staples Distribution & Retail - 0.7%
Costco Wholesale Corp.	120,545	83,764
Dollar General Corp.	430,400	56,843
Dollar Tree, Inc. (a)	286,874	37,471
		178,078
Food Products - 0.8%
Mondelez International, Inc.	2,896,655	218,031
Personal Care Products - 0.7%
Estee Lauder Companies, Inc. Class A	1,355,100	178,860
The Honest Co., Inc. (a)	157,592	449
		179,309
TOTAL CONSUMER STAPLES		1,262,619
ENERGY - 4.9%
Energy Equipment & Services - 0.7%
Schlumberger Ltd.	3,302,394	160,827
TGS ASA ADR	2,753,862	26,933
		187,760
Oil, Gas & Consumable Fuels - 4.2%
Cenovus Energy, Inc. (Canada)	164,955	2,672
Diamondback Energy, Inc.	51,218	7,874
EOG Resources, Inc.	13,680	1,557
Exxon Mobil Corp.	4,150,549	426,718
Hess Corp.	1,035,169	145,472
Reliance Industries Ltd.	12,103,017	415,638
Reliance Industries Ltd. GDR (e)	1,775,932	123,250
		1,123,181
TOTAL ENERGY		1,310,941
FINANCIALS - 1.7%
Banks - 0.0%
Huntington Bancshares, Inc.	81,593	1,039
Wintrust Financial Corp.	43,763	4,244
		5,283
Capital Markets - 0.1%
Coinbase Global, Inc. (a)(d)	117,100	15,012
S&P Global, Inc.	679	304
		15,316
Financial Services - 1.6%
Ant International Co. Ltd. Class C (b)(c)	10,036,067	18,165
Jio Financial Services Ltd.	12,375,617	36,934
MasterCard, Inc. Class A	818,790	367,825
PayPal Holdings, Inc. (a)	170,153	10,439
		433,363
TOTAL FINANCIALS		453,962
HEALTH CARE - 6.5%
Biotechnology - 2.6%
Alnylam Pharmaceuticals, Inc. (a)	1,107,121	191,432
Amgen, Inc.	495,067	155,580
Arcutis Biotherapeutics, Inc. (a)(d)	832,188	4,885
Argenx SE ADR (a)	36,600	13,927
Ascendis Pharma A/S sponsored ADR (a)	271,220	35,240
GenSight Biologics SA (a)(d)	211,791	91
Ionis Pharmaceuticals, Inc. (a)	31,614	1,625
Legend Biotech Corp. ADR (a)	102,797	5,660
Regeneron Pharmaceuticals, Inc. (a)	293,659	276,856
Trevena, Inc. (a)(d)	17,806	11
		685,307
Health Care Equipment & Supplies - 2.2%
Boston Scientific Corp. (a)	2,163,600	136,869
DexCom, Inc. (a)	598,063	72,575
Inspire Medical Systems, Inc. (a)	287,754	60,679
Insulet Corp. (a)	1,382,969	263,967
Neuronetics, Inc. (a)	38,510	131
Outset Medical, Inc. (a)	39,921	121
Pulmonx Corp. (a)	26,049	346
Tandem Diabetes Care, Inc. (a)	191,234	4,360
TransMedics Group, Inc. (a)	419,700	35,998
		575,046
Health Care Providers & Services - 0.1%
Humana, Inc.	99,354	37,562
Health Care Technology - 0.0%
Certara, Inc. (a)	222,626	3,598
Life Sciences Tools & Services - 1.2%
10X Genomics, Inc. (a)	285,175	11,883
Bruker Corp.	2,385,519	170,588
Danaher Corp.	505,500	121,275
Illumina, Inc. (a)	38,780	5,546
Seer, Inc. (a)	587,199	1,010
Thermo Fisher Scientific, Inc.	21,900	11,804
		322,106
Pharmaceuticals - 0.4%
AstraZeneca PLC sponsored ADR	1,678,023	111,823
Elanco Animal Health, Inc. (a)	88,545	1,305
TherapeuticsMD, Inc. (a)(d)	6,826	15
		113,143
TOTAL HEALTH CARE		1,736,762
INDUSTRIALS - 2.9%
Aerospace & Defense - 0.7%
Space Exploration Technologies Corp.:
Class A (a)(b)(c)	2,034,880	197,383
Class C (a)(b)(c)	70,920	6,879
		204,262
Commercial Services & Supplies - 0.0%
Veralto Corp.	15,900	1,219
Construction & Engineering - 0.0%
Bowman Consulting Group Ltd. (a)	6,421	202
Comfort Systems U.S.A., Inc.	19,575	4,257
EMCOR Group, Inc.	798	182
Sterling Construction Co., Inc. (a)	58,036	4,359
		9,000
Electrical Equipment - 1.4%
Vertiv Holdings Co.	6,514,500	366,962
Ground Transportation - 0.1%
Canadian Pacific Kansas City Ltd.	148,928	11,984
CSX Corp.	285,633	10,197
		22,181
Passenger Airlines - 0.0%
Wheels Up Experience, Inc.:
Class A (a)(d)	80,274	266
rights (a)(b)	11,102	0
rights (a)(b)	11,102	0
rights (a)(b)	11,103	0
		266
Professional Services - 0.7%
Verisk Analytics, Inc.	761,556	183,939
TOTAL INDUSTRIALS		787,829
INFORMATION TECHNOLOGY - 45.1%
Communications Equipment - 0.3%
Arista Networks, Inc. (a)	153,300	39,656
Cisco Systems, Inc.	1,070,296	53,707
		93,363
IT Services - 1.0%
Accenture PLC Class A	50,000	18,194
Gartner, Inc. (a)	400,282	183,105
MongoDB, Inc. Class A (a)	95,812	38,375
Twilio, Inc. Class A (a)	916	64
X Holdings Corp. Class A (b)(c)	709,150	20,197
		259,935
Semiconductors & Semiconductor Equipment - 16.1%
Advanced Micro Devices, Inc. (a)	177,989	29,847
Alchip Technologies Ltd.	229,000	28,411
Analog Devices, Inc.	76,798	14,773
Applied Materials, Inc.	351,416	57,738
Arm Holdings Ltd. ADR (d)	216,900	15,328
ASML Holding NV (depository receipt)	519,969	452,279
BE Semiconductor Industries NV	1,486,400	224,568
Broadcom, Inc.	85,700	101,126
Lam Research Corp.	259,478	214,113
Marvell Technology, Inc.	10,286,519	696,397
Micron Technology, Inc.	457,800	39,256
NVIDIA Corp.	2,684,345	1,651,597
NXP Semiconductors NV	589,796	124,193
Skyworks Solutions, Inc.	93,002	9,715
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	5,865,692	662,589
		4,321,930
Software - 15.6%
Adobe, Inc. (a)	134,344	82,995
Atom Tickets LLC (a)(b)(c)(f)	516,103	0
Autodesk, Inc. (a)	180,048	45,698
Cadence Design Systems, Inc. (a)	890,640	256,914
Dropbox, Inc. Class A (a)	191,949	6,081
Dynatrace, Inc. (a)	9,118	520
Intuit, Inc.	298,857	188,677
Microsoft Corp.	8,661,936	3,443,815
Roper Technologies, Inc.	105,500	56,654
Salesforce, Inc. (a)	8,549	2,403
Stripe, Inc. Class B (a)(b)(c)	91,800	2,251
Synopsys, Inc. (a)	169,195	90,240
		4,176,248
Technology Hardware, Storage & Peripherals - 12.1%
Apple, Inc.	16,253,780	2,997,197
Samsung Electronics Co. Ltd.	4,151,080	225,559
Western Digital Corp. (a)	284,421	16,283
		3,239,039
TOTAL INFORMATION TECHNOLOGY		12,090,515
MATERIALS - 0.1%
Chemicals - 0.1%
Linde PLC	32,500	13,157
REAL ESTATE - 0.4%
Equity Real Estate Investment Trusts (REITs) - 0.4%
Equinix, Inc.	124,660	103,439
TOTAL COMMON STOCKS (Cost $11,048,659)		26,263,981

Preferred Stocks - 1.3%
	Shares	Value ($) (000s)
Convertible Preferred Stocks - 1.1%
COMMUNICATION SERVICES - 0.6%
Interactive Media & Services - 0.6%
ByteDance Ltd. Series E1 (a)(b)(c)	130,752	28,913
Reddit, Inc.:
Series B(a)(b)(c)	1,337,584	43,298
Series C(a)(b)(c)	300,673	9,733
Series D(a)(b)(c)	929,200	30,078
Series E(a)(b)(c)	33,800	1,094
Series F(a)(b)(c)	1,250,100	40,466
		153,582
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Discord, Inc. Series I (a)(b)(c)	3,300	912

FINANCIALS - 0.0%
Financial Services - 0.0%
Circle Internet Financial Ltd. Series F (a)(b)(c)	391,560	9,249
Tenstorrent Holdings, Inc. Series C1 (b)(c)	79,348	4,632
		13,881
INDUSTRIALS - 0.5%
Aerospace & Defense - 0.5%
Space Exploration Technologies Corp.:
Series G(a)(b)(c)	62,037	60,176
Series H(a)(b)(c)	65,670	63,700
		123,876
INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
Stripe, Inc. Series H (a)(b)(c)	315,830	7,744

TOTAL CONVERTIBLE PREFERRED STOCKS		299,995
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Waymo LLC:
Series A2(a)(b)(c)	103,940	5,440
Series B2(a)(b)(c)	178,470	9,744
		15,184
FINANCIALS - 0.1%
Financial Services - 0.1%
Circle Internet Financial Ltd. Series E (a)(b)(c)	1,272,556	30,058

HEALTH CARE - 0.0%
Biotechnology - 0.0%
Castle Creek Biosciences, Inc. Series A4 (a)(b)(c)	30,303	6,177

TOTAL NONCONVERTIBLE PREFERRED STOCKS		51,419
TOTAL PREFERRED STOCKS (Cost $242,233)		351,414

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 $69,598)	88,901	76,987

Money Market Funds - 0.4%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.39% (h)	83,805,032	83,822
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i)	37,401,069	37,405
TOTAL MONEY MARKET FUNDS (Cost $121,227)		121,227

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $11,481,717)	26,813,609
NET OTHER ASSETS (LIABILITIES) - 0.0%	(2,577)
NET ASSETS - 100.0%	26,811,032

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

Legend

(a)	Non-income producing

(b)	Level 3 security

(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 $644,140,000 or 2.4% of net assets.

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

(e)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $123,250,000 or 0.5% 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)

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

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($) (000s)
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 Biosciences, 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 Holdings, Inc. Series C1	4/23/21	4,718

Waymo LLC Series A2	5/08/20	8,925

Waymo LLC Series B2	6/11/21	16,370

X Holdings Corp. Class A	10/27/21	54,255

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 5.39%	95,649	589,173	601,000	492	-	-	83,822	0.2%
Fidelity Securities Lending Cash Central Fund 5.39%	411	304,377	267,383	138	-	-	37,405	0.2%
Total	96,060	893,550	868,383	630	-	-	121,227

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

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

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

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

Equities:
Communication Services	5,036,738	4,799,291	-	237,447
Consumer Discretionary	3,637,697	3,471,798	149,803	16,096
Consumer Staples	1,262,619	1,122,238	140,381	-
Energy	1,310,941	895,303	415,638	-
Financials	497,901	398,863	36,934	62,104
Health Care	1,742,939	1,736,762	-	6,177
Industrials	911,705	583,567	-	328,138
Information Technology	12,098,259	11,814,097	253,970	30,192
Materials	13,157	13,157	-	-
Real Estate	103,439	103,439	-	-

Corporate Bonds	76,987	-	76,987	-

Money Market Funds	121,227	121,227	-	-
Total Investments in Securities:	26,813,609	25,059,742	1,073,713	680,154

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

(Amounts in thousands)
Investments in Securities:
Industrials
Beginning Balance	$	274,013
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		54,125
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	328,138
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024	$	54,125
Other Investments in Securities
Beginning Balance	$	417,342
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(25,922)
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		(39,404)
Ending Balance	$	352,016
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024	$	(25,922)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.

Consolidated Financial Statements (Unaudited)

Consolidated Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $35,907) - See accompanying schedule:
Unaffiliated issuers (cost $11,360,490)	$	26,692,382
Fidelity Central Funds (cost $121,227)		121,227


Total Investment in Securities (cost $11,481,717)			$	26,813,609
Receivable for investments sold				260,505
Receivable for fund shares sold				12,581
Dividends receivable				3,211
Interest receivable				74
Distributions receivable from Fidelity Central Funds				149
Prepaid expenses				21
Other receivables				470
Total assets				27,090,620
Liabilities
Payable for investments purchased	$	177,754
Payable for fund shares redeemed		18,783
Accrued management fee		14,925
Other affiliated payables		2,526
Deferred taxes		27,590
Other payables and accrued expenses		629
Collateral on securities loaned		37,381
Total Liabilities				279,588
Net Assets			$	26,811,032
Net Assets consist of:
Paid in capital			$	11,256,210
Total accumulated earnings (loss)				15,554,822
Net Assets			$	26,811,032

Net Asset Value and Maximum Offering Price
OTC :
Net Asset Value, offering price and redemption price per share ($19,899,109 ÷ 1,056,878 shares)			$	18.83
Class K :
Net Asset Value, offering price and redemption price per share ($6,911,923 ÷ 358,804 shares)			$	19.26

Consolidated Statement of Operations
Amounts in thousands				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	78,907
Interest				3,770
Income from Fidelity Central Funds (including $138 from security lending)				630
Total Income				83,307
Expenses
Management fee
Basic fee	$	71,146
Performance adjustment		4,784
Transfer agent fees		13,425
Accounting fees		891
Custodian fees and expenses		175
Independent trustees' fees and expenses		71
Registration fees		59
Audit		105
Legal		23
Interest		258
Miscellaneous		47
Total expenses before reductions		90,984
Expense reductions		(1,069)
Total expenses after reductions				89,915
Net Investment income (loss)				(6,608)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $479)		666,021
Foreign currency transactions		(203)
Total net realized gain (loss)				665,818
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers(net of increase in deferred foreign taxes of $4,858)		1,542,098
Assets and liabilities in foreign currencies		(48)
Total change in net unrealized appreciation (depreciation)				1,542,050
Net gain (loss)				2,207,868
Net increase (decrease) in net assets resulting from operations			$	2,201,260

Consolidated Statement of Changes in Net Assets

Amount in thousands		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(6,608)	$	11,206
Net realized gain (loss)		665,818		(82,947)
Change in net unrealized appreciation (depreciation)		1,542,050		4,547,283
Net increase (decrease) in net assets resulting from operations		2,201,260		4,475,542
Distributions to shareholders		(16,461)		(782,062)

Share transactions - net increase (decrease)		(800,509)		(600,071)
Total increase (decrease) in net assets		1,384,290		3,093,409

Net Assets
Beginning of period		25,426,742		22,333,333
End of period	$	26,811,032	$	25,426,742

Consolidated Financial Highlights

Fidelity® OTC Portfolio

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	17.29	$	14.74	$	20.67	$	15.61	$	12.45	$	12.50
Income from Investment Operations
Net investment income (loss) A,B		(.01)		- C		(.07)		(.06)		(.01)		(.01)
Net realized and unrealized gain (loss)		1.56		3.07		(3.60)		6.21		4.14		.75
Total from investment operations		1.55		3.07		(3.67)		6.15		4.13		.74
Distributions from net investment income		(.01)		-		-		(.01)		-		-
Distributions from net realized gain		-		(.52)		(2.26)		(1.08)		(.97)		(.79)
Total distributions		(.01)		(.52)		(2.26)		(1.09)		(.97)		(.79)
Net asset value, end of period	$	18.83	$	17.29	$	14.74	$	20.67	$	15.61	$	12.45
Total Return D,E		8.97%		21.63%		(20.30)%		41.90%		35.79%		6.43%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.76% H		.79%		.81%		.80%		.87%		.88%
Expenses net of fee waivers, if any		.75% H		.79%		.81%		.80%		.87%		.88%
Expenses net of all reductions		.75% H		.78%		.81%		.80%		.87%		.88%
Net investment income (loss)		(.08)% H		.03%		(.37)%		(.33)%		(.07)%		(.10)%
Supplemental Data
Net assets, end of period (in millions)	$	19,899	$	18,890	$	16,626	$	22,273	$	16,817	$	13,166
Portfolio turnover rate I		21% H		15% J		32% J		28% J		48% J		34% J

ACalculated based on average shares outstanding during the period.

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

CAmount represents less than $.005 per share.

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

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

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

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

HAnnualized.

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

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

Fidelity® OTC Portfolio Class K

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	17.69	$	15.06	$	21.06	$	15.88	$	12.64	$	12.67
Income from Investment Operations
Net investment income (loss) A,B		- C		.02		(.05)		(.05)		- C		- C
Net realized and unrealized gain (loss)		1.59		3.13		(3.68)		6.33		4.21		.76
Total from investment operations		1.59		3.15		(3.73)		6.28		4.21		.76
Distributions from net investment income		(.02)		-		-		(.01)		- C		-
Distributions from net realized gain		-		(.52)		(2.27)		(1.09)		(.97)		(.79)
Total distributions		(.02)		(.52)		(2.27)		(1.10)		(.97)		(.79)
Net asset value, end of period	$	19.26	$	17.69	$	15.06	$	21.06	$	15.88	$	12.64
Total Return D,E		8.97%		21.71%		(20.21)%		42.05%		35.94%		6.50%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.67% H		.70%		.73%		.72%		.78%		.79%
Expenses net of fee waivers, if any		.66% H		.69%		.73%		.71%		.78%		.79%
Expenses net of all reductions		.66% H		.69%		.73%		.71%		.78%		.78%
Net investment income (loss)		.01% H		.12%		(.29)%		(.25)%		.03%		(.01)%
Supplemental Data
Net assets, end of period (in millions)	$	6,912	$	6,536	$	5,707	$	8,072	$	7,074	$	6,752
Portfolio turnover rate I		21% H		15% J		32% J		28% J		48% J		34% J

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.

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

HAnnualized.

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.

Notes to Consolidated Financial Statements (Unaudited) For the period ended January 31, 2024

(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.

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (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:

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	$680,154	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	15.5 - 17.5 / 17.2	Increase
			Enterprise value/Revenue multiple (EV/R)	3.0 - 15.0 / 5.7	Increase
		Market approach	Transaction price	$59.45 - $215.03 / $115.27	Increase
			Discount rate	20.0% - 42.5% / 26.7%	Decrease
			Premium rate	45.0%	Increase
		Recovery value	Recovery value	$0.00	Increase
		Black scholes	Discount rate	4.0% - 4.3% / 4.1%	Increase
			Volatility	70.0% - 85.0% / 79.4%	Increase
			Term	2.0 - 5.0 / 4.0	Increase
		Book value	Book value	1.8	Increase

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.

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

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

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

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

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

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

Fidelity OTC Portfolio

$444

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

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

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, 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	$15,776,501
Gross unrealized depreciation	(499,962)
Net unrealized appreciation (depreciation)	$15,276,539
Tax cost	$11,537,070

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

Short-term	$(150,119)
Long-term	(120,995)
Total capital loss carryforward	$(271,114)

The Fund intended to elect to defer to its next fiscal year $323 of ordinary losses recognized during the period January 1, 2023 to July 31, 2023.

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

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

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

	$ Amount	% of 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.

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

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity OTC Portfolio	2,591,236	3,417,595

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 Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity OTC Portfolio	8,690	80,520	126,282	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 .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of OTC as compared to its benchmark index, the Nasdaq Composite Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .61% 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.

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
OTC	.1300

Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund except for Class K. FIIOC received 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 AssetsA
OTC	$12,090	.13
Class K	1,335	.04
	$13,425

A Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity OTC Portfolio	.0071

Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

	% of Average Net Assets
Fidelity OTC Portfolio	.01

Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

The management fee will be determined by calculating a basic fee and then applying a performance adjustment.

When determining a class's basic fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.

The annual basic fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
OTC	.68
Class K	.59

One-twelfth of the basic fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

The performance adjustment rate will be calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.

	Performance Adjustment Index
Fidelity OTC Portfolio	Nasdaq Composite Index

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance will be based on the performance of OTC. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered.

The performance period is the most recent 36 month period.

The maximum annualized performance adjustment rate will be ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate will be divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount will be proportionately added to or subtracted from a class's basic fee.

A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

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

	Amount
Fidelity OTC Portfolio	$ 31

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 OTC Portfolio	Borrower	$15,181	5.57%	$253

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 OTC Portfolio	125,299	101,997	14,931

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 Consolidated Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity OTC Portfolio	$20

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 Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers 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 Consolidated 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 OTC Portfolio	$15	$-A	$-

A Represents amount less than five hundred dollars.

8. Bank Borrowings.

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

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity OTC Portfolio	$3,803	5.83%	$5

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,069.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended January 31, 2024	Year ended July 31, 2023
Fidelity OTC Portfolio
Distributions to shareholders
OTC	$ 10,723	$584,667
Class K	5,738	197,395
Total	$16,461	$782,062

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended January 31, 2024	Year ended July 31, 2023	Six months ended January 31, 2024	Year ended July 31, 2023
Fidelity OTC Portfolio
OTC
Shares sold	36,836	80,927	$640,275	$1,192,342
Reinvestment of distributions	566	38,691	9,899	545,928
Shares redeemed	(72,995)	(154,879)	(1,267,815)	(2,208,386)
Net increase (decrease)	(35,593)	(35,261)	$(617,641)	$(470,116)
Class K
Shares sold	10,640	22,556	$191,918	$339,915
Reinvestment of distributions	321	13,689	5,738	197,395
Shares redeemed	(21,674)	(45,781)	(380,524)	(667,265)
Net increase (decrease)	(10,713)	(9,536)	$(182,868)	$(129,955)

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.

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 (August 1, 2023 to January 31, 2024).

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 August 1, 2023	Ending Account Value January 31, 2024	Expenses Paid During Period- C August 1, 2023 to January 31, 2024
Fidelity® OTC Portfolio
Fidelity® OTC Portfolio	.75%
Actual		$ 1,000	$ 1,089.70	$ 3.94
Hypothetical-B		$ 1,000	$ 1,021.37	$ 3.81
Class K **	.66%
Actual		$ 1,000	$ 1,089.70	$ 3.47
Hypothetical-B		$ 1,000	$ 1,021.82	$ 3.35

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 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

	Annualized Expense Ratio- A	Expenses Paid
Fidelity® OTC Portfolio
Class K	.63%
Actual		$ 3.31
Hypothetical- B		$ 3.20

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.

Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.

In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.

Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.

The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

1.700332.126

OTC-SANN-0324

Fidelity® Real Estate Income Fund

Semi-Annual Report

January 31, 2024

Includes Fidelity and Fidelity Advisor share classes

Contents

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.

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Equity Lifestyle Properties, Inc.	1.9
American Tower Corp.	1.9
Prologis, Inc.	1.8
Crown Castle, Inc.	1.3
Welltower, Inc.	1.2
Equinix, Inc.	1.2
Ventas, Inc.	0.9
Public Storage	0.9
Essex Property Trust, Inc.	0.8
Annaly Capital Management, Inc. Series F, CME Term SOFR 3 Month Index + 4.990% 6.95%	0.8
	12.7

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

REITs - Diversified	17.1
REITs - Mortgage	8.0
REITs - Apartments	5.7
REITs - Health Care	5.3
REITs - Management/Investment	4.4

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)

Showing Percentage of Net Assets

Common Stocks - 21.1%
	Shares	Value ($)
FINANCIALS - 0.6%
Mortgage Real Estate Investment Trusts - 0.6%
Great Ajax Corp. (a)(b)	1,663,364	9,797,214
MFA Financial, Inc. (a)	1,231,885	13,636,967
Rithm Capital Corp.	385,699	4,126,979
		27,561,160
INDUSTRIALS - 0.1%
Construction & Engineering - 0.1%
Willscot Mobile Mini Holdings (c)	58,900	2,785,970
INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
Cyxtera Technologies, Inc. Class A (a)(c)(d)	740,700	7
REAL ESTATE - 20.4%
Equity Real Estate Investment Trusts (REITs) - 20.3%
Acadia Realty Trust (SBI)	510,426	8,707,868
American Homes 4 Rent Class A	621,100	21,769,555
American Tower Corp.	450,100	88,062,065
AvalonBay Communities, Inc.	114,200	20,442,942
Crown Castle, Inc.	541,210	58,585,983
CubeSmart	325,200	14,055,144
Digital Realty Trust, Inc.	74,400	10,450,224
Easterly Government Properties, Inc. (a)	998,900	12,266,492
EastGroup Properties, Inc.	55,600	9,865,108
Elme Communities (SBI)	755,647	10,941,769
Equinix, Inc.	65,000	53,935,050
Equity Lifestyle Properties, Inc.	1,311,596	88,781,917
Equity Residential (SBI)	96,200	5,790,278
Essex Property Trust, Inc.	159,900	37,299,873
Extra Space Storage, Inc.	163,149	23,565,242
Gaming & Leisure Properties	304,746	13,911,655
Healthcare Trust of America, Inc.	186,360	3,002,260
Invitation Homes, Inc.	544,100	17,917,213
Kimco Realty Corp.	201,400	4,068,280
Lamar Advertising Co. Class A	150,700	15,775,276
LXP Industrial Trust (REIT)	3,254,074	29,579,533
Mid-America Apartment Communities, Inc.	221,706	28,019,204
NNN (REIT), Inc.	52,100	2,101,714
Postal Realty Trust, Inc.	878,500	12,386,850
Prologis, Inc.	641,130	81,224,760
Public Storage	141,500	40,071,385
Realty Income Corp.	389,382	21,178,487
Retail Value, Inc. (c)(d)	274,131	3
Rexford Industrial Realty, Inc.	67,700	3,560,343
RLJ Lodging Trust	407,900	4,723,482
Sabra Health Care REIT, Inc.	604,175	8,059,695
SITE Centers Corp.	1,379,438	18,374,114
Sunstone Hotel Investors, Inc.	161,900	1,727,473
Terreno Realty Corp.	263,828	15,758,446
UDR, Inc.	392,200	14,127,044
UMH Properties, Inc.	335,723	5,072,775
Ventas, Inc.	892,186	41,388,509
VICI Properties, Inc.	739,000	22,258,680
Welltower, Inc.	654,600	56,629,446
Weyerhaeuser Co.	147,500	4,833,575
		930,269,712
Real Estate Management & Development - 0.1%
Cushman & Wakefield PLC (c)	201,400	2,118,728
Digitalbridge Group, Inc. (a)	76,688	1,506,152
		3,624,880
TOTAL REAL ESTATE		933,894,592
TOTAL COMMON STOCKS (Cost $740,818,654)		964,241,729

Preferred Stocks - 17.7%
	Shares	Value ($)
Convertible Preferred Stocks - 0.8%
FINANCIALS - 0.3%
Mortgage Real Estate Investment Trusts - 0.3%
Great Ajax Corp. 7.25% (b)	611,442	15,212,677

REAL ESTATE - 0.5%
Equity Real Estate Investment Trusts (REITs) - 0.5%
LXP Industrial Trust (REIT) Series C, 6.50%	440,102	20,263,995
RLJ Lodging Trust Series A, 1.95%	31,585	789,625
		21,053,620
TOTAL CONVERTIBLE PREFERRED STOCKS		36,266,297
Nonconvertible Preferred Stocks - 16.9%
ENERGY - 0.7%
Oil, Gas & Consumable Fuels - 0.7%
Enbridge, Inc.:
Series 1, 5 year U.S. Treasury Index + 3.140% 5.949%(e)(f)	498,275	10,722,878
Series L, 5 year U.S. Treasury Index + 3.150% 4.959%(e)(f)	111,400	2,226,886
Energy Transfer LP 7.60% (e)	525,651	13,151,788
Global Partners LP:
3 month U.S. LIBOR + 6.770% 9.75%(e)(f)	161,507	4,260,361
Series B, 9.50%	67,800	1,769,587
		32,131,500
FINANCIALS - 7.9%
Mortgage Real Estate Investment Trusts - 7.9%
AGNC Investment Corp.:
6.125%(e)	930,100	21,476,009
6.875%(e)	673,972	16,566,232
Series C, CME Term SOFR 3 Month Index + 5.110% 7.00%(e)(f)	653,202	16,708,907
Series E, 6.50%(e)	1,202,034	29,221,447
Series G, 7.75%(e)	320,000	7,267,200
Annaly Capital Management, Inc.:
6.75%(e)	192,992	4,815,150
Series F, CME Term SOFR 3 Month Index + 4.990% 6.95%(e)(f)	1,452,443	37,037,297
Series G, CME Term SOFR 3 Month Index + 4.430% 6.50%(e)(f)	1,069,599	26,857,631
Arbor Realty Trust, Inc.:
Series D, 6.375%	126,100	2,282,410
Series F, 6.25%(e)	447,536	8,283,891
Chimera Investment Corp.:
Series B, 8.00%(e)	673,204	16,305,001
Series C, 7.75%(e)	1,108,086	22,726,844
Dynex Capital, Inc. Series C 6.90% (e)	298,683	7,147,484
Ellington Financial LLC 6.75% (e)	212,370	5,113,870
MFA Financial, Inc.:
6.50%(e)	838,551	17,869,522
Series B, 7.50%	211,532	4,370,251
PennyMac Mortgage Investment Trust:
6.75%	217,700	4,266,920
8.125%(e)	388,754	9,302,883
Series B, 8.00%(e)	597,708	14,135,794
Rithm Capital Corp.:
7.125%(e)	1,023,942	24,410,777
Series A, 7.50%(e)	505,904	12,278,290
Series C, 6.375%(e)	1,074,554	23,554,224
Series D, 7.00%(e)	151,200	3,465,504
Two Harbors Investment Corp.:
Series A, 8.125%(e)	363,526	8,161,159
Series B, 7.625%(e)	776,859	16,951,063
		360,575,760
REAL ESTATE - 8.3%
Equity Real Estate Investment Trusts (REITs) - 6.5%
Agree Realty Corp. 4.375%	259,800	4,824,486
American Homes 4 Rent:
6.25%	98,905	2,467,680
Series G, 5.875%	249,550	5,905,601
Armada Hoffler Properties, Inc. 6.75%	255,050	5,993,675
Ashford Hospitality Trust, Inc.:
Series F, 7.375%	68,007	829,685
Series H, 7.50%	121,265	1,520,663
Series I, 7.50%	71,209	865,189
Braemar Hotels & Resorts, Inc. Series D, 8.25%	173,050	3,668,660
Cedar Realty Trust, Inc.:
7.25%	126,972	1,855,061
Series C, 6.50%	291,600	3,761,611
Centerspace Series C, 6.625%	317,300	7,754,812
CTO Realty Growth, Inc. 6.375%	120,000	2,498,400
DiamondRock Hospitality Co. 8.25%	448,231	11,407,479
Digital Realty Trust, Inc.:
5.25%	32,900	744,856
Series L, 5.20%	33,700	759,598
Gladstone Commercial Corp.:
6.625%	157,675	3,364,785
Series G, 6.00%	516,000	9,977,376
Gladstone Land Corp. Series D, 5.00%	30,000	716,577
Global Medical REIT, Inc. Series A, 7.50%	150,848	3,725,946
Global Net Lease, Inc.:
7.50%	821,484	18,031,574
Series A, 7.25%	509,695	10,678,110
Series B 6.875%	294,000	6,088,740
Series E, 7.375%	379,839	8,109,563
Healthcare Trust, Inc.:
7.125%	190,000	2,886,100
Series A 7.375%	364,800	5,807,616
Hudson Pacific Properties, Inc. Series C, 4.75%	686,200	9,792,074
Kimco Realty Corp.:
5.125%	49,000	1,153,460
Series M, 5.25%	58,100	1,366,512
National Storage Affiliates Trust Series A, 6.00%	101,375	2,379,271
Pebblebrook Hotel Trust:
6.30%	281,697	6,002,963
6.375%	372,994	7,948,539
6.375%	666,800	13,869,440
Series H, 5.70%	717,200	13,720,036
Pennsylvania (REIT):
Series B, 7.375%(c)	99,385	43,306
Series C, 7.20%(c)	50,325	21,801
Series D, 6.875%(c)	150,100	64,798
Prologis, Inc. Series Q, 8.54%	93,396	5,118,288
Public Storage:
4.00%	47,800	910,590
4.00%	244,200	4,622,706
Series F, 5.15%	25,800	635,712
Series G, 5.05%	43,800	1,077,480
Series I, 4.875%	75,000	1,756,500
Series J, 4.70%	529,337	11,587,187
Series K, 4.75%	592,462	13,146,732
Series L, 4.625%	235,900	5,208,672
Series M, 4.125%	53,000	1,040,920
Series S, 4.10%	200,000	3,890,000
Realty Income Corp. 6.00%	121,125	3,040,250
Regency Centers Corp.:
5.875%	69,225	1,721,626
Series A, 6.25%	281,325	7,010,619
Rexford Industrial Realty, Inc.:
Series B, 5.875%	98,400	2,270,088
Series C, 5.625%	78,225	1,701,394
Saul Centers, Inc.:
Series D, 6.125%	82,775	1,895,399
Series E, 6.00%	76,841	1,771,953
SITE Centers Corp. 6.375%	124,200	2,906,280
Sotherly Hotels, Inc.:
Series B, 8.00%	67,250	1,294,563
Series C, 7.875%	107,000	2,069,380
Summit Hotel Properties, Inc.:
Series E, 6.25%	457,602	9,802,384
Series F, 5.875%	377,000	7,634,250
Sunstone Hotel Investors, Inc.:
Series H, 6.125%	180,000	3,888,000
Series I, 5.70%	240,000	4,800,000
UMH Properties, Inc. Series D, 6.375%	694,525	15,974,075
Vornado Realty Trust:
Series L, 5.40%	30,100	499,209
Series M, 5.25%	2,000	31,820
		297,912,120
Real Estate Management & Development - 1.8%
Brookfield Property Partners LP:
5.75%	43,000	499,660
6.50%	34,125	457,275
Digitalbridge Group, Inc.:
Series H, 7.125%	942,305	21,795,515
Series I, 7.15%	1,074,492	24,890,607
Series J, 7.15%	1,362,346	31,347,581
Seritage Growth Properties Series A, 7.00%	91,986	2,239,859
		81,230,497
TOTAL REAL ESTATE		379,142,617

TOTAL NONCONVERTIBLE PREFERRED STOCKS		771,849,877
TOTAL PREFERRED STOCKS (Cost $874,271,341)		808,116,174

Corporate Bonds - 25.8%
	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	9,699,970
PennyMac Corp. 5.5% 11/1/24	13,601,000	13,226,973
Redwood Trust, Inc. 5.625% 7/15/24	3,631,000	3,576,530
Two Harbors Investment Corp. 6.25% 1/15/26	4,896,000	4,602,240
		31,105,713
Nonconvertible Bonds - 25.1%
COMMUNICATION SERVICES - 0.1%
Media - 0.1%
Lamar Media Corp. 4% 2/15/30	5,875,000	5,376,213

CONSUMER DISCRETIONARY - 3.4%
Hotels, Restaurants & Leisure - 1.9%
Caesars Entertainment, Inc. 8.125% 7/1/27 (h)	17,465,000	17,923,386
Hilton Domestic Operating Co., Inc.:
3.625% 2/15/32(h)	13,965,000	11,988,680
4% 5/1/31(h)	12,000,000	10,785,683
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (h)	18,265,000	16,197,417
Hyatt Hotels Corp. 5.75% 1/30/27	5,000,000	5,114,209
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (h)	15,960,000	14,347,721
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (h)	8,000,000	7,902,720
Times Square Hotel Trust 8.528% 8/1/26 (h)	2,543,621	2,541,991
		86,801,807
Household Durables - 1.5%
Adams Homes, Inc. 7.5% 2/15/25 (h)	2,439,000	2,422,782
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 6.625% 1/15/28 (h)	7,925,000	7,808,113
Century Communities, Inc.:
3.875% 8/15/29(h)	13,005,000	11,701,279
6.75% 6/1/27	4,670,000	4,704,749
LGI Homes, Inc. 4% 7/15/29 (h)	13,310,000	11,388,297
M/I Homes, Inc. 3.95% 2/15/30	17,070,000	15,149,625
New Home Co., Inc. 8.25% 10/15/27 (h)(i)	4,680,000	4,352,400
TRI Pointe Homes, Inc. 5.25% 6/1/27	11,458,000	11,265,620
		68,792,865
TOTAL CONSUMER DISCRETIONARY		155,594,672

ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
EG Global Finance PLC 12% 11/30/28 (h)	10,000,000	10,569,800

FINANCIALS - 0.4%
Financial Services - 0.4%
Brixmor Operating Partnership LP:
2.5% 8/16/31	9,000,000	7,507,644
4.05% 7/1/30	4,000,000	3,740,790
4.125% 5/15/29	1,872,000	1,777,522
Rexford Industrial Realty LP 2.15% 9/1/31	6,188,000	4,977,232
		18,003,188
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
Sabra Health Care LP:
3.9% 10/15/29	989,000	894,948
5.125% 8/15/26	20,264,000	19,960,791
		20,855,739
INDUSTRIALS - 0.1%
Commercial Services & Supplies - 0.1%
Williams Scotsman, Inc. 6.125% 6/15/25 (h)	3,240,000	3,231,900

REAL ESTATE - 20.4%
Equity Real Estate Investment Trusts (REITs) - 17.4%
Agree LP:
2.6% 6/15/33	6,100,000	4,828,250
2.9% 10/1/30	1,500,000	1,296,669
4.8% 10/1/32	1,288,000	1,225,096
American Homes 4 Rent LP:
2.375% 7/15/31	9,000,000	7,398,034
3.625% 4/15/32	27,000,000	24,105,340
4.9% 2/15/29	13,000,000	12,899,420
5.5% 2/1/34	6,000,000	6,061,594
American Tower Corp.:
2.7% 4/15/31	2,000,000	1,714,197
3.8% 8/15/29	23,000,000	21,701,087
4.05% 3/15/32	27,000,000	25,226,864
5.55% 7/15/33	18,000,000	18,488,295
5.65% 3/15/33	20,000,000	20,657,793
5.9% 11/15/33	5,000,000	5,275,544
Boston Properties, Inc.:
3.25% 1/30/31	8,000,000	6,886,448
6.75% 12/1/27	37,000	38,673
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, Inc.:
2.1% 4/1/31	4,000,000	3,256,161
2.25% 1/15/31	14,000,000	11,568,622
2.5% 7/15/31	10,000,000	8,333,526
3.8% 2/15/28	2,000,000	1,901,786
5% 1/11/28	3,000,000	2,984,861
5.1% 5/1/33	30,000,000	29,632,607
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (h)	21,865,000	19,925,793
CubeSmart LP 4.375% 2/15/29	12,000,000	11,677,208
EPR Properties:
3.6% 11/15/31	2,000,000	1,672,732
4.95% 4/15/28	8,000,000	7,686,900
Equinix, Inc.:
3.2% 11/18/29	10,000,000	9,143,259
3.9% 4/15/32	22,000,000	20,359,261
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (h)	5,075,000	4,305,231
GLP Capital LP/GLP Financing II, Inc.:
4% 1/15/30	3,000,000	2,733,591
4% 1/15/31	2,000,000	1,779,387
5.3% 1/15/29	19,193,000	18,908,965
5.375% 4/15/26	8,000,000	7,972,848
Hudson Pacific Properties LP 4.65% 4/1/29	6,000,000	5,302,469
Invitation Homes Operating Partnership LP:
4.15% 4/15/32	35,000,000	32,125,149
5.5% 8/15/33	23,000,000	23,165,214
Kimco Realty OP, LLC:
4.6% 2/1/33	9,000,000	8,661,646
6.4% 3/1/34	9,424,000	10,195,960
Kite Realty Group LP 5.5% 3/1/34	7,000	6,969
LXP Industrial Trust (REIT):
2.375% 10/1/31	7,500,000	6,042,195
2.7% 9/15/30	1,422,000	1,196,315
MPT Operating Partnership LP/MPT Finance Corp.:
3.5% 3/15/31	6,000,000	3,678,232
4.625% 8/1/29	19,835,000	13,411,691
5% 10/15/27	5,000,000	3,784,443
Necessity Retail REIT, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (h)	13,405,000	11,343,082
NNN (REIT), Inc. 5.6% 10/15/33	9,575,000	9,793,570
Omega Healthcare Investors, Inc.:
3.25% 4/15/33	18,000,000	14,531,721
3.375% 2/1/31	5,000,000	4,286,612
4.5% 4/1/27	6,752,000	6,567,717
4.95% 4/1/24	2,866,000	2,860,403
Park Intermediate Holdings LLC 4.875% 5/15/29 (h)	7,000,000	6,413,750
Phillips Edison Grocery Center 2.625% 11/15/31	12,500,000	10,199,513
Prologis LP 5.125% 1/15/34	5,000,000	5,078,191
Public Storage:
5.1% 8/1/33	10,000,000	10,190,819
5.35% 8/1/53	5,000,000	5,126,611
Realty Income Corp.:
3.4% 1/15/30	12,000,000	11,051,303
4% 7/15/29	3,000,000	2,876,698
4.875% 6/1/26	436,000	435,880
5.625% 10/13/32	5,000,000	5,189,265
RLJ Lodging Trust LP:
3.75% 7/1/26(h)	4,000,000	3,780,005
4% 9/15/29(h)	4,835,000	4,279,126
Safehold Operating Partnership LP:
2.8% 6/15/31	7,000,000	5,825,903
2.85% 1/15/32	15,250,000	12,584,376
SBA Communications Corp.:
3.125% 2/1/29	25,000,000	22,280,823
3.875% 2/15/27	5,000,000	4,771,605
Simon Property Group LP 6.25% 1/15/34	10,000,000	10,821,335
Sun Communities Operating LP:
2.7% 7/15/31	9,000,000	7,475,669
4.2% 4/15/32	11,439,000	10,388,773
5.5% 1/15/29	9,000,000	9,086,001
5.7% 1/15/33	17,750,000	17,913,150
UDR, Inc. 3% 8/15/31	1,500,000	1,307,031
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (h)	18,035,000	11,948,188
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC:
6.5% 2/15/29(h)	27,505,000	19,401,829
10.5% 2/15/28(h)	7,000,000	7,125,657
Ventas Realty LP:
2.5% 9/1/31	1,500,000	1,232,333
4.4% 1/15/29	17,000,000	16,489,320
VICI Properties LP:
4.75% 2/15/28	5,000,000	4,895,792
5.125% 5/15/32	38,000,000	36,313,883
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (h)	26,000,000	24,604,320
Vornado Realty LP 3.4% 6/1/31	6,000,000	4,730,297
Welltower OP LLC:
4% 6/1/25	5,000,000	4,918,176
4.125% 3/15/29	3,000,000	2,903,898
WP Carey, Inc.:
2.45% 2/1/32	2,000,000	1,633,984
3.85% 7/15/29	3,000,000	2,822,187
XHR LP:
4.875% 6/1/29(h)	10,000,000	9,223,100
6.375% 8/15/25(h)	4,250,000	4,251,400
		798,169,625
Real Estate Management & Development - 3.0%
CBRE Group, Inc. 5.95% 8/15/34	27,250,000	28,192,903
CoStar Group, Inc. 2.8% 7/15/30 (h)	2,000,000	1,717,968
Cushman & Wakefield U.S. Borrower LLC 6.75% 5/15/28 (h)	11,165,000	11,012,263
Digital Realty Trust LP:
3.6% 7/1/29	5,000,000	4,687,659
3.7% 8/15/27	5,000,000	4,836,061
5.55% 1/15/28	12,000,000	12,269,314
Essex Portfolio LP:
2.55% 6/15/31	2,000,000	1,674,709
2.65% 3/15/32	3,000,000	2,508,605
Extra Space Storage LP:
2.55% 6/1/31	2,000,000	1,671,789
5.4% 2/1/34	5,000,000	4,998,940
5.5% 7/1/30	5,000,000	5,113,249
5.9% 1/15/31	9,000,000	9,356,901
Forestar Group, Inc.:
3.85% 5/15/26(h)	8,000,000	7,598,960
5% 3/1/28(h)	5,000,000	4,717,851
Howard Hughes Corp.:
4.125% 2/1/29(h)	5,295,000	4,775,283
5.375% 8/1/28(h)	2,515,000	2,409,401
Kennedy-Wilson, Inc.:
4.75% 3/1/29	17,075,000	14,295,190
4.75% 2/1/30	8,130,000	6,602,454
5% 3/1/31	6,960,000	5,550,600
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (h)	1,798,000	1,782,393
		135,772,493
TOTAL REAL ESTATE		933,942,118

TOTAL NONCONVERTIBLE BONDS		1,147,573,630
TOTAL CORPORATE BONDS (Cost $1,199,497,612)		1,178,679,343

Asset-Backed Securities - 1.6%
	Principal Amount (g)	Value ($)
American Homes 4 Rent Series 2015-SFR2:
Class E, 6.07% 10/17/52 (h)	8,259,000	8,271,474
Class XS, 0% 10/17/52 (d)(e)(h)(k)	4,459,092	45
Capital Trust RE CDO Ltd. Series 2005-1A Class D, CME Term SOFR 1 Month Index + 1.610% 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)	2,760,918	2,427,514
Series 2021-1 Class F, 3.325% 9/17/41 (h)	6,602,670	5,159,786
Series 2021-2 Class G, 4.505% 12/17/26 (h)	27,719,380	24,350,608
Series 2021-3 Class F, 4.242% 1/17/41 (h)	9,923,336	8,509,590
New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/39 (h)	2,900,000	2,593,352
Retained Vantage Data Ctrs Iss Series 2023-2A Class A2, 5.05% 9/15/48 (h)	4,000,000	3,684,219
Tricon American Homes Series 2018-SFR1 Class F, 4.96% 5/17/37 (h)	8,282,000	8,124,228
Tricon Residential 2023-Sfr1 T Series 2023-SFR1:
Class D, 5.1% 7/17/40 (h)	5,000,000	4,823,097
Class E, 7.977% 7/17/40 (h)	2,000,000	2,051,039
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (h)	3,000,000	2,705,193
TOTAL ASSET-BACKED SECURITIES (Cost $80,819,580)		72,700,145

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, 3.6522% 2/25/42 (d)(e)(h)	21,139	9,052
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.8636% 6/25/43 (d)(e)(h)	36,388	26,447
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $37,396)		35,499

Commercial Mortgage Securities - 23.9%
	Principal Amount (g)	Value ($)
BANK sequential payer:
Series 2022-BNK42 Class D, 2.5% 6/15/55 (h)	2,000,000	1,290,863
Series 2022-BNK42, Class A5, 4.493% 6/15/55 (e)	15,000,000	14,583,636
Series 2022-BNK43 Class A5, 4.399% 8/15/55	10,485,000	10,101,661
Series 2022-BNK44, Class A5, 5.9367% 11/15/55 (e)	15,900,000	16,913,622
Bank sequential payer Series 2023-BNK46 Class A4, 5.745% 8/15/56	1,409,000	1,498,925
BANK:
Series 2017-BNK8 Class E, 2.8% 11/15/50 (h)	11,374,393	4,094,784
Series 2020-BN30 Class MCDG, 3.0155% 12/15/53 (d)(e)	2,000,000	802,909
Series 2021-BN38 Class C, 3.3246% 12/15/64 (e)	3,505,000	2,592,379
Series 2022-BNK41, Class C, 3.9165% 4/15/65 (e)	4,433,000	3,451,440
Series 2022-BNK42 Class C, 4.7222% 6/15/55 (e)	6,500,000	5,519,036
Series 2022-BNK44 Class A/S, 5.7452% 11/15/55 (e)	5,000,000	5,131,784
Bank Series 2023-BNK46 Class A/S, 6.385% 8/15/56	5,000,000	5,351,406
Bank of America Commercial Mortgage Trust Series 2016-UB10 Class C, 4.9856% 7/15/49 (e)	3,030,000	2,829,971
Bank5 2023-5Yr3 Series 2023-5YR3:
Class A/S, 7.3154% 9/15/56 (e)	1,500,000	1,615,639
Class B, 7.5592% 9/15/56 (e)	2,000,000	2,120,369
Bank5 2023-5Yr4 Series 2023-5YR4 Class A/S, 7.274% 12/15/56 (e)	5,000,000	5,365,557
BBCMS Mortgage Trust:
sequential payer:
Series 2022-C17:
Class C, 5.45% 9/15/55	2,000,000	1,779,802
Class D, 2.5% 9/15/55 (h)	2,000,000	1,203,634
Series 2023-C19 Class A5, 5.451% 4/15/56	22,500,000	23,475,593
Series 2023-C20 Class A5, 5.576% 7/15/56	24,250,000	25,573,359
Series 2023-C21 Class A/S, 6.5061% 9/15/56 (e)	7,000,000	7,460,846
Series 2023-C22:
Class A/S, 7.3636% 11/15/56	10,000,000	11,594,956
Class B, 7.3636% 11/15/56 (e)	10,000,000	11,224,744
Series 2020-C6 Class C, 3.045% 2/15/53	1,129,000	897,129
Series 2020-C7 Class C, 3.7154% 4/15/53 (e)	2,067,000	1,515,533
Series 2022-C16 Class C, 4.6% 6/15/55 (e)	5,250,000	4,325,868
Series 2023-5C23 Class A/S, 7.7032% 12/15/56	2,500,000	2,677,679
Series 2023-C21 Class B, 6.5061% 9/15/56	7,000,000	7,308,403
Benchmark 2023-V3 Mtg Trust Series 2023-V3 Class A/S, 7.0967% 7/15/56	10,000,000	10,639,061
Benchmark Mortgage Trust:
sequential payer:
Series 2019-B14:
Class 225D, 3.4041% 12/15/62 (e)(h)	3,427,000	69,527
Class 225E, 3.4041% 12/15/62 (d)(e)(h)	5,141,000	51,348
Series 2021-B28 Class A5, 2.2237% 8/15/54	500,000	413,019
Series 2022-B34 Class A5, 3.786% 4/15/55	10,168,402	9,061,639
Series 2022-B35 Class A5, 4.5925% 5/15/55 (e)	12,302,000	11,574,030
Series 2022-B36 Class A5, 4.4699% 7/15/55	4,900,000	4,750,686
Series 2023-B38 Class A4, 5.5246% 4/15/56	21,000,000	21,940,672
Series 2023-B39 Class A5, 5.7536% 7/15/56	5,000,000	5,312,310
Series 2023-C5 Class A5, 5.7653% 6/15/56	22,850,000	24,285,693
Series 2020-B18 Class AGNG, 4.5348% 7/15/53 (e)(h)	11,379,000	9,960,176
Series 2022-B32 Class A5, 3.0019% 1/15/55	9,618,000	8,103,111
Series 2022-B35 Class C, 4.4444% 5/15/55 (e)	7,000,000	5,267,943
Series 2022-B36:
Class C, 5.1189% 7/15/55 (e)	2,000,000	1,478,800
Class D, 2.5% 7/15/55 (h)	3,828,000	2,132,284
Series 2023-B39 Class B, 6.192% 7/15/56 (h)	5,000,000	5,187,804
Series 2023-C5 Class B, 6.697% 6/15/56 (e)	4,750,000	5,063,771
Series 2023-V2 Class A/S, 6.5374% 5/15/55	4,200,000	4,360,312
BMO Mortgage Trust:
sequential payer Series 2023-C6 Class A5, 5.9562% 9/15/56	14,000,000	15,073,608
Series 2023-5C1 Class A/S, 7.1177% 8/15/56 (e)	3,500,000	3,718,342
Series 2023-5C2 Class A5, 7.4855% 11/15/56 (e)	10,000,000	10,749,692
Series 2023-C6 Class A/S, 6.5504% 9/15/56 (e)	5,000,000	5,430,897
Series 2023-C7 Class A/S, 6.6738% 12/15/56 (e)	5,000,000	5,471,051
BX Commercial Mortgage Trust:
floater:
Series 2019-IMC Class G, CME Term SOFR 1 Month Index + 3.640% 8.9793% 4/15/34 (e)(f)(h)	5,181,000	5,106,764
Series 2019-XL:
Class G, CME Term SOFR 1 Month Index + 2.410% 7.7476% 10/15/36 (e)(f)(h)	13,391,750	13,257,835
Class J, CME Term SOFR 1 Month Index + 2.760% 8.0976% 10/15/36 (e)(f)(h)	15,217,550	14,790,938
Series 2021-ACNT Class G, CME Term SOFR 1 Month Index + 3.400% 8.7425% 11/15/38 (e)(f)(h)	15,581,000	14,995,083
Series 2021-CIP Class F, CME Term SOFR 1 Month Index + 3.330% 8.6665% 12/15/38 (e)(f)(h)	7,790,000	7,584,505
Series 2021-PAC Class G, CME Term SOFR 1 Month Index + 3.060% 8.3936% 10/15/36 (e)(f)(h)	17,232,000	16,456,551
Series 2021-SOAR Class J, CME Term SOFR 1 Month Index + 3.860% 9.1985% 6/15/38 (e)(f)(h)	17,644,334	17,139,235
Series 2021-VINO Class G, CME Term SOFR 1 Month Index + 4.060% 9.3998% 5/15/38 (e)(f)(h)	12,077,382	11,763,764
Series 2021-VOLT:
Class F, CME Term SOFR 1 Month Index + 2.510% 7.8476% 9/15/36 (e)(f)(h)	10,000,000	9,801,545
Class G, CME Term SOFR 1 Month Index + 2.960% 8.2976% 9/15/36 (e)(f)(h)	5,000,000	4,813,850
Series 2022-LBA6:
Class F, CME Term SOFR 1 Month Index + 3.350% 8.6832% 1/15/39 (e)(f)(h)	6,200,000	6,055,695
Class G, CME Term SOFR 1 Month Index + 4.200% 9.5332% 1/15/39 (e)(f)(h)	11,340,000	11,037,322
Series 2019-OC11 Class E, 4.0755% 12/9/41 (e)(h)	22,521,000	19,362,105
Series 2020-VIVA Class E, 3.667% 3/11/44 (e)(h)	20,898,990	17,085,033
BX Commercial Mortgage Trust 2024-Xl4 floater Series 2024-XL4:
Class D, CME Term SOFR 1 Month Index + 3.130% 0% 2/15/39 (e)(f)(h)	10,000,000	10,013,000
Class E, CME Term SOFR 1 Month Index + 4.180% 9.1881% 2/15/39 (e)(f)(h)	5,000,000	4,987,500
BX Trust floater Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 8.6322% 1/15/39 (e)(f)(h)	4,367,000	4,062,443
BXP Trust Series 2021-601L Class E, 2.868% 1/15/44 (e)(h)	5,754,000	3,219,601
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (d)(h)	3,353,000	1,118,634
Citigroup Commercial Mortgage Trust:
sequential payer:
Series 2019-C7 Class A4, 3.102% 12/15/72	4,820,000	4,348,320
Series 2023-V2 Class A3, 6.0475% 10/12/40 (e)(h)	5,000,000	5,055,578
Series 2022-GC48 Class E, 2.5% 6/15/55 (h)	2,000,000	1,093,201
Series 2023-PRM3:
Class B, 6.5717% 7/10/28 (e)(h)	5,000,000	5,080,367
Class C, 6.5717% 7/10/28 (e)(h)	5,500,000	5,453,323
Series 2023-SMRT Class C, 6.0475% 10/12/40 (e)(h)	9,750,000	9,784,641
COMM Mortgage Trust:
floater Series 2018-HCLV:
Class F, CME Term SOFR 1 Month Index + 3.340% 8.679% 9/15/33 (e)(f)(h)	4,265,000	2,066,474
Class G, CME Term SOFR 1 Month Index + 5.350% 10.6853% 9/15/33 (e)(f)(h)	4,265,000	1,638,048
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (h)	4,741,000	4,290,605
Series 2012-CR1:
Class D, 5.3084% 5/15/45 (e)(h)	1,469,506	1,139,425
Class G, 2.462% 5/15/45 (d)(h)	1,614,664	30,368
Series 2014-UBS2 Class D, 5.1241% 3/10/47 (e)(h)	3,713,000	3,078,578
Series 2017-CD4 Class D, 3.3% 5/10/50 (h)	2,769,000	1,812,534
Series 2019-CD4 Class C, 4.3497% 5/10/50 (e)	3,000,000	2,277,992
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (h)	2,769,000	2,057,505
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:
Class E, 4.6861% 8/15/45 (e)(h)	2,246,651	2,182,622
Class F, 4.25% 8/15/45 (h)	2,000,000	1,620,000
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.330% 9.6645% 6/15/34 (f)(h)	7,120,000	3,244,252
Credit Suisse Mortgage Trust:
floater Series 2021-BPNY Class A, CME Term SOFR 1 Month Index + 3.820% 9.1629% 8/15/26 (e)(f)(h)	18,000,000	16,008,295
Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 8.9067% 5/15/26 (e)(f)(h)	8,146,318	7,397,845
CSAIL Commercial Mortgage Trust:
sequential payer Series 2019-C15 Class A4, 4.0529% 3/15/52	9,425,000	8,956,059
Series 2017-C8 Class D, 4.5627% 6/15/50 (e)(h)	4,297,000	3,160,163
DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.5358% 8/10/44 (e)(h)	2,829,691	2,520,321
DTP Commercial Mortgage Trust 2023-Ste2 sequential payer Series 2023-STE2 Class C, 6.6891% 1/15/41 (e)(h)	8,800,000	8,694,896
ELP Commercial Mortgage Trust floater Series 2021-ELP Class J, CME Term SOFR 1 Month Index + 3.720% 9.0634% 11/15/38 (e)(f)(h)	15,430,040	14,689,432
GS Mortgage Securities Trust:
floater:
Series 2018-RIVR Class G, CME Term SOFR 1 Month Index + 2.640% 8.231% 7/15/35 (e)(f)(h)	3,808,000	336,456
Series 2019-70P Class E, CME Term SOFR 1 Month Index + 2.310% 7.8985% 10/15/36 (e)(f)(h)	7,437,000	6,875,460
sequential payer:
Series 2019-GSA1 Class A4, 3.0479% 11/10/52	7,000,000	6,303,554
Series 2023-SHIP:
Class D, 6.273% 9/10/38 (e)(h)	9,000,000	8,830,678
Class E, 7.4336% 9/10/38 (e)(h)	15,000,000	14,735,946
Series 2011-GC5:
Class C, 5.2983% 8/10/44 (e)(h)	8,899,000	6,574,910
Class D, 5.2983% 8/10/44 (e)(h)	2,733,635	986,232
Class E, 5.2983% 8/10/44 (e)(h)	8,138,000	906,222
Class F, 4.5% 8/10/44 (d)(h)	7,897,000	23,691
Series 2012-GCJ9:
Class D, 4.7543% 11/10/45 (e)(h)	4,531,578	4,128,449
Class E, 4.7543% 11/10/45 (d)(e)(h)	1,908,000	1,589,059
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.3333% 11/5/38 (e)(h)	20,270,000	18,622,507
IMT Trust Series 2017-APTS Class EFX, 3.6132% 6/15/34 (e)(h)	9,213,000	8,997,386
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (h)	2,896,000	2,680,518
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (d)(h)	8,640,000	7,033,678
Series 2014-C26 Class D, 4.0107% 1/15/48 (e)(h)	2,398,000	2,039,913
JPMDB Commercial Mortgage Securities Trust:
sequential payer Series 2019-COR6 Class A4, 3.0565% 11/13/52	8,000,000	6,664,805
Series 2018-C8 Class D, 3.4226% 6/15/51 (e)(h)	1,698,000	1,143,283
JPMorgan Chase Commercial Mortgage Securities Trust:
sequential payer Series 2021-1MEM Class E, 2.742% 10/9/42 (e)(h)	9,552,000	5,527,368
Series 2011-C3:
Class E, 5.7097% 2/15/46 (d)(e)(h)	13,774,000	5,716,348
Class G, 4.409% 2/15/46 (e)(h)	4,671,000	537,072
Class H, 4.409% 2/15/46 (d)(e)(h)	7,077,000	489,268
Series 2012-CBX:
Class E, 4.8459% 6/15/45 (e)(h)	4,370,619	3,867,998
Class F, 4% 6/15/45 (d)(h)	8,192,000	6,553,600
Class G 4% 6/15/45 (d)(h)	4,044,000	2,749,920
Series 2013-LC11:
Class D, 4.2992% 4/15/46 (e)	7,722,000	3,448,414
Class E, 3.25% 4/15/46 (e)(h)	472,000	128,063
Class F, 3.25% 4/15/46 (e)(h)	2,518,000	156,116
Series 2014-DSTY Class E, 3.9314% 6/10/27 (d)(e)(h)	8,161,000	19,905
Series 2018-AON Class F, 4.767% 7/5/31 (e)(h)	5,039,000	1,053,667
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (d)(h)	2,000,000	642,687
KNDR Trust floater Series 2021-KIND Class F, CME Term SOFR 1 Month Index + 4.060% 9.3975% 8/15/38 (e)(f)(h)	7,096,315	6,572,750
Merit floater Series 2021-STOR Class J, CME Term SOFR 1 Month Index + 4.060% 9.3985% 7/15/38 (e)(f)(h)	3,476,000	3,365,182
MHC Commercial Mortgage Trust floater Series 2021-MHC Class G, CME Term SOFR 1 Month Index + 3.310% 8.6484% 4/15/38 (e)(f)(h)	13,087,315	12,858,293
MHP Commercial Mortgage Trust floater Series 2022-MHIL:
Class F, CME Term SOFR 1 Month Index + 3.250% 8.5924% 1/15/27 (e)(f)(h)	3,924,498	3,804,130
Class G, CME Term SOFR 1 Month Index + 3.950% 9.2907% 1/15/27 (e)(f)(h)	13,149,119	12,699,681
Mira Trust 2023-Mile sequential payer Series 2023-MILE Class B, 7.2026% 6/10/38 (h)	4,200,000	4,310,447
Morgan Stanley BAML Trust:
Series 2012-C6 Class D, 4.5725% 11/15/45 (e)(h)	2,000,000	1,620,040
Series 2012-C6, Class F, 4.5725% 11/15/45 (e)(h)	2,500,000	1,200,300
Series 2013-C12 Class D, 6.2365% 10/15/46 (e)(h)	5,670,988	4,735,502
Series 2013-C13 Class E, 5.1684% 11/15/46 (e)(h)	2,740,911	2,469,397
Series 2013-C9:
Class C, 3.8559% 5/15/46 (e)	3,302,000	2,520,218
Class D, 3.9439% 5/15/46 (e)(h)	5,137,000	3,666,277
Morgan Stanley Capital I Trust:
Series 2011-C2:
Class D, 5.385% 6/15/44 (e)(h)	2,804,868	2,595,303
Class F, 5.385% 6/15/44 (d)(e)(h)	4,440,000	1,826,151
Class XB, 0.5055% 6/15/44 (e)(h)(k)	27,974,438	96,017
Series 2011-C3:
Class E, 5.1087% 7/15/49 (e)(h)	1,182,551	1,154,102
Class F, 5.1087% 7/15/49 (e)(h)	5,624,050	5,061,482
Class G, 5.1087% 7/15/49 (e)(h)	5,049,500	4,304,996
Series 2015-MS1 Class D, 4.1571% 5/15/48 (e)(h)	10,833,000	6,788,720
Series 2016-BNK2 Class C, 3% 11/15/49 (h)	2,966,000	1,368,998
Series 2017-H1 Class C, 4.281% 6/15/50	2,470,594	2,190,578
Series 2018-H4 Class A4, 4.31% 12/15/51	14,240,929	13,805,923
Series 2020-L4, Class C, 3.536% 2/15/53	2,765,000	2,071,258
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (e)(h)	1,500,000	989,416
MSWF Commercial Mortgage Trust sequential payer:
Series 2023-1:
Class A5, 5.752% 5/15/56	16,000,000	16,952,125
Class B, 6.9056% 5/15/56 (e)	3,750,000	4,016,187
Series 2023-2:
Class AS, 6.491% 12/15/56	10,000,000	10,799,726
Class B, 7.1101% 12/15/56 (e)	10,000,000	10,943,462
Natixis Commercial Mortgage Securities Trust:
floater Series 2018-FL1 Class WAN2, CME Term SOFR 1 Month Index + 3.790% 9.1302% 6/15/35 (d)(e)(f)(h)	651,000	32,550
Series 2020-2PAC Class AMZ3, 3.6167% 1/15/37 (d)(e)(h)	2,502,675	1,670,209
Open Trust 2023-Air sequential payer Series 2023-AIR Class D, CME Term SOFR 1 Month Index + 6.680% 12.0169% 10/15/28 (e)(f)(h)	9,459,358	9,494,863
OPG Trust floater Series 2021-PORT:
Class G, CME Term SOFR 1 Month Index + 2.510% 7.8465% 10/15/36 (e)(f)(h)	4,588,063	4,393,070
Class J, CME Term SOFR 1 Month Index + 3.460% 8.7945% 10/15/36 (e)(f)(h)	8,217,564	7,644,713
PKHL Commercial Mortgage Trust floater Series 2021-MF:
Class E, CME Term SOFR 1 Month Index + 2.710% 8.0765% 7/15/38 (e)(f)(h)	500,000	381,285
Class G, CME Term SOFR 1 Month Index + 4.460% 9.7985% 7/15/38 (d)(e)(f)(h)	5,944,000	3,705,667
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/26/70 (h)	9,277,000	7,248,120
Prima Capital Ltd. floater Series 2021-9A Class C, CME Term SOFR 1 Month Index + 2.460% 7.7993% 12/15/37 (e)(f)(h)	5,000,000	4,835,079
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h)	2,565,448	2,640,457
SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.8518% 3/15/37 (e)(h)	5,000,000	4,335,891
SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, CME Term SOFR 1 Month Index + 3.350% 8.684% 1/15/39 (e)(f)(h)	14,615,000	13,468,171
SREIT Trust floater:
Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.7133% 10/15/38 (e)(f)(h)	12,754,000	11,861,217
Series 2021-MFP Class G, CME Term SOFR 1 Month Index + 3.080% 8.4214% 11/15/38 (e)(f)(h)	3,706,887	3,554,910
Series 2021-MFP2 Class J, CME Term SOFR 1 Month Index + 4.020% 9.363% 11/15/36 (e)(f)(h)	10,872,000	10,519,630
STWD Trust floater sequential payer Series 2021-LIH:
Class E, CME Term SOFR 1 Month Index + 3.010% 8.351% 11/15/36 (e)(f)(h)	4,985,000	4,802,913
Class F, CME Term SOFR 1 Month Index + 3.660% 8.999% 11/15/36 (e)(f)(h)	15,282,000	14,560,335
Class G, CME Term SOFR 1 Month Index + 4.310% 9.648% 11/15/36 (e)(f)(h)	9,177,000	8,705,238
SUMIT Mortgage Trust Series 2022-BVUE:
Class D, 2.8925% 2/12/41 (e)(h)	6,000,000	4,253,875
Class F, 2.8925% 2/12/41 (e)(h)	3,211,000	2,002,092
TPGI Trust floater Series 2021-DGWD Class G, CME Term SOFR 1 Month Index + 3.960% 9.3045% 6/15/26 (e)(f)(h)	5,846,400	5,773,715
UBS Commercial Mortgage Trust Series 2012-C1:
Class E, 5% 5/10/45 (e)(h)	4,699,074	3,770,537
Class F, 5% 5/10/45 (e)(h)	2,221,350	266,562
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (e)(h)	2,143,000	1,724,601
VASA Trust:
floater Series 2021-VASA Class G, CME Term SOFR 1 Month Index + 5.110% 10.4485% 7/15/39 (e)(f)(h)	800,000	363,682
floater sequential payer Series 2021-VASA Class F, CME Term SOFR 1 Month Index + 4.010% 9.3485% 7/15/39 (e)(f)(h)	6,685,000	3,657,380
Wells Fargo Commercial Mortgage Trust:
Series 2016-BNK1 Class D, 3% 8/15/49 (d)(h)	6,979,000	2,260,640
Series 2016-NXS6 Class D, 3.059% 11/15/49 (h)	5,037,000	3,986,842
Series 2019-C52 Class C, 3.561% 8/15/52	883,000	725,293
WF-RBS Commercial Mortgage Trust:
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (d)(e)	3,955,000	54,021
Series 2011-C3 Class D, 6.0497% 3/15/44 (e)(h)	503,530	139,729
Series 2013-C11 Class E, 4.1896% 3/15/45 (d)(e)(h)	4,727,000	2,783,803
Series 2013-C13 Class D, 4.1415% 5/15/45 (d)(e)(h)	3,803,068	3,249,227
WP Glimcher Mall Trust Series 2015-WPG:
Class PR1, 3.6332% 6/5/35 (e)(h)	6,725,000	5,639,397
Class PR2, 3.6332% 6/5/35 (e)(h)	2,541,000	2,036,046
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $1,220,276,142)		1,093,421,144

Bank Loan Obligations - 2.7%
	Principal Amount (g)	Value ($)
COMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
SBA Senior Finance II, LLC:
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 1/27/31 (f)(l)(m)	13,978,892	13,957,085
Tranche B, term loan CME Term SOFR 1 Month Index + 1.750% 7.21% 4/11/25 (e)(f)(m)	11,955,215	11,927,837
		25,884,922
CONSUMER DISCRETIONARY - 0.7%
Hotels, Restaurants & Leisure - 0.7%
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4355% 9/9/26 (e)(f)(m)	7,785,120	7,765,657
Caesars Entertainment, Inc. Tranche B1 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 1/24/31 (f)(l)(m)	4,435,000	4,423,913
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan:
CME Term SOFR 1 Month Index + 2.750% 8.0826% 1/10/31 (e)(f)(m)	4,000,000	3,990,000
CME Term SOFR 1 Month Index + 3.000% 8.1971% 8/2/28 (e)(f)(m)	1,000,000	997,860
Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1859% 6/21/28 (e)(f)(m)	13,500,000	13,494,330
		30,671,760
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
New Fortress Energy, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.3174% 10/30/28 (e)(f)(m)	10,000,000	9,995,000
FINANCIALS - 0.9%
Capital Markets - 0.1%
Blackstone CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3481% 12/31/30 (e)(f)(m)	5,000,000	4,991,500
Financial Services - 0.8%
Agellan Portfolio 9% 8/7/25 (d)(m)	6,611,000	6,611,000
MHP Commercial Mortgage Trust U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 10.3332% 1/9/25 (d)(e)(f)(m)	23,154,831	21,881,315
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 9.9172% 1/21/27 (d)(e)(f)(m)	6,964,657	6,964,657
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 0.000% 0% (d)(f)(j)(m)	29,336,049	3
		35,456,975
TOTAL FINANCIALS		40,448,475
INDUSTRIALS - 0.3%
Commercial Services & Supplies - 0.3%
Pilot Travel Centers LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4326% 8/4/28 (e)(f)(m)	13,250,000	13,227,873
REAL ESTATE - 0.1%
Real Estate Management & Development - 0.1%
Cushman & Wakefield U.S. Borrower LLC Tranche B 1LN, term loan:
CME Term SOFR 1 Month Index + 2.750% 8.1971% 8/21/25 (e)(f)(m)	257,929	255,834
CME Term SOFR 1 Month Index + 3.250% 8.706% 1/31/30 (e)(f)(m)	2,624,599	2,596,175
CME Term SOFR 1 Month Index + 4.000% 9.3326% 1/31/30 (e)(f)(m)	2,290,000	2,272,825
		5,124,834
TOTAL BANK LOAN OBLIGATIONS (Cost $155,370,694)		125,352,864

Preferred Securities - 0.1%
	Principal Amount (g)	Value ($)
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Energy Transfer LP 7.125% (e)(n)	6,000,000	5,891,512
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)		5,891,524

Money Market Funds - 7.8%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (o)	354,687,418	354,758,356
Fidelity Securities Lending Cash Central Fund 5.39% (o)(p)	1,637,736	1,637,900
TOTAL MONEY MARKET FUNDS (Cost $356,353,020)		356,396,256

TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $4,634,742,207)	4,604,834,678
NET OTHER ASSETS (LIABILITIES) - (0.7)%	(29,770,633)
NET ASSETS - 100.0%	4,575,064,045

Legend

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

(b)	Affiliated company

(c)	Non-income producing

(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)	The coupon rate will be determined upon settlement of the loan after period end.

(m)	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.

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

(o)

(p)	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 5.39%	506,279,498	614,620,149	766,141,291	8,721,497	3,783	(3,783)	354,758,356	0.7%
Fidelity Securities Lending Cash Central Fund 5.39%	573,400	9,608,153	8,543,653	29,143	-	-	1,637,900	0.0%
Total	506,852,898	624,228,302	774,684,944	8,750,640	3,783	(3,783)	356,396,256

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

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

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 ($)
Great Ajax Corp.	11,477,212	-	-	7,003	-	(650,092)	9,797,214
Great Ajax Corp. 7.25%	14,943,642	-	-	554,119	-	269,035	15,212,677
Total	26,420,854	-	-	561,122	-	(381,057)	25,009,891

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	32,131,500	32,131,500	-	-
Financials	403,349,597	388,136,920	15,212,677	-
Industrials	2,785,970	2,785,970	-	-
Information Technology	7	-	-	7
Real Estate	1,334,090,829	1,313,037,206	21,053,620	3

Corporate Bonds	1,178,679,343	-	1,178,679,339	4

Asset-Backed Securities	72,700,145	-	72,700,100	45

Collateralized Mortgage Obligations	35,499	-	-	35,499

Commercial Mortgage Securities	1,093,421,144	-	1,051,017,461	42,403,683

Bank Loan Obligations	125,352,864	-	89,895,889	35,456,975

Preferred Securities	5,891,524	-	5,891,512	12

Money Market Funds	356,396,256	356,396,256	-	-
Total Investments in Securities:	4,604,834,678	2,092,487,852	2,434,450,598	77,896,228

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	$	50,262,279
Net Realized Gain (Loss) on Investment Securities		(10,936,254)
Net Unrealized Gain (Loss) on Investment Securities		4,975,062
Cost of Purchases		407,916
Proceeds of Sales		(151,932)
Amortization/Accretion		(447,142)
Transfers into Level 3		21,551,802
Transfers out of Level 3		(23,258,048)
Ending Balance	$	42,403,683
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024	$	3,240,991
Bank Loan Obligations
Beginning Balance	$	64,799,225
Net Realized Gain (Loss) on Investment Securities		12,894
Net Unrealized Gain (Loss) on Investment Securities		(15,958,622)
Cost of Purchases		-
Proceeds of Sales		(13,397,766)
Amortization/Accretion		1,244
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	35,456,975
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024	$	(15,958,622)
Other Investments in Securities
Beginning Balance	$	4,527,633
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(64,543)
Cost of Purchases		-
Proceeds of Sales		(5,206)
Amortization/Accretion		(317)
Transfers into Level 3		41,553
Transfers out of Level 3		(4,463,550)
Ending Balance	$	35,570
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024	$	(64,543)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $1,256,410) - See accompanying schedule:
Unaffiliated issuers (cost $4,243,380,476)	$	4,223,428,531
Fidelity Central Funds (cost $356,353,020)		356,396,256
Other affiliated issuers (cost $35,008,711)		25,009,891


Total Investment in Securities (cost $4,634,742,207)			$	4,604,834,678
Cash				9,260
Receivable for investments sold				874,157
Receivable for fund shares sold				3,157,294
Dividends receivable				2,896,270
Interest receivable				21,970,650
Distributions receivable from Fidelity Central Funds				1,562,106
Prepaid expenses				3,854
Total assets				4,635,308,269
Liabilities
Payable for investments purchased	$	52,229,351
Payable for fund shares redeemed		3,660,683
Accrued management fee		1,972,338
Distribution and service plan fees payable		109,922
Other affiliated payables		567,052
Other payables and accrued expenses		66,978
Collateral on securities loaned		1,637,900
Total Liabilities				60,244,224
Net Assets			$	4,575,064,045
Net Assets consist of:
Paid in capital			$	4,759,695,936
Total accumulated earnings (loss)				(184,631,891)
Net Assets			$	4,575,064,045

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($293,108,102 ÷ 25,507,858 shares)(a)			$	11.49
Maximum offering price per share (100/96.00 of $11.49)			$	11.97
Class M :
Net Asset Value and redemption price per share ($41,495,926 ÷ 3,609,836 shares)(a)			$	11.50
Maximum offering price per share (100/96.00 of $11.50)			$	11.98
Class C :
Net Asset Value and offering price per share ($47,443,004 ÷ 4,202,848 shares)(a)			$	11.29
Real Estate Income :
Net Asset Value, offering price and redemption price per share ($1,246,548,351 ÷ 107,628,136 shares)			$	11.58
Class I :
Net Asset Value, offering price and redemption price per share ($1,248,604,272 ÷ 108,318,138 shares)			$	11.53
Class Z :
Net Asset Value, offering price and redemption price per share ($1,697,864,390 ÷ 147,362,734 shares)			$	11.52
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends (including $561,122 earned from affiliated issuers)			$	43,948,295
Interest				66,779,713
Income from Fidelity Central Funds (including $29,143 from security lending)				8,750,640
Total Income				119,478,648
Expenses
Management fee	$	11,513,853
Transfer agent fees		2,750,565
Distribution and service plan fees		664,526
Accounting fees		631,517
Custodian fees and expenses		15,303
Independent trustees' fees and expenses		12,949
Registration fees		88,219
Audit		54,970
Legal		4,591
Miscellaneous		9,950
Total expenses before reductions		15,746,443
Expense reductions		(191,795)
Total expenses after reductions				15,554,648
Net Investment income (loss)				103,924,000
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(64,622,581)
Fidelity Central Funds		3,783
Foreign currency transactions		(190)
Total net realized gain (loss)				(64,618,988)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		124,997,948
Fidelity Central Funds		(3,783)
Other affiliated issuers		(381,057)
Assets and liabilities in foreign currencies		85
Total change in net unrealized appreciation (depreciation)				124,613,193
Net gain (loss)				59,994,205
Net increase (decrease) in net assets resulting from operations			$	163,918,205

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	103,924,000	$	238,244,025
Net realized gain (loss)		(64,618,988)		(93,379,075)
Change in net unrealized appreciation (depreciation)		124,613,193		(324,762,669)
Net increase (decrease) in net assets resulting from operations		163,918,205		(179,897,719)
Distributions to shareholders		(118,935,485)		(351,750,740)

Share transactions - net increase (decrease)		(58,644,632)		(838,782,559)
Total increase (decrease) in net assets		(13,661,912)		(1,370,431,018)

Net Assets
Beginning of period		4,588,725,957		5,959,156,975
End of period	$	4,575,064,045	$	4,588,725,957

Financial Highlights

Fidelity Advisor® Real Estate Income Fund Class A

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.36	$	12.49	$	13.43	$	11.02	$	12.43	$	11.99
Income from Investment Operations
Net investment income (loss) A,B		.25		.53		.39		.33		.45		.51
Net realized and unrealized gain (loss)		.17		(.88)		(1.03)		2.53		(1.25)		.65
Total from investment operations		.42		(.35)		(.64)		2.86		(.80)		1.16
Distributions from net investment income		(.29)		(.56)		(.28)		(.42) C		(.44)		(.51)
Distributions from net realized gain		-		(.22)		(.02)		(.03) C		(.16)		(.21)
Total distributions		(.29)		(.78)		(.30)		(.45)		(.61) D		(.72)
Net asset value, end of period	$	11.49	$	11.36	$	12.49	$	13.43	$	11.02	$	12.43
Total Return E,F,G		3.81%		(2.72)%		(4.83)%		26.64%		(6.88)%		10.15%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.99% J		.99%		.98%		.99%		1.01%		1.01%
Expenses net of fee waivers, if any		.98% J		.98%		.98%		.99%		1.01%		1.01%
Expenses net of all reductions		.98% J		.98%		.98%		.99%		1.00%		1.01%
Net investment income (loss)		4.44% J		4.61%		2.97%		2.75%		3.85%		4.29%
Supplemental Data
Net assets, end of period (000 omitted)	$	293,108	$	304,754	$	364,443	$	384,382	$	324,031	$	325,296
Portfolio turnover rate K		31% J		17%		42%		26%		32% L		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 for periods of less than one year are not annualized.

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

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

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

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

JAnnualized.

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

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

Fidelity Advisor® Real Estate Income Fund Class M

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.36	$	12.49	$	13.43	$	11.02	$	12.43	$	11.99
Income from Investment Operations
Net investment income (loss) A,B		.25		.52		.39		.33		.45		.51
Net realized and unrealized gain (loss)		.18		(.87)		(1.03)		2.53		(1.26)		.65
Total from investment operations		.43		(.35)		(.64)		2.86		(.81)		1.16
Distributions from net investment income		(.29)		(.56)		(.28)		(.42) C		(.44)		(.51)
Distributions from net realized gain		-		(.22)		(.02)		(.03) C		(.16)		(.21)
Total distributions		(.29)		(.78)		(.30)		(.45)		(.60)		(.72)
Net asset value, end of period	$	11.50	$	11.36	$	12.49	$	13.43	$	11.02	$	12.43
Total Return D,E,F		3.89%		(2.75)%		(4.85)%		26.62%		(6.89)%		10.12%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.01% I		1.01%		.99%		1.01%		1.03%		1.04%
Expenses net of fee waivers, if any		1.00% I		1.00%		.99%		1.01%		1.03%		1.04%
Expenses net of all reductions		1.00% I		1.00%		.99%		1.01%		1.03%		1.04%
Net investment income (loss)		4.42% I		4.59%		2.97%		2.73%		3.82%		4.26%
Supplemental Data
Net assets, end of period (000 omitted)	$	41,496	$	42,829	$	52,919	$	57,338	$	49,387	$	60,540
Portfolio turnover rate J		31% I		17%		42%		26%		32% K		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 for periods of less than one year are not annualized.

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

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

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

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

IAnnualized.

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

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

Fidelity Advisor® Real Estate Income Fund Class C

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.16	$	12.27	$	13.21	$	10.88	$	12.28	$	11.85
Income from Investment Operations
Net investment income (loss) A,B		.20		.43		.29		.24		.36		.42
Net realized and unrealized gain (loss)		.18		(.86)		(1.01)		2.48		(1.23)		.64
Total from investment operations		.38		(.43)		(.72)		2.72		(.87)		1.06
Distributions from net investment income		(.25)		(.46)		(.20)		(.36) C		(.36)		(.42)
Distributions from net realized gain		-		(.22)		(.02)		(.03) C		(.16)		(.21)
Total distributions		(.25)		(.68)		(.22)		(.39)		(.53) D		(.63)
Net asset value, end of period	$	11.29	$	11.16	$	12.27	$	13.21	$	10.88	$	12.28
Total Return E,F,G		3.46%		(3.46)%		(5.54)%		25.64%		(7.50)%		9.34%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.74% J		1.74%		1.72%		1.74%		1.76%		1.76%
Expenses net of fee waivers, if any		1.73% J		1.73%		1.72%		1.74%		1.76%		1.76%
Expenses net of all reductions		1.73% J		1.73%		1.72%		1.74%		1.76%		1.76%
Net investment income (loss)		3.69% J		3.86%		2.23%		2.00%		3.09%		3.54%
Supplemental Data
Net assets, end of period (000 omitted)	$	47,443	$	56,795	$	89,135	$	120,072	$	150,653	$	210,156
Portfolio turnover rate K		31% J		17%		42%		26%		32% L		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 for periods of less than one year are not annualized.

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

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

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.

Fidelity® Real Estate Income Fund

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.45	$	12.58	$	13.52	$	11.09	$	12.50	$	12.05
Income from Investment Operations
Net investment income (loss) A,B		.26		.56		.43		.37		.48		.54
Net realized and unrealized gain (loss)		.17		(.88)		(1.03)		2.53		(1.25)		.66
Total from investment operations		.43		(.32)		(.60)		2.90		(.77)		1.20
Distributions from net investment income		(.30)		(.60)		(.32)		(.44) C		(.48)		(.54)
Distributions from net realized gain		-		(.22)		(.02)		(.03) C		(.16)		(.21)
Total distributions		(.30)		(.81) D		(.34)		(.47)		(.64)		(.75)
Net asset value, end of period	$	11.58	$	11.45	$	12.58	$	13.52	$	11.09	$	12.50
Total Return E,F		3.92%		(2.42)%		(4.56)%		26.88%		(6.58)%		10.47%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.73% I		.73%		.71%		.72%		.73%		.75%
Expenses net of fee waivers, if any		.72% I		.72%		.71%		.72%		.73%		.75%
Expenses net of all reductions		.72% I		.72%		.71%		.72%		.73%		.75%
Net investment income (loss)		4.70% I		4.87%		3.24%		3.02%		4.12%		4.55%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,246,548	$	1,288,147	$	1,898,345	$	2,777,243	$	2,205,319	$	2,691,820
Portfolio turnover rate J		31% I		17%		42%		26%		32% K		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 for periods of less than one year are not annualized.

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

IAnnualized.

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

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

Fidelity Advisor® Real Estate Income Fund Class I

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	11.39	$	12.53	$	13.47	$	11.04	$	12.45	$	12.01
Income from Investment Operations
Net investment income (loss) A,B		.26		.56		.43		.37		.48		.54
Net realized and unrealized gain (loss)		.18		(.89)		(1.03)		2.53		(1.25)		.65
Total from investment operations		.44		(.33)		(.60)		2.90		(.77)		1.19
Distributions from net investment income		(.30)		(.60)		(.32)		(.44) C		(.47)		(.54)
Distributions from net realized gain		-		(.22)		(.02)		(.03) C		(.16)		(.21)
Total distributions		(.30)		(.81) D		(.34)		(.47)		(.64) D		(.75)
Net asset value, end of period	$	11.53	$	11.39	$	12.53	$	13.47	$	11.04	$	12.45
Total Return E,F		4.03%		(2.52)%		(4.57)%		27.03%		(6.62)%		10.43%
Ratios to Average Net Assets A,G,H
Expenses before reductions		.73% I		.73%		.71%		.71%		.74%		.75%
Expenses net of fee waivers, if any		.72% I		.72%		.71%		.71%		.74%		.74%
Expenses net of all reductions		.72% I		.72%		.71%		.71%		.74%		.74%
Net investment income (loss)		4.71% I		4.87%		3.24%		3.03%		4.11%		4.55%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,248,604	$	1,379,614	$	1,946,852	$	2,810,475	$	1,782,594	$	2,386,308
Portfolio turnover rate J		31% I		17%		42%		26%		32% K		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 for periods of less than one year are not annualized.

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

IAnnualized.

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

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

Fidelity Advisor® Real Estate Income Fund Class Z

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	11.39	$	12.53	$	13.47	$	11.04	$	12.45	$	11.74
Income from Investment Operations
Net investment income (loss) B,C		.27		.57		.44		.38		.49		.47
Net realized and unrealized gain (loss)		.17		(.88)		(1.02)		2.53		(1.25)		.67
Total from investment operations		.44		(.31)		(.58)		2.91		(.76)		1.14
Distributions from net investment income		(.31)		(.61)		(.34)		(.45) D		(.49)		(.42)
Distributions from net realized gain		-		(.22)		(.02)		(.03) D		(.16)		(.02)
Total distributions		(.31)		(.83)		(.36)		(.48)		(.65)		(.43) E
Net asset value, end of period	$	11.52	$	11.39	$	12.53	$	13.47	$	11.04	$	12.45
Total Return F,G		4.00%		(2.36)%		(4.44)%		27.15%		(6.50)%		10.00%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.60% J		.60%		.59%		.60%		.62%		.62% J
Expenses net of fee waivers, if any		.59% J		.60%		.59%		.60%		.62%		.62% J
Expenses net of all reductions		.59% J		.60%		.59%		.60%		.61%		.62% J
Net investment income (loss)		4.83% J		4.99%		3.36%		3.14%		4.24%		4.71% J
Supplemental Data
Net assets, end of period (000 omitted)	$	1,697,864	$	1,516,585	$	1,607,463	$	919,766	$	793,220	$	467,324
Portfolio turnover rate K		31% J		17%		42%		26%		32% L		17%

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

CCalculated based on average shares outstanding during the period.

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

ETotal 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.

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.

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 (Unaudited)

For the period ended January 31, 2024

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The 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:

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	$10	Recovery value	Recovery value	$0.00	Increase
Corporate Bonds	$4	Recovery value	Recovery value	$0.00	Increase
Commercial Mortgage Securities	$42,403,683	Indicative market price	Evaluated bid	$0.24 - $85.44 / $63.20	Increase
Asset-Backed Securities	$45	Indicative market price	Evaluated bid	$0.00	Increase
		Recovery value	Recovery value	$0.00	Increase
Collateralized Mortgage Obligations	$35,499	Indicative market price	Evaluated bid	$42.82 - $72.68 / $65.07	Increase
Preferred Securities	$12	Recovery value	Recovery value	$0.00	Increase
Bank Loan Obligations	$35,456,975	Recovery value	Recovery value	$0.00	Increase
		Discounted cash flow	Yield	8.7% - 11.7% / 10.7%	Decrease

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. 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.

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.

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), 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	$336,421,238
Gross unrealized depreciation	(367,933,230)
Net unrealized appreciation (depreciation)	$(31,511,992)
Tax cost	$4,636,346,670

Short-term	$(27,960,936)
Long-term	(62,321,674)
Total capital loss carryforward	$(90,282,610)

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	729,324,603	634,158,556

5. Fees and Other Transactions with Affiliates.

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%	$360,867	$229
Class M	- %	.25%	51,327	-
Class C	.75%	.25%	252,332	5,454
			$664,526	$5,683

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	$3,652
Class M	605
Class C A	360
	$4,617

A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	.1777
Class M	.1975
Class C	.1799
Real Estate Income	.1674
Class I	.1660

Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received 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	$258,129	.18
Class M	40,896	.20
Class C	45,540	.18
Real Estate Income	1,032,836	.17
Class I	1,050,481	.17
Class Z	322,683	.04
	$2,750,565

A Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Blue Chip Growth Fund	.0278

Prior to December 1, 2023, the accounting fee was 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 Real Estate Income Fund	.03

Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

When determining a class's management fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.

The annual management fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Class A	.70
Class M	.72
Class C	.70
Real Estate Income	.69
Class I	.69
Class Z	.56

One-twelfth of the management fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month.

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

	Amount
Fidelity Real Estate Income Fund	$5,426

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Real Estate Income Fund	-	8,241,772	(181,282)

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

	Amount ($)
Fidelity Real Estate Income Fund	44,700

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 Real Estate Income Fund	$3,531

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 Real Estate Income Fund	$2,997	$6	$-

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 $1,909.

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 $189,886.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended January 31, 2024	Year ended July 31, 2023
Fidelity Real Estate Income Fund
Distributions to shareholders
Class A	$7,428,766	$21,930,158
Class M	1,055,724	3,110,455
Class C	1,109,802	4,348,277
Real Estate Income	32,998,157	103,579,841
Class I	33,686,660	115,278,699
Class Z	42,656,376	103,503,310
Total	$118,935,485	$351,750,740

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended January 31, 2024	Year ended July 31, 2023	Six months ended January 31, 2024	Year ended July 31, 2023
Fidelity Real Estate Income Fund
Class A
Shares sold	1,745,370	4,529,438	$19,318,271	$51,823,043
Reinvestment of distributions	486,771	1,431,595	5,375,589	16,449,419
Shares redeemed	(3,552,187)	(8,310,972)	(39,293,725)	(94,422,132)
Net increase (decrease)	(1,320,046)	(2,349,939)	$(14,599,865)	$(26,149,670)
Class M
Shares sold	64,900	182,092	$720,427	$2,081,875
Reinvestment of distributions	91,797	262,127	1,013,953	3,012,477
Shares redeemed	(315,750)	(910,889)	(3,510,599)	(10,351,315)
Net increase (decrease)	(159,053)	(466,670)	$(1,776,219)	$(5,256,963)
Class C
Shares sold	95,718	229,563	$1,057,589	$2,595,406
Reinvestment of distributions	99,897	375,961	1,084,404	4,260,263
Shares redeemed	(1,081,403)	(2,780,448)	(11,752,262)	(31,102,886)
Net increase (decrease)	(885,788)	(2,174,924)	$(9,610,269)	$(24,247,217)
Real Estate Income
Shares sold	5,412,740	14,381,485	$60,869,770	$165,460,169
Reinvestment of distributions	2,568,227	7,887,949	28,578,780	91,324,900
Shares redeemed	(12,876,508)	(60,597,988)	(143,717,796)	(708,964,361)
Net increase (decrease)	(4,895,541)	(38,328,554)	$(54,269,246)	$(452,179,292)
Class I
Shares sold	12,448,091	30,191,122	$138,009,656	$345,734,833
Reinvestment of distributions	2,869,233	9,257,182	31,741,796	106,675,182
Shares redeemed	(28,072,344)	(73,751,513)	(310,109,490)	(837,783,994)
Net increase (decrease)	(12,755,020)	(34,303,209)	$(140,358,038)	$(385,373,979)
Class Z
Shares sold	24,914,680	30,444,095	$280,890,045	$349,094,163
Reinvestment of distributions	3,382,590	8,001,421	37,431,261	91,968,427
Shares redeemed	(14,086,688)	(33,595,613)	(156,352,301)	(386,638,028)
Net increase (decrease)	14,210,582	4,849,903	$161,969,005	$54,424,562

11. Other.

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	24%

12. Risk and Uncertainties.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Expenses Paid During Period- C August 1, 2023 to January 31, 2024
Fidelity® Real Estate Income Fund
Class A	.98%
Actual		$ 1,000	$ 1,038.10	$ 5.02
Hypothetical-B		$ 1,000	$ 1,020.21	$ 4.98
Class M	1.00%
Actual		$ 1,000	$ 1,038.90	$ 5.13
Hypothetical-B		$ 1,000	$ 1,020.11	$ 5.08
Class C	1.73%
Actual		$ 1,000	$ 1,034.60	$ 8.85
Hypothetical-B		$ 1,000	$ 1,016.44	$ 8.77
Fidelity® Real Estate Income Fund **	.72%
Actual		$ 1,000	$ 1,039.20	$ 3.69
Hypothetical-B		$ 1,000	$ 1,021.52	$ 3.66
Class I	.72%
Actual		$ 1,000	$ 1,040.30	$ 3.69
Hypothetical-B		$ 1,000	$ 1,021.52	$ 3.66
Class Z **	.59%
Actual		$ 1,000	$ 1,040.00	$ 3.03
Hypothetical-B		$ 1,000	$ 1,022.17	$ 3.00

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

B 5% return per year before expenses

	Annualized Expense Ratio- A	Expenses Paid
Fidelity® Real Estate Income Fund
Fidelity® Real Estate Income Fund	.67%
Actual		$ 3.43
Hypothetical- B		$ 3.40
Class Z	.56%
Actual		$ 2.87
Hypothetical- B		$ 2.85

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.789716.120

REI-SANN-0324

Fidelity® OTC K6 Portfolio

Semi-Annual Report

January 31, 2024

Contents

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.

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	13.3
Apple, Inc.	11.4
Amazon.com, Inc.	8.7
NVIDIA Corp.	6.3
Alphabet, Inc. Class A	6.1
Meta Platforms, Inc. Class A	5.0
Alphabet, Inc. Class C	3.2
Marvell Technology, Inc.	2.6
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2.5
Netflix, Inc.	2.1
	61.2

Market Sectors (% of Fund's net assets)

Information Technology	46.2
Communication Services	19.0
Consumer Discretionary	13.8
Health Care	6.7
Energy	5.0
Consumer Staples	4.9
Industrials	2.3
Financials	2.2
Real Estate	0.4
Materials	0.1

Asset Allocation (% of Fund's net assets)

Short-Term Investments and Net Other Assets (Liabilities) - (0.6)%

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.

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares	Value ($)
COMMUNICATION SERVICES - 18.8%
Diversified Telecommunication Services - 0.0%
Starry Group Holdings, Inc. Class A (a)(b)	1,498	0
Entertainment - 2.1%
Electronic Arts, Inc.	176	24,214
NetEase, Inc. ADR	1,159	113,165
Netflix, Inc. (a)	82,916	46,773,745
Take-Two Interactive Software, Inc. (a)	1,611	265,702
		47,176,826
Interactive Media & Services - 14.7%
Alphabet, Inc.:
Class A (a)	977,095	136,891,010
Class C (a)	502,358	71,234,364
Epic Games, Inc. (a)(b)(c)	5,200	3,206,528
Meta Platforms, Inc. Class A	288,549	112,574,507
Snap, Inc. Class A (a)	100,600	1,598,534
Vimeo, Inc. (a)	24,964	99,107
Yandex NV Series A (a)(b)(d)	253,404	3,243,571
		328,847,621
Media - 1.9%
Charter Communications, Inc. Class A (a)	35,534	13,172,809
Comcast Corp. Class A	653,944	30,434,554
		43,607,363
Wireless Telecommunication Services - 0.1%
T-Mobile U.S., Inc.	7,500	1,209,225
TOTAL COMMUNICATION SERVICES		420,841,035
CONSUMER DISCRETIONARY - 13.7%
Automobiles - 0.1%
Rivian Automotive, Inc. (a)	1,247	19,092
Tesla, Inc. (a)	7,667	1,435,952
		1,455,044
Broadline Retail - 8.7%
Alibaba Group Holding Ltd. sponsored ADR	522	37,673
Amazon.com, Inc. (a)	1,245,759	193,341,797
ContextLogic, Inc. (a)	565	2,469
Etsy, Inc. (a)	11,427	760,581
Global-e Online Ltd. (a)	20,061	757,704
JD.com, Inc. Class A	739	8,333
		194,908,557
Hotels, Restaurants & Leisure - 0.7%
Airbnb, Inc. Class A (a)	1,530	220,534
Churchill Downs, Inc.	85,712	10,368,581
Domino's Pizza, Inc.	2,321	989,257
Hilton Worldwide Holdings, Inc.	6,300	1,203,048
Marriott International, Inc. Class A	4,194	1,005,428
Wynn Resorts Ltd.	9,478	895,008
Zomato Ltd. (a)	368,500	618,864
		15,300,720
Specialty Retail - 2.2%
Five Below, Inc. (a)	47,097	8,452,028
Lowe's Companies, Inc.	78,659	16,741,782
Ross Stores, Inc.	156,772	21,991,976
thredUP, Inc. (a)(d)	7,523	15,309
TJX Companies, Inc.	16,251	1,542,382
		48,743,477
Textiles, Apparel & Luxury Goods - 2.0%
Figs, Inc. Class A (a)(d)	3,944	22,717
Kontoor Brands, Inc.	476	27,903
lululemon athletica, Inc. (a)	71,696	32,537,079
LVMH Moet Hennessy Louis Vuitton SE	14,022	11,667,131
NIKE, Inc. Class B	13,406	1,361,111
		45,615,941
TOTAL CONSUMER DISCRETIONARY		306,023,739
CONSUMER STAPLES - 4.9%
Beverages - 2.7%
Diageo PLC	333,820	12,056,864
Keurig Dr. Pepper, Inc.	713,757	22,440,520
Monster Beverage Corp.	445,722	24,523,624
		59,021,008
Consumer Staples Distribution & Retail - 0.7%
Costco Wholesale Corp.	10,292	7,151,705
Dollar General Corp.	37,000	4,886,590
Dollar Tree, Inc. (a)	25,667	3,352,624
		15,390,919
Food Products - 0.8%
Mondelez International, Inc.	248,764	18,724,466
Personal Care Products - 0.7%
Estee Lauder Companies, Inc. Class A	116,400	15,363,636
The Honest Co., Inc. (a)	1,176	3,352
		15,366,988
TOTAL CONSUMER STAPLES		108,503,381
ENERGY - 5.0%
Energy Equipment & Services - 0.7%
Schlumberger Ltd.	281,980	13,732,426
TGS ASA ADR	232,236	2,271,268
		16,003,694
Oil, Gas & Consumable Fuels - 4.3%
Cenovus Energy, Inc. (Canada)	12,509	202,645
Diamondback Energy, Inc.	4,654	715,506
EOG Resources, Inc.	1,000	113,790
Exxon Mobil Corp.	356,100	36,610,641
Hess Corp.	88,922	12,496,209
Reliance Industries Ltd.	1,053,213	36,169,126
Reliance Industries Ltd. GDR (e)	149,324	10,363,086
		96,671,003
TOTAL ENERGY		112,674,697
FINANCIALS - 1.7%
Banks - 0.0%
Huntington Bancshares, Inc.	9,122	116,123
Wintrust Financial Corp.	3,087	299,377
		415,500
Capital Markets - 0.1%
Coinbase Global, Inc. (a)(d)	9,800	1,256,360
S&P Global, Inc.	149	66,804
		1,323,164
Financial Services - 1.6%
Jio Financial Services Ltd.	1,048,713	3,129,803
MasterCard, Inc. Class A	70,853	31,829,293
PayPal Holdings, Inc. (a)	13,683	839,452
		35,798,548
TOTAL FINANCIALS		37,537,212
HEALTH CARE - 6.7%
Biotechnology - 2.6%
Alnylam Pharmaceuticals, Inc. (a)	95,486	16,510,484
Amgen, Inc.	42,674	13,410,731
Arcutis Biotherapeutics, Inc. (a)(d)	71,603	420,310
Argenx SE ADR (a)	3,100	1,179,581
Ascendis Pharma A/S sponsored ADR (a)	22,142	2,876,910
GenSight Biologics SA (a)	16,039	6,899
Ionis Pharmaceuticals, Inc. (a)	2,430	124,878
Legend Biotech Corp. ADR (a)	9,600	528,576
Regeneron Pharmaceuticals, Inc. (a)	25,221	23,777,854
Trevena, Inc. (a)(d)	1,349	854
		58,837,077
Health Care Equipment & Supplies - 2.3%
Boston Scientific Corp. (a)	185,700	11,747,382
DexCom, Inc. (a)	51,979	6,307,652
Inspire Medical Systems, Inc. (a)	33,000	6,958,710
Insulet Corp. (a)	118,573	22,632,029
Neuronetics, Inc. (a)	2,922	9,935
Outset Medical, Inc. (a)	3,171	9,640
Pulmonx Corp. (a)	2,888	38,353
Tandem Diabetes Care, Inc. (a)	15,281	348,407
TransMedics Group, Inc. (a)	34,700	2,976,219
		51,028,327
Health Care Providers & Services - 0.2%
Humana, Inc.	8,648	3,269,463
Health Care Technology - 0.0%
Certara, Inc. (a)	21,121	341,315
Life Sciences Tools & Services - 1.2%
10X Genomics, Inc. (a)	25,281	1,053,459
Bruker Corp.	203,908	14,581,461
Danaher Corp.	42,400	10,172,184
Illumina, Inc. (a)	3,166	452,770
Seer, Inc. (a)	38,113	65,554
Thermo Fisher Scientific, Inc.	1,800	970,164
		27,295,592
Pharmaceuticals - 0.4%
AstraZeneca PLC sponsored ADR	144,632	9,638,276
Elanco Animal Health, Inc. (a)	6,694	98,670
TherapeuticsMD, Inc. (a)(d)	519	1,173
		9,738,119
TOTAL HEALTH CARE		150,509,893
INDUSTRIALS - 2.3%
Commercial Services & Supplies - 0.0%
Veralto Corp.	1,333	102,228
Construction & Engineering - 0.1%
Bowman Consulting Group Ltd. (a)	684	21,484
Comfort Systems U.S.A., Inc.	5,300	1,152,591
EMCOR Group, Inc.	5,100	1,163,361
Sterling Construction Co., Inc. (a)	4,900	367,990
		2,705,426
Electrical Equipment - 1.4%
Vertiv Holdings Co.	559,500	31,516,635
Ground Transportation - 0.1%
Canadian Pacific Kansas City Ltd.	11,831	952,041
CSX Corp.	25,387	906,316
		1,858,357
Passenger Airlines - 0.0%
Wheels Up Experience, Inc. Class A (a)(d)	7,082	23,441
Professional Services - 0.7%
Verisk Analytics, Inc.	66,653	16,098,699
TOTAL INDUSTRIALS		52,304,786
INFORMATION TECHNOLOGY - 46.2%
Communications Equipment - 0.4%
Arista Networks, Inc. (a)	12,900	3,336,972
Cisco Systems, Inc.	90,143	4,523,376
		7,860,348
IT Services - 1.0%
Accenture PLC Class A	4,000	1,455,520
Gartner, Inc. (a)	34,423	15,746,457
MongoDB, Inc. Class A (a)	8,252	3,305,091
Twilio, Inc. Class A (a)	133	9,354
X Holdings Corp. Class A (b)(c)	57,830	1,646,998
		22,163,420
Semiconductors & Semiconductor Equipment - 16.4%
Advanced Micro Devices, Inc. (a)	15,045	2,522,896
Alchip Technologies Ltd.	19,000	2,357,250
Analog Devices, Inc.	6,473	1,245,146
Applied Materials, Inc.	30,223	4,965,639
Arm Holdings Ltd. ADR (d)	17,900	1,264,993
ASML Holding NV (depository receipt)	44,996	39,138,421
BE Semiconductor Industries NV	126,000	19,036,314
Broadcom, Inc.	7,400	8,732,000
Lam Research Corp.	21,686	17,894,637
Marvell Technology, Inc.	852,419	57,708,766
Micron Technology, Inc.	38,700	3,318,525
NVIDIA Corp.	227,563	140,012,687
NXP Semiconductors NV	50,932	10,724,751
Skyworks Solutions, Inc.	8,215	858,139
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	497,543	56,202,457
		365,982,621
Software - 16.1%
Adobe, Inc. (a)	11,779	7,276,831
Autodesk, Inc. (a)	15,586	3,955,883
Cadence Design Systems, Inc. (a)	77,816	22,446,803
Dropbox, Inc. Class A (a)	19,030	602,870
Dynatrace, Inc. (a)	3,034	172,938
Intuit, Inc.	25,715	16,234,651
Microsoft Corp.	746,486	296,787,901
Roper Technologies, Inc.	9,200	4,940,400
Salesforce, Inc. (a)	645	181,303
Stripe, Inc. Class B (a)(b)(c)	7,800	191,256
Synopsys, Inc. (a)	14,562	7,766,643
		360,557,479
Technology Hardware, Storage & Peripherals - 12.3%
Apple, Inc.	1,377,100	253,937,240
Samsung Electronics Co. Ltd.	356,960	19,396,296
Western Digital Corp. (a)	22,977	1,315,433
		274,648,969
TOTAL INFORMATION TECHNOLOGY		1,031,212,837
MATERIALS - 0.1%
Chemicals - 0.1%
Linde PLC	2,700	1,093,041
REAL ESTATE - 0.4%
Equity Real Estate Investment Trusts (REITs) - 0.4%
Equinix, Inc.	10,583	8,781,456
TOTAL COMMON STOCKS (Cost $1,473,909,337)		2,229,482,077

Preferred Stocks - 0.5%
	Shares	Value ($)
Convertible Preferred Stocks - 0.3%
COMMUNICATION SERVICES - 0.2%
Interactive Media & Services - 0.2%
ByteDance Ltd. Series E1 (a)(b)(c)	6,135	1,356,633
Reddit, Inc.:
Series E(a)(b)(c)	2,900	93,873
Series F(a)(b)(c)	108,712	3,519,007
		4,969,513
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Discord, Inc. Series I (a)(b)(c)	300	82,944

FINANCIALS - 0.1%
Financial Services - 0.1%
Circle Internet Financial Ltd. Series F (a)(b)(c)	33,481	790,821
Tenstorrent Holdings, Inc. Series C1 (b)(c)	6,595	385,016
		1,175,837
INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
Stripe, Inc. Series H (a)(b)(c)	24,206	593,531

TOTAL CONVERTIBLE PREFERRED STOCKS		6,821,825
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Waymo LLC:
Series A2(a)(b)(c)	2,467	129,123
Series B2(a)(b)(c)	15,200	829,920
		959,043
FINANCIALS - 0.1%
Financial Services - 0.1%
Circle Internet Financial Ltd. Series E (a)(b)(c)	108,317	2,558,448

TOTAL NONCONVERTIBLE PREFERRED STOCKS		3,517,491
TOTAL PREFERRED STOCKS (Cost $13,816,701)		10,339,316

Convertible Bonds - 0.3%
	Principal Amount (f)	Value ($)
FINANCIALS - 0.3%
Capital Markets - 0.3%
Coinbase Global, Inc. 0.5% 6/1/26 (Cost $6,052,703)	7,656,938	6,630,777

Money Market Funds - 1.0%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (g)	14,747,493	14,750,443
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)	7,018,792	7,019,494
TOTAL MONEY MARKET FUNDS (Cost $21,769,937)		21,769,937

TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $1,515,548,678)	2,268,222,107
NET OTHER ASSETS (LIABILITIES) - (1.6)%	(35,000,806)
NET ASSETS - 100.0%	2,233,221,301

Legend

(a)	Non-income producing

(b)	Level 3 security

(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 $15,384,098 or 0.7% of net assets.

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

(e)

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

(g)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
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 Holdings, Inc. Series C1	4/23/21	392,145

Waymo LLC Series A2	5/08/20	211,834

Waymo LLC Series B2	6/11/21	1,394,174

X Holdings Corp. Class A	10/27/21	5,743,370

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.39%	13,190,730	153,271,719	151,712,006	219,259	-	-	14,750,443	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	6,208,769	31,757,625	30,946,900	132,847	-	-	7,019,494	0.0%
Total	19,399,499	185,029,344	182,658,906	352,106	-	-	21,769,937

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	425,810,548	414,390,936	-	11,419,612
Consumer Discretionary	307,065,726	293,729,411	12,294,328	1,041,987
Consumer Staples	108,503,381	96,446,517	12,056,864	-
Energy	112,674,697	76,505,571	36,169,126	-
Financials	41,271,497	34,407,409	3,129,803	3,734,285
Health Care	150,509,893	150,509,893	-	-
Industrials	52,304,786	52,304,786	-	-
Information Technology	1,031,806,368	1,007,621,037	21,753,546	2,431,785
Materials	1,093,041	1,093,041	-	-
Real Estate	8,781,456	8,781,456	-	-

Corporate Bonds	6,630,777	-	6,630,777	-

Money Market Funds	21,769,937	21,769,937	-	-
Total Investments in Securities:	2,268,222,107	2,157,559,994	92,034,444	18,627,669

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


Investments in Securities:
Beginning Balance	$	23,190,037
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(1,223,293)
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		(3,339,075)
Ending Balance	$	18,627,669
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024	$	(1,223,293)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $5,977,515) - See accompanying schedule:
Unaffiliated issuers (cost $1,493,778,741)	$	2,246,452,170
Fidelity Central Funds (cost $21,769,937)		21,769,937


Total Investment in Securities (cost $1,515,548,678)			$	2,268,222,107
Receivable for investments sold				23,999,300
Receivable for fund shares sold				1,969,687
Dividends receivable				280,082
Interest receivable				6,485
Distributions receivable from Fidelity Central Funds				64,030
Total assets				2,294,541,691
Liabilities
Payable to custodian bank	$	3
Payable for investments purchased		18,821,325
Payable for fund shares redeemed		33,278,930
Accrued management fee		930,629
Other payables and accrued expenses		1,269,728
Collateral on securities loaned		7,019,775
Total Liabilities				61,320,390
Net Assets			$	2,233,221,301
Net Assets consist of:
Paid in capital			$	1,628,590,563
Total accumulated earnings (loss)				604,630,738
Net Assets			$	2,233,221,301
Net Asset Value, offering price and redemption price per share ($2,233,221,301 ÷ 107,732,048 shares)			$	20.73

Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	6,654,798
Interest				311,336
Income from Fidelity Central Funds (including $132,847 from security lending)				352,106
Total Income				7,318,240
Expenses
Management fee	$	5,172,462
Independent trustees' fees and expenses		5,875
Interest		4,702
Total expenses before reductions		5,183,039
Expense reductions		(90)
Total expenses after reductions				5,182,949
Net Investment income (loss)				2,135,291
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers (net of foreign taxes of $50,604)		15,804,754
Foreign currency transactions		(12,019)
Total net realized gain (loss)				15,792,735
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers(net of increase in deferred foreign taxes of $462,895)		168,454,116
Assets and liabilities in foreign currencies		(5,219)
Total change in net unrealized appreciation (depreciation)				168,448,897
Net gain (loss)				184,241,632
Net increase (decrease) in net assets resulting from operations			$	186,376,923

Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,135,291	$	5,971,479
Net realized gain (loss)		15,792,735		(1,451,997)
Change in net unrealized appreciation (depreciation)		168,448,897		373,992,624
Net increase (decrease) in net assets resulting from operations		186,376,923		378,512,106
Distributions to shareholders		(5,362,699)		(1,170,775)

Share transactions
Proceeds from sales of shares		196,936,570		352,174,249
Reinvestment of distributions		5,362,699		1,170,775
Cost of shares redeemed		(261,264,079)		(543,863,297)

Net increase (decrease) in net assets resulting from share transactions		(58,964,810)		(190,518,273)
Total increase (decrease) in net assets		122,049,414		186,823,058

Net Assets
Beginning of period		2,111,171,887		1,924,348,829
End of period	$	2,233,221,301	$	2,111,171,887

Other Information
Shares
Sold		10,395,627		22,429,283
Issued in reinvestment of distributions		286,663		76,322
Redeemed		(13,692,490)		(34,918,758)
Net increase (decrease)		(3,010,200)		(12,413,153)

Financial Highlights

Fidelity® OTC K6 Portfolio

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	19.06	$	15.63	$	20.36	$	14.29	$	10.50	$	10.00
Income from Investment Operations
Net investment income (loss) B,C		.02		.05		(.01)		(.01)		.02		- D
Net realized and unrealized gain (loss)		1.70		3.39		(3.93)		6.15		3.81		.50
Total from investment operations		1.72		3.44		(3.94)		6.14		3.83		.50
Distributions from net investment income		(.05)		(.01)		-		(.01)		(.01)		-
Distributions from net realized gain		-		-		(.79)		(.06)		(.02)		-
Total distributions		(.05)		(.01)		(.79)		(.07)		(.04) E		-
Net asset value, end of period	$	20.73	$	19.06	$	15.63	$	20.36	$	14.29	$	10.50
Total Return F,G		9.05%		22.03%		(20.27)%		43.11%		36.54%		5.00%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.50% J		.50%		.50%		.50%		.50%		.50% J
Expenses net of fee waivers, if any		.50% J		.50%		.50%		.50%		.50%		.50% J
Expenses net of all reductions		.50% J		.50%		.50%		.50%		.49%		.50% J
Net investment income (loss)		.21% J		.34%		(.05)%		(.05)%		.16%		.08% J
Supplemental Data
Net assets, end of period (000 omitted)	$	2,233,221	$	2,111,172	$	1,924,349	$	2,630,559	$	1,026,111	$	1,050
Portfolio turnover rate K		25% J		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.

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

DAmount represents less than $.005 per share.

ETotal distributions per share do not sum due to rounding.

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

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

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 (Unaudited)

For the period ended January 31, 2024

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.

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.

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The 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:

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.

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

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

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	$795,853,237
Gross unrealized depreciation	(48,543,313)
Net unrealized appreciation (depreciation)	$747,309,924
Tax cost	$1,520,912,183

Short-term	$(134,247,833)
Long-term	(8,933,841)
Total capital loss carryforward	$(143,181,674)

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	260,379,204	292,418,507

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 ($)	Total Proceeds ($)
Fidelity OTC K6 Portfolio	13,676,855	71,430,269	211,033,879

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	5,832,617	89,538,335

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .50% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

	Amount
Fidelity OTC K6 Portfolio	$2,691

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity OTC K6 Portfolio	Borrower	$ 7,604,750	5.57%	$4,702

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity OTC K6 Portfolio	23,716,352	7,488,919	331,168

Subsequent Event - Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

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.

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 OTC K6 Portfolio	$14,077	$2	$-

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 $90.

9. Other.

10. Risk and Uncertainties.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Expenses Paid During Period- C August 1, 2023 to January 31, 2024

Fidelity® OTC K6 Portfolio	.50%
Actual		$ 1,000	$ 1,090.50	$ 2.63
Hypothetical-B		$ 1,000	$ 1,022.62	$ 2.54

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

B 5% return per year before expenses

At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the funds' Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.

The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.

The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.

In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.

Consolidated Investment Summary

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.9893896.104

OTC-K6-SANN-0324

Fidelity® Small Cap Growth Fund

Semi-Annual Report

January 31, 2024

Includes Fidelity and Fidelity Advisor share classes

Contents

Consolidated Schedule of Investments

Consolidated Financial Statements

Notes to Consolidated Financial Statements

Consolidated Investment Summary January 31, 2024 (Unaudited)

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.

Top Holdings (% of Fund's net assets)

Super Micro Computer, Inc.	2.0
Applied Industrial Technologies, Inc.	1.4
Eagle Materials, Inc.	1.2
Cytokinetics, Inc.	1.2
FTAI Aviation Ltd.	1.2
Fabrinet	1.0
TransMedics Group, Inc.	1.0
Dynatrace, Inc.	1.0
Wix.com Ltd.	1.0
Insight Enterprises, Inc.	1.0
	12.0

Market Sectors (% of Fund's net assets)

Health Care	25.4
Information Technology	23.4
Industrials	21.4
Consumer Discretionary	12.4
Consumer Staples	4.3
Energy	4.2
Financials	4.2
Materials	3.0
Communication Services	1.3
Real Estate	0.7

Asset Allocation (% of Fund's net assets)

Short-Term Investments and Net Other Assets (Liabilities) - (0.3)%

Consolidated Schedule of Investments January 31, 2024 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares	Value ($)
COMMUNICATION SERVICES - 1.2%
Interactive Media & Services - 0.8%
Cars.com, Inc. (a)	1,487,518	25,927,439
Yelp, Inc. (a)	471,831	20,633,170
		46,560,609
Media - 0.4%
TechTarget, Inc. (a)	622,597	21,274,139
TOTAL COMMUNICATION SERVICES		67,834,748
CONSUMER DISCRETIONARY - 12.4%
Automobile Components - 0.5%
Autoliv, Inc.	272,789	29,221,158
Broadline Retail - 0.3%
Savers Value Village, Inc. (b)	979,456	18,306,033
Diversified Consumer Services - 1.9%
Duolingo, Inc. (a)	68,664	12,283,303
Grand Canyon Education, Inc. (a)	216,735	28,303,424
H&R Block, Inc.	308,737	14,461,241
OneSpaWorld Holdings Ltd. (a)	1,277,996	17,419,085
Stride, Inc. (a)	99,879	5,987,746
Udemy, Inc. (a)	2,321,698	31,551,876
		110,006,675
Hotels, Restaurants & Leisure - 2.4%
Brinker International, Inc. (a)	901,772	38,586,824
Cava Group, Inc. (b)	374,417	17,522,716
Dutch Bros, Inc. (a)(b)	376,571	10,110,931
First Watch Restaurant Group, Inc. (a)(b)	399,754	8,578,721
GEN Restaurant Group, Inc.	316,933	2,513,279
Kura Sushi U.S.A., Inc. Class A (a)(b)	224,634	22,043,334
Red Rock Resorts, Inc.	400,437	21,895,895
SeaWorld Entertainment, Inc. (a)	279,835	13,823,849
		135,075,549
Household Durables - 1.9%
KB Home (b)	504,765	30,078,946
LGI Homes, Inc. (a)	318,379	37,571,906
Lovesac (a)(b)	746,593	17,291,094
SharkNinja Hong Kong Co. Ltd.	563,493	26,326,393
		111,268,339
Leisure Products - 0.8%
Brunswick Corp.	250,798	20,234,383
Games Workshop Group PLC	114,657	14,392,442
YETI Holdings, Inc. (a)(b)	252,595	11,106,602
		45,733,427
Specialty Retail - 3.7%
American Eagle Outfitters, Inc.	1,355,863	26,873,205
Aritzia, Inc. (a)	1,409,586	34,294,736
BARK, Inc. warrants 8/29/25 (a)	356,749	12,522
Boot Barn Holdings, Inc. (a)(b)	347,843	24,954,257
Chewy, Inc. (a)	40,253	717,308
Fanatics, Inc. Class A (a)(c)(d)	726,062	53,728,588
Murphy U.S.A., Inc.	94,592	33,345,572
Signet Jewelers Ltd. (b)	111,365	11,078,590
Valvoline, Inc. (a)(b)	664,296	24,240,161
		209,244,939
Textiles, Apparel & Luxury Goods - 0.9%
Crocs, Inc. (a)	241,297	24,486,820
Kontoor Brands, Inc.	452,157	26,505,443
		50,992,263
TOTAL CONSUMER DISCRETIONARY		709,848,383
CONSUMER STAPLES - 4.3%
Beverages - 0.6%
Boston Beer Co., Inc. Class A (a)	78,846	27,538,542
The Vita Coco Co., Inc. (a)(b)	548,618	10,802,288
		38,340,830
Consumer Staples Distribution & Retail - 2.2%
Casey's General Stores, Inc.	23,993	6,510,740
Performance Food Group Co. (a)	703,291	51,115,190
Sprouts Farmers Market LLC (a)(b)	710,112	35,768,341
U.S. Foods Holding Corp. (a)	708,110	32,580,141
		125,974,412
Food Products - 0.3%
Nomad Foods Ltd.	910,213	16,374,732
Personal Care Products - 1.2%
BellRing Brands, Inc. (a)	534,415	29,537,117
elf Beauty, Inc. (a)	237,203	37,840,995
		67,378,112
TOTAL CONSUMER STAPLES		248,068,086
ENERGY - 4.2%
Energy Equipment & Services - 3.0%
Cactus, Inc.	790,168	33,534,730
Championx Corp.	457,840	12,549,394
Expro Group Holdings NV (a)	976,235	17,181,736
Liberty Oilfield Services, Inc. Class A	1,759,708	36,584,329
TechnipFMC PLC	1,357,602	26,256,023
Weatherford International PLC (a)	497,158	44,520,499
		170,626,711
Oil, Gas & Consumable Fuels - 1.2%
Antero Resources Corp. (a)	777,949	17,379,381
Northern Oil & Gas, Inc. (b)	1,037,528	34,757,188
Range Resources Corp.	643,608	18,690,376
		70,826,945
TOTAL ENERGY		241,453,656
FINANCIALS - 4.2%
Banks - 0.8%
First Interstate Bancsystem, Inc.	268,030	7,376,186
Pinnacle Financial Partners, Inc.	309,232	27,329,924
Starling Bank Ltd. Series D (a)(c)(d)	1,942,800	7,731,027
		42,437,137
Capital Markets - 1.5%
Houlihan Lokey	132,884	15,916,846
Lazard, Inc. Class A	371,304	14,473,430
Perella Weinberg Partners (c)	2,039,500	23,964,125
Perella Weinberg Partners Class A	487,716	5,730,663
StepStone Group, Inc. Class A	742,899	24,849,972
		84,935,036
Financial Services - 1.1%
Flywire Corp. (a)	1,053,162	22,506,072
Remitly Global, Inc. (a)	1,500,323	25,715,536
Walker & Dunlop, Inc.	175,049	16,907,983
		65,129,591
Insurance - 0.8%
BRP Group, Inc. (a)	1,174,716	26,360,627
Selective Insurance Group, Inc.	49,934	5,236,079
Stewart Information Services Corp.	240,482	14,828,120
		46,424,826
TOTAL FINANCIALS		238,926,590
HEALTH CARE - 24.9%
Biotechnology - 10.7%
Absci Corp. (a)(b)	808,377	3,201,173
Allogene Therapeutics, Inc. (a)	1,576,680	5,549,914
ALX Oncology Holdings, Inc. (a)	1,439,422	20,742,071
Annexon, Inc. (a)	1,340,011	5,567,746
Apogee Therapeutics, Inc. (b)	264,637	8,865,340
Arcellx, Inc. (a)	393,409	24,328,413
Arrowhead Pharmaceuticals, Inc. (a)	873,841	28,050,296
Ascendis Pharma A/S sponsored ADR (a)	199,572	25,930,390
Astria Therapeutics, Inc. (a)	766,448	9,986,817
Cargo Therapeutics, Inc.	660,947	14,547,443
Celldex Therapeutics, Inc. (a)	547,915	19,297,566
Cogent Biosciences, Inc. (a)	218,500	967,955
Crinetics Pharmaceuticals, Inc. (a)	494,357	18,034,143
Cytokinetics, Inc. (a)(b)	852,432	66,600,512
Fusion Pharmaceuticals, Inc. (a)(b)	1,743,477	20,259,203
ImmunoGen, Inc. (a)	281,518	8,254,108
Insmed, Inc. (a)	266,555	7,410,229
Janux Therapeutics, Inc. (a)(b)	652,834	5,588,259
Karuna Therapeutics, Inc. (a)	23,874	7,482,589
Keros Therapeutics, Inc. (a)	378,307	20,943,076
Legend Biotech Corp. ADR (a)	194,597	10,714,511
Madrigal Pharmaceuticals, Inc. (a)(b)	62,330	13,507,534
Merus BV (a)	186,974	6,671,232
Monte Rosa Therapeutics, Inc. (a)	624,825	3,308,448
Moonlake Immunotherapeutics (a)(b)	145,248	8,116,458
Morphic Holding, Inc. (a)	359,172	11,382,161
Nuvalent, Inc. Class A (a)(b)	548,613	41,239,239
ORIC Pharmaceuticals, Inc. (a)(b)	1,288,220	14,157,538
Repligen Corp. (a)	70,000	13,258,000
Spyre Therapeutics, Inc. (a)	388,446	10,064,636
Tango Therapeutics, Inc. (a)(b)	1,260,625	14,812,344
Tenaya Therapeutics, Inc. (a)	790,790	3,325,272
Tyra Biosciences, Inc. (a)	773,669	10,367,165
Vaxcyte, Inc. (a)	652,831	46,625,190
Vericel Corp. (a)	645,068	27,725,023
Viking Therapeutics, Inc. (a)(b)	686,349	16,568,465
Viridian Therapeutics, Inc. (a)	783,200	15,076,600
Xenon Pharmaceuticals, Inc. (a)	352,805	15,953,842
Zentalis Pharmaceuticals, Inc. (a)	739,489	8,762,945
		613,243,846
Health Care Equipment & Supplies - 5.5%
Axonics, Inc. (a)	108,692	7,378,013
Glaukos Corp. (a)	486,112	43,278,551
Haemonetics Corp. (a)	359,405	27,480,106
Inspire Medical Systems, Inc. (a)	102,350	21,582,545
Integer Holdings Corp. (a)	203,262	20,594,506
Lantheus Holdings, Inc. (a)	228,113	11,845,908
Masimo Corp. (a)	194,452	25,072,641
NeuroPace, Inc. (a)	339,373	4,961,633
Penumbra, Inc. (a)	86,519	21,819,227
PROCEPT BioRobotics Corp. (a)(b)	626,874	29,024,266
Pulmonx Corp. (a)	1,362,111	18,088,834
RxSight, Inc. (a)	586,492	26,691,251
TransMedics Group, Inc. (a)(b)	667,500	57,251,475
		315,068,956
Health Care Providers & Services - 4.1%
Acadia Healthcare Co., Inc. (a)	453,727	37,269,136
agilon health, Inc. (a)	2,071,716	12,202,407
BrightSpring Health Services, Inc. (b)	924,300	10,185,786
HealthEquity, Inc. (a)	543,999	41,115,444
Molina Healthcare, Inc. (a)	80,625	28,737,975
Option Care Health, Inc. (a)	486,675	15,203,727
Privia Health Group, Inc. (a)	812,182	16,373,589
Progyny, Inc. (a)	233,006	8,875,199
RadNet, Inc. (a)	276,662	10,228,194
Surgery Partners, Inc. (a)	964,480	29,599,891
The Ensign Group, Inc. (b)	229,869	26,025,768
		235,817,116
Health Care Technology - 0.9%
Evolent Health, Inc. Class A (a)	698,828	20,552,531
Phreesia, Inc. (a)	866,912	22,088,918
Schrodinger, Inc. (a)(b)	339,673	8,984,351
		51,625,800
Life Sciences Tools & Services - 1.1%
10X Genomics, Inc. (a)	278,062	11,586,844
Medpace Holdings, Inc. (a)	124,153	36,200,532
Pacific Biosciences of California, Inc. (a)(b)	591,753	3,852,312
Veterinary Emergency Group LLC Class A (a)(c)(d)(e)	190,561	10,799,092
		62,438,780
Pharmaceuticals - 2.6%
CymaBay Therapeutics, Inc. (a)	765,712	18,001,889
Edgewise Therapeutics, Inc. (a)	1,359,158	24,233,787
Enliven Therapeutics, Inc. (a)(b)	607,138	9,532,067
Ikena Oncology, Inc. (a)	708,079	948,826
Intra-Cellular Therapies, Inc. (a)	637,931	42,958,274
Pharvaris BV (a)(b)	732,607	21,904,949
Structure Therapeutics, Inc. ADR	200,615	8,750,826
Terns Pharmaceuticals, Inc. (a)	1,978,337	10,247,786
Verona Pharma PLC ADR (a)	662,186	12,151,113
		148,729,517
TOTAL HEALTH CARE		1,426,924,015
INDUSTRIALS - 20.8%
Aerospace & Defense - 0.3%
BWX Technologies, Inc.	192,996	15,725,314
Building Products - 2.8%
AAON, Inc.	160,107	11,233,107
AZZ, Inc.	185,469	11,582,539
CSW Industrials, Inc.	98,728	20,887,883
Fortune Brands Innovations, Inc.	258,300	20,041,497
Simpson Manufacturing Co. Ltd.	123,977	22,438,597
Tecnoglass, Inc. (b)	572,568	26,343,854
The AZEK Co., Inc. (a)(b)	675,310	26,039,954
UFP Industries, Inc.	197,949	22,457,314
		161,024,745
Construction & Engineering - 2.1%
Comfort Systems U.S.A., Inc.	83,400	18,136,998
EMCOR Group, Inc.	140,574	32,066,335
Fluor Corp. (a)	1,283,650	48,406,442
Sterling Construction Co., Inc. (a)	300,536	22,570,254
		121,180,029
Electrical Equipment - 2.4%
Acuity Brands, Inc.	141,496	33,698,687
Atkore, Inc.	207,499	31,649,822
Nextracker, Inc. Class A	18,200	823,914
nVent Electric PLC	519,681	31,201,647
Prysmian SpA	318,581	14,112,467
Vertiv Holdings Co.	480,790	27,082,901
		138,569,438
Ground Transportation - 0.6%
Saia, Inc. (a)	40,903	18,430,074
XPO, Inc. (a)	205,575	17,564,328
		35,994,402
Machinery - 3.8%
Crane Co.	273,231	33,910,699
ESAB Corp.	274,438	23,598,924
Federal Signal Corp.	571,034	43,958,197
ITT, Inc.	353,238	42,664,086
Mueller Industries, Inc.	677,870	32,537,760
Terex Corp.	347,256	21,331,936
Timken Co.	252,209	20,658,439
		218,660,041
Marine Transportation - 0.3%
Kirby Corp. (a)	224,020	17,621,413
Professional Services - 4.6%
CACI International, Inc. Class A (a)	133,831	46,001,730
CBIZ, Inc. (a)	303,515	19,321,765
ExlService Holdings, Inc. (a)	1,602,985	50,141,371
FTI Consulting, Inc. (a)	99,889	19,139,731
ICF International, Inc.	188,183	26,164,964
Insperity, Inc.	94,671	10,857,817
KBR, Inc.	411,664	21,451,811
Maximus, Inc.	528,314	42,856,832
Verra Mobility Corp. (a)	1,020,368	24,396,999
		260,333,020
Trading Companies & Distributors - 3.9%
Alligo AB (B Shares)	891,724	11,345,078
Applied Industrial Technologies, Inc. (b)	451,196	79,618,046
FTAI Aviation Ltd.	1,215,858	65,595,539
GMS, Inc. (a)	269,872	22,712,428
Xometry, Inc. (a)(b)	1,261,894	40,607,749
		219,878,840
TOTAL INDUSTRIALS		1,188,987,242
INFORMATION TECHNOLOGY - 22.8%
Communications Equipment - 0.2%
Lumentum Holdings, Inc. (a)	245,916	13,510,625
Electronic Equipment, Instruments & Components - 4.1%
Advanced Energy Industries, Inc.	330,048	34,384,401
Badger Meter, Inc.	63,192	9,099,016
Crane Nxt Co.	383,899	22,373,634
Fabrinet (a)	282,063	60,223,271
Insight Enterprises, Inc. (a)	297,571	54,973,267
TD SYNNEX Corp.	145,754	14,572,485
Vontier Corp.	1,170,425	40,485,001
		236,111,075
IT Services - 1.6%
Fastly, Inc. Class A (a)	980,571	19,729,089
Softcat PLC	868,283	15,911,423
Wix.com Ltd. (a)	441,610	56,031,477
		91,671,989
Semiconductors & Semiconductor Equipment - 3.9%
Allegro MicroSystems LLC (a)	416,298	10,798,770
Cirrus Logic, Inc. (a)	202,935	15,666,582
Lattice Semiconductor Corp. (a)	239,504	14,576,213
MACOM Technology Solutions Holdings, Inc. (a)	490,974	42,336,688
Nova Ltd. (a)	282,498	40,908,535
Onto Innovation, Inc. (a)	322,007	52,004,131
Rambus, Inc. (a)	645,199	44,215,487
		220,506,406
Software - 11.0%
Alarm.com Holdings, Inc. (a)	269,659	16,400,660
Algolia, Inc. (a)(c)(d)	234,640	3,805,861
Alkami Technology, Inc. (a)	955,533	23,525,222
AppFolio, Inc. (a)	131,600	28,854,616
Blackbaud, Inc. (a)	269,076	21,773,630
CommVault Systems, Inc. (a)	190,186	17,436,252
Convoy, Inc. warrants (a)(c)(d)	59,855	1
CyberArk Software Ltd. (a)	157,118	36,683,911
DoubleVerify Holdings, Inc. (a)(b)	498,143	19,930,701
Dynatrace, Inc. (a)	998,400	56,908,800
Five9, Inc. (a)	236,501	17,940,966
GitLab, Inc. (a)	152,216	10,824,080
Intapp, Inc. (a)	452,252	19,483,016
JFrog Ltd. (a)(b)	1,491,662	48,523,765
Lightspeed Commerce, Inc. (a)(b)	1,141,506	21,049,371
MicroStrategy, Inc. Class A (a)(b)	72,247	36,210,919
nCino, Inc. (a)	17,700	557,196
Procore Technologies, Inc. (a)	148,621	10,610,053
PROS Holdings, Inc. (a)	1,030,086	35,455,560
Qualys, Inc. (a)	81,701	15,455,378
Rapid7, Inc. (a)	654,011	35,990,225
Semrush Holdings, Inc. (a)	908,803	10,487,587
Sprout Social, Inc. (a)(b)	685,586	42,046,989
SPS Commerce, Inc. (a)	78,513	14,430,689
TECSYS, Inc.	707,796	18,436,547
Tenable Holdings, Inc. (a)	657,428	30,964,859
Varonis Systems, Inc. (a)	562,920	25,263,850
Workiva, Inc. (a)	112,564	10,461,698
		629,512,402
Technology Hardware, Storage & Peripherals - 2.0%
IonQ, Inc. (a)(b)	278,924	2,864,549
Super Micro Computer, Inc. (a)	214,555	113,630,470
		116,495,019
TOTAL INFORMATION TECHNOLOGY		1,307,807,516
MATERIALS - 3.0%
Chemicals - 1.6%
Axalta Coating Systems Ltd. (a)	485,020	15,724,348
Cabot Corp.	175,496	12,653,262
Element Solutions, Inc.	880,961	19,583,763
Orion SA	1,074,168	24,061,363
The Chemours Co. LLC	743,118	22,419,870
		94,442,606
Construction Materials - 1.2%
Eagle Materials, Inc.	301,847	68,301,939
Containers & Packaging - 0.2%
O-I Glass, Inc. (a)	648,149	9,437,049
TOTAL MATERIALS		172,181,594
REAL ESTATE - 0.7%
Equity Real Estate Investment Trusts (REITs) - 0.7%
Ryman Hospitality Properties, Inc.	381,838	41,963,996
TOTAL COMMON STOCKS (Cost $4,558,980,415)		5,643,995,826

Convertible Preferred Stocks - 1.8%
	Shares	Value ($)
COMMUNICATION SERVICES - 0.1%
Interactive Media & Services - 0.1%
Reddit, Inc. Series F (a)(c)(d)	253,500	8,205,795
HEALTH CARE - 0.5%
Biotechnology - 0.4%
Bright Peak Therapeutics AG Series B (a)(c)(d)	1,079,522	1,792,007
Caris Life Sciences, Inc. Series D (a)(c)(d)	780,603	2,154,464
LifeMine Therapeutics, Inc. Series C (a)(c)(d)	2,048,403	3,871,482
Sonoma Biotherapeutics, Inc.:
Series B (a)(c)(d)	2,370,360	6,542,194
Series B1 (a)(c)(d)	1,264,171	3,956,855
T-Knife Therapeutics, Inc. Series B (a)(c)(d)	1,097,257	4,334,165
Treeline Biosciences Series A (a)(c)(d)	115,000	897,000
		23,548,167
Health Care Providers & Services - 0.1%
Boundless Bio, Inc.:
Series B (a)(c)(d)	3,017,761	2,746,163
Series C (c)(d)	2,110,183	1,477,128
		4,223,291
Health Care Technology - 0.0%
Wugen, Inc. Series B (a)(c)(d)	326,496	1,851,232
TOTAL HEALTH CARE		29,622,690
INDUSTRIALS - 0.6%
Construction & Engineering - 0.6%
Beta Technologies, Inc.:
Series A (a)(c)(d)	278,129	26,639,196
Series B, 6.00% (a)(c)(d)	85,106	9,042,513
		35,681,709
INFORMATION TECHNOLOGY - 0.6%
Communications Equipment - 0.2%
Astranis Space Technologies Corp.:
Series C (a)(c)(d)	557,717	10,931,253
Series C Prime (c)(d)	87,241	1,709,924
		12,641,177
IT Services - 0.1%
Yanka Industries, Inc.:
Series E (a)(c)(d)	869,641	5,217,846
Series F (a)(c)(d)	127,716	950,207
		6,168,053
Software - 0.3%
Algolia, Inc. Series D (a)(c)(d)	53,800	872,636
Convoy, Inc. Series D (a)(c)(d)	913,444	9
Mountain Digital, Inc. Series D (a)(c)(d)	729,676	11,412,133
Skyryse, Inc. Series B (a)(c)(d)	62,100	1,491,642
		13,776,420
TOTAL INFORMATION TECHNOLOGY		32,585,650
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $144,225,371)		106,095,844

Convertible Bonds - 0.0%
	Principal Amount (f)	Value ($)
INFORMATION TECHNOLOGY - 0.0%
Software - 0.0%
Convoy, Inc. 15% 9/30/26 (c)(d) (Cost $398,614)	398,614	0

Money Market Funds - 7.1%
	Shares	Value ($)
Fidelity Cash Central Fund 5.39% (g)	1,931,383	1,931,769
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)	404,321,281	404,361,714
TOTAL MONEY MARKET FUNDS (Cost $406,293,483)		406,293,483

TOTAL INVESTMENT IN SECURITIES - 107.4% (Cost $5,109,897,883)	6,156,385,153
NET OTHER ASSETS (LIABILITIES) - (7.4)%	(424,987,425)
NET ASSETS - 100.0%	5,731,397,728

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 $206,124,538 or 3.6% of net assets.

(d)	Level 3 security

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

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

(g)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Algolia, Inc.	10/27/21	6,862,059

Algolia, Inc. Series D	7/23/21	1,573,384

Astranis Space Technologies Corp. Series C	3/19/21	12,225,675

Astranis Space Technologies Corp. Series C 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 5.39%	21	735,603,100	733,671,352	995,595	-	-	1,931,769	0.0%
Fidelity Securities Lending Cash Central Fund 5.39%	347,027,293	882,571,120	825,236,699	926,888	-	-	404,361,714	1.6%
Total	347,027,314	1,618,174,220	1,558,908,051	1,922,483	-	-	406,293,483

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 ($)
Lovesac	32,183,727	1,679,394	8,692,741	-	(15,266,741)	7,387,455	-
Total	32,183,727	1,679,394	8,692,741	-	(15,266,741)	7,387,455	-

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	76,040,543	67,834,748	-	8,205,795
Consumer Discretionary	709,848,383	656,119,795	-	53,728,588
Consumer Staples	248,068,086	248,068,086	-	-
Energy	241,453,656	241,453,656	-	-
Financials	238,926,590	231,195,563	-	7,731,027
Health Care	1,456,546,705	1,416,124,923	-	40,421,782
Industrials	1,224,668,951	1,188,987,242	-	35,681,709
Information Technology	1,340,393,166	1,304,001,654	-	36,391,512
Materials	172,181,594	172,181,594	-	-
Real Estate	41,963,996	41,963,996	-	-

Corporate Bonds	-	-	-	-

Money Market Funds	406,293,483	406,293,483	-	-
Total Investments in Securities:	6,156,385,153	5,974,224,740	-	182,160,413

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


Investments in Securities:
Beginning Balance	$	207,367,653
Net Realized Gain (Loss) on Investment Securities		(2)
Net Unrealized Gain (Loss) on Investment Securities		(25,207,238)
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	182,160,413
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024	$	(25,207,238)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.

Consolidated Financial Statements (Unaudited)

Consolidated Statement of Assets and Liabilities
				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $386,436,243) - See accompanying schedule:
Unaffiliated issuers (cost $4,703,604,400)	$	5,750,091,670
Fidelity Central Funds (cost $406,293,483)		406,293,483


Total Investment in Securities (cost $5,109,897,883)			$	6,156,385,153
Foreign currency held at value (cost $3)				3
Receivable for investments sold				49,376,449
Receivable for fund shares sold				3,598,473
Dividends receivable				291,059
Interest receivable				51,316
Distributions receivable from Fidelity Central Funds				354,873
Prepaid expenses				4,467
Total assets				6,210,061,793
Liabilities
Payable to custodian bank	$	1,939,472
Payable for investments purchased		60,564,224
Payable for fund shares redeemed		4,287,832
Accrued management fee		4,086,194
Distribution and service plan fees payable		135,926
Notes payable to affiliates		2,535,000
Other affiliated payables		703,403
Other payables and accrued expenses		61,249
Collateral on securities loaned		404,350,765
Total Liabilities				478,664,065
Net Assets			$	5,731,397,728
Net Assets consist of:
Paid in capital			$	5,157,082,303
Total accumulated earnings (loss)				574,315,425
Net Assets			$	5,731,397,728

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($310,897,992 ÷ 11,887,434 shares)(a)			$	26.15
Maximum offering price per share (100/94.25 of $26.15)			$	27.75
Class M :
Net Asset Value and redemption price per share ($80,512,951 ÷ 3,272,197 shares)(a)			$	24.61
Maximum offering price per share (100/96.50 of $24.61)			$	25.50
Class C :
Net Asset Value and offering price per share ($46,930,276 ÷ 2,219,703 shares)(a)			$	21.14
Small Cap Growth :
Net Asset Value, offering price and redemption price per share ($2,650,758,136 ÷ 94,047,082 shares)			$	28.19
Class I :
Net Asset Value, offering price and redemption price per share ($872,867,329 ÷ 30,873,330 shares)			$	28.27
Class Z :
Net Asset Value, offering price and redemption price per share ($1,769,431,044 ÷ 62,082,901 shares)			$	28.50
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Consolidated Statement of Operations
				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	13,644,528
Interest				30,287
Income from Fidelity Central Funds (including $926,888 from security lending)				1,922,483
Total Income				15,597,298
Expenses
Management fee
Basic fee	$	17,368,245
Performance adjustment		3,947,488
Transfer agent fees		3,439,944
Distribution and service plan fees		758,434
Accounting fees		485,776
Custodian fees and expenses		19,881
Independent trustees' fees and expenses		14,888
Registration fees		130,513
Audit		58,613
Legal		6,075
Interest		45,117
Miscellaneous		9,390
Total expenses before reductions		26,284,364
Expense reductions		(226,703)
Total expenses after reductions				26,057,661
Net Investment income (loss)				(10,460,363)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(45,703,514)
Redemptions in-kind		2,741,079
Affiliated issuers		(15,266,741)
Foreign currency transactions		65,607
Total net realized gain (loss)				(58,163,569)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		246,469,431
Affiliated issuers		7,387,455
Assets and liabilities in foreign currencies		3,289
Total change in net unrealized appreciation (depreciation)				253,860,175
Net gain (loss)				195,696,606
Net increase (decrease) in net assets resulting from operations			$	185,236,243

Consolidated Statement of Changes in Net Assets

		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(10,460,363)	$	(22,495,635)
Net realized gain (loss)		(58,163,569)		(88,790,257)
Change in net unrealized appreciation (depreciation)		253,860,175		601,413,550
Net increase (decrease) in net assets resulting from operations		185,236,243		490,127,658
Share transactions - net increase (decrease)		57,916,801		(238,473,369)
Total increase (decrease) in net assets		243,153,044		251,654,289

Net Assets
Beginning of period		5,488,244,684		5,236,590,395
End of period	$	5,731,397,728	$	5,488,244,684

Fidelity Advisor® Small Cap Growth Fund Class A

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	25.34	$	23.12	$	34.89	$	26.64	$	26.03	$	27.45
Income from Investment Operations
Net investment income (loss) A,B		(.08)		(.17)		(.17)		(.26) C		(.20)		(.21)
Net realized and unrealized gain (loss)		.89		2.39		(5.58)		11.27		2.26		1.79
Total from investment operations		.81		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	$	26.15	$	25.34	$	23.12	$	34.89	$	26.64	$	26.03
Total Return D,E,F		3.20%		9.60%		(20.62)%		44.21%		8.39%		5.88%
Ratios to Average Net Assets A,G,H
Expenses before reductions		1.30% I		1.32%		1.29%		1.29%		1.37%		1.33%
Expenses net of fee waivers, if any		1.29% I		1.32%		1.29%		1.29%		1.37%		1.33%
Expenses net of all reductions		1.29% I		1.32%		1.29%		1.28%		1.36%		1.32%
Net investment income (loss)		(.68)% I		(.71)%		(.61)%		(.82)% C		(.80)%		(.85)%
Supplemental Data
Net assets, end of period (000 omitted)	$	310,898	$	295,801	$	287,905	$	387,793	$	268,448	$	285,554
Portfolio turnover rate J		83% I,K		75% K		79% K		107%		126% K		91% K

BCalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.91)%.

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

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

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

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

IAnnualized.

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

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

Fidelity Advisor® Small Cap Growth Fund Class M

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	23.87	$	21.83	$	33.27	$	25.56	$	25.09	$	26.59
Income from Investment Operations
Net investment income (loss) A,B		(.11)		(.21)		(.22)		(.33) C		(.25)		(.26)
Net realized and unrealized gain (loss)		.85		2.25		(5.28)		10.77		2.17		1.72
Total from investment operations		.74		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	$	24.61	$	23.87	$	21.83	$	33.27	$	25.56	$	25.09
Total Return D,E,F		3.10%		9.34%		(20.85)%		43.82%		8.14%		5.60%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.55% I		1.58%		1.54%		1.55%		1.63%		1.60%
Expenses net of fee waivers, if any		1.54% I		1.57%		1.54%		1.55%		1.63%		1.60%
Expenses net of all reductions		1.54% I		1.57%		1.54%		1.53%		1.62%		1.59%
Net investment income (loss)		(.94)% I		(.97)%		(.86)%		(1.08)% C		(1.06)%		(1.12)%
Supplemental Data
Net assets, end of period (000 omitted)	$	80,513	$	76,283	$	70,182	$	98,005	$	70,605	$	75,030
Portfolio turnover rate J		83% I,K		75% K		79% K		107%		126% K		91% K

ACalculated 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.

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

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

IAnnualized.

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

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

Fidelity Advisor® Small Cap Growth Fund Class C

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	20.56	$	18.90	$	29.58	$	23.07	$	22.89	$	24.56
Income from Investment Operations
Net investment income (loss) A,B		(.14)		(.28)		(.31)		(.43) C		(.34)		(.35)
Net realized and unrealized gain (loss)		.72		1.94		(4.54)		9.62		1.97		1.58
Total from investment operations		.58		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	$	21.14	$	20.56	$	18.90	$	29.58	$	23.07	$	22.89
Total Return D,E,F		2.82%		8.78%		(21.24)%		43.07%		7.62%		5.06%
Ratios to Average Net Assets B,G,H
Expenses before reductions		2.06% I		2.08%		2.05%		2.06%		2.13%		2.09%
Expenses net of fee waivers, if any		2.05% I		2.08%		2.05%		2.06%		2.13%		2.09%
Expenses net of all reductions		2.05% I		2.08%		2.05%		2.05%		2.12%		2.08%
Net investment income (loss)		(1.45)% I		(1.48)%		(1.37)%		(1.59)% C		(1.56)%		(1.61)%
Supplemental Data
Net assets, end of period (000 omitted)	$	46,930	$	51,891	$	59,768	$	88,239	$	77,850	$	96,449
Portfolio turnover rate J		83% I,K		75% K		79% K		107%		126% K		91% K

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 for periods of less than one year are not annualized.

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

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

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

IAnnualized.

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

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

Fidelity® Small Cap Growth Fund

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	27.27	$	24.81	$	37.02	$	28.07	$	27.27	$	28.59
Income from Investment Operations
Net investment income (loss) A,B		(.05)		(.11)		(.10)		(.18) C		(.13)		(.15)
Net realized and unrealized gain (loss)		.97		2.57		(6.00)		11.92		2.38		1.87
Total from investment operations		.92		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	$	28.19	$	27.27	$	24.81	$	37.02	$	28.07	$	27.27
Total Return D,E		3.37%		9.92%		(20.42)%		44.60%		8.72%		6.17%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.02% H		1.05%		1.02%		1.00%		1.08%		1.05%
Expenses net of fee waivers, if any		1.01% H		1.05%		1.01%		1.00%		1.08%		1.05%
Expenses net of all reductions		1.01% H		1.05%		1.01%		.99%		1.07%		1.04%
Net investment income (loss)		(.41)% H		(.44)%		(.33)%		(.53)% C		(.52)%		(.57)%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,650,758	$	2,766,171	$	2,747,002	$	4,540,695	$	2,839,506	$	2,888,038
Portfolio turnover rate I		83% H,J		75% J		79% J		107%		126% J		91% J

ACalculated 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.

HAnnualized.

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® Small Cap Growth Fund Class I

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	27.36	$	24.90	$	37.13	$	28.15	$	27.35	$	28.66
Income from Investment Operations
Net investment income (loss) A,B		(.06)		(.11)		(.10)		(.19) C		(.14)		(.15)
Net realized and unrealized gain (loss)		.97		2.57		(6.03)		11.96		2.39		1.88
Total from investment operations		.91		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	$	28.27	$	27.36	$	24.90	$	37.13	$	28.15	$	27.35
Total Return D,E		3.33%		9.88%		(20.42)%		44.57%		8.70%		6.18%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.04% H		1.07%		1.04%		1.04%		1.11%		1.06%
Expenses net of fee waivers, if any		1.03% H		1.06%		1.03%		1.04%		1.11%		1.06%
Expenses net of all reductions		1.03% H		1.06%		1.03%		1.03%		1.10%		1.06%
Net investment income (loss)		(.43)% H		(.46)%		(.35)%		(.57)% C		(.54)%		(.58)%
Supplemental Data
Net assets, end of period (000 omitted)	$	872,867	$	660,166	$	606,422	$	775,746	$	540,553	$	590,311
Portfolio turnover rate I		83% H,J		75% J		79% J		107%		126% J		91% J

ACalculated 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.

HAnnualized.

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® Small Cap Growth Fund Class Z

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	27.56	$	25.04	$	37.32	$	28.26	$	27.41	$	28.71
Income from Investment Operations
Net investment income (loss) A,B		(.04)		(.08)		(.06)		(.15) C		(.10)		(.11)
Net realized and unrealized gain (loss)		.98		2.60		(6.06)		12.01		2.40		1.87
Total from investment operations		.94		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	$	28.50	$	27.56	$	25.04	$	37.32	$	28.26	$	27.41
Total Return D,E		3.41%		10.06%		(20.33)%		44.75%		8.87%		6.29%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.90% H		.93%		.90%		.90%		.97%		.92%
Expenses net of fee waivers, if any		.89% H		.92%		.90%		.90%		.96%		.92%
Expenses net of all reductions		.89% H		.92%		.90%		.89%		.95%		.92%
Net investment income (loss)		(.28)% H		(.32)%		(.22)%		(.43)% C		(.40)%		(.44)%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,769,431	$	1,637,933	$	1,465,312	$	366,620	$	197,764	$	183,552
Portfolio turnover rate I		83% H,J		75% J		79% J		107%		126% J		91% J

ACalculated 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.

HAnnualized.

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.

Notes to Consolidated Financial Statements (Unaudited)

For the period ended January 31, 2024

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	$182,160,413	Market comparable	Enterprise value/EBITDA multiple (EV/EBITDA)	6.5 - 6.8 / 6.6	Increase
			Enterprise value/Revenue multiple (EV/R)	2.9 - 8.8 / 6.7	Increase
			Enterprise value/Net income multiple (EV/NI)	12.3	Increase
		Market approach	Transaction price	$0.70 - $8.61 / $3.32	Increase
			Discount rate	5.0% - 35.0% / 21.4%	Decrease
			Premium rate	10.0%	Increase
		Recovery value	Recovery value	$0.00	Increase
		Black scholes	Discount rate	4.1% - 4.3% / 4.2%	Increase
			Volatility	75.0% - 100.0% / 82.6%	Increase
			Term	2.0 - 3.0 / 2.9	Increase
Corporate Bonds	$-	Recovery value	Recovery value	$0.00	Increase

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	$1,348,653,821
Gross unrealized depreciation	(311,070,627)
Net unrealized appreciation (depreciation)	$1,037,583,194
Tax cost	$5,118,801,959

Short-term	$(362,913,920)
Total capital loss carryforward	$(362,913,920)

The Fund elected to defer to its next fiscal year approximately $13,057,286 of ordinary losses recognized during the period January 1, 2023 to July 31, 2023.

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

	$ Amount	% of Net Assets
Fidelity Small Cap Growth Fund	10,799,092	.19

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 Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Growth Fund	2,241,176,905	2,181,394,018

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 Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Small Cap Growth Fund	466,255	2,741,079	12,004,327	Fidelity Small Cap Growth

	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

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 .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Small Cap Growth as compared to its benchmark index, the Russell 2000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .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 Fee	Service Fee	Total Fees	Retained by FDC
Class A	- %	.25%	$351,588	$6,189
Class M	.25%	.25%	181,842	-
Class C	.75%	.25%	225,004	22,836
			$758,434	$29,025

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	$ 47,579
Class M	3,062
Class CA	114
	$50,755

A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	.1883
Class M	.1896
Class C	.2000
Small Cap Growth	.1646
Class I	.1817

Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received 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	$ 269,926	.19
Class M	70,512	.19
Class C	46,037	.20
Small Cap Growth	2,097,849	.17
Class I	623,924	.19
Class Z	331,696	.04
	$3,439,944

A Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Small Cap Growth Fund	.0180

Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

	% of Average Net Assets
Fidelity Small Cap Growth Fund	.02

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

The management fee will be determined by calculating a basic fee and then applying a performance adjustment.

	Maximum Management Fee Rate %
Class A	.85
Class M	.85
Class C	.86
Small Cap Growth	.83
Class I	.84
Class Z	.70

One-twelfth of the basic fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.

The performance adjustment rate will be calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.

	Performance Adjustment Index
Fidelity Small Cap Growth Fund	Russell 2000 Growth Index

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance will be based on the performance of Small Cap Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered.

The performance period is the most recent 36 month period.

	Amount
Fidelity Small Cap Growth Fund	$ 39,960

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 Consolidated Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Small Cap Growth Fund	Borrower	$ 7,115,293	5.57%	$45,117

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Small Cap Growth Fund	106,575,471	146,383,035	19,134,762

6. Committed Line of Credit.

	Amount
Fidelity Small Cap Growth Fund	$4,091

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	$96,743	$34,930	$-

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 $325. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense reduction

Class M	$17

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 $226,361.

9. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended January 31, 2024	Year ended July 31, 2023	Six months ended January 31, 2024	Year ended July 31, 2023
Fidelity Small Cap Growth Fund
Class A
Shares sold	1,433,366	1,985,652	$34,819,884	$46,092,120
Shares redeemed	(1,218,494)	(2,766,565)	(29,106,517)	(63,764,686)
Net increase (decrease)	214,872	(780,913)	$5,713,367	$(17,672,566)
Class M
Shares sold	360,939	434,136	$8,349,039	$9,560,256
Shares redeemed	(284,336)	(453,165)	(6,552,241)	(9,876,371)
Net increase (decrease)	76,603	(19,029)	$1,796,798	$(316,115)
Class C
Shares sold	256,434	290,539	$5,078,653	$5,509,177
Shares redeemed	(560,059)	(928,922)	(10,824,885)	(17,591,633)
Net increase (decrease)	(303,625)	(638,383)	$(5,746,232)	$(12,082,456)
Small Cap Growth
Shares sold	6,508,435	14,584,621	$170,966,747	$365,567,725
Shares redeemed	(13,887,271)	(23,866,509)	(355,418,494)	(592,542,907)
Net increase (decrease)	(7,378,836)	(9,281,888)	$(184,451,747)	$(226,975,182)
Class I
Shares sold	10,983,647	7,314,970	$281,618,703	$183,764,516
Shares redeemed	(4,239,530)	(7,544,771)	(108,781,617)	(187,661,628)
Net increase (decrease)	6,744,117	(229,801)	$172,837,086	$(3,897,112)
Class Z
Shares sold	5,402,055	8,164,174	$139,230,243	$204,704,877
Shares redeemed	(2,748,542)	(7,246,491)	(71,462,714)	(182,234,815)
Net increase (decrease)	2,653,513	917,683	$67,767,529	$22,470,062

10. Other.

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%

11. Risk and Uncertainties.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Expenses Paid During Period- C August 1, 2023 to January 31, 2024
Fidelity® Small Cap Growth Fund
Class A	1.29%
Actual		$ 1,000	$ 1,032.00	$ 6.59
Hypothetical-B		$ 1,000	$ 1,018.65	$ 6.55
Class M	1.54%
Actual		$ 1,000	$ 1,031.00	$ 7.86
Hypothetical-B		$ 1,000	$ 1,017.39	$ 7.81
Class C	2.05%
Actual		$ 1,000	$ 1,028.20	$ 10.45
Hypothetical-B		$ 1,000	$ 1,014.83	$ 10.38
Fidelity® Small Cap Growth Fund **	1.01%
Actual		$ 1,000	$ 1,033.70	$ 5.16
Hypothetical-B		$ 1,000	$ 1,020.06	$ 5.13
Class I **	1.03%
Actual		$ 1,000	$ 1,033.30	$ 5.26
Hypothetical-B		$ 1,000	$ 1,019.96	$ 5.23
Class Z	.89%
Actual		$ 1,000	$ 1,034.10	$ 4.55
Hypothetical-B		$ 1,000	$ 1,020.66	$ 4.52

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

B 5% return per year before expenses

	Annualized Expense Ratio- A	Expenses Paid
Fidelity® Small Cap Growth Fund
Fidelity® Small Cap Growth Fund	.94%
Actual		$ 4.81
Hypothetical- B		$ 4.77
Class I	.98%
Actual		$ 5.01
Hypothetical- B		$ 4.98

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.803700.119

SCP-SANN-0324

Fidelity® Leveraged Company Stock Fund

Semi-Annual Report

January 31, 2024

Contents

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.

Schedule of Investments January 31, 2024 (Unaudited)

Top Holdings (% of Fund's net assets)

Meta Platforms, Inc. Class A	4.2
Microsoft Corp.	3.6
Arthur J. Gallagher & Co.	3.0
NVIDIA Corp.	2.9
UnitedHealth Group, Inc.	2.6
JBS SA	2.4
PG&E Corp.	2.4
Cheniere Energy, Inc.	2.3
Boyd Gaming Corp.	2.1
Visa, Inc. Class A	2.0
	27.5

Market Sectors (% of Fund's net assets)

Information Technology	23.9
Consumer Discretionary	15.9
Industrials	14.0
Financials	13.0
Communication Services	9.0
Utilities	5.5
Health Care	5.0
Energy	4.3
Materials	4.1
Consumer Staples	3.8

Asset Allocation (% of Fund's net assets)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 9.0%
Entertainment - 2.3%
Netflix, Inc. (a)	58,600	33,057
The Walt Disney Co.	111,000	10,662
Warner Bros Discovery, Inc. (a)	423,900	4,247
		47,966
Interactive Media & Services - 6.1%
Alphabet, Inc. Class A (a)	228,500	32,013
Cars.com, Inc. (a)	479,200	8,352
Meta Platforms, Inc. Class A	225,600	88,014
		128,379
Media - 0.6%
Nexstar Media Group, Inc. Class A	76,843	13,656
TOTAL COMMUNICATION SERVICES		190,001
CONSUMER DISCRETIONARY - 15.9%
Automobiles - 1.6%
BYD Co. Ltd. (H Shares)	1,021,000	22,860
Tesla, Inc. (a)	62,800	11,762
		34,622
Broadline Retail - 1.0%
Amazon.com, Inc. (a)	132,300	20,533
Hotels, Restaurants & Leisure - 6.5%
Airbnb, Inc. Class A (a)	118,100	17,023
Booking Holdings, Inc. (a)	3,900	13,679
Boyd Gaming Corp.	710,522	45,111
Domino's Pizza, Inc.	23,600	10,059
Flutter Entertainment PLC (a)	61,200	12,630
Red Rock Resorts, Inc.	330,600	18,077
Studio City International Holdings Ltd.:
ADR (a)(b)	631,958	4,228
(NYSE) ADR (a)	692,929	4,636
Yum! Brands, Inc.	97,600	12,638
		138,081
Household Durables - 1.9%
D.R. Horton, Inc.	42,600	6,088
PulteGroup, Inc.	70,300	7,351
TopBuild Corp. (a)	72,900	26,910
		40,349
Specialty Retail - 3.0%
Dick's Sporting Goods, Inc.	166,200	24,775
Lowe's Companies, Inc.	98,500	20,965
Valvoline, Inc. (a)	138,300	5,047
Williams-Sonoma, Inc. (c)	67,200	12,996
		63,783
Textiles, Apparel & Luxury Goods - 1.9%
Crocs, Inc. (a)	155,000	15,729
LVMH Moet Hennessy Louis Vuitton SE	9,600	7,988
Tapestry, Inc.	421,500	16,350
		40,067
TOTAL CONSUMER DISCRETIONARY		337,435
CONSUMER STAPLES - 3.8%
Beverages - 0.4%
Celsius Holdings, Inc. (a)(c)	190,200	9,491
Consumer Staples Distribution & Retail - 1.0%
Performance Food Group Co. (a)	77,000	5,596
U.S. Foods Holding Corp. (a)	345,700	15,906
		21,502
Food Products - 2.4%
JBS SA	10,694,400	50,575
TOTAL CONSUMER STAPLES		81,568
ENERGY - 4.3%
Oil, Gas & Consumable Fuels - 4.3%
Antero Resources Corp. (a)	582,800	13,020
Canadian Natural Resources Ltd.	152,700	9,772
Cheniere Energy, Inc.	297,022	48,709
Diamondback Energy, Inc.	76,500	11,761
Permian Resource Corp. Class A	618,800	8,341
		91,603
FINANCIALS - 13.0%
Capital Markets - 1.1%
Houlihan Lokey	99,100	11,870
Moody's Corp.	28,900	11,330
		23,200
Consumer Finance - 1.6%
OneMain Holdings, Inc.	729,900	34,743
Financial Services - 7.3%
Apollo Global Management, Inc.	400,789	40,239
Fiserv, Inc. (a)	282,500	40,078
Global Payments, Inc.	87,900	11,711
MasterCard, Inc. Class A	43,000	19,317
Visa, Inc. Class A	156,800	42,847
		154,192
Insurance - 3.0%
Arthur J. Gallagher & Co.	273,100	63,403
TOTAL FINANCIALS		275,538
HEALTH CARE - 5.0%
Health Care Equipment & Supplies - 0.8%
Boston Scientific Corp. (a)	266,000	16,827
Health Care Providers & Services - 3.0%
Tenet Healthcare Corp. (a)	102,109	8,448
UnitedHealth Group, Inc.	106,600	54,551
		62,999
Life Sciences Tools & Services - 1.2%
IQVIA Holdings, Inc. (a)	120,900	25,175
TOTAL HEALTH CARE		105,001
INDUSTRIALS - 14.0%
Aerospace & Defense - 0.7%
TransDigm Group, Inc.	12,900	14,096
Building Products - 3.6%
Builders FirstSource, Inc. (a)	97,500	16,939
Carlisle Companies, Inc.	60,500	19,013
Fortune Brands Innovations, Inc.	304,900	23,657
Trane Technologies PLC	63,100	15,904
		75,513
Construction & Engineering - 1.8%
EMCOR Group, Inc.	23,600	5,383
Willscot Mobile Mini Holdings (a)	695,800	32,911
		38,294
Electrical Equipment - 4.4%
AMETEK, Inc.	63,800	10,339
Eaton Corp. PLC	85,500	21,040
Generac Holdings, Inc. (a)	49,800	5,661
nVent Electric PLC	287,900	17,286
Regal Rexnord Corp.	112,600	15,028
Vertiv Holdings Co.	443,100	24,960
		94,314
Ground Transportation - 0.8%
Uber Technologies, Inc. (a)	262,800	17,153
Machinery - 1.0%
Parker Hannifin Corp.	44,700	20,763
Marine Transportation - 0.0%
Genco Shipping & Trading Ltd.	831	15
Passenger Airlines - 0.4%
Air Canada (a)	342,300	4,639
Delta Air Lines, Inc.	126,100	4,936
		9,575
Trading Companies & Distributors - 1.3%
GMS, Inc. (a)	64,200	5,403
United Rentals, Inc.	18,100	11,320
WESCO International, Inc.	61,723	10,710
		27,433
TOTAL INDUSTRIALS		297,156
INFORMATION TECHNOLOGY - 23.9%
Communications Equipment - 1.0%
Arista Networks, Inc. (a)	82,100	21,238
Electronic Equipment, Instruments & Components - 1.1%
CDW Corp.	105,500	23,919
IT Services - 0.4%
Accenture PLC Class A	23,500	8,551
Semiconductors & Semiconductor Equipment - 10.8%
ASML Holding NV (depository receipt)	19,600	17,048
Broadcom, Inc.	23,100	27,258
KLA Corp.	14,100	8,376
Lam Research Corp.	18,000	14,853
Marvell Technology, Inc.	286,900	19,423
Microchip Technology, Inc.	188,700	16,073
NVIDIA Corp.	98,800	60,789
NXP Semiconductors NV	98,200	20,678
ON Semiconductor Corp. (a)	585,559	41,651
SolarEdge Technologies, Inc. (a)(c)	31,500	2,095
		228,244
Software - 10.6%
Adobe, Inc. (a)	48,600	30,024
Dynatrace, Inc. (a)	194,100	11,064
Gen Digital, Inc.	265,700	6,239
Microsoft Corp.	192,600	76,574
Oracle Corp.	192,800	21,536
Palo Alto Networks, Inc. (a)	91,400	30,940
Salesforce, Inc. (a)	68,100	19,142
Synopsys, Inc. (a)	27,200	14,507
UiPath, Inc. Class A (a)	695,300	15,978
		226,004
TOTAL INFORMATION TECHNOLOGY		507,956
MATERIALS - 4.1%
Chemicals - 1.9%
Olin Corp.	355,100	18,490
The Chemours Co. LLC	542,928	16,380
Westlake Corp.	46,200	6,392
		41,262
Construction Materials - 0.8%
Eagle Materials, Inc.	70,600	15,975
Containers & Packaging - 0.8%
Graphic Packaging Holding Co.	668,800	17,061
Metals & Mining - 0.6%
ATI, Inc. (a)	295,900	12,093
TOTAL MATERIALS		86,391
UTILITIES - 5.5%
Electric Utilities - 3.7%
Constellation Energy Corp.	232,500	28,365
PG&E Corp.	2,945,202	49,686
		78,051
Independent Power and Renewable Electricity Producers - 1.8%
Vistra Corp.	927,700	38,064
TOTAL UTILITIES		116,115
TOTAL COMMON STOCKS (Cost $1,426,739)		2,088,764

Money Market Funds - 4.2%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.39% (d)	75,843,204	75,858
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e)	13,734,702	13,736
TOTAL MONEY MARKET FUNDS (Cost $89,591)		89,594

TOTAL INVESTMENT IN SECURITIES - 102.7% (Cost $1,516,330)	2,178,358
NET OTHER ASSETS (LIABILITIES) - (2.7)%	(57,503)
NET ASSETS - 100.0%	2,120,855

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 $4,228,000 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 5.39%	29,145	269,832	223,119	921	-	-	75,858	0.1%
Fidelity Securities Lending Cash Central Fund 5.39%	5,568	205,851	197,683	10	-	-	13,736	0.1%
Total	34,713	475,683	420,802	931	-	-	89,594

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	190,001	190,001	-	-
Consumer Discretionary	337,435	306,587	30,848	-
Consumer Staples	81,568	81,568	-	-
Energy	91,603	91,603	-	-
Financials	275,538	275,538	-	-
Health Care	105,001	105,001	-	-
Industrials	297,156	297,156	-	-
Information Technology	507,956	507,956	-	-
Materials	86,391	86,391	-	-
Utilities	116,115	116,115	-	-

Money Market Funds	89,594	89,594	-	-
Total Investments in Securities:	2,178,358	2,147,510	30,848	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				January 31, 2024 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $13,117) - See accompanying schedule:
Unaffiliated issuers (cost $1,426,739)	$	2,088,764
Fidelity Central Funds (cost $89,591)		89,594


Total Investment in Securities (cost $1,516,330)			$	2,178,358
Receivable for investments sold				15,135
Receivable for fund shares sold				1,405
Dividends receivable				412
Distributions receivable from Fidelity Central Funds				130
Prepaid expenses				2
Total assets				2,195,442
Liabilities
Payable for investments purchased	$	58,238
Payable for fund shares redeemed		1,330
Accrued management fee		978
Other affiliated payables		265
Other payables and accrued expenses		40
Collateral on securities loaned		13,736
Total Liabilities				74,587
Net Assets			$	2,120,855
Net Assets consist of:
Paid in capital			$	1,363,474
Total accumulated earnings (loss)				757,381
Net Assets			$	2,120,855

Net Asset Value and Maximum Offering Price
Leveraged Company Stock :
Net Asset Value, offering price and redemption price per share ($1,984,839 ÷ 56,196 shares)			$	35.32
Class K :
Net Asset Value, offering price and redemption price per share ($136,016 ÷ 3,829 shares)			$	35.52

Statement of Operations
Amounts in thousands				Six months ended January 31, 2024 (Unaudited)
Investment Income
Dividends			$	10,510
Income from Fidelity Central Funds (including $10 from security lending)				931
Total Income				11,441
Expenses
Management fee	$	5,624
Transfer agent fees		1,278
Accounting fees		264
Custodian fees and expenses		29
Independent trustees' fees and expenses		6
Registration fees		30
Audit		35
Legal		2
Miscellaneous		4
Total expenses before reductions		7,272
Expense reductions		(85)
Total expenses after reductions				7,187
Net Investment income (loss)				4,254
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		165,425
Foreign currency transactions		(10)
Total net realized gain (loss)				165,415
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(69,561)
Assets and liabilities in foreign currencies		(1)
Total change in net unrealized appreciation (depreciation)				(69,562)
Net gain (loss)				95,853
Net increase (decrease) in net assets resulting from operations			$	100,107

Statement of Changes in Net Assets

Amount in thousands		Six months ended January 31, 2024 (Unaudited)		Year ended July 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,254	$	17,110
Net realized gain (loss)		165,415		264,921
Change in net unrealized appreciation (depreciation)		(69,562)		(80,146)
Net increase (decrease) in net assets resulting from operations		100,107		201,885
Distributions to shareholders		(234,459)		(321,039)

Share transactions - net increase (decrease)		183,236		(19,247)
Total increase (decrease) in net assets		48,884		(138,401)

Net Assets
Beginning of period		2,071,971		2,210,372
End of period	$	2,120,855	$	2,071,971

Financial Highlights

Fidelity® Leveraged Company Stock Fund

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	37.87	$	39.65	$	48.37	$	30.88	$	29.94	$	34.31
Income from Investment Operations
Net investment income (loss) A,B		.07		.30		.17		.03 C		.08 D		(.02)
Net realized and unrealized gain (loss)		1.63		3.69 E		(4.89)		17.50		.89		.42
Total from investment operations		1.70		3.99		(4.72)		17.53		.97		.40
Distributions from net investment income		(.22)		(.25)		(.12)		(.04)		(.03)		-
Distributions from net realized gain		(4.04)		(5.52)		(3.89)		-		-		(4.77)
Total distributions		(4.25) F		(5.77)		(4.00) F		(.04)		(.03)		(4.77)
Net asset value, end of period	$	35.32	$	37.87	$	39.65	$	48.37	$	30.88	$	29.94
Total Return G,H		5.27%		12.01% E		(10.85)%		56.84%		3.24%		1.93%
Ratios to Average Net Assets B,I,J
Expenses before reductions		.75% K		.75%		.74%		.75%		.78%		.78%
Expenses net of fee waivers, if any		.74% K		.74%		.74%		.75%		.78%		.78%
Expenses net of all reductions		.74% K		.74%		.74%		.75%		.77%		.78%
Net investment income (loss)		.43% K		.87%		.38%		.06% C		.27% D		(.06)%
Supplemental Data
Net assets, end of period (in millions)	$	1,985	$	1,934	$	1,937	$	2,534	$	1,631	$	1,945
Portfolio turnover rate L		54% K		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 for periods of less than one year are not annualized.

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

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

KAnnualized.

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

Fidelity® Leveraged Company Stock Fund Class K

		Six months ended (Unaudited) January 31, 2024		Years ended July 31, 2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	38.08	$	39.84	$	48.58	$	31.01	$	30.04	$	34.40
Income from Investment Operations
Net investment income (loss) A,B		.09		.33		.21		.06 C		.11 D		.01
Net realized and unrealized gain (loss)		1.63		3.72 E		(4.91)		17.59		.91		.42
Total from investment operations		1.72		4.05		(4.70)		17.65		1.02		.43
Distributions from net investment income		(.25)		(.28)		(.16)		(.08)		(.05)		-
Distributions from net realized gain		(4.04)		(5.52)		(3.89)		-		-		(4.79)
Total distributions		(4.28) F		(5.81) F		(4.04) F		(.08)		(.05)		(4.79)
Net asset value, end of period	$	35.52	$	38.08	$	39.84	$	48.58	$	31.01	$	30.04
Total Return G,H		5.31%		12.11% E		(10.77)%		57.00%		3.38%		2.03%
Ratios to Average Net Assets B,I,J
Expenses before reductions		.65% K		.65%		.65%		.66%		.67%		.67%
Expenses net of fee waivers, if any		.64% K		.65%		.65%		.66%		.67%		.67%
Expenses net of all reductions		.64% K		.65%		.65%		.66%		.66%		.67%
Net investment income (loss)		.52% K		.96%		.47%		.15% C		.38% D		.05%
Supplemental Data
Net assets, end of period (in millions)	$	136	$	138	$	274	$	362	$	285	$	347
Portfolio turnover rate L		54% K		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 for periods of less than one year are not annualized.

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

KAnnualized.

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

Notes to Financial Statements (Unaudited)

For the period ended January 31, 2024

(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.

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.

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The 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:

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 January 31, 2024 is included at the end of the Fund's Schedule of Investments.

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.

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	$684,787
Gross unrealized depreciation	(25,330)
Net unrealized appreciation (depreciation)	$659,457
Tax cost	$1,518,901

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	527,573	571,827

5. Fees and Other Transactions with Affiliates.

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Leveraged Company Stock	.1341

Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of Leveraged Company Stock, except for Class K. FIIOC received 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 AssetsA
Leveraged Company Stock	$ 1,251	.14
Class K	27	.04
	$ 1,278

A Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Leveraged Company Stock Fund	.0267

Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

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

Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to Fidelity Real Estate Investment Portfolio in this note shall mean Fidelity Real Estate Investment Portfolio as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

	Maximum Management Fee Rate %
Fidelity Leveraged Company Stock Fund	0.70
Fidelity Leveraged Company Stock Fund - Class K	0.61

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

	Amount
Fidelity Leveraged Company Stock Fund	$5

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Leveraged Company Stock Fund	18,162	30,681	4,239

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 Leveraged Company Stock Fund	$2

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 Leveraged Company Stock Fund	$1	$ -	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $85.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended January 31, 2024	Year ended July 31, 2023
Fidelity Leveraged Company Stock Fund
Distributions to shareholders
Leveraged Company Stock	$218,850	$284,888
Class K	15,609	36,151
Total	$234,459	$321,039

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Six months ended January 31, 2024	Year ended July 31, 2023	Six months ended January 31, 2024	Year ended July 31, 2023
Fidelity Leveraged Company Stock Fund
Leveraged Company Stock
Shares sold	2,594	1,200	$91,822	$42,108
Reinvestment of distributions	6,074	7,834	205,661	268,740
Shares redeemed	(3,531)	(6,815)	(120,868)	(231,649)
Net increase (decrease)	5,137	2,219	$176,615	$79,199
Class K
Shares sold	137	273	$4,776	$9,384
Reinvestment of distributions	459	1,038	15,609	36,151
Shares redeemed	(403)	(4,546)	(13,764)	(143,981)
Net increase (decrease)	193	(3,235)	$6,621	$(98,446)

11. Other.

12. Risk and Uncertainties.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Expenses Paid During Period- C August 1, 2023 to January 31, 2024
Fidelity® Leveraged Company Stock Fund
Fidelity® Leveraged Company Stock Fund **	.74%
Actual		$ 1,000	$ 1,052.70	$ 3.82
Hypothetical-B		$ 1,000	$ 1,021.42	$ 3.76
Class K	.64%
Actual		$ 1,000	$ 1,053.10	$ 3.30
Hypothetical-B		$ 1,000	$ 1,021.92	$ 3.25

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

B 5% return per year before expenses

	Annualized Expense Ratio- A	Expenses Paid
Fidelity® Leveraged Company Stock Fund
Fidelity® Leveraged Company Stock Fund	.70%
Actual		$ 3.61
Hypothetical- B		$ 3.56

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.753758.124

LSF-SANN-0324

Fidelity® Small Cap Value Fund

Semi-Annual Report

January 31, 2024

Includes Fidelity and Fidelity Advisor share classes

Contents

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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.