N-CSRS 1 filing989.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-4118


Fidelity Securities Fund

(Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

(Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

July 31


Date of reporting period:

January 31, 2018


Item 1.

Reports to Stockholders




Fidelity® Blue Chip Growth Fund
Class K



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Alphabet, Inc. Class A 6.6 
Amazon.com, Inc. 6.6 
Apple, Inc. 5.9 
Facebook, Inc. Class A 4.1 
NVIDIA Corp. 3.0 
Salesforce.com, Inc. 2.3 
Tesla, Inc. 2.2 
Microsoft Corp. 2.1 
Visa, Inc. Class A 2.0 
Home Depot, Inc. 2.0 
 36.8 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 41.9 
Consumer Discretionary 27.0 
Health Care 11.0 
Industrials 5.9 
Consumer Staples 4.7 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 98.0% 
   Convertible Securities 2.0% 


 * Foreign investments - 13.9%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 26.5%   
Auto Components - 0.1%   
Aptiv PLC 163,944 $15,555 
Automobiles - 2.2%   
Tesla, Inc. (a)(b) 1,613,430 571,654 
Diversified Consumer Services - 0.4%   
Adtalem Global Education, Inc. (a) 204,386 9,402 
Chegg, Inc. (a)(b) 498,704 8,638 
Grand Canyon Education, Inc. (a) 56,972 5,298 
New Oriental Education & Technology Group, Inc. sponsored ADR 579,344 53,352 
ServiceMaster Global Holdings, Inc. (a) 431,558 22,752 
Weight Watchers International, Inc. (a) 78,200 5,027 
  104,469 
Hotels, Restaurants & Leisure - 3.6%   
Alsea S.A.B. de CV 1,368,000 4,475 
Caesars Entertainment Corp. (a) 1,767,794 24,661 
Chipotle Mexican Grill, Inc. (a) 409,101 132,860 
Delta Corp. Ltd. (a) 839,330 4,566 
Eldorado Resorts, Inc. (a) 73,800 2,550 
Hilton Grand Vacations, Inc. (a) 111,655 5,021 
Hyatt Hotels Corp. Class A (a) 63,567 5,168 
Las Vegas Sands Corp. 433,954 33,640 
Marriott International, Inc. Class A 408,231 60,149 
Marriott Vacations Worldwide Corp. 52,700 8,028 
McDonald's Corp. 1,224,570 209,573 
Melco Crown Entertainment Ltd. sponsored ADR 472,153 14,061 
MGM Mirage, Inc. 1,864,333 67,955 
Penn National Gaming, Inc. (a) 1,093,477 34,893 
Royal Caribbean Cruises Ltd. 366,142 48,898 
Shake Shack, Inc. Class A (a)(b) 854,977 37,371 
Starbucks Corp. 1,729,913 98,276 
U.S. Foods Holding Corp. (a) 1,305,061 41,932 
Vail Resorts, Inc. 43,318 9,468 
Wyndham Worldwide Corp. 315,014 39,103 
Yum China Holdings, Inc. 597,424 27,714 
  910,362 
Household Durables - 0.7%   
D.R. Horton, Inc. 446,467 21,899 
Forbo Holding AG (Reg.) 1,276 2,158 
Neinor Homes SLU (c) 187,300 4,302 
Newell Brands, Inc. 462,162 12,220 
Panasonic Corp. 452,700 6,721 
SodaStream International Ltd. (a) 813,665 63,978 
Sony Corp. 1,314,400 63,040 
  174,318 
Internet & Direct Marketing Retail - 9.4%   
Amazon.com, Inc. (a) 1,141,883 1,656,747 
Blue Apron Holdings, Inc. Class B 624,302 1,848 
Boohoo.Com PLC (a) 3,839,686 10,105 
Expedia, Inc. 55,705 7,131 
JD.com, Inc. sponsored ADR (a) 3,930,642 193,506 
Netflix, Inc. (a) 1,013,669 273,995 
Priceline Group, Inc. (a) 111,232 212,681 
Start Today Co. Ltd. 252,900 7,473 
The Honest Co., Inc. (a)(d)(e) 150,143 2,772 
Wayfair LLC Class A (a) 78,402 7,214 
  2,373,472 
Leisure Products - 0.1%   
Spin Master Corp. (a)(c) 389,130 16,777 
Media - 0.5%   
AMC Entertainment Holdings, Inc. Class A (b) 173,170 2,217 
CBS Corp. Class B 126,025 7,260 
China Literature Ltd. (a)(c) 1,313,327 13,607 
Live Nation Entertainment, Inc. (a) 164,140 7,396 
Naspers Ltd. Class N 159,958 45,673 
The Walt Disney Co. 334,898 36,393 
Vivendi SA 83,596 2,453 
WME Entertainment Parent, LLC Class A (a)(d)(e)(f) 9,407,380 23,518 
  138,517 
Multiline Retail - 1.5%   
Avenue Supermarts Ltd. (c) 135,551 2,516 
B&M European Value Retail S.A. 1,340,565 7,916 
Dollar General Corp. 145,900 15,045 
Dollar Tree, Inc. (a) 2,683,656 308,620 
Macy's, Inc. 530,771 13,774 
Nordstrom, Inc. 97,559 4,811 
Ollie's Bargain Outlet Holdings, Inc. (a) 199,599 11,088 
Target Corp. 223,210 16,790 
V-Mart Retail Ltd. (a) 201,535 4,713 
  385,273 
Specialty Retail - 3.8%   
Advance Auto Parts, Inc. 84,362 9,870 
Burlington Stores, Inc. (a) 256,950 31,273 
Dick's Sporting Goods, Inc. 303,906 9,561 
Floor & Decor Holdings, Inc. Class A 449,001 21,058 
Home Depot, Inc. 2,491,669 500,576 
Lowe's Companies, Inc. 1,255,706 131,510 
O'Reilly Automotive, Inc. (a) 92,432 24,466 
RH (a)(b) 787,044 73,974 
Ross Stores, Inc. 794,735 65,478 
The Children's Place Retail Stores, Inc. 91,778 13,748 
TJX Companies, Inc. 883,686 70,978 
  952,492 
Textiles, Apparel & Luxury Goods - 4.2%   
adidas AG 1,230,959 286,250 
Canada Goose Holdings, Inc. 316,305 11,382 
Despegar.com Corp. 310,008 9,440 
G-III Apparel Group Ltd. (a) 414,588 15,485 
Kering SA 311,304 157,614 
lululemon athletica, Inc. (a) 1,452,034 113,564 
LVMH Moet Hennessy - Louis Vuitton SA 92,707 29,041 
Michael Kors Holdings Ltd. (a) 819,425 54,082 
NIKE, Inc. Class B 1,422,538 97,046 
Prada SpA 5,016,300 20,488 
PVH Corp. 625,318 96,974 
Shenzhou International Group Holdings Ltd. 577,000 5,956 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 1,834,898 75,579 
Tapestry, Inc. 875,410 41,179 
Tory Burch LLC (d)(e)(f) 293,611 14,851 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 893,910 11,487 
VF Corp. 187,231 15,192 
  1,055,610 
TOTAL CONSUMER DISCRETIONARY  6,698,499 
CONSUMER STAPLES - 4.4%   
Beverages - 1.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 434,422 95,343 
Diageo PLC 375,669 13,521 
Dr. Pepper Snapple Group, Inc. 143,700 17,151 
Fever-Tree Drinks PLC 364,409 12,666 
Monster Beverage Corp. (a) 2,054,745 140,195 
  278,876 
Food & Staples Retailing - 0.9%   
Costco Wholesale Corp. 820,474 159,886 
Kroger Co. 1,099,917 33,393 
Performance Food Group Co. (a) 721,486 24,783 
Walmart, Inc. 147,483 15,722 
  233,784 
Food Products - 0.3%   
Blue Bottle Coffee, Inc. Class C (Escrow) (d)(e) 632,822 1,481 
Bunge Ltd. 209,029 16,603 
ConAgra Foods, Inc. 66,300 2,519 
Danone SA 79,537 6,845 
Darling International, Inc. (a) 380,645 7,057 
Lamb Weston Holdings, Inc. 220,954 12,948 
Pinnacle Foods, Inc. 41,400 2,564 
The Hain Celestial Group, Inc. (a) 732,747 27,947 
  77,964 
Household Products - 0.1%   
Spectrum Brands Holdings, Inc. 199,089 23,584 
Personal Products - 1.1%   
Coty, Inc. Class A 2,153,281 42,226 
Estee Lauder Companies, Inc. Class A 299,400 40,407 
Herbalife Ltd. (a)(b) 1,153,211 95,705 
Kose Corp. 97,400 16,821 
Unilever NV (NY Reg.) 1,196,064 68,762 
  263,921 
Tobacco - 0.9%   
British American Tobacco PLC:   
(United Kingdom) 62,517 4,273 
sponsored ADR 2,023,714 137,815 
Imperial Tobacco Group PLC 1,872 77 
Juul Labs, Inc. (e) 6,625 145 
Philip Morris International, Inc. 848,696 91,006 
  233,316 
TOTAL CONSUMER STAPLES  1,111,445 
ENERGY - 2.0%   
Energy Equipment & Services - 0.0%   
Shelf Drilling Ltd. (c) 741,565 6,253 
U.S. Silica Holdings, Inc. (b) 223,112 7,427 
  13,680 
Oil, Gas & Consumable Fuels - 2.0%   
Anadarko Petroleum Corp. 1,265,244 75,978 
Andeavor 122,149 13,212 
Bharat Petroleum Corp. Ltd. 635,128 4,919 
Cenovus Energy, Inc. 924,434 8,816 
Cimarex Energy Co. 384,510 43,142 
Continental Resources, Inc. (a) 1,518,789 84,338 
Diamondback Energy, Inc. (a) 421,104 52,849 
EOG Resources, Inc. 469,883 54,037 
Marathon Petroleum Corp. 104,698 7,252 
Oasis Petroleum, Inc. (a) 806,325 6,983 
Petronet LNG Ltd. 655,750 2,628 
Phillips 66 Co. 18,903 1,936 
Pioneer Natural Resources Co. 330,982 60,540 
Reliance Industries Ltd. 2,979,759 45,067 
Valero Energy Corp. 176,579 16,946 
Whiting Petroleum Corp. (a) 924,548 25,813 
  504,456 
TOTAL ENERGY  518,136 
FINANCIALS - 4.4%   
Banks - 2.2%   
Bank of America Corp. 6,127,007 196,064 
Citigroup, Inc. 1,527,392 119,870 
First Republic Bank 53,474 4,789 
HDFC Bank Ltd. sponsored ADR 456,674 49,590 
JPMorgan Chase & Co. 1,413,951 163,552 
Kotak Mahindra Bank Ltd. (a) 615,886 10,746 
  544,611 
Capital Markets - 1.9%   
BlackRock, Inc. Class A 176,888 99,376 
CBOE Holdings, Inc. 430,876 57,905 
Charles Schwab Corp. 824,862 43,998 
E*TRADE Financial Corp. (a) 195,795 10,318 
Fairfax India Holdings Corp. (a) 860,452 15,884 
Goldman Sachs Group, Inc. 473,389 126,816 
KKR & Co. LP 207,300 4,992 
Morgan Stanley 1,114,206 63,008 
MSCI, Inc. 56,776 7,905 
TD Ameritrade Holding Corp. 695,633 38,809 
The Blackstone Group LP 139,000 5,080 
  474,091 
Consumer Finance - 0.0%   
Synchrony Financial 194,999 7,738 
Diversified Financial Services - 0.1%   
Berkshire Hathaway, Inc. Class B (a) 104,907 22,490 
GDS Holdings Ltd. ADR (a) 88,300 2,520 
  25,010 
Insurance - 0.1%   
Chubb Ltd. 66,139 10,328 
MetLife, Inc. 186,530 8,966 
The Travelers Companies, Inc. 71,135 10,665 
  29,959 
Thrifts & Mortgage Finance - 0.1%   
Housing Development Finance Corp. Ltd. 697,722 21,475 
TOTAL FINANCIALS  1,102,884 
HEALTH CARE - 10.9%   
Biotechnology - 6.7%   
AC Immune SA (a) 723,942 9,672 
ACADIA Pharmaceuticals, Inc. (a) 266,297 7,965 
Acceleron Pharma, Inc. (a) 82,062 3,406 
Achaogen, Inc. (a)(b) 395,032 4,334 
Agios Pharmaceuticals, Inc. (a) 306,017 24,102 
Aimmune Therapeutics, Inc. (a) 468,605 16,500 
Alexion Pharmaceuticals, Inc. (a) 1,652,763 197,208 
Alkermes PLC (a) 1,003,437 57,366 
Alnylam Pharmaceuticals, Inc. (a) 749,174 97,378 
Amgen, Inc. 913,980 170,046 
AnaptysBio, Inc. 105,743 11,144 
Arena Pharmaceuticals, Inc. (a) 165,515 6,194 
Ascendis Pharma A/S sponsored ADR (a) 312,023 15,904 
BeiGene Ltd. ADR (a) 108,404 14,716 
Biogen, Inc. (a) 545,680 189,793 
BioMarin Pharmaceutical, Inc. (a) 394,274 35,575 
bluebird bio, Inc. (a) 294,095 60,260 
Blueprint Medicines Corp. (a) 44,969 3,537 
Celgene Corp. (a) 888,893 89,920 
Cellectis SA sponsored ADR (a) 62,973 1,981 
Chiasma, Inc. warrants (a) 55,391 13 
Chimerix, Inc. (a) 79,942 383 
Coherus BioSciences, Inc. (a) 596,627 6,026 
CytomX Therapeutics, Inc. (a) 155,668 4,164 
CytomX Therapeutics, Inc. (a)(c) 378,621 10,128 
DBV Technologies SA sponsored ADR (a) 101,129 2,342 
Denali Therapeutics, Inc. (a)(b) 781,221 18,171 
Editas Medicine, Inc. (a)(b) 558,873 20,404 
Epizyme, Inc. (a) 312,464 5,046 
Exact Sciences Corp. (a) 170,824 8,492 
Exelixis, Inc. (a) 2,489,886 75,468 
FibroGen, Inc. (a) 332,641 19,476 
Flexion Therapeutics, Inc. (a)(b) 83,549 1,887 
GenSight Biologics SA (a)(c) 599,743 4,840 
Global Blood Therapeutics, Inc. (a) 621,989 36,013 
Grifols SA ADR 103,434 2,570 
Heron Therapeutics, Inc. (a) 105,970 2,294 
Insmed, Inc. (a) 145,967 3,713 
Intellia Therapeutics, Inc. (a)(b) 570,606 14,665 
Intercept Pharmaceuticals, Inc. (a) 194,793 12,097 
Ionis Pharmaceuticals, Inc. (a) 118,688 6,233 
Ironwood Pharmaceuticals, Inc. Class A (a) 1,001,896 14,838 
La Jolla Pharmaceutical Co. (a) 165,809 5,681 
Merrimack Pharmaceuticals, Inc. 148,188 1,556 
Momenta Pharmaceuticals, Inc. (a) 90,832 1,544 
Neurocrine Biosciences, Inc. (a) 592,264 50,621 
Portola Pharmaceuticals, Inc. (a) 358,852 18,413 
Prothena Corp. PLC (a)(b) 97,697 4,084 
Radius Health, Inc. (a)(b) 79,648 3,000 
Regeneron Pharmaceuticals, Inc. (a) 523,756 192,035 
Sage Therapeutics, Inc. (a) 360,201 68,366 
Sarepta Therapeutics, Inc. (a) 124,083 8,132 
Seattle Genetics, Inc. (a) 358,526 18,751 
Seres Therapeutics, Inc. (a)(b) 46,200 467 
Trevena, Inc. (a) 976,088 1,591 
Ultragenyx Pharmaceutical, Inc. (a) 141,220 7,534 
Vertex Pharmaceuticals, Inc. (a) 175,224 29,240 
Xencor, Inc. (a) 266,935 6,075 
Zai Lab Ltd. ADR 172,389 4,648 
  1,708,002 
Health Care Equipment & Supplies - 1.7%   
Becton, Dickinson & Co. 31,100 7,555 
Boston Scientific Corp. (a) 4,788,373 133,883 
Danaher Corp. 432,382 43,792 
Fisher & Paykel Healthcare Corp. 258,212 2,540 
Hoya Corp. 38,700 1,988 
Insulet Corp. (a) 196,752 15,057 
Intuitive Surgical, Inc. (a) 406,372 175,419 
Invuity, Inc. (a)(b) 573,468 2,982 
iRhythm Technologies, Inc. (a) 546,837 32,608 
Novocure Ltd. (a) 154,022 3,458 
Penumbra, Inc. (a) 14,257 1,420 
Quanterix Corp. (a) 149,995 3,121 
Stryker Corp. 14,354 2,360 
  426,183 
Health Care Providers & Services - 1.3%   
Anthem, Inc. 101,667 25,198 
Apollo Hospitals Enterprise Ltd. 668,254 12,225 
Cigna Corp. 177,922 37,070 
Humana, Inc. 479,548 135,151 
OptiNose, Inc. (b) 440,971 8,356 
UnitedHealth Group, Inc. 464,323 109,942 
  327,942 
Health Care Technology - 0.2%   
Cerner Corp. (a) 344,631 23,824 
Evolent Health, Inc. (a)(b) 312,143 4,401 
Teladoc, Inc. (a) 346,053 12,942 
  41,167 
Pharmaceuticals - 1.0%   
Aclaris Therapeutics, Inc. (a) 160,406 3,548 
Akcea Therapeutics, Inc. (b) 822,563 17,808 
Allergan PLC 583,571 105,195 
Avexis, Inc. (a) 46,830 5,794 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(d)(e)(f)(g) 29,758 15,176 
Dermira, Inc. (a) 286,580 8,173 
Dova Pharmaceuticals, Inc. (b) 133,099 4,241 
GW Pharmaceuticals PLC ADR (a)(b) 154,411 21,329 
Intersect ENT, Inc. (a) 110,605 4,131 
Jazz Pharmaceuticals PLC (a) 192,201 28,011 
Nektar Therapeutics (a) 154,058 12,881 
Perrigo Co. PLC 54,900 4,975 
Revance Therapeutics, Inc. (a) 66,131 2,136 
The Medicines Company (a) 497,845 16,494 
Theravance Biopharma, Inc. (a) 58,053 1,535 
Zogenix, Inc. (a) 112,668 4,095 
  255,522 
TOTAL HEALTH CARE  2,758,816 
INDUSTRIALS - 5.8%   
Aerospace & Defense - 1.0%   
Bombardier, Inc. Class B (sub. vtg.) (a) 3,027,082 8,564 
Elbit Systems Ltd. 51,473 7,710 
General Dynamics Corp. 22,400 4,984 
Northrop Grumman Corp. 194,515 66,238 
Raytheon Co. 158,796 33,179 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 242,545 32,744 
Class C (d)(e) 2,783 376 
The Boeing Co. 306,410 108,583 
  262,378 
Air Freight & Logistics - 0.3%   
XPO Logistics, Inc. (a) 690,685 65,228 
Airlines - 1.4%   
Allegiant Travel Co. 31,000 4,937 
Azul SA sponsored ADR 402,049 11,736 
Delta Air Lines, Inc. 1,368,740 77,703 
InterGlobe Aviation Ltd. (c) 458,545 8,765 
JetBlue Airways Corp. (a) 781,259 16,297 
Ryanair Holdings PLC sponsored ADR (a) 39,488 4,846 
Southwest Airlines Co. 2,135,020 129,809 
Spirit Airlines, Inc. (a) 534,608 22,518 
United Continental Holdings, Inc. (a) 880,514 59,716 
Wizz Air Holdings PLC (a)(c) 253,046 12,442 
  348,769 
Building Products - 0.1%   
Kajaria Ceramics Ltd. 825,080 8,200 
Masco Corp. 669,916 29,918 
  38,118 
Commercial Services & Supplies - 0.1%   
Copart, Inc. (a) 116,901 5,152 
Evoqua Water Technologies Corp. (a) 350,493 8,012 
HomeServe PLC 966,632 10,746 
Novus Holdings Ltd. 55,375 23 
  23,933 
Construction & Engineering - 0.0%   
Fluor Corp. 210,869 12,800 
Electrical Equipment - 0.3%   
AMETEK, Inc. 35,951 2,743 
Fortive Corp. 158,912 12,080 
Melrose Industries PLC 980,689 3,152 
Nidec Corp. 49,300 7,935 
Regal Beloit Corp. 375,526 29,253 
Sensata Technologies Holding BV (a) 179,069 10,073 
  65,236 
Industrial Conglomerates - 0.4%   
Honeywell International, Inc. 437,001 69,776 
ITT, Inc. 395,917 22,171 
  91,947 
Machinery - 1.5%   
Allison Transmission Holdings, Inc. 245,138 10,845 
Aumann AG (c) 149,839 12,390 
Caterpillar, Inc. 1,363,373 221,930 
Deere & Co. 75,000 12,482 
Eicher Motors Ltd. 14,288 6,052 
Fanuc Corp. 9,900 2,687 
Gardner Denver Holdings, Inc. 350,300 12,113 
Kennametal, Inc. 150,200 7,327 
Minebea Mitsumi, Inc. 106,600 2,426 
Parker Hannifin Corp. 33,889 6,826 
Rational AG 15,430 10,843 
SMC Corp. 5,100 2,513 
WABCO Holdings, Inc. (a) 311,789 48,137 
Xylem, Inc. 351,461 25,397 
  381,968 
Professional Services - 0.1%   
IHS Markit Ltd. (a) 488,882 23,334 
Road & Rail - 0.3%   
Avis Budget Group, Inc. (a) 316,870 14,246 
J.B. Hunt Transport Services, Inc. 282,427 34,126 
Knight-Swift Transportation Holdings, Inc. Class A 270,325 13,459 
Landstar System, Inc. 70,331 7,810 
  69,641 
Trading Companies & Distributors - 0.3%   
Ashtead Group PLC 186,896 5,586 
United Rentals, Inc. (a) 399,201 72,299 
Univar, Inc. (a) 303,820 9,072 
Wolseley PLC 30,457 2,351 
  89,308 
Transportation Infrastructure - 0.0%   
Adani Ports & Special Economic Zone Ltd. 357,936 2,415 
TOTAL INDUSTRIALS  1,475,075 
INFORMATION TECHNOLOGY - 40.8%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a) 142,062 39,184 
NETGEAR, Inc. (a) 670,419 46,728 
  85,912 
Electronic Equipment & Components - 0.2%   
Amphenol Corp. Class A 26,815 2,488 
Corning, Inc. 428,701 13,384 
Dell Technologies, Inc. (a) 598,906 42,942 
SYNNEX Corp. 17,935 2,201 
  61,015 
Internet Software & Services - 14.0%   
2U, Inc. (a) 220,718 16,393 
Akamai Technologies, Inc. (a) 246,527 16,515 
Alibaba Group Holding Ltd. sponsored ADR (a) 1,096,081 223,918 
Alphabet, Inc.:   
Class A (a) 1,408,215 1,664,822 
Class C (a) 141,534 165,586 
ANGI Homeservices, Inc. Class A (a) 563,790 7,532 
CarGurus, Inc. Class A (b) 390,790 13,091 
Dropbox, Inc. Class B (a)(d)(e) 1,003,814 15,057 
Facebook, Inc. Class A (a) 5,542,148 1,035,772 
GoDaddy, Inc. (a) 195,278 10,785 
Gogo, Inc. (a)(b) 2,488,931 23,993 
GrubHub, Inc. (a)(b) 32,818 2,371 
IAC/InterActiveCorp (a) 17,778 2,577 
LogMeIn, Inc. 18,222 2,292 
Mail.Ru Group Ltd. GDR (Reg. S) (a) 537,390 17,626 
Match Group, Inc. (a)(b) 86,735 3,031 
Momo, Inc. ADR (a) 433,252 13,660 
NetEase, Inc. ADR 119,839 38,368 
New Relic, Inc. (a) 163,925 9,791 
Nutanix, Inc. Class B (c) 482,746 15,496 
Okta, Inc. 96,558 2,844 
Shopify, Inc. Class A (a) 292,979 37,406 
Stamps.com, Inc. (a) 123,866 25,250 
Tencent Holdings Ltd. 2,574,600 152,127 
Yandex NV Series A (a) 720,701 27,913 
  3,544,216 
IT Services - 4.5%   
MasterCard, Inc. Class A 1,984,478 335,377 
PayPal Holdings, Inc. (a) 2,834,478 241,838 
Square, Inc. (a) 304,509 14,285 
Teradata Corp. (a) 30,821 1,248 
Vakrangee Ltd. 1,453,552 8,341 
Visa, Inc. Class A 4,054,962 503,748 
Worldpay, Inc. (a) 283,270 22,749 
  1,127,586 
Semiconductors & Semiconductor Equipment - 7.2%   
ASM Pacific Technology Ltd. 961,700 13,130 
ASML Holding NV 46,725 9,483 
Broadcom Ltd. 1,931,281 479,016 
Cypress Semiconductor Corp. 375,777 6,497 
Inphi Corp. (a)(b) 815,098 24,347 
Intel Corp. 745,236 35,876 
Lam Research Corp. 329,377 63,082 
Marvell Technology Group Ltd. 4,432,577 103,412 
Micron Technology, Inc. (a) 4,482,214 195,962 
Monolithic Power Systems, Inc. 112,997 13,460 
NVIDIA Corp. 3,055,376 751,011 
Qualcomm, Inc. 1,022,989 69,819 
Renesas Electronics Corp. (a) 2,112,500 24,894 
WONIK IPS Co. Ltd. (a) 352,536 10,858 
Xilinx, Inc. 151,352 11,052 
  1,811,899 
Software - 8.7%   
Activision Blizzard, Inc. 5,120,046 379,549 
Adobe Systems, Inc. (a) 1,051,611 210,070 
Altair Engineering, Inc. Class A (a) 92,515 2,461 
Appirio, Inc. (Escrow) (a)(d)(e) 87,529 22 
Atlassian Corp. PLC (a) 60,313 3,256 
Atom Tickets LLC (d)(e)(f) 1,204,239 7,000 
Autodesk, Inc. (a) 265,786 30,730 
Electronic Arts, Inc. (a) 750,554 95,290 
Globant SA (a)(b) 52,257 2,375 
HubSpot, Inc. (a) 49,242 4,779 
Intuit, Inc. 193,751 32,531 
Micro Focus International PLC 418,580 12,778 
Microsoft Corp. 5,620,838 534,036 
Nintendo Co. Ltd. 95,300 43,163 
Paycom Software, Inc. (a)(b) 457,633 41,937 
Red Hat, Inc. (a) 465,529 61,161 
RingCentral, Inc. (a) 93,243 5,063 
SailPoint Technologies Holding, Inc. (a) 293,792 4,915 
Salesforce.com, Inc. (a) 5,157,993 587,547 
SendGrid, Inc. (a) 137,542 3,091 
Snap, Inc. Class A (a)(b) 1,573,326 21,271 
Take-Two Interactive Software, Inc. (a) 100,843 12,774 
Talend SA ADR (a) 162,563 6,335 
Tanium, Inc. Class B (d)(e) 554,900 3,069 
VMware, Inc. Class A (a)(b) 195,680 24,223 
Workday, Inc. Class A (a) 382,267 45,830 
Zendesk, Inc. (a) 568,723 21,907 
  2,197,163 
Technology Hardware, Storage & Peripherals - 5.9%   
Apple, Inc. 8,897,395 1,489,691 
TOTAL INFORMATION TECHNOLOGY  10,317,482 
MATERIALS - 2.8%   
Chemicals - 2.3%   
Cabot Corp. 84,336 5,704 
CF Industries Holdings, Inc. 2,410,687 102,310 
DowDuPont, Inc. 1,158,501 87,560 
FMC Corp. 714,913 65,293 
LG Chemical Ltd. 34,120 13,778 
LyondellBasell Industries NV Class A 1,181,014 141,533 
Nutrien Ltd. (a) 136,932 7,164 
Orion Engineered Carbons SA 260,800 7,681 
PPG Industries, Inc. 42,300 5,022 
Sherwin-Williams Co. 22,690 9,464 
The Chemours Co. LLC 1,698,334 87,668 
The Mosaic Co. 94,000 2,566 
Tronox Ltd. Class A 1,351,129 26,523 
Westlake Chemical Corp. 152,745 17,199 
  579,465 
Construction Materials - 0.4%   
Buzzi Unicem SpA 75,112 2,205 
Eagle Materials, Inc. 305,213 34,199 
Loma Negra Compania Industrial Argentina SA ADR (a) 350,493 8,328 
Summit Materials, Inc. 1,263,072 40,355 
  85,087 
Metals & Mining - 0.1%   
China Molybdenum Co. Ltd. (H Shares) 24,333,000 18,726 
Franco-Nevada Corp. 56,629 4,330 
Glencore Xstrata PLC 1,375,978 7,887 
  30,943 
TOTAL MATERIALS  695,495 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equinix, Inc. 29,370 13,369 
Real Estate Management & Development - 0.0%   
Parsvnath Developers Ltd. (a) 16,893,447 6,366 
TOTAL REAL ESTATE  19,735 
TELECOMMUNICATION SERVICES - 0.2%   
Diversified Telecommunication Services - 0.1%   
Bharti Infratel Ltd. 4,669,859 25,829 
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 527,915 34,367 
TOTAL TELECOMMUNICATION SERVICES  60,196 
UTILITIES - 0.0%   
Gas Utilities - 0.0%   
China Resource Gas Group Ltd. 744,000 2,449 
ENN Energy Holdings Ltd. 330,000 2,548 
  4,997 
Water Utilities - 0.0%   
AquaVenture Holdings Ltd. (a) 163,648 2,489 
TOTAL UTILITIES  7,486 
TOTAL COMMON STOCKS   
(Cost $12,687,971)  24,765,249 
Preferred Stocks - 2.1%   
Convertible Preferred Stocks - 2.0%   
CONSUMER DISCRETIONARY - 0.4%   
Diversified Consumer Services - 0.1%   
Lyft, Inc. Series H (d)(e) 719,567 28,600 
Hotels, Restaurants & Leisure - 0.1%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(d)(e)(f) 74,995 10,494 
Topgolf International, Inc. Series F (d)(e) 415,730 5,751 
  16,245 
Internet & Direct Marketing Retail - 0.2%   
China Internet Plus Holdings Ltd. Series A-11 (a)(d)(e) 3,163,704 17,682 
The Honest Co., Inc.:   
Series C (a)(d)(e) 350,333 10,947 
Series D (a)(d)(e) 77,448 2,613 
Series E (d)(e) 551,397 10,810 
  42,052 
Leisure Products - 0.0%   
Peloton Interactive, Inc. Series E (d)(e) 335,429 8,315 
TOTAL CONSUMER DISCRETIONARY  95,212 
CONSUMER STAPLES - 0.3%   
Food & Staples Retailing - 0.1%   
Roofoods Ltd. Series F (d)(e) 41,941 14,829 
Tobacco - 0.2%   
PAX Labs, Inc. Series C (a)(d)(e) 2,555,833 55,922 
TOTAL CONSUMER STAPLES  70,751 
FINANCIALS - 0.0%   
Consumer Finance - 0.0%   
Oportun Finance Corp. Series H (a)(d)(e) 3,552,125 10,124 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
23andMe, Inc. Series F (d)(e) 800,982 11,121 
Axcella Health, Inc. Series C (a)(d)(e) 545,634 7,050 
Immunocore Ltd. Series A (a)(d)(e) 11,275 4,198 
  22,369 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(d)(e) 2,728,716 17,600 
TOTAL HEALTH CARE  39,969 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 97,277 13,132 
Series H (d)(e) 25,767 3,479 
  16,611 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(d)(e) 692,196 3,876 
TOTAL INDUSTRIALS  20,487 
INFORMATION TECHNOLOGY - 1.1%   
Internet Software & Services - 0.9%   
ContextLogic, Inc. Series G (d)(e) 133,922 18,017 
Jet.Com, Inc. Series B1 (Escrow) (a)(d)(e) 2,928,086 962 
Reddit, Inc. Series B (d)(e) 524,232 8,269 
Starry, Inc. Series C (d)(e) 5,833,836 5,379 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(d)(e) 5,156,948 181,009 
Series E, 8.00% (a)(d)(e) 102,648 3,603 
  217,239 
IT Services - 0.0%   
AppNexus, Inc. Series E (a)(d)(e) 646,522 12,995 
Software - 0.2%   
Appirio, Inc. Series E (Escrow) (a)(d)(e) 612,702 156 
Bracket Computing, Inc. Series C (a)(d)(e) 1,207,761 1,872 
Cloudflare, Inc. Series D, 8.00% (a)(d)(e) 696,025 4,169 
Compass, Inc. Series E (d)(e) 53,263 3,594 
Dataminr, Inc. Series D (a)(d)(e) 277,250 2,850 
Delphix Corp. Series D (a)(d)(e) 675,445 4,046 
Malwarebytes Corp. Series B (a)(d)(e) 1,056,193 14,322 
Taboola.Com Ltd. Series E (a)(d)(e) 634,902 9,758 
  40,767 
TOTAL INFORMATION TECHNOLOGY  271,001 
TOTAL CONVERTIBLE PREFERRED STOCKS  507,544 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Automobiles - 0.1%   
Volkswagen AG 44,381 9,754 
CONSUMER STAPLES - 0.0%   
Tobacco - 0.0%   
PAX Labs, Inc. Series A (d)(e) 2,555,833 3,399 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  13,153 
TOTAL PREFERRED STOCKS   
(Cost $361,545)  520,697 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.0%   
CONSUMER STAPLES - 0.0%   
Tobacco - 0.0%   
PAX Labs, Inc. 10% 12/31/20 (c)(e)   
(Cost $5,825) 5,825 5,825 
 Shares Value (000s) 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 1.39% (h) 26,883,274 26,889 
Fidelity Securities Lending Cash Central Fund 1.40% (h)(i) 436,764,654 436,808 
TOTAL MONEY MARKET FUNDS   
(Cost $463,692)  463,697 
TOTAL INVESTMENT IN SECURITIES - 101.8%   
(Cost $13,519,033)  25,755,468 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (464,091) 
NET ASSETS - 100%  $25,291,377 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $113,341,000 or 0.4% of net assets.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $627,008,000 or 2.5% of net assets.

 (e) Level 3 security

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

 (g) Investment represents common shares and preferred shares.

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series F 8/31/17 $11,121 
Appirio, Inc. (Escrow) 7/7/17 $20 
Appirio, Inc. Series E (Escrow) 11/24/16 $156 
AppNexus, Inc. Series E 8/1/14 $12,951 
Atom Tickets LLC 8/15/17 $7,000 
Axcella Health, Inc. Series C 1/30/15 $5,500 
Blue Bottle Coffee, Inc. Class C (Escrow) 10/30/17 $1,481 
Bracket Computing, Inc. Series C 9/9/15 $9,500 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $9,820 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $10,000 
Cloudflare, Inc. Series D, 8.00% 11/5/14 - 6/24/15 $4,349 
Compass, Inc. Series E 11/3/17 $3,594 
ContextLogic, Inc. Series G 10/24/17 $18,017 
Dataminr, Inc. Series D 3/6/15 $3,535 
Delphix Corp. Series D 7/10/15 $6,079 
Dropbox, Inc. Class B 5/2/12 $9,084 
Immunocore Ltd. Series A 7/27/15 $2,122 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $962 
Lyft, Inc. Series H 11/22/17 $28,600 
Malwarebytes Corp. Series B 12/21/15 $10,958 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $10,293 
Mulberry Health, Inc. Series A8 1/20/16 $18,432 
Oportun Finance Corp. Series H 2/6/15 $10,114 
PAX Labs, Inc. Series A 5/22/15 $1,891 
PAX Labs, Inc. Series C 5/22/15 $7,949 
Peloton Interactive, Inc. Series E 3/31/17 $7,266 
Reddit, Inc. Series B 7/26/17 $7,442 
Roofoods Ltd. Series F 9/12/17 $14,829 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $23,515 
Space Exploration Technologies Corp. Class C 9/11/17 $376 
Space Exploration Technologies Corp. Series G 1/20/15 $7,535 
Space Exploration Technologies Corp. Series H 8/4/17 $3,479 
Starry, Inc. Series C 12/8/17 $5,379 
Taboola.Com Ltd. Series E 12/22/14 $6,619 
Tanium, Inc. Class B 4/21/17 $2,755 
The Honest Co., Inc. 8/21/14 $4,062 
The Honest Co., Inc. Series C 8/21/14 $9,479 
The Honest Co., Inc. Series D 8/3/15 $3,544 
The Honest Co., Inc. Series E 9/28/17 $10,810 
Topgolf International, Inc. Series F 11/10/17 $5,751 
Tory Burch LLC 5/14/15 $20,890 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $80,000 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $3,420 
WME Entertainment Parent, LLC Class A 4/13/16 - 8/16/16 $19,025 
YourPeople, Inc. Series C 5/1/15 $10,314 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $88 
Fidelity Securities Lending Cash Central Fund 2,823 
Total $2,911 

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

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds* Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
RH $82,844 $-- $27,600 $-- $957 $17,773 $-- 
Total $82,844 $-- $27,600 $-- $957 $17,773 $-- 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $6,803,465 $6,558,989 $108,123 $136,353 
Consumer Staples 1,185,595 1,068,359 41,460 75,776 
Energy 518,136 518,136 -- -- 
Financials 1,113,008 1,102,884 -- 10,124 
Health Care 2,798,785 2,741,639 2,001 55,145 
Industrials 1,495,562 1,426,394 15,561 53,607 
Information Technology 10,588,483 10,072,150 220,184 296,149 
Materials 695,495 695,495 -- -- 
Real Estate 19,735 19,735 -- -- 
Telecommunication Services 60,196 60,196 -- -- 
Utilities 7,486 7,486 -- -- 
Corporate Bonds 5,825 -- -- 5,825 
Money Market Funds 463,697 463,697 -- -- 
Total Investments in Securities: $25,755,468 $24,735,160 $387,329 $632,979 

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

(Amounts in thousands)     
Investments in Securities:  
Equities - Information Technology  
Beginning Balance $338,669 
Net Realized Gain (Loss) on Investment Securities (3) 
Net Unrealized Gain (Loss) on Investment Securities (76,507) 
Cost of Purchases 33,990 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $296,149 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $(76,507) 
Other Investments in Securities  
Beginning Balance $209,155 
Net Realized Gain (Loss) on Investment Securities 8,252 
Net Unrealized Gain (Loss) on Investment Securities 69,317 
Cost of Purchases 85,927 
Proceeds of Sales (29,339) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (6,482) 
Ending Balance $336,830 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $56,609 

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

Other Information

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

United States of America 86.1% 
Cayman Islands 3.6% 
Singapore 1.9% 
Germany 1.3% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 6.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $431,174) — See accompanying schedule:
Unaffiliated issuers (cost $13,055,341) 		$25,291,771  
Fidelity Central Funds (cost $463,692) 463,697  
Total Investment in Securities (cost $13,519,033)  $25,755,468 
Cash  1,372 
Restricted cash  132 
Foreign currency held at value (cost $1,496)  1,496 
Receivable for investments sold  101,537 
Receivable for fund shares sold  26,146 
Dividends receivable  5,292 
Interest receivable  66 
Distributions receivable from Fidelity Central Funds  425 
Prepaid expenses  32 
Other receivables  1,196 
Total assets  25,893,162 
Liabilities   
Payable for investments purchased $123,904  
Payable for fund shares redeemed 26,248  
Accrued management fee 11,199  
Other affiliated payables 2,489  
Other payables and accrued expenses 1,133  
Collateral on securities loaned 436,812  
Total liabilities  601,785 
Net Assets  $25,291,377 
Net Assets consist of:   
Paid in capital  $12,084,874 
Distributions in excess of net investment income  (9,546) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  979,543 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  12,236,506 
Net Assets  $25,291,377 
Blue Chip Growth:   
Net Asset Value, offering price and redemption price per share ($19,556,017 ÷ 205,252 shares)  $95.28 
Class K:   
Net Asset Value, offering price and redemption price per share ($5,735,360 ÷ 60,125 shares)  $95.39 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $76,454 
Interest  112 
Income from Fidelity Central Funds  2,911 
Total income  79,477 
Expenses   
Management fee   
Basic fee $62,026  
Performance adjustment 1,230  
Transfer agent fees 13,818  
Accounting and security lending fees 947  
Custodian fees and expenses 227  
Independent trustees' fees and expenses 32  
Appreciation in deferred trustee compensation account 1  
Registration fees 173  
Audit 52  
Legal 45  
Interest 26  
Miscellaneous 75  
Total expenses before reductions 78,652  
Expense reductions (286) 78,366 
Net investment income (loss)  1,111 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,551,901  
Fidelity Central Funds 3  
Other affiliated issuers 957  
Foreign currency transactions 48  
Total net realized gain (loss)  1,552,909 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,597,840  
Fidelity Central Funds (10)  
Other affiliated issuers 17,773  
Assets and liabilities in foreign currencies 18  
Total change in net unrealized appreciation (depreciation)  2,615,621 
Net gain (loss)  4,168,530 
Net increase (decrease) in net assets resulting from operations  $4,169,641 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,111 $36,123 
Net realized gain (loss) 1,552,909 1,207,375 
Change in net unrealized appreciation (depreciation) 2,615,621 3,208,986 
Net increase (decrease) in net assets resulting from operations 4,169,641 4,452,484 
Distributions to shareholders from net investment income (24,826) (49,380) 
Distributions to shareholders from net realized gain (955,924) (700,248) 
Total distributions (980,750) (749,628) 
Share transactions - net increase (decrease) (555,825) (433,489) 
Total increase (decrease) in net assets 2,633,066 3,269,367 
Net Assets   
Beginning of period 22,658,311 19,388,944 
End of period $25,291,377 $22,658,311 
Other Information   
Undistributed net investment income end of period $– $14,169 
Distributions in excess of net investment income end of period $(9,546) $– 

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


Financial Highlights

Fidelity Blue Chip Growth Fund

 Six months ended January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $83.20 $69.52 $75.25 $66.72 $59.65 $47.38 
Income from Investment Operations       
Net investment income (loss)A (.01) .11 .09 .05 .15 .39 
Net realized and unrealized gain (loss) 15.85 16.30 (2.16) 12.56 11.63 12.79 
Total from investment operations 15.84 16.41 (2.07) 12.61 11.78 13.18 
Distributions from net investment income (.08) (.15) (.03) (.09) (.24) (.23) 
Distributions from net realized gain (3.68) (2.58) (3.63) (3.99) (4.47) (.68) 
Total distributions (3.76) (2.73) (3.66) (4.08) (4.71) (.91) 
Net asset value, end of period $95.28 $83.20 $69.52 $75.25 $66.72 $59.65 
Total ReturnB,C 19.60% 24.48% (2.59)% 19.72% 21.07% 28.25% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .71%F .70% .82% .89% .80% .76% 
Expenses net of fee waivers, if any .71%F .70% .82% .89% .80% .76% 
Expenses net of all reductions .71%F .69% .82% .88% .80% .74% 
Net investment income (loss) (.01)%F .15% .13% .07% .23% .75% 
Supplemental Data       
Net assets, end of period (in millions) $19,556 $16,993 $14,230 $15,346 $11,970 $12,927 
Portfolio turnover rateG 37%F,H 43%H 50%H 51%H 57%H 75% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

 F Annualized

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

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


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


Fidelity Blue Chip Growth Fund Class K

 Six months ended January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $83.34 $69.67 $75.36 $66.82 $59.74 $47.46 
Income from Investment Operations       
Net investment income (loss)A .04 .19 .16 .13 .23 .47 
Net realized and unrealized gain (loss) 15.85 16.32 (2.15) 12.57 11.64 12.79 
Total from investment operations 15.89 16.51 (1.99) 12.70 11.87 13.26 
Distributions from net investment income (.16) (.27) (.07) (.17) (.33) (.30) 
Distributions from net realized gain (3.68) (2.58) (3.63) (3.99) (4.47) (.68) 
Total distributions (3.84) (2.84)B (3.70) (4.16) (4.79)C (.98) 
Net asset value, end of period $95.39 $83.34 $69.67 $75.36 $66.82 $59.74 
Total ReturnD,E 19.65% 24.63% (2.47)% 19.84% 21.23% 28.42% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .61%H .59% .70% .78% .68% .61% 
Expenses net of fee waivers, if any .61%H .59% .70% .77% .68% .61% 
Expenses net of all reductions .61%H .58% .70% .77% .67% .60% 
Net investment income (loss) .08%H .26% .25% .19% .36% .89% 
Supplemental Data       
Net assets, end of period (in millions) $5,735 $5,665 $5,158 $5,898 $4,612 $3,506 
Portfolio turnover rateI 37%H,J 43%J 50%J 51%J 57%J 75% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

 H Annualized

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

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $5,825 Market approach Transaction price $100.00 Increase 
Equities $627,154 Market approach Transaction price $0.92- $353.57 / $55.66 Increase 
   Liquidity preference $16.35 - $45.76 / $35.01 Increase 
  Market comparable Transaction price $10.08- $330.00 / $216.05 Increase 
   Enterprise value/Sales multiple (EV/S) 0.8 - 14.3 / 5.0 Increase 
   Discount rate 7.5% - 69.1% / 17.9% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 9.1 Increase 
   Price/Earnings multiple (P/E) 14.6 Increase 
   Enterprise value/Gross profit (EV/GP) 5.5 Increase 
   Premium rate 8.0% - 108.0% / 28.1% Increase 
   Discount for lack of marketability 10.0% - 25.0% / 15.7% Decrease 
   Liquidity preference $4.84 - $23.41 / $14.96 Increase 
   Proxy premium 28.2% - 54.5% / 46.5% Increase 
  Book value Book value multiple 1.0 Increase 
   Discount rate 70.0% Decrease 
  Recovery value Recovery value  0.2% - 2.3% / 1.5% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


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, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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

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 $12,497,060 
Gross unrealized depreciation (283,454) 
Net unrealized appreciation (depreciation) $12,213,606 
Tax cost $13,541,862 

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

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

As of period end, the Fund held an investment of $71,171 in these Subsidiaries, representing .28% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $4,304,353 and $4,939,838, respectively.

Redemptions In-Kind. During the period, 10,253 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $893,990. The net realized gain of $540,912 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 1,133 shares of the Fund held by an unaffiliated entity were redeemed in-kind for investments and cash with a value of $94,035. The Fund had a net realized gain of $55,844 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Blue Chip Growth as compared to its benchmark index, the Russell 1000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .55% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Blue Chip Growth $12,528 .14 
Class K 1,290 .05 
 $13,818  

 (a) Annualized


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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $78 for the period.

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

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $19,894 1.35% $26 

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

Prior Fiscal Year Redemptions In-Kind. During the prior period, 2,142 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $179,817. The Fund had a net realized gain of $107,301 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $33 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $32,990. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $2,823, including $217 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $165 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $116.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Blue Chip Growth $14,640 $30,042 
Class K 10,186 19,338 
Total $24,826 $49,380 
From net realized gain   
Blue Chip Growth $722,426 $514,584 
Class K 233,498 185,664 
Total $955,924 $700,248 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Blue Chip Growth     
Shares sold 20,961 32,630 $1,849,583 $2,453,411 
Reinvestment of distributions 8,154 7,584 698,554 519,650 
Shares redeemed (28,100) (40,666) (2,419,155) (2,950,825) 
Net increase (decrease) 1,015 (452) $128,982 $22,236 
Class K     
Shares sold 7,482 13,260 $656,163 $986,030 
Reinvestment of distributions 2,843 2,988 243,684 205,002 
Shares redeemed (18,175)(a) (22,314)(b) (1,584,654)(a) (1,646,757)(b) 
Net increase (decrease) (7,850) (6,066) $(684,807) $(455,725) 

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

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


11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Blue Chip Growth .71%    
Actual  $1,000.00 $1,196.00 $3.93 
Hypothetical-C  $1,000.00 $1,021.63 $3.62 
Class K .61%    
Actual  $1,000.00 $1,196.50 $3.38 
Hypothetical-C  $1,000.00 $1,022.13 $3.11 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

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BCF-K-SANN-0318
1.863116.109

Fidelity® Blue Chip Growth Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Alphabet, Inc. Class A 6.6 
Amazon.com, Inc. 6.6 
Apple, Inc. 5.9 
Facebook, Inc. Class A 4.1 
NVIDIA Corp. 3.0 
Salesforce.com, Inc. 2.3 
Tesla, Inc. 2.2 
Microsoft Corp. 2.1 
Visa, Inc. Class A 2.0 
Home Depot, Inc. 2.0 
 36.8 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 41.9 
Consumer Discretionary 27.0 
Health Care 11.0 
Industrials 5.9 
Consumer Staples 4.7 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 98.0% 
   Convertible Securities 2.0% 


 * Foreign investments - 13.9%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 26.5%   
Auto Components - 0.1%   
Aptiv PLC 163,944 $15,555 
Automobiles - 2.2%   
Tesla, Inc. (a)(b) 1,613,430 571,654 
Diversified Consumer Services - 0.4%   
Adtalem Global Education, Inc. (a) 204,386 9,402 
Chegg, Inc. (a)(b) 498,704 8,638 
Grand Canyon Education, Inc. (a) 56,972 5,298 
New Oriental Education & Technology Group, Inc. sponsored ADR 579,344 53,352 
ServiceMaster Global Holdings, Inc. (a) 431,558 22,752 
Weight Watchers International, Inc. (a) 78,200 5,027 
  104,469 
Hotels, Restaurants & Leisure - 3.6%   
Alsea S.A.B. de CV 1,368,000 4,475 
Caesars Entertainment Corp. (a) 1,767,794 24,661 
Chipotle Mexican Grill, Inc. (a) 409,101 132,860 
Delta Corp. Ltd. (a) 839,330 4,566 
Eldorado Resorts, Inc. (a) 73,800 2,550 
Hilton Grand Vacations, Inc. (a) 111,655 5,021 
Hyatt Hotels Corp. Class A (a) 63,567 5,168 
Las Vegas Sands Corp. 433,954 33,640 
Marriott International, Inc. Class A 408,231 60,149 
Marriott Vacations Worldwide Corp. 52,700 8,028 
McDonald's Corp. 1,224,570 209,573 
Melco Crown Entertainment Ltd. sponsored ADR 472,153 14,061 
MGM Mirage, Inc. 1,864,333 67,955 
Penn National Gaming, Inc. (a) 1,093,477 34,893 
Royal Caribbean Cruises Ltd. 366,142 48,898 
Shake Shack, Inc. Class A (a)(b) 854,977 37,371 
Starbucks Corp. 1,729,913 98,276 
U.S. Foods Holding Corp. (a) 1,305,061 41,932 
Vail Resorts, Inc. 43,318 9,468 
Wyndham Worldwide Corp. 315,014 39,103 
Yum China Holdings, Inc. 597,424 27,714 
  910,362 
Household Durables - 0.7%   
D.R. Horton, Inc. 446,467 21,899 
Forbo Holding AG (Reg.) 1,276 2,158 
Neinor Homes SLU (c) 187,300 4,302 
Newell Brands, Inc. 462,162 12,220 
Panasonic Corp. 452,700 6,721 
SodaStream International Ltd. (a) 813,665 63,978 
Sony Corp. 1,314,400 63,040 
  174,318 
Internet & Direct Marketing Retail - 9.4%   
Amazon.com, Inc. (a) 1,141,883 1,656,747 
Blue Apron Holdings, Inc. Class B 624,302 1,848 
Boohoo.Com PLC (a) 3,839,686 10,105 
Expedia, Inc. 55,705 7,131 
JD.com, Inc. sponsored ADR (a) 3,930,642 193,506 
Netflix, Inc. (a) 1,013,669 273,995 
Priceline Group, Inc. (a) 111,232 212,681 
Start Today Co. Ltd. 252,900 7,473 
The Honest Co., Inc. (a)(d)(e) 150,143 2,772 
Wayfair LLC Class A (a) 78,402 7,214 
  2,373,472 
Leisure Products - 0.1%   
Spin Master Corp. (a)(c) 389,130 16,777 
Media - 0.5%   
AMC Entertainment Holdings, Inc. Class A (b) 173,170 2,217 
CBS Corp. Class B 126,025 7,260 
China Literature Ltd. (a)(c) 1,313,327 13,607 
Live Nation Entertainment, Inc. (a) 164,140 7,396 
Naspers Ltd. Class N 159,958 45,673 
The Walt Disney Co. 334,898 36,393 
Vivendi SA 83,596 2,453 
WME Entertainment Parent, LLC Class A (a)(d)(e)(f) 9,407,380 23,518 
  138,517 
Multiline Retail - 1.5%   
Avenue Supermarts Ltd. (c) 135,551 2,516 
B&M European Value Retail S.A. 1,340,565 7,916 
Dollar General Corp. 145,900 15,045 
Dollar Tree, Inc. (a) 2,683,656 308,620 
Macy's, Inc. 530,771 13,774 
Nordstrom, Inc. 97,559 4,811 
Ollie's Bargain Outlet Holdings, Inc. (a) 199,599 11,088 
Target Corp. 223,210 16,790 
V-Mart Retail Ltd. (a) 201,535 4,713 
  385,273 
Specialty Retail - 3.8%   
Advance Auto Parts, Inc. 84,362 9,870 
Burlington Stores, Inc. (a) 256,950 31,273 
Dick's Sporting Goods, Inc. 303,906 9,561 
Floor & Decor Holdings, Inc. Class A 449,001 21,058 
Home Depot, Inc. 2,491,669 500,576 
Lowe's Companies, Inc. 1,255,706 131,510 
O'Reilly Automotive, Inc. (a) 92,432 24,466 
RH (a)(b) 787,044 73,974 
Ross Stores, Inc. 794,735 65,478 
The Children's Place Retail Stores, Inc. 91,778 13,748 
TJX Companies, Inc. 883,686 70,978 
  952,492 
Textiles, Apparel & Luxury Goods - 4.2%   
adidas AG 1,230,959 286,250 
Canada Goose Holdings, Inc. 316,305 11,382 
Despegar.com Corp. 310,008 9,440 
G-III Apparel Group Ltd. (a) 414,588 15,485 
Kering SA 311,304 157,614 
lululemon athletica, Inc. (a) 1,452,034 113,564 
LVMH Moet Hennessy - Louis Vuitton SA 92,707 29,041 
Michael Kors Holdings Ltd. (a) 819,425 54,082 
NIKE, Inc. Class B 1,422,538 97,046 
Prada SpA 5,016,300 20,488 
PVH Corp. 625,318 96,974 
Shenzhou International Group Holdings Ltd. 577,000 5,956 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 1,834,898 75,579 
Tapestry, Inc. 875,410 41,179 
Tory Burch LLC (d)(e)(f) 293,611 14,851 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 893,910 11,487 
VF Corp. 187,231 15,192 
  1,055,610 
TOTAL CONSUMER DISCRETIONARY  6,698,499 
CONSUMER STAPLES - 4.4%   
Beverages - 1.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 434,422 95,343 
Diageo PLC 375,669 13,521 
Dr. Pepper Snapple Group, Inc. 143,700 17,151 
Fever-Tree Drinks PLC 364,409 12,666 
Monster Beverage Corp. (a) 2,054,745 140,195 
  278,876 
Food & Staples Retailing - 0.9%   
Costco Wholesale Corp. 820,474 159,886 
Kroger Co. 1,099,917 33,393 
Performance Food Group Co. (a) 721,486 24,783 
Walmart, Inc. 147,483 15,722 
  233,784 
Food Products - 0.3%   
Blue Bottle Coffee, Inc. Class C (Escrow) (d)(e) 632,822 1,481 
Bunge Ltd. 209,029 16,603 
ConAgra Foods, Inc. 66,300 2,519 
Danone SA 79,537 6,845 
Darling International, Inc. (a) 380,645 7,057 
Lamb Weston Holdings, Inc. 220,954 12,948 
Pinnacle Foods, Inc. 41,400 2,564 
The Hain Celestial Group, Inc. (a) 732,747 27,947 
  77,964 
Household Products - 0.1%   
Spectrum Brands Holdings, Inc. 199,089 23,584 
Personal Products - 1.1%   
Coty, Inc. Class A 2,153,281 42,226 
Estee Lauder Companies, Inc. Class A 299,400 40,407 
Herbalife Ltd. (a)(b) 1,153,211 95,705 
Kose Corp. 97,400 16,821 
Unilever NV (NY Reg.) 1,196,064 68,762 
  263,921 
Tobacco - 0.9%   
British American Tobacco PLC:   
(United Kingdom) 62,517 4,273 
sponsored ADR 2,023,714 137,815 
Imperial Tobacco Group PLC 1,872 77 
Juul Labs, Inc. (e) 6,625 145 
Philip Morris International, Inc. 848,696 91,006 
  233,316 
TOTAL CONSUMER STAPLES  1,111,445 
ENERGY - 2.0%   
Energy Equipment & Services - 0.0%   
Shelf Drilling Ltd. (c) 741,565 6,253 
U.S. Silica Holdings, Inc. (b) 223,112 7,427 
  13,680 
Oil, Gas & Consumable Fuels - 2.0%   
Anadarko Petroleum Corp. 1,265,244 75,978 
Andeavor 122,149 13,212 
Bharat Petroleum Corp. Ltd. 635,128 4,919 
Cenovus Energy, Inc. 924,434 8,816 
Cimarex Energy Co. 384,510 43,142 
Continental Resources, Inc. (a) 1,518,789 84,338 
Diamondback Energy, Inc. (a) 421,104 52,849 
EOG Resources, Inc. 469,883 54,037 
Marathon Petroleum Corp. 104,698 7,252 
Oasis Petroleum, Inc. (a) 806,325 6,983 
Petronet LNG Ltd. 655,750 2,628 
Phillips 66 Co. 18,903 1,936 
Pioneer Natural Resources Co. 330,982 60,540 
Reliance Industries Ltd. 2,979,759 45,067 
Valero Energy Corp. 176,579 16,946 
Whiting Petroleum Corp. (a) 924,548 25,813 
  504,456 
TOTAL ENERGY  518,136 
FINANCIALS - 4.4%   
Banks - 2.2%   
Bank of America Corp. 6,127,007 196,064 
Citigroup, Inc. 1,527,392 119,870 
First Republic Bank 53,474 4,789 
HDFC Bank Ltd. sponsored ADR 456,674 49,590 
JPMorgan Chase & Co. 1,413,951 163,552 
Kotak Mahindra Bank Ltd. (a) 615,886 10,746 
  544,611 
Capital Markets - 1.9%   
BlackRock, Inc. Class A 176,888 99,376 
CBOE Holdings, Inc. 430,876 57,905 
Charles Schwab Corp. 824,862 43,998 
E*TRADE Financial Corp. (a) 195,795 10,318 
Fairfax India Holdings Corp. (a) 860,452 15,884 
Goldman Sachs Group, Inc. 473,389 126,816 
KKR & Co. LP 207,300 4,992 
Morgan Stanley 1,114,206 63,008 
MSCI, Inc. 56,776 7,905 
TD Ameritrade Holding Corp. 695,633 38,809 
The Blackstone Group LP 139,000 5,080 
  474,091 
Consumer Finance - 0.0%   
Synchrony Financial 194,999 7,738 
Diversified Financial Services - 0.1%   
Berkshire Hathaway, Inc. Class B (a) 104,907 22,490 
GDS Holdings Ltd. ADR (a) 88,300 2,520 
  25,010 
Insurance - 0.1%   
Chubb Ltd. 66,139 10,328 
MetLife, Inc. 186,530 8,966 
The Travelers Companies, Inc. 71,135 10,665 
  29,959 
Thrifts & Mortgage Finance - 0.1%   
Housing Development Finance Corp. Ltd. 697,722 21,475 
TOTAL FINANCIALS  1,102,884 
HEALTH CARE - 10.9%   
Biotechnology - 6.7%   
AC Immune SA (a) 723,942 9,672 
ACADIA Pharmaceuticals, Inc. (a) 266,297 7,965 
Acceleron Pharma, Inc. (a) 82,062 3,406 
Achaogen, Inc. (a)(b) 395,032 4,334 
Agios Pharmaceuticals, Inc. (a) 306,017 24,102 
Aimmune Therapeutics, Inc. (a) 468,605 16,500 
Alexion Pharmaceuticals, Inc. (a) 1,652,763 197,208 
Alkermes PLC (a) 1,003,437 57,366 
Alnylam Pharmaceuticals, Inc. (a) 749,174 97,378 
Amgen, Inc. 913,980 170,046 
AnaptysBio, Inc. 105,743 11,144 
Arena Pharmaceuticals, Inc. (a) 165,515 6,194 
Ascendis Pharma A/S sponsored ADR (a) 312,023 15,904 
BeiGene Ltd. ADR (a) 108,404 14,716 
Biogen, Inc. (a) 545,680 189,793 
BioMarin Pharmaceutical, Inc. (a) 394,274 35,575 
bluebird bio, Inc. (a) 294,095 60,260 
Blueprint Medicines Corp. (a) 44,969 3,537 
Celgene Corp. (a) 888,893 89,920 
Cellectis SA sponsored ADR (a) 62,973 1,981 
Chiasma, Inc. warrants (a) 55,391 13 
Chimerix, Inc. (a) 79,942 383 
Coherus BioSciences, Inc. (a) 596,627 6,026 
CytomX Therapeutics, Inc. (a) 155,668 4,164 
CytomX Therapeutics, Inc. (a)(c) 378,621 10,128 
DBV Technologies SA sponsored ADR (a) 101,129 2,342 
Denali Therapeutics, Inc. (a)(b) 781,221 18,171 
Editas Medicine, Inc. (a)(b) 558,873 20,404 
Epizyme, Inc. (a) 312,464 5,046 
Exact Sciences Corp. (a) 170,824 8,492 
Exelixis, Inc. (a) 2,489,886 75,468 
FibroGen, Inc. (a) 332,641 19,476 
Flexion Therapeutics, Inc. (a)(b) 83,549 1,887 
GenSight Biologics SA (a)(c) 599,743 4,840 
Global Blood Therapeutics, Inc. (a) 621,989 36,013 
Grifols SA ADR 103,434 2,570 
Heron Therapeutics, Inc. (a) 105,970 2,294 
Insmed, Inc. (a) 145,967 3,713 
Intellia Therapeutics, Inc. (a)(b) 570,606 14,665 
Intercept Pharmaceuticals, Inc. (a) 194,793 12,097 
Ionis Pharmaceuticals, Inc. (a) 118,688 6,233 
Ironwood Pharmaceuticals, Inc. Class A (a) 1,001,896 14,838 
La Jolla Pharmaceutical Co. (a) 165,809 5,681 
Merrimack Pharmaceuticals, Inc. 148,188 1,556 
Momenta Pharmaceuticals, Inc. (a) 90,832 1,544 
Neurocrine Biosciences, Inc. (a) 592,264 50,621 
Portola Pharmaceuticals, Inc. (a) 358,852 18,413 
Prothena Corp. PLC (a)(b) 97,697 4,084 
Radius Health, Inc. (a)(b) 79,648 3,000 
Regeneron Pharmaceuticals, Inc. (a) 523,756 192,035 
Sage Therapeutics, Inc. (a) 360,201 68,366 
Sarepta Therapeutics, Inc. (a) 124,083 8,132 
Seattle Genetics, Inc. (a) 358,526 18,751 
Seres Therapeutics, Inc. (a)(b) 46,200 467 
Trevena, Inc. (a) 976,088 1,591 
Ultragenyx Pharmaceutical, Inc. (a) 141,220 7,534 
Vertex Pharmaceuticals, Inc. (a) 175,224 29,240 
Xencor, Inc. (a) 266,935 6,075 
Zai Lab Ltd. ADR 172,389 4,648 
  1,708,002 
Health Care Equipment & Supplies - 1.7%   
Becton, Dickinson & Co. 31,100 7,555 
Boston Scientific Corp. (a) 4,788,373 133,883 
Danaher Corp. 432,382 43,792 
Fisher & Paykel Healthcare Corp. 258,212 2,540 
Hoya Corp. 38,700 1,988 
Insulet Corp. (a) 196,752 15,057 
Intuitive Surgical, Inc. (a) 406,372 175,419 
Invuity, Inc. (a)(b) 573,468 2,982 
iRhythm Technologies, Inc. (a) 546,837 32,608 
Novocure Ltd. (a) 154,022 3,458 
Penumbra, Inc. (a) 14,257 1,420 
Quanterix Corp. (a) 149,995 3,121 
Stryker Corp. 14,354 2,360 
  426,183 
Health Care Providers & Services - 1.3%   
Anthem, Inc. 101,667 25,198 
Apollo Hospitals Enterprise Ltd. 668,254 12,225 
Cigna Corp. 177,922 37,070 
Humana, Inc. 479,548 135,151 
OptiNose, Inc. (b) 440,971 8,356 
UnitedHealth Group, Inc. 464,323 109,942 
  327,942 
Health Care Technology - 0.2%   
Cerner Corp. (a) 344,631 23,824 
Evolent Health, Inc. (a)(b) 312,143 4,401 
Teladoc, Inc. (a) 346,053 12,942 
  41,167 
Pharmaceuticals - 1.0%   
Aclaris Therapeutics, Inc. (a) 160,406 3,548 
Akcea Therapeutics, Inc. (b) 822,563 17,808 
Allergan PLC 583,571 105,195 
Avexis, Inc. (a) 46,830 5,794 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(d)(e)(f)(g) 29,758 15,176 
Dermira, Inc. (a) 286,580 8,173 
Dova Pharmaceuticals, Inc. (b) 133,099 4,241 
GW Pharmaceuticals PLC ADR (a)(b) 154,411 21,329 
Intersect ENT, Inc. (a) 110,605 4,131 
Jazz Pharmaceuticals PLC (a) 192,201 28,011 
Nektar Therapeutics (a) 154,058 12,881 
Perrigo Co. PLC 54,900 4,975 
Revance Therapeutics, Inc. (a) 66,131 2,136 
The Medicines Company (a) 497,845 16,494 
Theravance Biopharma, Inc. (a) 58,053 1,535 
Zogenix, Inc. (a) 112,668 4,095 
  255,522 
TOTAL HEALTH CARE  2,758,816 
INDUSTRIALS - 5.8%   
Aerospace & Defense - 1.0%   
Bombardier, Inc. Class B (sub. vtg.) (a) 3,027,082 8,564 
Elbit Systems Ltd. 51,473 7,710 
General Dynamics Corp. 22,400 4,984 
Northrop Grumman Corp. 194,515 66,238 
Raytheon Co. 158,796 33,179 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 242,545 32,744 
Class C (d)(e) 2,783 376 
The Boeing Co. 306,410 108,583 
  262,378 
Air Freight & Logistics - 0.3%   
XPO Logistics, Inc. (a) 690,685 65,228 
Airlines - 1.4%   
Allegiant Travel Co. 31,000 4,937 
Azul SA sponsored ADR 402,049 11,736 
Delta Air Lines, Inc. 1,368,740 77,703 
InterGlobe Aviation Ltd. (c) 458,545 8,765 
JetBlue Airways Corp. (a) 781,259 16,297 
Ryanair Holdings PLC sponsored ADR (a) 39,488 4,846 
Southwest Airlines Co. 2,135,020 129,809 
Spirit Airlines, Inc. (a) 534,608 22,518 
United Continental Holdings, Inc. (a) 880,514 59,716 
Wizz Air Holdings PLC (a)(c) 253,046 12,442 
  348,769 
Building Products - 0.1%   
Kajaria Ceramics Ltd. 825,080 8,200 
Masco Corp. 669,916 29,918 
  38,118 
Commercial Services & Supplies - 0.1%   
Copart, Inc. (a) 116,901 5,152 
Evoqua Water Technologies Corp. (a) 350,493 8,012 
HomeServe PLC 966,632 10,746 
Novus Holdings Ltd. 55,375 23 
  23,933 
Construction & Engineering - 0.0%   
Fluor Corp. 210,869 12,800 
Electrical Equipment - 0.3%   
AMETEK, Inc. 35,951 2,743 
Fortive Corp. 158,912 12,080 
Melrose Industries PLC 980,689 3,152 
Nidec Corp. 49,300 7,935 
Regal Beloit Corp. 375,526 29,253 
Sensata Technologies Holding BV (a) 179,069 10,073 
  65,236 
Industrial Conglomerates - 0.4%   
Honeywell International, Inc. 437,001 69,776 
ITT, Inc. 395,917 22,171 
  91,947 
Machinery - 1.5%   
Allison Transmission Holdings, Inc. 245,138 10,845 
Aumann AG (c) 149,839 12,390 
Caterpillar, Inc. 1,363,373 221,930 
Deere & Co. 75,000 12,482 
Eicher Motors Ltd. 14,288 6,052 
Fanuc Corp. 9,900 2,687 
Gardner Denver Holdings, Inc. 350,300 12,113 
Kennametal, Inc. 150,200 7,327 
Minebea Mitsumi, Inc. 106,600 2,426 
Parker Hannifin Corp. 33,889 6,826 
Rational AG 15,430 10,843 
SMC Corp. 5,100 2,513 
WABCO Holdings, Inc. (a) 311,789 48,137 
Xylem, Inc. 351,461 25,397 
  381,968 
Professional Services - 0.1%   
IHS Markit Ltd. (a) 488,882 23,334 
Road & Rail - 0.3%   
Avis Budget Group, Inc. (a) 316,870 14,246 
J.B. Hunt Transport Services, Inc. 282,427 34,126 
Knight-Swift Transportation Holdings, Inc. Class A 270,325 13,459 
Landstar System, Inc. 70,331 7,810 
  69,641 
Trading Companies & Distributors - 0.3%   
Ashtead Group PLC 186,896 5,586 
United Rentals, Inc. (a) 399,201 72,299 
Univar, Inc. (a) 303,820 9,072 
Wolseley PLC 30,457 2,351 
  89,308 
Transportation Infrastructure - 0.0%   
Adani Ports & Special Economic Zone Ltd. 357,936 2,415 
TOTAL INDUSTRIALS  1,475,075 
INFORMATION TECHNOLOGY - 40.8%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a) 142,062 39,184 
NETGEAR, Inc. (a) 670,419 46,728 
  85,912 
Electronic Equipment & Components - 0.2%   
Amphenol Corp. Class A 26,815 2,488 
Corning, Inc. 428,701 13,384 
Dell Technologies, Inc. (a) 598,906 42,942 
SYNNEX Corp. 17,935 2,201 
  61,015 
Internet Software & Services - 14.0%   
2U, Inc. (a) 220,718 16,393 
Akamai Technologies, Inc. (a) 246,527 16,515 
Alibaba Group Holding Ltd. sponsored ADR (a) 1,096,081 223,918 
Alphabet, Inc.:   
Class A (a) 1,408,215 1,664,822 
Class C (a) 141,534 165,586 
ANGI Homeservices, Inc. Class A (a) 563,790 7,532 
CarGurus, Inc. Class A (b) 390,790 13,091 
Dropbox, Inc. Class B (a)(d)(e) 1,003,814 15,057 
Facebook, Inc. Class A (a) 5,542,148 1,035,772 
GoDaddy, Inc. (a) 195,278 10,785 
Gogo, Inc. (a)(b) 2,488,931 23,993 
GrubHub, Inc. (a)(b) 32,818 2,371 
IAC/InterActiveCorp (a) 17,778 2,577 
LogMeIn, Inc. 18,222 2,292 
Mail.Ru Group Ltd. GDR (Reg. S) (a) 537,390 17,626 
Match Group, Inc. (a)(b) 86,735 3,031 
Momo, Inc. ADR (a) 433,252 13,660 
NetEase, Inc. ADR 119,839 38,368 
New Relic, Inc. (a) 163,925 9,791 
Nutanix, Inc. Class B (c) 482,746 15,496 
Okta, Inc. 96,558 2,844 
Shopify, Inc. Class A (a) 292,979 37,406 
Stamps.com, Inc. (a) 123,866 25,250 
Tencent Holdings Ltd. 2,574,600 152,127 
Yandex NV Series A (a) 720,701 27,913 
  3,544,216 
IT Services - 4.5%   
MasterCard, Inc. Class A 1,984,478 335,377 
PayPal Holdings, Inc. (a) 2,834,478 241,838 
Square, Inc. (a) 304,509 14,285 
Teradata Corp. (a) 30,821 1,248 
Vakrangee Ltd. 1,453,552 8,341 
Visa, Inc. Class A 4,054,962 503,748 
Worldpay, Inc. (a) 283,270 22,749 
  1,127,586 
Semiconductors & Semiconductor Equipment - 7.2%   
ASM Pacific Technology Ltd. 961,700 13,130 
ASML Holding NV 46,725 9,483 
Broadcom Ltd. 1,931,281 479,016 
Cypress Semiconductor Corp. 375,777 6,497 
Inphi Corp. (a)(b) 815,098 24,347 
Intel Corp. 745,236 35,876 
Lam Research Corp. 329,377 63,082 
Marvell Technology Group Ltd. 4,432,577 103,412 
Micron Technology, Inc. (a) 4,482,214 195,962 
Monolithic Power Systems, Inc. 112,997 13,460 
NVIDIA Corp. 3,055,376 751,011 
Qualcomm, Inc. 1,022,989 69,819 
Renesas Electronics Corp. (a) 2,112,500 24,894 
WONIK IPS Co. Ltd. (a) 352,536 10,858 
Xilinx, Inc. 151,352 11,052 
  1,811,899 
Software - 8.7%   
Activision Blizzard, Inc. 5,120,046 379,549 
Adobe Systems, Inc. (a) 1,051,611 210,070 
Altair Engineering, Inc. Class A (a) 92,515 2,461 
Appirio, Inc. (Escrow) (a)(d)(e) 87,529 22 
Atlassian Corp. PLC (a) 60,313 3,256 
Atom Tickets LLC (d)(e)(f) 1,204,239 7,000 
Autodesk, Inc. (a) 265,786 30,730 
Electronic Arts, Inc. (a) 750,554 95,290 
Globant SA (a)(b) 52,257 2,375 
HubSpot, Inc. (a) 49,242 4,779 
Intuit, Inc. 193,751 32,531 
Micro Focus International PLC 418,580 12,778 
Microsoft Corp. 5,620,838 534,036 
Nintendo Co. Ltd. 95,300 43,163 
Paycom Software, Inc. (a)(b) 457,633 41,937 
Red Hat, Inc. (a) 465,529 61,161 
RingCentral, Inc. (a) 93,243 5,063 
SailPoint Technologies Holding, Inc. (a) 293,792 4,915 
Salesforce.com, Inc. (a) 5,157,993 587,547 
SendGrid, Inc. (a) 137,542 3,091 
Snap, Inc. Class A (a)(b) 1,573,326 21,271 
Take-Two Interactive Software, Inc. (a) 100,843 12,774 
Talend SA ADR (a) 162,563 6,335 
Tanium, Inc. Class B (d)(e) 554,900 3,069 
VMware, Inc. Class A (a)(b) 195,680 24,223 
Workday, Inc. Class A (a) 382,267 45,830 
Zendesk, Inc. (a) 568,723 21,907 
  2,197,163 
Technology Hardware, Storage & Peripherals - 5.9%   
Apple, Inc. 8,897,395 1,489,691 
TOTAL INFORMATION TECHNOLOGY  10,317,482 
MATERIALS - 2.8%   
Chemicals - 2.3%   
Cabot Corp. 84,336 5,704 
CF Industries Holdings, Inc. 2,410,687 102,310 
DowDuPont, Inc. 1,158,501 87,560 
FMC Corp. 714,913 65,293 
LG Chemical Ltd. 34,120 13,778 
LyondellBasell Industries NV Class A 1,181,014 141,533 
Nutrien Ltd. (a) 136,932 7,164 
Orion Engineered Carbons SA 260,800 7,681 
PPG Industries, Inc. 42,300 5,022 
Sherwin-Williams Co. 22,690 9,464 
The Chemours Co. LLC 1,698,334 87,668 
The Mosaic Co. 94,000 2,566 
Tronox Ltd. Class A 1,351,129 26,523 
Westlake Chemical Corp. 152,745 17,199 
  579,465 
Construction Materials - 0.4%   
Buzzi Unicem SpA 75,112 2,205 
Eagle Materials, Inc. 305,213 34,199 
Loma Negra Compania Industrial Argentina SA ADR (a) 350,493 8,328 
Summit Materials, Inc. 1,263,072 40,355 
  85,087 
Metals & Mining - 0.1%   
China Molybdenum Co. Ltd. (H Shares) 24,333,000 18,726 
Franco-Nevada Corp. 56,629 4,330 
Glencore Xstrata PLC 1,375,978 7,887 
  30,943 
TOTAL MATERIALS  695,495 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equinix, Inc. 29,370 13,369 
Real Estate Management & Development - 0.0%   
Parsvnath Developers Ltd. (a) 16,893,447 6,366 
TOTAL REAL ESTATE  19,735 
TELECOMMUNICATION SERVICES - 0.2%   
Diversified Telecommunication Services - 0.1%   
Bharti Infratel Ltd. 4,669,859 25,829 
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 527,915 34,367 
TOTAL TELECOMMUNICATION SERVICES  60,196 
UTILITIES - 0.0%   
Gas Utilities - 0.0%   
China Resource Gas Group Ltd. 744,000 2,449 
ENN Energy Holdings Ltd. 330,000 2,548 
  4,997 
Water Utilities - 0.0%   
AquaVenture Holdings Ltd. (a) 163,648 2,489 
TOTAL UTILITIES  7,486 
TOTAL COMMON STOCKS   
(Cost $12,687,971)  24,765,249 
Preferred Stocks - 2.1%   
Convertible Preferred Stocks - 2.0%   
CONSUMER DISCRETIONARY - 0.4%   
Diversified Consumer Services - 0.1%   
Lyft, Inc. Series H (d)(e) 719,567 28,600 
Hotels, Restaurants & Leisure - 0.1%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(d)(e)(f) 74,995 10,494 
Topgolf International, Inc. Series F (d)(e) 415,730 5,751 
  16,245 
Internet & Direct Marketing Retail - 0.2%   
China Internet Plus Holdings Ltd. Series A-11 (a)(d)(e) 3,163,704 17,682 
The Honest Co., Inc.:   
Series C (a)(d)(e) 350,333 10,947 
Series D (a)(d)(e) 77,448 2,613 
Series E (d)(e) 551,397 10,810 
  42,052 
Leisure Products - 0.0%   
Peloton Interactive, Inc. Series E (d)(e) 335,429 8,315 
TOTAL CONSUMER DISCRETIONARY  95,212 
CONSUMER STAPLES - 0.3%   
Food & Staples Retailing - 0.1%   
Roofoods Ltd. Series F (d)(e) 41,941 14,829 
Tobacco - 0.2%   
PAX Labs, Inc. Series C (a)(d)(e) 2,555,833 55,922 
TOTAL CONSUMER STAPLES  70,751 
FINANCIALS - 0.0%   
Consumer Finance - 0.0%   
Oportun Finance Corp. Series H (a)(d)(e) 3,552,125 10,124 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
23andMe, Inc. Series F (d)(e) 800,982 11,121 
Axcella Health, Inc. Series C (a)(d)(e) 545,634 7,050 
Immunocore Ltd. Series A (a)(d)(e) 11,275 4,198 
  22,369 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A8 (a)(d)(e) 2,728,716 17,600 
TOTAL HEALTH CARE  39,969 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 97,277 13,132 
Series H (d)(e) 25,767 3,479 
  16,611 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(d)(e) 692,196 3,876 
TOTAL INDUSTRIALS  20,487 
INFORMATION TECHNOLOGY - 1.1%   
Internet Software & Services - 0.9%   
ContextLogic, Inc. Series G (d)(e) 133,922 18,017 
Jet.Com, Inc. Series B1 (Escrow) (a)(d)(e) 2,928,086 962 
Reddit, Inc. Series B (d)(e) 524,232 8,269 
Starry, Inc. Series C (d)(e) 5,833,836 5,379 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(d)(e) 5,156,948 181,009 
Series E, 8.00% (a)(d)(e) 102,648 3,603 
  217,239 
IT Services - 0.0%   
AppNexus, Inc. Series E (a)(d)(e) 646,522 12,995 
Software - 0.2%   
Appirio, Inc. Series E (Escrow) (a)(d)(e) 612,702 156 
Bracket Computing, Inc. Series C (a)(d)(e) 1,207,761 1,872 
Cloudflare, Inc. Series D, 8.00% (a)(d)(e) 696,025 4,169 
Compass, Inc. Series E (d)(e) 53,263 3,594 
Dataminr, Inc. Series D (a)(d)(e) 277,250 2,850 
Delphix Corp. Series D (a)(d)(e) 675,445 4,046 
Malwarebytes Corp. Series B (a)(d)(e) 1,056,193 14,322 
Taboola.Com Ltd. Series E (a)(d)(e) 634,902 9,758 
  40,767 
TOTAL INFORMATION TECHNOLOGY  271,001 
TOTAL CONVERTIBLE PREFERRED STOCKS  507,544 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Automobiles - 0.1%   
Volkswagen AG 44,381 9,754 
CONSUMER STAPLES - 0.0%   
Tobacco - 0.0%   
PAX Labs, Inc. Series A (d)(e) 2,555,833 3,399 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  13,153 
TOTAL PREFERRED STOCKS   
(Cost $361,545)  520,697 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.0%   
CONSUMER STAPLES - 0.0%   
Tobacco - 0.0%   
PAX Labs, Inc. 10% 12/31/20 (c)(e)   
(Cost $5,825) 5,825 5,825 
 Shares Value (000s) 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 1.39% (h) 26,883,274 26,889 
Fidelity Securities Lending Cash Central Fund 1.40% (h)(i) 436,764,654 436,808 
TOTAL MONEY MARKET FUNDS   
(Cost $463,692)  463,697 
TOTAL INVESTMENT IN SECURITIES - 101.8%   
(Cost $13,519,033)  25,755,468 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (464,091) 
NET ASSETS - 100%  $25,291,377 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $113,341,000 or 0.4% of net assets.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $627,008,000 or 2.5% of net assets.

 (e) Level 3 security

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

 (g) Investment represents common shares and preferred shares.

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series F 8/31/17 $11,121 
Appirio, Inc. (Escrow) 7/7/17 $20 
Appirio, Inc. Series E (Escrow) 11/24/16 $156 
AppNexus, Inc. Series E 8/1/14 $12,951 
Atom Tickets LLC 8/15/17 $7,000 
Axcella Health, Inc. Series C 1/30/15 $5,500 
Blue Bottle Coffee, Inc. Class C (Escrow) 10/30/17 $1,481 
Bracket Computing, Inc. Series C 9/9/15 $9,500 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $9,820 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $10,000 
Cloudflare, Inc. Series D, 8.00% 11/5/14 - 6/24/15 $4,349 
Compass, Inc. Series E 11/3/17 $3,594 
ContextLogic, Inc. Series G 10/24/17 $18,017 
Dataminr, Inc. Series D 3/6/15 $3,535 
Delphix Corp. Series D 7/10/15 $6,079 
Dropbox, Inc. Class B 5/2/12 $9,084 
Immunocore Ltd. Series A 7/27/15 $2,122 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $962 
Lyft, Inc. Series H 11/22/17 $28,600 
Malwarebytes Corp. Series B 12/21/15 $10,958 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $10,293 
Mulberry Health, Inc. Series A8 1/20/16 $18,432 
Oportun Finance Corp. Series H 2/6/15 $10,114 
PAX Labs, Inc. Series A 5/22/15 $1,891 
PAX Labs, Inc. Series C 5/22/15 $7,949 
Peloton Interactive, Inc. Series E 3/31/17 $7,266 
Reddit, Inc. Series B 7/26/17 $7,442 
Roofoods Ltd. Series F 9/12/17 $14,829 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $23,515 
Space Exploration Technologies Corp. Class C 9/11/17 $376 
Space Exploration Technologies Corp. Series G 1/20/15 $7,535 
Space Exploration Technologies Corp. Series H 8/4/17 $3,479 
Starry, Inc. Series C 12/8/17 $5,379 
Taboola.Com Ltd. Series E 12/22/14 $6,619 
Tanium, Inc. Class B 4/21/17 $2,755 
The Honest Co., Inc. 8/21/14 $4,062 
The Honest Co., Inc. Series C 8/21/14 $9,479 
The Honest Co., Inc. Series D 8/3/15 $3,544 
The Honest Co., Inc. Series E 9/28/17 $10,810 
Topgolf International, Inc. Series F 11/10/17 $5,751 
Tory Burch LLC 5/14/15 $20,890 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $80,000 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $3,420 
WME Entertainment Parent, LLC Class A 4/13/16 - 8/16/16 $19,025 
YourPeople, Inc. Series C 5/1/15 $10,314 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $88 
Fidelity Securities Lending Cash Central Fund 2,823 
Total $2,911 

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

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds* Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
RH $82,844 $-- $27,600 $-- $957 $17,773 $-- 
Total $82,844 $-- $27,600 $-- $957 $17,773 $-- 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $6,803,465 $6,558,989 $108,123 $136,353 
Consumer Staples 1,185,595 1,068,359 41,460 75,776 
Energy 518,136 518,136 -- -- 
Financials 1,113,008 1,102,884 -- 10,124 
Health Care 2,798,785 2,741,639 2,001 55,145 
Industrials 1,495,562 1,426,394 15,561 53,607 
Information Technology 10,588,483 10,072,150 220,184 296,149 
Materials 695,495 695,495 -- -- 
Real Estate 19,735 19,735 -- -- 
Telecommunication Services 60,196 60,196 -- -- 
Utilities 7,486 7,486 -- -- 
Corporate Bonds 5,825 -- -- 5,825 
Money Market Funds 463,697 463,697 -- -- 
Total Investments in Securities: $25,755,468 $24,735,160 $387,329 $632,979 

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

(Amounts in thousands)     
Investments in Securities:  
Equities - Information Technology  
Beginning Balance $338,669 
Net Realized Gain (Loss) on Investment Securities (3) 
Net Unrealized Gain (Loss) on Investment Securities (76,507) 
Cost of Purchases 33,990 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $296,149 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $(76,507) 
Other Investments in Securities  
Beginning Balance $209,155 
Net Realized Gain (Loss) on Investment Securities 8,252 
Net Unrealized Gain (Loss) on Investment Securities 69,317 
Cost of Purchases 85,927 
Proceeds of Sales (29,339) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (6,482) 
Ending Balance $336,830 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $56,609 

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

Other Information

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

United States of America 86.1% 
Cayman Islands 3.6% 
Singapore 1.9% 
Germany 1.3% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 6.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $431,174) — See accompanying schedule:
Unaffiliated issuers (cost $13,055,341) 		$25,291,771  
Fidelity Central Funds (cost $463,692) 463,697  
Total Investment in Securities (cost $13,519,033)  $25,755,468 
Cash  1,372 
Restricted cash  132 
Foreign currency held at value (cost $1,496)  1,496 
Receivable for investments sold  101,537 
Receivable for fund shares sold  26,146 
Dividends receivable  5,292 
Interest receivable  66 
Distributions receivable from Fidelity Central Funds  425 
Prepaid expenses  32 
Other receivables  1,196 
Total assets  25,893,162 
Liabilities   
Payable for investments purchased $123,904  
Payable for fund shares redeemed 26,248  
Accrued management fee 11,199  
Other affiliated payables 2,489  
Other payables and accrued expenses 1,133  
Collateral on securities loaned 436,812  
Total liabilities  601,785 
Net Assets  $25,291,377 
Net Assets consist of:   
Paid in capital  $12,084,874 
Distributions in excess of net investment income  (9,546) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  979,543 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  12,236,506 
Net Assets  $25,291,377 
Blue Chip Growth:   
Net Asset Value, offering price and redemption price per share ($19,556,017 ÷ 205,252 shares)  $95.28 
Class K:   
Net Asset Value, offering price and redemption price per share ($5,735,360 ÷ 60,125 shares)  $95.39 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $76,454 
Interest  112 
Income from Fidelity Central Funds  2,911 
Total income  79,477 
Expenses   
Management fee   
Basic fee $62,026  
Performance adjustment 1,230  
Transfer agent fees 13,818  
Accounting and security lending fees 947  
Custodian fees and expenses 227  
Independent trustees' fees and expenses 32  
Appreciation in deferred trustee compensation account 1  
Registration fees 173  
Audit 52  
Legal 45  
Interest 26  
Miscellaneous 75  
Total expenses before reductions 78,652  
Expense reductions (286) 78,366 
Net investment income (loss)  1,111 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,551,901  
Fidelity Central Funds 3  
Other affiliated issuers 957  
Foreign currency transactions 48  
Total net realized gain (loss)  1,552,909 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,597,840  
Fidelity Central Funds (10)  
Other affiliated issuers 17,773  
Assets and liabilities in foreign currencies 18  
Total change in net unrealized appreciation (depreciation)  2,615,621 
Net gain (loss)  4,168,530 
Net increase (decrease) in net assets resulting from operations  $4,169,641 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,111 $36,123 
Net realized gain (loss) 1,552,909 1,207,375 
Change in net unrealized appreciation (depreciation) 2,615,621 3,208,986 
Net increase (decrease) in net assets resulting from operations 4,169,641 4,452,484 
Distributions to shareholders from net investment income (24,826) (49,380) 
Distributions to shareholders from net realized gain (955,924) (700,248) 
Total distributions (980,750) (749,628) 
Share transactions - net increase (decrease) (555,825) (433,489) 
Total increase (decrease) in net assets 2,633,066 3,269,367 
Net Assets   
Beginning of period 22,658,311 19,388,944 
End of period $25,291,377 $22,658,311 
Other Information   
Undistributed net investment income end of period $– $14,169 
Distributions in excess of net investment income end of period $(9,546) $– 

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


Financial Highlights

Fidelity Blue Chip Growth Fund

 Six months ended January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $83.20 $69.52 $75.25 $66.72 $59.65 $47.38 
Income from Investment Operations       
Net investment income (loss)A (.01) .11 .09 .05 .15 .39 
Net realized and unrealized gain (loss) 15.85 16.30 (2.16) 12.56 11.63 12.79 
Total from investment operations 15.84 16.41 (2.07) 12.61 11.78 13.18 
Distributions from net investment income (.08) (.15) (.03) (.09) (.24) (.23) 
Distributions from net realized gain (3.68) (2.58) (3.63) (3.99) (4.47) (.68) 
Total distributions (3.76) (2.73) (3.66) (4.08) (4.71) (.91) 
Net asset value, end of period $95.28 $83.20 $69.52 $75.25 $66.72 $59.65 
Total ReturnB,C 19.60% 24.48% (2.59)% 19.72% 21.07% 28.25% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .71%F .70% .82% .89% .80% .76% 
Expenses net of fee waivers, if any .71%F .70% .82% .89% .80% .76% 
Expenses net of all reductions .71%F .69% .82% .88% .80% .74% 
Net investment income (loss) (.01)%F .15% .13% .07% .23% .75% 
Supplemental Data       
Net assets, end of period (in millions) $19,556 $16,993 $14,230 $15,346 $11,970 $12,927 
Portfolio turnover rateG 37%F,H 43%H 50%H 51%H 57%H 75% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

 F Annualized

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

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


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


Fidelity Blue Chip Growth Fund Class K

 Six months ended January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $83.34 $69.67 $75.36 $66.82 $59.74 $47.46 
Income from Investment Operations       
Net investment income (loss)A .04 .19 .16 .13 .23 .47 
Net realized and unrealized gain (loss) 15.85 16.32 (2.15) 12.57 11.64 12.79 
Total from investment operations 15.89 16.51 (1.99) 12.70 11.87 13.26 
Distributions from net investment income (.16) (.27) (.07) (.17) (.33) (.30) 
Distributions from net realized gain (3.68) (2.58) (3.63) (3.99) (4.47) (.68) 
Total distributions (3.84) (2.84)B (3.70) (4.16) (4.79)C (.98) 
Net asset value, end of period $95.39 $83.34 $69.67 $75.36 $66.82 $59.74 
Total ReturnD,E 19.65% 24.63% (2.47)% 19.84% 21.23% 28.42% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .61%H .59% .70% .78% .68% .61% 
Expenses net of fee waivers, if any .61%H .59% .70% .77% .68% .61% 
Expenses net of all reductions .61%H .58% .70% .77% .67% .60% 
Net investment income (loss) .08%H .26% .25% .19% .36% .89% 
Supplemental Data       
Net assets, end of period (in millions) $5,735 $5,665 $5,158 $5,898 $4,612 $3,506 
Portfolio turnover rateI 37%H,J 43%J 50%J 51%J 57%J 75% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

 H Annualized

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

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $5,825 Market approach Transaction price $100.00 Increase 
Equities $627,154 Market approach Transaction price $0.92- $353.57 / $55.66 Increase 
   Liquidity preference $16.35 - $45.76 / $35.01 Increase 
  Market comparable Transaction price $10.08- $330.00 / $216.05 Increase 
   Enterprise value/Sales multiple (EV/S) 0.8 - 14.3 / 5.0 Increase 
   Discount rate 7.5% - 69.1% / 17.9% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 9.1 Increase 
   Price/Earnings multiple (P/E) 14.6 Increase 
   Enterprise value/Gross profit (EV/GP) 5.5 Increase 
   Premium rate 8.0% - 108.0% / 28.1% Increase 
   Discount for lack of marketability 10.0% - 25.0% / 15.7% Decrease 
   Liquidity preference $4.84 - $23.41 / $14.96 Increase 
   Proxy premium 28.2% - 54.5% / 46.5% Increase 
  Book value Book value multiple 1.0 Increase 
   Discount rate 70.0% Decrease 
  Recovery value Recovery value  0.2% - 2.3% / 1.5% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


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, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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

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 $12,497,060 
Gross unrealized depreciation (283,454) 
Net unrealized appreciation (depreciation) $12,213,606 
Tax cost $13,541,862 

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

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

As of period end, the Fund held an investment of $71,171 in these Subsidiaries, representing .28% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $4,304,353 and $4,939,838, respectively.

Redemptions In-Kind. During the period, 10,253 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $893,990. The net realized gain of $540,912 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 1,133 shares of the Fund held by an unaffiliated entity were redeemed in-kind for investments and cash with a value of $94,035. The Fund had a net realized gain of $55,844 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Blue Chip Growth as compared to its benchmark index, the Russell 1000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .55% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Blue Chip Growth $12,528 .14 
Class K 1,290 .05 
 $13,818  

 (a) Annualized


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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $78 for the period.

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

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $19,894 1.35% $26 

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

Prior Fiscal Year Redemptions In-Kind. During the prior period, 2,142 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $179,817. The Fund had a net realized gain of $107,301 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $33 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $32,990. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $2,823, including $217 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $165 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $116.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Blue Chip Growth $14,640 $30,042 
Class K 10,186 19,338 
Total $24,826 $49,380 
From net realized gain   
Blue Chip Growth $722,426 $514,584 
Class K 233,498 185,664 
Total $955,924 $700,248 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Blue Chip Growth     
Shares sold 20,961 32,630 $1,849,583 $2,453,411 
Reinvestment of distributions 8,154 7,584 698,554 519,650 
Shares redeemed (28,100) (40,666) (2,419,155) (2,950,825) 
Net increase (decrease) 1,015 (452) $128,982 $22,236 
Class K     
Shares sold 7,482 13,260 $656,163 $986,030 
Reinvestment of distributions 2,843 2,988 243,684 205,002 
Shares redeemed (18,175)(a) (22,314)(b) (1,584,654)(a) (1,646,757)(b) 
Net increase (decrease) (7,850) (6,066) $(684,807) $(455,725) 

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

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


11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Blue Chip Growth .71%    
Actual  $1,000.00 $1,196.00 $3.93 
Hypothetical-C  $1,000.00 $1,021.63 $3.62 
Class K .61%    
Actual  $1,000.00 $1,196.50 $3.38 
Hypothetical-C  $1,000.00 $1,022.13 $3.11 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

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1.700126.121

Fidelity® Blue Chip Growth K6 Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Amazon.com, Inc. 6.7 
Alphabet, Inc. Class A 6.6 
Apple, Inc. 6.1 
Facebook, Inc. Class A 4.2 
NVIDIA Corp. 3.1 
Salesforce.com, Inc. 2.4 
Tesla, Inc. 2.3 
Microsoft Corp. 2.1 
Visa, Inc. Class A 2.0 
Home Depot, Inc. 2.0 
 37.5 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 41.6 
Consumer Discretionary 27.2 
Health Care 10.9 
Industrials 6.3 
Consumer Staples 4.6 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 99.5% 
   Convertible Securities 0.5% 


 * Foreign investments - 13.7%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 26.8%   
Auto Components - 0.1%   
Aptiv PLC 7,925 $751,924 
Automobiles - 2.3%   
Tesla, Inc. (a) 79,049 28,007,851 
Diversified Consumer Services - 0.4%   
Adtalem Global Education, Inc. (a) 9,820 451,720 
Chegg, Inc. (a) 23,753 411,402 
Grand Canyon Education, Inc. (a) 2,683 249,492 
New Oriental Education & Technology Group, Inc. sponsored ADR 28,581 2,632,024 
ServiceMaster Global Holdings, Inc. (a) 20,666 1,089,512 
Weight Watchers International, Inc. (a) 3,600 231,444 
  5,065,594 
Hotels, Restaurants & Leisure - 3.6%   
Alsea S.A.B. de CV 65,400 213,927 
Caesars Entertainment Corp. (a) 84,378 1,177,073 
Chipotle Mexican Grill, Inc. (a) 19,697 6,396,798 
Del Taco Restaurants, Inc. (a) 637 8,071 
Delta Corp. Ltd. (a) 31,848 173,270 
Eldorado Resorts, Inc. (a) 3,600 124,380 
Hilton Grand Vacations, Inc. (a) 5,300 238,341 
Hyatt Hotels Corp. Class A (a) 3,000 243,900 
Las Vegas Sands Corp. 21,168 1,640,943 
Marriott International, Inc. Class A 20,163 2,970,816 
Marriott Vacations Worldwide Corp. 2,500 380,825 
McDonald's Corp. 60,452 10,345,755 
Melco Crown Entertainment Ltd. sponsored ADR 23,217 691,402 
MGM Mirage, Inc. 94,745 3,453,455 
Penn National Gaming, Inc. (a) 48,430 1,545,401 
Royal Caribbean Cruises Ltd. 17,484 2,334,988 
Shake Shack, Inc. Class A (a)(b) 42,459 1,855,883 
Starbucks Corp. 86,723 4,926,734 
U.S. Foods Holding Corp. (a) 63,052 2,025,861 
Vail Resorts, Inc. 2,126 464,659 
Wyndham Worldwide Corp. 15,271 1,895,589 
Yum China Holdings, Inc. 29,023 1,346,377 
  44,454,448 
Household Durables - 0.7%   
D.R. Horton, Inc. 21,276 1,043,588 
Forbo Holding AG (Reg.) 66 111,613 
Neinor Homes SLU (c) 8,900 204,421 
Newell Brands, Inc. 22,374 591,569 
Panasonic Corp. 21,500 319,215 
SodaStream International Ltd. (a) 40,352 3,172,878 
Sony Corp. 59,800 2,868,072 
  8,311,356 
Internet & Direct Marketing Retail - 9.7%   
Amazon.com, Inc. (a) 56,634 82,169,689 
Boohoo.Com PLC (a) 183,603 483,187 
Expedia, Inc. 2,495 319,385 
JD.com, Inc. sponsored ADR (a) 198,183 9,756,549 
Netflix, Inc. (a) 50,110 13,544,733 
Priceline Group, Inc. (a) 5,790 11,070,770 
Start Today Co. Ltd. 12,030 355,454 
Wayfair LLC Class A (a) 3,259 299,861 
  117,999,628 
Leisure Products - 0.1%   
Spin Master Corp. (a)(c) 17,008 733,280 
Media - 0.4%   
AMC Entertainment Holdings, Inc. Class A (b) 7,530 96,384 
CBS Corp. Class B 5,875 338,459 
China Literature Ltd. (a)(c) 61,788 640,182 
Live Nation Entertainment, Inc. (a) 7,985 359,804 
Naspers Ltd. Class N 7,689 2,195,453 
The Walt Disney Co. 15,570 1,691,992 
Vivendi SA 3,604 105,734 
  5,428,008 
Multiline Retail - 1.6%   
Avenue Supermarts Ltd. (c) 3,665 68,021 
B&M European Value Retail S.A. 64,052 378,237 
Dollar General Corp. 7,200 742,464 
Dollar Tree, Inc. (a) 135,836 15,621,140 
Macy's, Inc. 25,209 654,174 
Nordstrom, Inc. 4,741 233,779 
Ollie's Bargain Outlet Holdings, Inc. (a) 9,610 533,836 
Target Corp. 11,634 875,109 
V-Mart Retail Ltd. (a) 6,054 141,563 
  19,248,323 
Specialty Retail - 3.8%   
Advance Auto Parts, Inc. 4,238 495,804 
Burlington Stores, Inc. (a) 12,243 1,490,096 
Dick's Sporting Goods, Inc. 14,394 452,835 
Floor & Decor Holdings, Inc. Class A 21,518 1,009,194 
Home Depot, Inc. 123,323 24,775,591 
Lowe's Companies, Inc. 60,614 6,348,104 
O'Reilly Automotive, Inc. (a) 4,268 1,129,697 
RH (a) 37,439 3,518,892 
Ross Stores, Inc. 39,511 3,255,311 
The Children's Place Retail Stores, Inc. 4,117 616,727 
TJX Companies, Inc. 46,286 3,717,692 
  46,809,943 
Textiles, Apparel & Luxury Goods - 4.1%   
adidas AG 61,374 14,272,052 
Canada Goose Holdings, Inc. 15,174 546,017 
Despegar.com Corp. 14,805 450,812 
G-III Apparel Group Ltd. (a) 20,059 749,204 
Kering SA 15,400 7,797,083 
lululemon athletica, Inc. (a) 61,938 4,844,171 
LVMH Moet Hennessy - Louis Vuitton SA 4,475 1,401,799 
Michael Kors Holdings Ltd. (a) 40,014 2,640,924 
NIKE, Inc. Class B 78,185 5,333,781 
Prada SpA 240,600 982,681 
PVH Corp. 30,919 4,794,919 
Shenzhou International Group Holdings Ltd. 28,000 289,032 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 80,397 3,311,552 
Tapestry, Inc. 42,598 2,003,810 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 41,820 537,387 
VF Corp. 8,969 727,745 
  50,682,969 
TOTAL CONSUMER DISCRETIONARY  327,493,324 
CONSUMER STAPLES - 4.5%   
Beverages - 1.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 21,566 4,733,090 
Diageo PLC 18,054 649,806 
Dr. Pepper Snapple Group, Inc. 6,900 823,515 
Fever-Tree Drinks PLC 17,505 608,438 
Monster Beverage Corp. (a) 104,014 7,096,875 
  13,911,724 
Food & Staples Retailing - 0.9%   
Costco Wholesale Corp. 41,516 8,090,223 
Kroger Co. 53,283 1,617,672 
Performance Food Group Co. (a) 34,850 1,197,098 
Walmart, Inc. 7,100 756,860 
  11,661,853 
Food Products - 0.3%   
Bunge Ltd. 10,193 809,630 
ConAgra Foods, Inc. 3,200 121,600 
Danone SA 3,772 324,643 
Darling International, Inc. (a) 18,267 338,670 
Lamb Weston Holdings, Inc. 10,643 623,680 
Pinnacle Foods, Inc. 2,000 123,880 
The Hain Celestial Group, Inc. (a) 35,509 1,354,313 
  3,696,416 
Household Products - 0.1%   
Spectrum Brands Holdings, Inc. 9,408 1,114,472 
Personal Products - 1.1%   
Coty, Inc. Class A 105,849 2,075,699 
Estee Lauder Companies, Inc. Class A 14,429 1,947,338 
Herbalife Ltd. (a) 58,296 4,837,985 
Kose Corp. 4,807 830,165 
Unilever NV (NY Reg.) 59,494 3,420,310 
  13,111,497 
Tobacco - 1.0%   
British American Tobacco PLC:   
(United Kingdom) 3,071 209,893 
sponsored ADR 100,936 6,873,742 
Imperial Tobacco Group PLC 58 2,387 
Philip Morris International, Inc. 43,261 4,638,877 
  11,724,899 
TOTAL CONSUMER STAPLES  55,220,861 
ENERGY - 2.0%   
Energy Equipment & Services - 0.1%   
Shelf Drilling Ltd. (c) 32,504 274,068 
U.S. Silica Holdings, Inc. 10,773 358,633 
  632,701 
Oil, Gas & Consumable Fuels - 1.9%   
Anadarko Petroleum Corp. 62,412 3,747,841 
Andeavor 5,751 622,028 
Bharat Petroleum Corp. Ltd. 19,080 147,783 
Cenovus Energy, Inc. 45,066 429,776 
Cimarex Energy Co. 18,908 2,121,478 
Continental Resources, Inc. (a) 75,498 4,192,404 
Diamondback Energy, Inc. (a) 20,633 2,589,442 
EOG Resources, Inc. 23,059 2,651,785 
Marathon Petroleum Corp. 5,235 362,628 
Oasis Petroleum, Inc. (a) 37,875 327,998 
Petronet LNG Ltd. 17,729 71,058 
Phillips 66 Co. 597 61,133 
Pioneer Natural Resources Co. 16,249 2,972,105 
Reliance Industries Ltd. 89,514 1,353,836 
Valero Energy Corp. 8,421 808,163 
Whiting Petroleum Corp. (a) 43,663 1,219,071 
  23,678,529 
TOTAL ENERGY  24,311,230 
FINANCIALS - 4.4%   
Banks - 2.2%   
Bank of America Corp. 308,519 9,872,608 
Citigroup, Inc. 75,819 5,950,275 
First Republic Bank 2,526 226,203 
HDFC Bank Ltd. sponsored ADR 22,686 2,463,473 
JPMorgan Chase & Co. 71,040 8,217,197 
Kotak Mahindra Bank Ltd. (a) 18,502 322,810 
  27,052,566 
Capital Markets - 1.9%   
BlackRock, Inc. Class A 8,739 4,909,570 
CBOE Holdings, Inc. 21,083 2,833,344 
Charles Schwab Corp. 40,182 2,143,308 
E*TRADE Financial Corp. (a) 9,485 499,860 
Fairfax India Holdings Corp. (a) 37,831 698,360 
Goldman Sachs Group, Inc. 23,469 6,287,110 
KKR & Co. LP 10,000 240,800 
Morgan Stanley 54,435 3,078,299 
MSCI, Inc. 2,673 372,162 
TD Ameritrade Holding Corp. 33,569 1,872,815 
The Blackstone Group LP 6,800 248,540 
  23,184,168 
Consumer Finance - 0.0%   
Synchrony Financial 9,473 375,889 
Diversified Financial Services - 0.1%   
Berkshire Hathaway, Inc. Class B (a) 5,015 1,075,116 
GDS Holdings Ltd. ADR (a) 4,300 122,722 
  1,197,838 
Insurance - 0.1%   
Chubb Ltd. 3,161 493,590 
MetLife, Inc. 8,870 426,381 
The Travelers Companies, Inc. 3,365 504,481 
  1,424,452 
Thrifts & Mortgage Finance - 0.1%   
Housing Development Finance Corp. Ltd. 20,960 645,123 
TOTAL FINANCIALS  53,880,036 
HEALTH CARE - 10.9%   
Biotechnology - 6.7%   
AC Immune SA (a) 34,613 462,430 
ACADIA Pharmaceuticals, Inc. (a) 11,734 350,964 
Acceleron Pharma, Inc. (a) 3,918 162,636 
Achaogen, Inc. (a)(b) 18,905 207,388 
Agios Pharmaceuticals, Inc. (a) 13,606 1,071,609 
Aimmune Therapeutics, Inc. (a) 22,448 790,394 
Alexion Pharmaceuticals, Inc. (a) 83,230 9,931,004 
Alkermes PLC (a) 48,932 2,797,442 
Alnylam Pharmaceuticals, Inc. (a) 32,866 4,271,923 
Amgen, Inc. 46,792 8,705,652 
AnaptysBio, Inc. 4,882 514,514 
Arena Pharmaceuticals, Inc. (a) 7,958 297,788 
Ascendis Pharma A/S sponsored ADR (a) 13,728 699,716 
BeiGene Ltd. ADR (a) 5,096 691,782 
Biogen, Inc. (a) 26,945 9,371,740 
BioMarin Pharmaceutical, Inc. (a) 19,025 1,716,626 
bluebird bio, Inc. (a) 13,002 2,664,110 
Blueprint Medicines Corp. (a) 731 57,493 
Celgene Corp. (a) 44,900 4,542,084 
Cellectis SA sponsored ADR (a) 2,736 86,075 
Chimerix, Inc. (a) 3,552 17,014 
Coherus BioSciences, Inc. (a) 28,512 287,971 
CytomX Therapeutics, Inc. (a) 6,808 182,114 
DBV Technologies SA sponsored ADR (a) 4,833 111,932 
Denali Therapeutics, Inc. (a) 37,451 871,110 
Editas Medicine, Inc. (a)(b) 27,075 988,508 
Epizyme, Inc. (a) 14,920 240,958 
Exact Sciences Corp. (a) 8,241 409,660 
Exelixis, Inc. (a) 123,254 3,735,829 
FibroGen, Inc. (a) 16,171 946,812 
Flexion Therapeutics, Inc. (a) 3,607 81,482 
GenSight Biologics SA (a)(c) 28,713 231,716 
Global Blood Therapeutics, Inc. (a) 29,841 1,727,794 
Grifols SA ADR 4,988 123,952 
Heron Therapeutics, Inc. (a) 4,611 99,828 
Insmed, Inc. (a) 6,333 161,112 
Intellia Therapeutics, Inc. (a) 27,191 698,809 
Intercept Pharmaceuticals, Inc. (a) 8,614 534,929 
Ionis Pharmaceuticals, Inc. (a) 5,241 275,257 
Ironwood Pharmaceuticals, Inc. Class A (a) 47,917 709,651 
La Jolla Pharmaceutical Co. (a) 7,291 249,790 
Merrimack Pharmaceuticals, Inc. 6,485 68,093 
Momenta Pharmaceuticals, Inc. (a) 4,037 68,629 
Neurocrine Biosciences, Inc. (a) 25,883 2,212,220 
Portola Pharmaceuticals, Inc. (a) 17,134 879,146 
Prothena Corp. PLC (a) 4,280 178,904 
Radius Health, Inc. (a)(b) 3,836 144,464 
Regeneron Pharmaceuticals, Inc. (a) 26,955 9,883,051 
Sage Therapeutics, Inc. (a) 15,452 2,932,790 
Sarepta Therapeutics, Inc. (a) 6,056 396,910 
Seattle Genetics, Inc. (a) 17,336 906,673 
Seres Therapeutics, Inc. (a) 2,033 20,533 
Trevena, Inc. (a) 42,922 69,963 
Ultragenyx Pharmaceutical, Inc. (a) 6,821 363,900 
Vertex Pharmaceuticals, Inc. (a) 9,320 1,555,228 
Xencor, Inc. (a) 11,743 267,271 
Zai Lab Ltd. ADR 8,292 223,552 
  82,250,925 
Health Care Equipment & Supplies - 1.7%   
Becton, Dickinson & Co. 1,500 364,410 
Boston Scientific Corp. (a) 237,735 6,647,071 
Danaher Corp. 20,831 2,109,764 
Fisher & Paykel Healthcare Corp. 12,317 121,178 
Hoya Corp. 1,600 82,181 
Insulet Corp. (a) 9,421 720,989 
Intuitive Surgical, Inc. (a) 20,355 8,786,643 
Invuity, Inc. (a) 27,560 143,312 
iRhythm Technologies, Inc. (a) 26,052 1,553,481 
Novocure Ltd. (a) 6,716 150,774 
Penumbra, Inc. (a) 657 65,437 
Quanterix Corp. (a) 7,306 152,038 
Stryker Corp. 731 120,162 
  21,017,440 
Health Care Providers & Services - 1.3%   
Anthem, Inc. 4,840 1,199,594 
Apollo Hospitals Enterprise Ltd. 20,074 367,244 
Cigna Corp. 8,599 1,791,602 
Humana, Inc. 23,261 6,555,648 
OptiNose, Inc. 23,450 444,378 
UnitedHealth Group, Inc. 22,808 5,400,478 
  15,758,944 
Health Care Technology - 0.2%   
Cerner Corp. (a) 16,538 1,143,272 
Evolent Health, Inc. (a)(b) 14,989 211,345 
Teladoc, Inc. (a) 15,149 566,573 
  1,921,190 
Pharmaceuticals - 1.0%   
Aclaris Therapeutics, Inc. (a) 7,703 170,390 
Akcea Therapeutics, Inc. (b) 36,137 782,366 
Allergan PLC 28,985 5,224,836 
Avexis, Inc. (a) 2,070 256,121 
Dermira, Inc. (a) 13,725 391,437 
Dova Pharmaceuticals, Inc. 6,340 201,992 
GW Pharmaceuticals PLC ADR (a) 7,409 1,023,405 
Intersect ENT, Inc. (a) 5,345 199,636 
Jazz Pharmaceuticals PLC (a) 9,386 1,367,916 
Nektar Therapeutics (a) 7,397 618,463 
Perrigo Co. PLC 2,600 235,612 
Revance Therapeutics, Inc. (a) 3,269 105,589 
The Medicines Company (a) 21,779 721,538 
Theravance Biopharma, Inc. (a) 2,547 67,343 
Zogenix, Inc. (a) 5,483 199,307 
  11,565,951 
TOTAL HEALTH CARE  132,514,450 
INDUSTRIALS - 6.3%   
Aerospace & Defense - 1.4%   
Bombardier, Inc. Class B (sub. vtg.) (a) 142,318 402,656 
Elbit Systems Ltd. 2,429 363,840 
General Dynamics Corp. 1,000 222,480 
Northrop Grumman Corp. 9,581 3,262,618 
Raytheon Co. 7,772 1,623,882 
The Boeing Co. 31,753 11,252,311 
  17,127,787 
Air Freight & Logistics - 0.3%   
XPO Logistics, Inc. (a) 33,563 3,169,690 
Airlines - 1.4%   
Allegiant Travel Co. 1,570 250,023 
Azul SA sponsored ADR 19,143 558,784 
Delta Air Lines, Inc. 68,395 3,882,784 
InterGlobe Aviation Ltd. (c) 13,776 263,328 
JetBlue Airways Corp. (a) 37,520 782,667 
Ryanair Holdings PLC sponsored ADR (a) 1,927 236,462 
Southwest Airlines Co. 106,392 6,468,634 
Spirit Airlines, Inc. (a) 25,790 1,086,275 
United Continental Holdings, Inc. (a) 42,687 2,895,032 
Wizz Air Holdings PLC (a)(c) 12,082 594,065 
  17,018,054 
Building Products - 0.1%   
Kajaria Ceramics Ltd. 24,787 246,330 
Masco Corp. 32,203 1,438,186 
  1,684,516 
Commercial Services & Supplies - 0.1%   
Copart, Inc. (a) 5,754 253,579 
Evoqua Water Technologies Corp. (a) 16,672 381,122 
HomeServe PLC 45,764 508,778 
Novus Holdings Ltd. 2,365 984 
  1,144,463 
Construction & Engineering - 0.0%   
Fluor Corp. 9,831 596,742 
Electrical Equipment - 0.2%   
AMETEK, Inc. 1,690 128,947 
Fortive Corp. 7,717 586,646 
Melrose Industries PLC 46,928 150,852 
Nidec Corp. 2,400 386,265 
Regal Beloit Corp. 16,474 1,283,325 
Sensata Technologies Holding BV (a) 8,641 486,056 
  3,022,091 
Industrial Conglomerates - 0.4%   
Honeywell International, Inc. 21,523 3,436,577 
ITT, Inc. 19,046 1,066,576 
  4,503,153 
Machinery - 1.6%   
Allison Transmission Holdings, Inc. 11,193 495,178 
Aumann AG (c) 6,559 542,346 
Caterpillar, Inc. 70,592 11,490,966 
Deere & Co. 3,600 599,112 
Eicher Motors Ltd. 429 181,722 
Fanuc Corp. 300 81,426 
Gardner Denver Holdings, Inc. 16,900 584,402 
Kennametal, Inc. 7,200 351,216 
Minebea Mitsumi, Inc. 4,800 109,246 
Parker Hannifin Corp. 1,563 314,819 
Rational AG 764 536,876 
SMC Corp. 200 98,567 
WABCO Holdings, Inc. (a) 15,136 2,336,847 
Xylem, Inc. 16,655 1,203,490 
  18,926,213 
Professional Services - 0.1%   
IHS Markit Ltd. (a) 23,495 1,121,416 
Road & Rail - 0.3%   
Avis Budget Group, Inc. (a) 15,252 685,730 
J.B. Hunt Transport Services, Inc. 13,791 1,666,367 
Knight-Swift Transportation Holdings, Inc. Class A 13,047 649,610 
Landstar System, Inc. 3,382 375,571 
  3,377,278 
Trading Companies & Distributors - 0.4%   
Ashtead Group PLC 8,951 267,526 
United Rentals, Inc. (a) 21,047 3,811,822 
Univar, Inc. (a) 14,497 432,880 
Wolseley PLC 1,342 103,580 
  4,615,808 
Transportation Infrastructure - 0.0%   
Adani Ports & Special Economic Zone Ltd. 9,677 65,292 
TOTAL INDUSTRIALS  76,372,503 
INFORMATION TECHNOLOGY - 41.6%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a) 6,788 1,872,266 
NETGEAR, Inc. (a) 31,990 2,229,703 
  4,101,969 
Electronic Equipment & Components - 0.2%   
Amphenol Corp. Class A 1,292 119,859 
Corning, Inc. 20,199 630,613 
Dell Technologies, Inc. (a) 28,854 2,068,832 
SYNNEX Corp. 865 106,161 
  2,925,465 
Internet Software & Services - 14.2%   
2U, Inc. (a) 10,658 791,570 
Akamai Technologies, Inc. (a) 11,734 786,061 
Alibaba Group Holding Ltd. sponsored ADR (a) 54,082 11,048,412 
Alphabet, Inc.:   
Class A (a) 68,550 81,041,181 
Class C (a) 8,397 9,823,986 
ANGI Homeservices, Inc. Class A (a) 26,610 355,510 
CarGurus, Inc. Class A 18,711 626,819 
Facebook, Inc. Class A (a) 274,899 51,375,874 
GoDaddy, Inc. (a) 9,421 520,322 
Gogo, Inc. (a)(b) 120,080 1,157,571 
GrubHub, Inc. (a) 1,582 114,300 
IAC/InterActiveCorp (a) 822 119,165 
LogMeIn, Inc. 828 104,162 
Mail.Ru Group Ltd. GDR (Reg. S) (a) 25,769 845,223 
Match Group, Inc. (a) 4,211 147,132 
Momo, Inc. ADR (a) 20,748 654,184 
NetEase, Inc. ADR 5,824 1,864,612 
New Relic, Inc. (a) 7,923 473,241 
Okta, Inc. 4,633 136,442 
Shopify, Inc. Class A (a) 14,302 1,826,005 
Stamps.com, Inc. (a) 5,919 1,206,588 
Tencent Holdings Ltd. 128,100 7,569,102 
Yandex NV Series A (a) 34,834 1,349,121 
  173,936,583 
IT Services - 4.6%   
MasterCard, Inc. Class A 99,070 16,742,830 
PayPal Holdings, Inc. (a) 141,211 12,048,123 
Square, Inc. (a) 14,511 680,711 
Teradata Corp. (a) 1,420 57,510 
Vakrangee Ltd. 43,667 250,591 
Visa, Inc. Class A 200,741 24,938,054 
Worldpay, Inc. (a) 13,430 1,078,563 
  55,796,382 
Semiconductors & Semiconductor Equipment - 7.4%   
ASM Pacific Technology Ltd. 46,000 628,022 
ASML Holding NV 2,692 546,368 
Broadcom Ltd. 97,016 24,062,878 
Cypress Semiconductor Corp. 22,624 391,169 
Inphi Corp. (a) 35,786 1,068,928 
Intel Corp. 35,642 1,715,806 
Lam Research Corp. 16,383 3,137,672 
Marvell Technology Group Ltd. 216,291 5,046,069 
Micron Technology, Inc. (a) 221,644 9,690,276 
Monolithic Power Systems, Inc. 5,502 655,398 
NVIDIA Corp. 152,112 37,389,130 
Qualcomm, Inc. 53,168 3,628,716 
Renesas Electronics Corp. (a) 101,400 1,194,920 
WONIK IPS Co. Ltd. (a) 8,259 254,380 
Xilinx, Inc. 7,242 528,811 
  89,938,543 
Software - 8.8%   
Activision Blizzard, Inc. 246,015 18,237,092 
Adobe Systems, Inc. (a) 52,340 10,455,438 
Altair Engineering, Inc. Class A (a) 4,085 108,661 
Atlassian Corp. PLC (a) 2,825 152,522 
Autodesk, Inc. (a) 13,797 1,595,209 
Electronic Arts, Inc. (a) 41,680 5,291,693 
Globant SA (a) 2,478 112,600 
HubSpot, Inc. (a) 2,087 202,543 
Intuit, Inc. 8,932 1,499,683 
Micro Focus International PLC 19,654 599,973 
Microsoft Corp. 274,463 26,076,730 
Nintendo Co. Ltd. 4,412 1,998,260 
Paycom Software, Inc. (a) 22,202 2,034,591 
Red Hat, Inc. (a) 22,762 2,990,472 
RingCentral, Inc. (a) 4,530 245,979 
SailPoint Technologies Holding, Inc. (a) 10,061 168,321 
Salesforce.com, Inc. (a) 256,320 29,197,411 
SendGrid, Inc. (a) 6,599 148,280 
Snap, Inc. Class A (a)(b) 80,524 1,088,684 
Take-Two Interactive Software, Inc. (a) 4,760 602,949 
Talend SA ADR (a) 7,774 302,953 
VMware, Inc. Class A (a)(b) 9,074 1,123,270 
Workday, Inc. Class A (a) 18,561 2,225,278 
Zendesk, Inc. (a) 24,888 958,686 
  107,417,278 
Technology Hardware, Storage & Peripherals - 6.1%   
Apple, Inc. 442,395 74,070,195 
Samsung Electronics Co. Ltd. 26 60,638 
  74,130,833 
TOTAL INFORMATION TECHNOLOGY  508,247,053 
MATERIALS - 2.7%   
Chemicals - 2.3%   
Cabot Corp. 4,300 290,852 
CF Industries Holdings, Inc. 118,602 5,033,469 
DowDuPont, Inc. 56,969 4,305,717 
FMC Corp. 34,770 3,175,544 
LG Chemical Ltd. 882 356,165 
LyondellBasell Industries NV Class A 58,396 6,998,177 
Nutrien Ltd. (a) 6,446 337,236 
Orion Engineered Carbons SA 12,700 374,015 
PPG Industries, Inc. 1,900 225,587 
Sherwin-Williams Co. 1,110 462,992 
The Chemours Co. LLC 83,809 4,326,221 
The Mosaic Co. 4,500 122,850 
Tronox Ltd. Class A 60,974 1,196,920 
Westlake Chemical Corp. 7,374 830,312 
  28,036,057 
Construction Materials - 0.3%   
Buzzi Unicem SpA 3,316 97,367 
Eagle Materials, Inc. 14,249 1,596,600 
Loma Negra Compania Industrial Argentina SA ADR (a) 16,672 396,127 
Summit Materials, Inc. 60,957 1,947,576 
  4,037,670 
Metals & Mining - 0.1%   
China Molybdenum Co. Ltd. (H Shares) 1,158,000 891,151 
Franco-Nevada Corp. 2,724 208,286 
Glencore Xstrata PLC 65,679 376,468 
  1,475,905 
TOTAL MATERIALS  33,549,632 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equinix, Inc. 1,397 635,900 
TELECOMMUNICATION SERVICES - 0.2%   
Diversified Telecommunication Services - 0.1%   
Bharti Infratel Ltd. 140,286 775,921 
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 25,386 1,652,629 
TOTAL TELECOMMUNICATION SERVICES  2,428,550 
UTILITIES - 0.0%   
Gas Utilities - 0.0%   
China Resource Gas Group Ltd. 36,000 118,502 
ENN Energy Holdings Ltd. 16,000 123,539 
  242,041 
Water Utilities - 0.0%   
AquaVenture Holdings Ltd. (a) 7,919 120,448 
TOTAL UTILITIES  362,489 
TOTAL COMMON STOCKS   
(Cost $1,078,158,207)  1,215,016,028 
Preferred Stocks - 0.4%   
Convertible Preferred Stocks - 0.4%   
CONSUMER DISCRETIONARY - 0.4%   
Diversified Consumer Services - 0.4%   
Lyft, Inc. Series H (d)(e) 100,639 4,000,008 
Hotels, Restaurants & Leisure - 0.0%   
Topgolf International, Inc. Series F (d)(e) 9,181 127,005 
Internet & Direct Marketing Retail - 0.0%   
The Honest Co., Inc. Series E (d)(e) 11,802 231,376 
TOTAL CONSUMER DISCRETIONARY  4,358,389 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
Roofoods Ltd. Series F (d)(e) 337 119,153 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (d)(e) 6,504 90,303 
INFORMATION TECHNOLOGY - 0.0%   
Internet Software & Services - 0.0%   
ContextLogic, Inc. Series G (d)(e) 2,862 385,033 
Starry, Inc. Series C (d)(e) 158,250 145,907 
  530,940 
Software - 0.0%   
Compass, Inc. Series E (d)(e) 1,181 79,692 
TOTAL INFORMATION TECHNOLOGY  610,632 
TOTAL CONVERTIBLE PREFERRED STOCKS  5,178,477 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Volkswagen AG 1,919 421,756 
TOTAL PREFERRED STOCKS   
(Cost $5,593,470)  5,600,233 
 Principal Amount Value 
Convertible Bonds - 0.1%   
CONSUMER STAPLES - 0.1%   
Tobacco - 0.1%   
PAX Labs, Inc. 10% 12/31/20 (c)(e)   
(Cost $1,250,000) 1,250,000 1,250,000 
 Shares Value 
Money Market Funds - 0.4%   
Fidelity Cash Central Fund, 1.39% (f) 549,789 549,899 
Fidelity Securities Lending Cash Central Fund 1.40% (f)(g) 3,878,427 3,878,815 
TOTAL MONEY MARKET FUNDS   
(Cost $4,428,714)  4,428,714 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $1,089,430,391)  1,226,294,975 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (4,727,079) 
NET ASSETS - 100%  $1,221,567,896 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,801,427 or 0.4% of net assets.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,178,477 or 0.4% of net assets.

 (e) Level 3 security

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $90,303 
Compass, Inc. Series E 11/3/17 $79,692 
ContextLogic, Inc. Series G 10/24/17 $385,033 
Lyft, Inc. Series H 11/22/17 $4,000,008 
Roofoods Ltd. Series F 9/12/17 $119,153 
Starry, Inc. Series C 12/8/17 $145,907 
The Honest Co., Inc. Series E 9/28/17 $231,376 
Topgolf International, Inc. Series F 11/10/17 $127,005 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $28,132 
Fidelity Securities Lending Cash Central Fund 20,168 
Total $48,300 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $332,273,469 $322,970,540 $4,944,540 $4,358,389 
Consumer Staples 55,340,014 53,206,354 2,014,507 119,153 
Energy 24,311,230 24,311,230 -- -- 
Financials 53,880,036 53,880,036 -- -- 
Health Care 132,604,753 132,432,269 82,181 90,303 
Industrials 76,372,503 75,696,999 675,504 -- 
Information Technology 508,857,685 497,484,771 10,762,282 610,632 
Materials 33,549,632 33,549,632 -- -- 
Real Estate 635,900 635,900 -- -- 
Telecommunication Services 2,428,550 2,428,550 -- -- 
Utilities 362,489 362,489 -- -- 
Corporate Bonds 1,250,000 -- -- 1,250,000 
Money Market Funds 4,428,714 4,428,714 -- -- 
Total Investments in Securities: $1,226,294,975 $1,201,387,484 $18,479,014 $6,428,477 

Other Information

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

United States of America 86.3% 
Cayman Islands 3.6% 
Singapore 2.0% 
Germany 1.4% 
Netherlands 1.0% 
Others (Individually Less Than 1%) 5.7% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $3,790,932) — See accompanying schedule:
Unaffiliated issuers (cost $1,085,001,677) 		$1,221,866,261  
Fidelity Central Funds (cost $4,428,714) 4,428,714  
Total Investment in Securities (cost $1,089,430,391)  $1,226,294,975 
Foreign currency held at value (cost $72,437)  72,437 
Receivable for investments sold  4,967,021 
Receivable for fund shares sold  1,227,110 
Dividends receivable  179,670 
Interest receivable  14,583 
Distributions receivable from Fidelity Central Funds  16,164 
Other receivables  2,140 
Total assets  1,232,774,100 
Liabilities   
Payable for investments purchased $5,459,231  
Payable for fund shares redeemed 1,458,441  
Accrued management fee 405,746  
Other payables and accrued expenses 4,061  
Collateral on securities loaned 3,878,725  
Total liabilities  11,206,204 
Net Assets  $1,221,567,896 
Net Assets consist of:   
Paid in capital  $1,086,570,939 
Distributions in excess of net investment income  (239,745) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (1,623,560) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  136,860,262 
Net Assets, for 98,541,660 shares outstanding  $1,221,567,896 
Net Asset Value, offering price and redemption price per share ($1,221,567,896 ÷ 98,541,660 shares)  $12.40 

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


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $1,769,846 
Interest  23,858 
Income from Fidelity Central Funds  48,300 
Total income  1,842,004 
Expenses   
Management fee $1,347,460  
Independent trustees' fees and expenses 758  
Total expenses before reductions 1,348,218  
Expense reductions (3,753) 1,344,465 
Net investment income (loss)  497,539 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (1,516,204)  
Fidelity Central Funds 90  
Foreign currency transactions 8,747  
Total net realized gain (loss)  (1,507,367) 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $4,062) 138,170,551  
Assets and liabilities in foreign currencies (260)  
Total change in net unrealized appreciation (depreciation)  138,170,291 
Net gain (loss)  136,662,924 
Net increase (decrease) in net assets resulting from operations  $137,160,463 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) For the period
May 25, 2017 (commencement of operations) to July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $497,539 $(2,606) 
Net realized gain (loss) (1,507,367) (159) 
Change in net unrealized appreciation (depreciation) 138,170,291 (1,310,029) 
Net increase (decrease) in net assets resulting from operations 137,160,463 (1,312,794) 
Distributions to shareholders from net investment income (737,284) – 
Distributions to shareholders from net realized gain (113,428) – 
Total distributions (850,712) – 
Share transactions   
Proceeds from sales of shares 977,788,444 181,817,461 
Reinvestment of distributions 850,712 – 
Cost of shares redeemed (73,604,261) (281,417) 
Net increase (decrease) in net assets resulting from share transactions 905,034,895 181,536,044 
Total increase (decrease) in net assets 1,041,344,646 180,223,250 
Net Assets   
Beginning of period 180,223,250 – 
End of period $1,221,567,896 $180,223,250 
Other Information   
Distributions in excess of net investment income end of period $(239,745) $– 
Shares   
Sold 87,474,258 17,490,141 
Issued in reinvestment of distributions 75,151 – 
Redeemed (6,470,621) (27,269) 
Net increase (decrease) 81,078,788 17,462,872 

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


Financial Highlights

Fidelity Blue Chip Growth K6 Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31, 
 2018 2017 A 
Selected Per–Share Data   
Net asset value, beginning of period $10.32 $10.00 
Income from Investment Operations   
Net investment income (loss)B .01 –C 
Net realized and unrealized gain (loss) 2.09 .32D 
Total from investment operations 2.10 .32 
Distributions from net investment income (.01) – 
Distributions from net realized gain –C – 
Total distributions (.02)E – 
Net asset value, end of period $12.40 $10.32 
Total ReturnF,G 20.31% 3.20% 
Ratios to Average Net AssetsH,I   
Expenses before reductions .45%J .45%J 
Expenses net of fee waivers, if any .45%J .45%J 
Expenses net of all reductions .45%J .45%J 
Net investment income (loss) .17%J (.24)%J 
Supplemental Data   
Net assets, end of period (000 omitted) $1,221,568 $180,223 
Portfolio turnover rateK,L 38%J 0%M 

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

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

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

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

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

 I Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 J Annualized

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

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

 M Amount not annualized.


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

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, 2018 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 $147,974,213 
Gross unrealized depreciation (11,695,304) 
Net unrealized appreciation (depreciation) $136,278,909 
Tax cost $1,090,016,066 

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $236,596,401 and $97,460,061, respectively.

Exchanges In-Kind. During the period, unaffiliated entities completed exchanges in-kind with the Fund. The unaffiliated entities delivered investments and cash valued at $766,582,959 in exchange for 68,876,454 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $2,551 for the period.

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

Prior Fiscal Year Exchanges In-Kind. During the prior period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash valued at $179,817,385 in exchange for 17,290,133 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

6. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $485,923. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $20,168, including $379 from securities loaned to FCM.

7. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,739 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $14.

8. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Actual .45% $1,000.00 $1,203.10 $2.50 
Hypothetical-C  $1,000.00 $1,022.94 $2.29 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

BCFK6-SANN-0318
1.9884006.100

Fidelity® Blue Chip Value Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Berkshire Hathaway, Inc. Class B 6.6 
Wells Fargo & Co. 5.0 
Amgen, Inc. 3.8 
JPMorgan Chase & Co. 3.8 
CVS Health Corp. 3.4 
U.S. Bancorp 3.1 
Cigna Corp. 3.0 
Prudential PLC 2.8 
CBRE Group, Inc. 2.6 
United Technologies Corp. 2.5 
 36.6 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Financials 33.2 
Health Care 14.4 
Consumer Discretionary 12.2 
Consumer Staples 9.8 
Energy 8.7 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 98.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.5% 


 * Foreign investments - 22.6%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.2%   
Media - 10.2%   
CBS Corp. Class B 49,300 $2,840,173 
Interpublic Group of Companies, Inc. 263,600 5,770,204 
Lions Gate Entertainment Corp. Class B (a) 163,377 5,228,064 
The Walt Disney Co. 84,600 9,193,482 
Time Warner, Inc. 111,000 10,583,850 
Twenty-First Century Fox, Inc. Class A 244,300 9,014,670 
  42,630,443 
Textiles, Apparel & Luxury Goods - 2.0%   
PVH Corp. 54,000 8,374,320 
TOTAL CONSUMER DISCRETIONARY  51,004,763 
CONSUMER STAPLES - 9.8%   
Beverages - 1.8%   
C&C Group PLC 2,059,712 7,710,065 
Food & Staples Retailing - 3.4%   
CVS Health Corp. 178,900 14,077,641 
Safeway, Inc.:   
rights (a)(b) 48,800 0 
rights (a)(b) 48,800 42,456 
  14,120,097 
Food Products - 3.1%   
Kellogg Co. 68,800 4,685,968 
The J.M. Smucker Co. 65,700 8,336,673 
  13,022,641 
Tobacco - 1.5%   
British American Tobacco PLC sponsored ADR 93,300 6,353,730 
TOTAL CONSUMER STAPLES  41,206,533 
ENERGY - 8.7%   
Energy Equipment & Services - 1.6%   
Baker Hughes, a GE Co. Class A 202,800 6,520,020 
Oil, Gas & Consumable Fuels - 7.1%   
GasLog Partners LP 246,300 5,837,310 
Golar LNG Partners LP 219,800 4,824,610 
Teekay Corp. (c) 809,100 6,602,256 
Teekay LNG Partners LP 433,300 8,557,675 
Teekay Offshore Partners LP 1,554,200 3,885,500 
  29,707,351 
TOTAL ENERGY  36,227,371 
FINANCIALS - 33.2%   
Banks - 11.9%   
JPMorgan Chase & Co. 135,216 15,640,435 
U.S. Bancorp 228,897 13,079,175 
Wells Fargo & Co. 319,398 21,010,000 
  49,729,610 
Capital Markets - 1.5%   
Goldman Sachs Group, Inc. 23,400 6,268,626 
Consumer Finance - 3.4%   
Capital One Financial Corp. 57,033 5,929,151 
Discover Financial Services 105,700 8,434,860 
  14,364,011 
Diversified Financial Services - 6.6%   
Berkshire Hathaway, Inc. Class B (a) 130,000 27,869,399 
Insurance - 9.8%   
Allstate Corp. 90,400 8,928,808 
Chubb Ltd. 63,900 9,977,985 
Prudential PLC 426,798 11,553,458 
The Travelers Companies, Inc. 69,900 10,479,408 
  40,939,659 
TOTAL FINANCIALS  139,171,305 
HEALTH CARE - 14.4%   
Biotechnology - 5.3%   
Amgen, Inc. 86,300 16,056,115 
Dyax Corp. rights 12/31/19 (a)(b) 236,600 806,806 
Shire PLC sponsored ADR 37,068 5,191,003 
  22,053,924 
Health Care Providers & Services - 6.1%   
Anthem, Inc. 41,100 10,186,635 
Cigna Corp. 59,300 12,355,155 
McKesson Corp. 17,700 2,989,176 
  25,530,966 
Pharmaceuticals - 3.0%   
Allergan PLC 34,300 6,182,918 
Bayer AG 49,900 6,538,764 
  12,721,682 
TOTAL HEALTH CARE  60,306,572 
INDUSTRIALS - 5.7%   
Aerospace & Defense - 2.5%   
United Technologies Corp. 76,800 10,599,168 
Professional Services - 3.2%   
Dun & Bradstreet Corp. 56,200 6,953,626 
Nielsen Holdings PLC 170,500 6,378,405 
  13,332,031 
TOTAL INDUSTRIALS  23,931,199 
INFORMATION TECHNOLOGY - 7.0%   
Communications Equipment - 2.1%   
Cisco Systems, Inc. 214,985 8,930,477 
Internet Software & Services - 1.4%   
Alphabet, Inc. Class A (a) 4,900 5,792,878 
IT Services - 2.9%   
Cognizant Technology Solutions Corp. Class A 90,700 7,072,786 
The Western Union Co. 254,500 5,291,055 
  12,363,841 
Technology Hardware, Storage & Peripherals - 0.6%   
Apple, Inc. 14,100 2,360,763 
TOTAL INFORMATION TECHNOLOGY  29,447,959 
MATERIALS - 3.0%   
Chemicals - 3.0%   
LyondellBasell Industries NV Class A 51,800 6,207,712 
Monsanto Co. 53,700 6,540,660 
  12,748,372 
REAL ESTATE - 2.6%   
Real Estate Management & Development - 2.6%   
CBRE Group, Inc. (a) 236,900 10,823,961 
UTILITIES - 1.9%   
Electric Utilities - 1.9%   
Exelon Corp. 200,900 7,736,659 
TOTAL COMMON STOCKS   
(Cost $326,817,508)  412,604,694 
Money Market Funds - 2.8%   
Fidelity Cash Central Fund, 1.39% (d) 4,551,567 4,552,478 
Fidelity Securities Lending Cash Central Fund 1.40% (d)(e) 7,281,006 7,281,734 
TOTAL MONEY MARKET FUNDS   
(Cost $11,834,590)  11,834,212 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $338,652,098)  424,438,906 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (5,649,988) 
NET ASSETS - 100%  $418,788,918 

Legend

 (a) Non-income producing

 (b) Level 3 security

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

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

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $72,942 
Fidelity Securities Lending Cash Central Fund 317,502 
Total $390,444 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $51,004,763 $51,004,763 $-- $-- 
Consumer Staples 41,206,533 41,164,077 -- 42,456 
Energy 36,227,371 36,227,371 -- -- 
Financials 139,171,305 127,617,847 11,553,458 -- 
Health Care 60,306,572 52,961,002 6,538,764 806,806 
Industrials 23,931,199 23,931,199 -- -- 
Information Technology 29,447,959 29,447,959 -- -- 
Materials 12,748,372 12,748,372 -- -- 
Real Estate 10,823,961 10,823,961 -- -- 
Utilities 7,736,659 7,736,659 -- -- 
Money Market Funds 11,834,212 11,834,212 -- -- 
Total Investments in Securities: $424,438,906 $405,497,422 $18,092,222 $849,262 

The following is a summary of transfers between Level 1 and Level 2 for the period ended January 31, 2018. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $6,088,520 
Level 2 to Level 1 $0 

Other Information

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

United States of America 77.4% 
Marshall Islands 7.1% 
United Kingdom 4.3% 
Ireland 3.3% 
Switzerland 2.4% 
Germany 1.5% 
Netherlands 1.5% 
Bailiwick of Jersey 1.3% 
Canada 1.2% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $6,601,440) — See accompanying schedule:
Unaffiliated issuers (cost $326,817,508) 		$412,604,694  
Fidelity Central Funds (cost $11,834,590) 11,834,212  
Total Investment in Securities (cost $338,652,098)  $424,438,906 
Receivable for investments sold  1,681,485 
Receivable for fund shares sold  449,444 
Dividends receivable  188,812 
Distributions receivable from Fidelity Central Funds  44,399 
Prepaid expenses  583 
Other receivables  3,118 
Total assets  426,806,747 
Liabilities   
Payable for fund shares redeemed $453,412  
Accrued management fee 179,659  
Other affiliated payables 73,943  
Other payables and accrued expenses 29,815  
Collateral on securities loaned 7,281,000  
Total liabilities  8,017,829 
Net Assets  $418,788,918 
Net Assets consist of:   
Paid in capital  $385,061,981 
Distributions in excess of net investment income  (293,926) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (51,765,942) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  85,786,805 
Net Assets, for 20,410,831 shares outstanding  $418,788,918 
Net Asset Value, offering price and redemption price per share ($418,788,918 ÷ 20,410,831 shares)  $20.52 

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


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $3,210,299 
Income from Fidelity Central Funds (including $317,502 from security lending)  390,444 
Total income  3,600,743 
Expenses   
Management fee   
Basic fee $1,090,347  
Performance adjustment (60,311)  
Transfer agent fees 372,956  
Accounting and security lending fees 79,155  
Custodian fees and expenses 3,822  
Independent trustees' fees and expenses 783  
Registration fees 7,528  
Audit 33,775  
Legal 743  
Miscellaneous 1,411  
Total expenses before reductions 1,530,209  
Expense reductions (6,151) 1,524,058 
Net investment income (loss)  2,076,685 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 4,163,047  
Fidelity Central Funds 920  
Foreign currency transactions 3,795  
Total net realized gain (loss)  4,167,762 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 32,156,254  
Fidelity Central Funds (189)  
Total change in net unrealized appreciation (depreciation)  32,156,065 
Net gain (loss)  36,323,827 
Net increase (decrease) in net assets resulting from operations  $38,400,512 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,076,685 $4,330,903 
Net realized gain (loss) 4,167,762 20,725,978 
Change in net unrealized appreciation (depreciation) 32,156,065 41,416,367 
Net increase (decrease) in net assets resulting from operations 38,400,512 66,473,248 
Distributions to shareholders from net investment income (4,465,976) (4,486,672) 
Distributions to shareholders from net realized gain (81,343) – 
Total distributions (4,547,319) (4,486,672) 
Share transactions   
Proceeds from sales of shares 32,759,368 70,221,494 
Reinvestment of distributions 4,381,389 4,351,879 
Cost of shares redeemed (64,435,338) (181,506,778) 
Net increase (decrease) in net assets resulting from share transactions (27,294,581) (106,933,405) 
Total increase (decrease) in net assets 6,558,612 (44,946,829) 
Net Assets   
Beginning of period 412,230,306 457,177,135 
End of period $418,788,918 $412,230,306 
Other Information   
Undistributed net investment income end of period $– $2,095,365 
Distributions in excess of net investment income end of period $(293,926) $– 
Shares   
Sold 1,709,654 3,956,093 
Issued in reinvestment of distributions 233,439 258,721 
Redeemed (3,399,561) (10,583,646) 
Net increase (decrease) (1,456,468) (6,368,832) 

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


Financial Highlights

Fidelity Blue Chip Value Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.85 $16.19 $16.88 $15.22 $13.32 $10.26 
Income from Investment Operations       
Net investment income (loss)A .10 .18 .19 .35B .18 .18 
Net realized and unrealized gain (loss) 1.79 2.66 (.59) 1.54 1.81 3.17 
Total from investment operations 1.89 2.84 (.40) 1.89 1.99 3.35 
Distributions from net investment income (.21) (.18) (.28) (.23) (.09) (.29) 
Distributions from net realized gain –C – (.01) – – – 
Total distributions (.22)D (.18) (.29) (.23) (.09) (.29) 
Net asset value, end of period $20.52 $18.85 $16.19 $16.88 $15.22 $13.32 
Total ReturnE,F 10.12% 17.68% (2.31)% 12.52% 14.99% 33.33% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .76%I .79% .88% .82% .66% .64% 
Expenses net of fee waivers, if any .76%I .79% .88% .82% .66% .64% 
Expenses net of all reductions .76%I .78% .88% .82% .66% .62% 
Net investment income (loss) 1.03%I 1.04% 1.23% 2.15%B 1.28% 1.58% 
Supplemental Data       
Net assets, end of period (000 omitted) $418,789 $412,230 $457,177 $410,968 $329,826 $281,860 
Portfolio turnover rateJ 25%I 32% 54% 138% 102%K 88% 

 A Calculated based on average shares outstanding during the period.

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

 C Amount represents less than $.005 per share.

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

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

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

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

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

 I Annualized

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

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2018, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

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

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

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

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

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

Gross unrealized appreciation $94,056,835 
Gross unrealized depreciation (11,411,731) 
Net unrealized appreciation (depreciation) $82,645,104 
Tax cost $341,793,802 

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

Fiscal year of expiration  
2018  $(52,900,254) 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $50,036,088 and $80,004,058, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 1000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .51% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .19% of average net assets.

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $977 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $582 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

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

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,139 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $22.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $1,990.

9. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Actual .76% $1,000.00 $1,101.20 $4.03 
Hypothetical-C  $1,000.00 $1,021.37 $3.87 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

BCV-SANN-0318
1.789715.115

Fidelity® Dividend Growth Fund
Class K



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Wells Fargo & Co. 2.9 
JPMorgan Chase & Co. 2.9 
Bank of America Corp. 2.8 
Comcast Corp. Class A 2.4 
Exxon Mobil Corp. 2.3 
Verizon Communications, Inc. 2.1 
Chevron Corp. 2.0 
Altria Group, Inc. 1.9 
Amgen, Inc. 1.7 
Cisco Systems, Inc. 1.7 
 22.7 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Consumer Discretionary 19.7 
Financials 16.6 
Industrials 11.8 
Information Technology 11.0 
Health Care 10.7 

Asset Allocation (% of fund's net assets)

As of January 31, 2018 * 
   Stocks 91.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 8.3% 


 * Foreign investments - 6.5%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.7%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 19.7%   
Auto Components - 2.2%   
Adient PLC 52,100 $3,376 
Aptiv PLC 340,100 32,269 
BorgWarner, Inc. 233,300 13,125 
Cooper Tire & Rubber Co. 116,200 4,543 
Delphi Technologies PLC 113,366 6,261 
Gentex Corp. 1,480,900 35,068 
Lear Corp. 169,600 32,757 
Tenneco, Inc. 278,200 16,138 
The Goodyear Tire & Rubber Co. 737,400 25,676 
  169,213 
Automobiles - 0.7%   
General Motors Co. 891,600 37,813 
Thor Industries, Inc. 124,300 16,987 
  54,800 
Distributors - 0.5%   
Genuine Parts Co. 343,900 35,790 
Diversified Consumer Services - 1.0%   
Graham Holdings Co. 60,100 35,726 
H&R Block, Inc. 1,592,300 42,260 
  77,986 
Household Durables - 1.0%   
Lennar Corp.:   
Class A 718,800 45,040 
Class B 13,702 694 
Tupperware Brands Corp. 530,900 30,665 
  76,399 
Leisure Products - 0.3%   
Brunswick Corp. 335,600 21,069 
Media - 7.2%   
CBS Corp. Class B 275,900 15,895 
Cinemark Holdings, Inc. 848,800 31,236 
Comcast Corp. Class A 4,293,292 182,594 
Interpublic Group of Companies, Inc. 1,975,600 43,246 
Omnicom Group, Inc. 529,400 40,579 
Sinclair Broadcast Group, Inc. Class A 567,900 21,069 
Tegna, Inc. 1,845,700 26,707 
The Walt Disney Co. 613,200 66,636 
Time Warner, Inc. 379,900 36,223 
Twenty-First Century Fox, Inc. Class A 2,011,100 74,210 
Viacom, Inc. Class B (non-vtg.) 649,600 21,710 
  560,105 
Multiline Retail - 1.4%   
Dollar General Corp. 463,100 47,755 
Macy's, Inc. 502,700 13,045 
Target Corp. 659,100 49,578 
  110,378 
Specialty Retail - 4.1%   
Bed Bath & Beyond, Inc. 341,900 7,891 
Best Buy Co., Inc. 432,900 31,628 
Dick's Sporting Goods, Inc. 353,200 11,112 
Foot Locker, Inc. 434,079 21,335 
Gap, Inc. 777,400 25,841 
L Brands, Inc. 227,200 11,380 
Lowe's Companies, Inc. 633,900 66,388 
Ross Stores, Inc. 614,500 50,629 
TJX Companies, Inc. 712,100 57,196 
Tractor Supply Co. 132,400 10,096 
Williams-Sonoma, Inc. (a) 490,600 25,133 
  318,629 
Textiles, Apparel & Luxury Goods - 1.3%   
Carter's, Inc. 259,900 31,266 
Ralph Lauren Corp. 296,400 33,881 
Tapestry, Inc. 731,000 34,386 
  99,533 
TOTAL CONSUMER DISCRETIONARY  1,523,902 
CONSUMER STAPLES - 10.2%   
Beverages - 0.5%   
Dr. Pepper Snapple Group, Inc. 337,808 40,317 
Food & Staples Retailing - 3.5%   
CVS Health Corp. 963,900 75,849 
Kroger Co. 1,601,418 48,619 
Walgreens Boots Alliance, Inc. 661,400 49,777 
Walmart, Inc. 885,000 94,341 
  268,586 
Food Products - 2.7%   
Campbell Soup Co. 906,800 42,212 
ConAgra Foods, Inc. 1,409,500 53,561 
General Mills, Inc. 468,200 27,385 
Ingredion, Inc. 178,700 25,668 
The J.M. Smucker Co. 238,400 30,251 
The Kraft Heinz Co. 41,300 3,238 
Tyson Foods, Inc. Class A 374,200 28,480 
  210,795 
Household Products - 1.1%   
Energizer Holdings, Inc. 519,900 30,269 
Kimberly-Clark Corp. 427,000 49,959 
  80,228 
Tobacco - 2.4%   
Altria Group, Inc. 2,105,600 148,108 
British American Tobacco PLC (United Kingdom) 532,760 36,412 
  184,520 
TOTAL CONSUMER STAPLES  784,446 
ENERGY - 6.2%   
Oil, Gas & Consumable Fuels - 6.2%   
Chevron Corp. 1,213,900 152,162 
Exxon Mobil Corp. 2,065,197 180,292 
Phillips 66 Co. 337,400 34,550 
Suncor Energy, Inc. 1,138,500 41,245 
Total SA sponsored ADR (a) 648,471 37,650 
Valero Energy Corp. 386,000 37,044 
  482,943 
FINANCIALS - 16.6%   
Banks - 10.1%   
Bank of America Corp. 6,798,617 217,556 
JPMorgan Chase & Co. 1,912,535 221,223 
U.S. Bancorp 2,025,969 115,764 
Wells Fargo & Co. 3,441,793 226,396 
  780,939 
Capital Markets - 0.2%   
Diamond Hill Investment Group, Inc. 56,538 11,893 
KKR & Co. LP 192,000 4,623 
  16,516 
Consumer Finance - 0.0%   
Imperial Holdings, Inc. warrants 4/11/19 (b) 48,012 0 
Diversified Financial Services - 1.5%   
Berkshire Hathaway, Inc. Class B (b) 513,200 110,020 
Insurance - 4.8%   
Allstate Corp. 500,000 49,385 
Chubb Ltd. 674,900 105,386 
First American Financial Corp. 189,672 11,204 
Marsh & McLennan Companies, Inc. 414,100 34,586 
MetLife, Inc. 1,267,200 60,914 
The Travelers Companies, Inc. 734,700 110,146 
  371,621 
TOTAL FINANCIALS  1,279,096 
HEALTH CARE - 10.7%   
Biotechnology - 2.5%   
Amgen, Inc. 713,710 132,786 
Gilead Sciences, Inc. 688,700 57,713 
  190,499 
Health Care Equipment & Supplies - 0.4%   
Medtronic PLC 399,503 34,313 
Health Care Providers & Services - 5.0%   
Aetna, Inc. 118,500 22,138 
AmerisourceBergen Corp. 411,300 40,994 
Anthem, Inc. 401,800 99,586 
Cardinal Health, Inc. 742,400 53,297 
Cigna Corp. 218,200 45,462 
McKesson Corp. 217,300 36,698 
Quest Diagnostics, Inc. 399,100 42,233 
UnitedHealth Group, Inc. 86,000 20,363 
Universal Health Services, Inc. Class B 202,000 24,543 
  385,314 
Pharmaceuticals - 2.8%   
GlaxoSmithKline PLC 2,078,146 38,683 
Johnson & Johnson 553,243 76,453 
Pfizer, Inc. 1,977,900 73,261 
Sanofi SA 332,494 29,343 
  217,740 
TOTAL HEALTH CARE  827,866 
INDUSTRIALS - 11.8%   
Aerospace & Defense - 2.0%   
General Dynamics Corp. 224,400 49,925 
Rockwell Collins, Inc. 188,900 26,161 
United Technologies Corp. 559,600 77,230 
  153,316 
Air Freight & Logistics - 0.7%   
United Parcel Service, Inc. Class B 410,700 52,290 
Airlines - 1.8%   
Allegiant Travel Co. 90,700 14,444 
American Airlines Group, Inc. 698,100 37,921 
Delta Air Lines, Inc. 1,012,700 57,491 
Southwest Airlines Co. 523,700 31,841 
  141,697 
Building Products - 0.3%   
Johnson Controls International PLC 675,700 26,440 
Commercial Services & Supplies - 0.5%   
Deluxe Corp. 560,800 41,651 
Construction & Engineering - 0.1%   
Fluor Corp. 166,500 10,107 
Electrical Equipment - 0.4%   
Acuity Brands, Inc. 191,700 29,606 
Industrial Conglomerates - 0.8%   
Honeywell International, Inc. 387,300 61,840 
Machinery - 1.4%   
Allison Transmission Holdings, Inc. 382,002 16,900 
Crane Co. 426,500 42,624 
Snap-On, Inc. 269,200 46,117 
  105,641 
Professional Services - 0.9%   
Dun & Bradstreet Corp. 288,200 35,659 
Korn/Ferry International 125,800 5,606 
Manpower, Inc. 219,300 28,814 
  70,079 
Road & Rail - 2.4%   
Norfolk Southern Corp. 437,300 65,980 
Union Pacific Corp. 894,600 119,429 
  185,409 
Trading Companies & Distributors - 0.5%   
W.W. Grainger, Inc. 127,900 34,490 
TOTAL INDUSTRIALS  912,566 
INFORMATION TECHNOLOGY - 11.0%   
Communications Equipment - 2.1%   
Cisco Systems, Inc. 3,143,086 130,564 
InterDigital, Inc. 28,500 2,224 
Juniper Networks, Inc. 1,247,000 32,609 
  165,397 
Electronic Equipment & Components - 0.2%   
Avnet, Inc. 186,500 7,926 
TE Connectivity Ltd. 101,200 10,376 
  18,302 
IT Services - 1.0%   
CSRA, Inc. 1,193,200 39,710 
Leidos Holdings, Inc. 393,700 26,220 
The Western Union Co. 385,000 8,004 
  73,934 
Semiconductors & Semiconductor Equipment - 2.4%   
Intel Corp. 2,143,400 103,183 
Qualcomm, Inc. 1,146,583 78,254 
  181,437 
Software - 2.0%   
CA Technologies, Inc. 987,900 35,416 
Microsoft Corp. 428,816 40,742 
Oracle Corp. 1,515,000 78,159 
  154,317 
Technology Hardware, Storage & Peripherals - 3.3%   
Apple, Inc. 521,718 87,351 
Hewlett Packard Enterprise Co. 2,748,700 45,079 
HP, Inc. 1,958,300 45,668 
NetApp, Inc. 221,100 13,598 
Seagate Technology LLC 595,500 32,872 
Xerox Corp. 947,100 32,325 
  256,893 
TOTAL INFORMATION TECHNOLOGY  850,280 
MATERIALS - 2.6%   
Chemicals - 1.5%   
Huntsman Corp. 135,700 4,691 
LyondellBasell Industries NV Class A 674,400 80,820 
Monsanto Co. 165,400 20,146 
The Chemours Co. LLC 226,600 11,697 
  117,354 
Metals & Mining - 1.1%   
Nucor Corp. 580,200 38,850 
Steel Dynamics, Inc. 904,800 41,078 
  79,928 
TOTAL MATERIALS  197,282 
REAL ESTATE - 0.5%   
Equity Real Estate Investment Trusts (REITs) - 0.5%   
National Retail Properties, Inc. 322,600 12,801 
Spirit Realty Capital, Inc. 911,600 7,448 
Store Capital Corp. 565,800 13,868 
VEREIT, Inc. 1,095,200 7,885 
  42,002 
TELECOMMUNICATION SERVICES - 2.1%   
Diversified Telecommunication Services - 2.1%   
Verizon Communications, Inc. 2,947,700 159,382 
UTILITIES - 0.3%   
Electric Utilities - 0.1%   
Great Plains Energy, Inc. 182,600 5,683 
Independent Power and Renewable Electricity Producers - 0.2%   
The AES Corp. 1,429,900 16,530 
TOTAL UTILITIES  22,213 
TOTAL COMMON STOCKS   
(Cost $5,531,415)  7,081,978 
Money Market Funds - 8.4%   
Fidelity Cash Central Fund, 1.39% (c) 630,358,601 630,485 
Fidelity Securities Lending Cash Central Fund 1.40% (c)(d) 22,715,415 22,718 
TOTAL MONEY MARKET FUNDS   
(Cost $653,198)  653,203 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $6,184,613)  7,735,181 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (8,807) 
NET ASSETS - 100%  $7,726,374 

Values shown as $0 may reflect amounts less than $500.

Legend

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

 (b) Non-income producing

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

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


Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $1,919 
Fidelity Securities Lending Cash Central Fund 84 
Total $2,003 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $1,523,902 $1,523,902 $-- $-- 
Consumer Staples 784,446 748,034 36,412 -- 
Energy 482,943 482,943 -- -- 
Financials 1,279,096 1,279,096 -- -- 
Health Care 827,866 759,840 68,026 -- 
Industrials 912,566 912,566 -- -- 
Information Technology 850,280 850,280 -- -- 
Materials 197,282 197,282 -- -- 
Real Estate 42,002 42,002 -- -- 
Telecommunication Services 159,382 159,382 -- -- 
Utilities 22,213 22,213 -- -- 
Money Market Funds 653,203 653,203 -- -- 
Total Investments in Securities: $7,735,181 $7,630,743 $104,438 $-- 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $21,859) — See accompanying schedule:
Unaffiliated issuers (cost $5,531,415) 		$7,081,978  
Fidelity Central Funds (cost $653,198) 653,203  
Total Investment in Securities (cost $6,184,613)  $7,735,181 
Receivable for investments sold  32,902 
Receivable for fund shares sold  1,735 
Dividends receivable  5,194 
Distributions receivable from Fidelity Central Funds  591 
Prepaid expenses  11 
Other receivables  859 
Total assets  7,776,473 
Liabilities   
Payable to custodian bank $4  
Payable for investments purchased 17,682  
Payable for fund shares redeemed 5,933  
Accrued management fee 2,190  
Other affiliated payables 907  
Other payables and accrued expenses 663  
Collateral on securities loaned 22,720  
Total liabilities  50,099 
Net Assets  $7,726,374 
Net Assets consist of:   
Paid in capital  $5,685,683 
Undistributed net investment income  6,208 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  483,875 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,550,608 
Net Assets  $7,726,374 
Dividend Growth:   
Net Asset Value, offering price and redemption price per share ($6,463,255 ÷ 187,903 shares)  $34.40 
Class K:   
Net Asset Value, offering price and redemption price per share ($1,263,119 ÷ 36,767 shares)  $34.35 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $86,029 
Interest  1,030 
Income from Fidelity Central Funds  2,003 
Total income  89,062 
Expenses   
Management fee   
Basic fee $20,251  
Performance adjustment (7,672)  
Transfer agent fees 4,892  
Accounting and security lending fees 594  
Custodian fees and expenses 59  
Independent trustees' fees and expenses 15  
Registration fees 22  
Audit 42  
Legal 15  
Miscellaneous 22  
Total expenses before reductions 18,240  
Expense reductions (444) 17,796 
Net investment income (loss)  71,266 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,171,623  
Fidelity Central Funds 29  
Foreign currency transactions 268  
Total net realized gain (loss)  1,171,920 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (154,597)  
Fidelity Central Funds (31)  
Assets and liabilities in foreign currencies 18  
Total change in net unrealized appreciation (depreciation)  (154,610) 
Net gain (loss)  1,017,310 
Net increase (decrease) in net assets resulting from operations  $1,088,576 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $71,266 $120,267 
Net realized gain (loss) 1,171,920 505,117 
Change in net unrealized appreciation (depreciation) (154,610) 287,960 
Net increase (decrease) in net assets resulting from operations 1,088,576 913,344 
Distributions to shareholders from net investment income (127,264) (120,213) 
Distributions to shareholders from net realized gain (1,053,472) – 
Total distributions (1,180,736) (120,213) 
Share transactions - net increase (decrease) 389,281 (903,170) 
Total increase (decrease) in net assets 297,121 (110,039) 
Net Assets   
Beginning of period 7,429,253 7,539,292 
End of period $7,726,374 $7,429,253 
Other Information   
Undistributed net investment income end of period $6,208 $62,206 

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


Financial Highlights

Fidelity Dividend Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $35.06 $31.51 $34.46 $37.27 $35.33 $28.61 
Income from Investment Operations       
Net investment income (loss)A .32 .53 .48 .49 .56 .40 
Net realized and unrealized gain (loss) 4.66 3.53 (.61)B 2.71 4.98 7.12 
Total from investment operations 4.98 4.06 (.13) 3.20 5.54 7.52 
Distributions from net investment income (.60) (.51) (.47) (.51) (.37) (.30) 
Distributions from net realized gain (5.04) – (2.36) (5.49) (3.23) (.50) 
Total distributions (5.64) (.51) (2.82)C (6.01)D (3.60) (.80) 
Net asset value, end of period $34.40 $35.06 $31.51 $34.46 $37.27 $35.33 
Total ReturnE,F 15.65% 13.06% .26%B 9.54% 17.30% 26.83% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .51%I .52% .62% .69% .56% .63% 
Expenses net of fee waivers, if any .51%I .52% .61% .68% .56% .63% 
Expenses net of all reductions .50%I .52% .61% .68% .56% .62% 
Net investment income (loss) 1.89%I 1.60% 1.59% 1.43% 1.58% 1.26% 
Supplemental Data       
Net assets, end of period (in millions) $6,463 $5,952 $5,849 $6,474 $6,481 $6,633 
Portfolio turnover rateJ 104%I 43% 30% 64% 99% 69% 

 A Calculated based on average shares outstanding during the period.

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

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

 D Total distributions of $6.01 per share is comprised of distributions from net investment income of $.512 and distributions from net realized gain of $5.493 per share. E Total returns for periods of less than one year are not annualized.

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

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

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

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

 I Annualized

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


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


Fidelity Dividend Growth Fund Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $35.04 $31.50 $34.45 $37.27 $35.34 $28.62 
Income from Investment Operations       
Net investment income (loss)A .34 .56 .52 .53 .60 .45 
Net realized and unrealized gain (loss) 4.65 3.53 (.61)B 2.70 4.97 7.12 
Total from investment operations 4.99 4.09 (.09) 3.23 5.57 7.57 
Distributions from net investment income (.64) (.55) (.50) (.56) (.42) (.35) 
Distributions from net realized gain (5.04) – (2.36) (5.49) (3.23) (.50) 
Total distributions (5.68) (.55) (2.86) (6.05) (3.64)C (.85) 
Net asset value, end of period $34.35 $35.04 $31.50 $34.45 $37.27 $35.34 
Total ReturnD,E 15.69% 13.16% .39%B 9.65% 17.44% 27.04% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .40%H .41% .50% .57% .44% .48% 
Expenses net of fee waivers, if any .40%H .41% .50% .57% .43% .48% 
Expenses net of all reductions .39%H .41% .49% .57% .43% .47% 
Net investment income (loss) 1.99%H 1.71% 1.71% 1.54% 1.70% 1.41% 
Supplemental Data       
Net assets, end of period (in millions) $1,263 $1,477 $1,691 $1,942 $2,057 $1,639 
Portfolio turnover rateI 104%H 43% 30% 64% 99% 69% 

 A Calculated based on average shares outstanding during the period.

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

 C Total distributions of $3.64 per share is comprised of distributions from net investment income of $.419 and distributions from net realized gain of $3.225 per share.

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

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

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

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

 H Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2018 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, partnerships, deferred trustees compensation and losses deferred due to wash sales 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 $1,598,860 
Gross unrealized depreciation (51,735) 
Net unrealized appreciation (depreciation) $1,547,125 
Tax cost $6,188,056 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,722,122 and $4,817,450, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Dividend Growth as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .34% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Dividend Growth $4,572 .15 
Class K 320 .05 
 $4,892  

 (a) Annualized


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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $103 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $84. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $405 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $37.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Dividend Growth $102,569 $92,313 
Class K 24,695 27,900 
Total $127,264 $120,213 
From net realized gain   
Dividend Growth $860,821 $– 
Class K 192,651 – 
Total $1,053,472 $– 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Dividend Growth     
Shares sold 3,665 6,358 $125,124 $209,135 
Reinvestment of distributions 28,012 2,777 919,157 88,012 
Shares redeemed (13,550) (24,948) (464,304) (819,066) 
Net increase (decrease) 18,127 (15,813) $579,977 $(521,919) 
Class K     
Shares sold 3,085 6,119 $105,097 $201,106 
Reinvestment of distributions 6,626 882 217,346 27,900 
Shares redeemed (15,099) (18,521) (513,139) (610,257) 
Net increase (decrease) (5,388) (11,520) $(190,696) $(381,251) 

11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Dividend Growth .51%    
Actual  $1,000.00 $1,156.50 $2.77 
Hypothetical-C  $1,000.00 $1,022.63 $2.60 
Class K .40%    
Actual  $1,000.00 $1,156.90 $2.17 
Hypothetical-C  $1,000.00 $1,023.19 $2.04 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

DGF-K-SANN-0318
1.863068.109

Fidelity® Dividend Growth Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Wells Fargo & Co. 2.9 
JPMorgan Chase & Co. 2.9 
Bank of America Corp. 2.8 
Comcast Corp. Class A 2.4 
Exxon Mobil Corp. 2.3 
Verizon Communications, Inc. 2.1 
Chevron Corp. 2.0 
Altria Group, Inc. 1.9 
Amgen, Inc. 1.7 
Cisco Systems, Inc. 1.7 
 22.7 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Consumer Discretionary 19.7 
Financials 16.6 
Industrials 11.8 
Information Technology 11.0 
Health Care 10.7 

Asset Allocation (% of fund's net assets)

As of January 31, 2018 * 
   Stocks 91.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 8.3% 


 * Foreign investments - 6.5%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.7%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 19.7%   
Auto Components - 2.2%   
Adient PLC 52,100 $3,376 
Aptiv PLC 340,100 32,269 
BorgWarner, Inc. 233,300 13,125 
Cooper Tire & Rubber Co. 116,200 4,543 
Delphi Technologies PLC 113,366 6,261 
Gentex Corp. 1,480,900 35,068 
Lear Corp. 169,600 32,757 
Tenneco, Inc. 278,200 16,138 
The Goodyear Tire & Rubber Co. 737,400 25,676 
  169,213 
Automobiles - 0.7%   
General Motors Co. 891,600 37,813 
Thor Industries, Inc. 124,300 16,987 
  54,800 
Distributors - 0.5%   
Genuine Parts Co. 343,900 35,790 
Diversified Consumer Services - 1.0%   
Graham Holdings Co. 60,100 35,726 
H&R Block, Inc. 1,592,300 42,260 
  77,986 
Household Durables - 1.0%   
Lennar Corp.:   
Class A 718,800 45,040 
Class B 13,702 694 
Tupperware Brands Corp. 530,900 30,665 
  76,399 
Leisure Products - 0.3%   
Brunswick Corp. 335,600 21,069 
Media - 7.2%   
CBS Corp. Class B 275,900 15,895 
Cinemark Holdings, Inc. 848,800 31,236 
Comcast Corp. Class A 4,293,292 182,594 
Interpublic Group of Companies, Inc. 1,975,600 43,246 
Omnicom Group, Inc. 529,400 40,579 
Sinclair Broadcast Group, Inc. Class A 567,900 21,069 
Tegna, Inc. 1,845,700 26,707 
The Walt Disney Co. 613,200 66,636 
Time Warner, Inc. 379,900 36,223 
Twenty-First Century Fox, Inc. Class A 2,011,100 74,210 
Viacom, Inc. Class B (non-vtg.) 649,600 21,710 
  560,105 
Multiline Retail - 1.4%   
Dollar General Corp. 463,100 47,755 
Macy's, Inc. 502,700 13,045 
Target Corp. 659,100 49,578 
  110,378 
Specialty Retail - 4.1%   
Bed Bath & Beyond, Inc. 341,900 7,891 
Best Buy Co., Inc. 432,900 31,628 
Dick's Sporting Goods, Inc. 353,200 11,112 
Foot Locker, Inc. 434,079 21,335 
Gap, Inc. 777,400 25,841 
L Brands, Inc. 227,200 11,380 
Lowe's Companies, Inc. 633,900 66,388 
Ross Stores, Inc. 614,500 50,629 
TJX Companies, Inc. 712,100 57,196 
Tractor Supply Co. 132,400 10,096 
Williams-Sonoma, Inc. (a) 490,600 25,133 
  318,629 
Textiles, Apparel & Luxury Goods - 1.3%   
Carter's, Inc. 259,900 31,266 
Ralph Lauren Corp. 296,400 33,881 
Tapestry, Inc. 731,000 34,386 
  99,533 
TOTAL CONSUMER DISCRETIONARY  1,523,902 
CONSUMER STAPLES - 10.2%   
Beverages - 0.5%   
Dr. Pepper Snapple Group, Inc. 337,808 40,317 
Food & Staples Retailing - 3.5%   
CVS Health Corp. 963,900 75,849 
Kroger Co. 1,601,418 48,619 
Walgreens Boots Alliance, Inc. 661,400 49,777 
Walmart, Inc. 885,000 94,341 
  268,586 
Food Products - 2.7%   
Campbell Soup Co. 906,800 42,212 
ConAgra Foods, Inc. 1,409,500 53,561 
General Mills, Inc. 468,200 27,385 
Ingredion, Inc. 178,700 25,668 
The J.M. Smucker Co. 238,400 30,251 
The Kraft Heinz Co. 41,300 3,238 
Tyson Foods, Inc. Class A 374,200 28,480 
  210,795 
Household Products - 1.1%   
Energizer Holdings, Inc. 519,900 30,269 
Kimberly-Clark Corp. 427,000 49,959 
  80,228 
Tobacco - 2.4%   
Altria Group, Inc. 2,105,600 148,108 
British American Tobacco PLC (United Kingdom) 532,760 36,412 
  184,520 
TOTAL CONSUMER STAPLES  784,446 
ENERGY - 6.2%   
Oil, Gas & Consumable Fuels - 6.2%   
Chevron Corp. 1,213,900 152,162 
Exxon Mobil Corp. 2,065,197 180,292 
Phillips 66 Co. 337,400 34,550 
Suncor Energy, Inc. 1,138,500 41,245 
Total SA sponsored ADR (a) 648,471 37,650 
Valero Energy Corp. 386,000 37,044 
  482,943 
FINANCIALS - 16.6%   
Banks - 10.1%   
Bank of America Corp. 6,798,617 217,556 
JPMorgan Chase & Co. 1,912,535 221,223 
U.S. Bancorp 2,025,969 115,764 
Wells Fargo & Co. 3,441,793 226,396 
  780,939 
Capital Markets - 0.2%   
Diamond Hill Investment Group, Inc. 56,538 11,893 
KKR & Co. LP 192,000 4,623 
  16,516 
Consumer Finance - 0.0%   
Imperial Holdings, Inc. warrants 4/11/19 (b) 48,012 0 
Diversified Financial Services - 1.5%   
Berkshire Hathaway, Inc. Class B (b) 513,200 110,020 
Insurance - 4.8%   
Allstate Corp. 500,000 49,385 
Chubb Ltd. 674,900 105,386 
First American Financial Corp. 189,672 11,204 
Marsh & McLennan Companies, Inc. 414,100 34,586 
MetLife, Inc. 1,267,200 60,914 
The Travelers Companies, Inc. 734,700 110,146 
  371,621 
TOTAL FINANCIALS  1,279,096 
HEALTH CARE - 10.7%   
Biotechnology - 2.5%   
Amgen, Inc. 713,710 132,786 
Gilead Sciences, Inc. 688,700 57,713 
  190,499 
Health Care Equipment & Supplies - 0.4%   
Medtronic PLC 399,503 34,313 
Health Care Providers & Services - 5.0%   
Aetna, Inc. 118,500 22,138 
AmerisourceBergen Corp. 411,300 40,994 
Anthem, Inc. 401,800 99,586 
Cardinal Health, Inc. 742,400 53,297 
Cigna Corp. 218,200 45,462 
McKesson Corp. 217,300 36,698 
Quest Diagnostics, Inc. 399,100 42,233 
UnitedHealth Group, Inc. 86,000 20,363 
Universal Health Services, Inc. Class B 202,000 24,543 
  385,314 
Pharmaceuticals - 2.8%   
GlaxoSmithKline PLC 2,078,146 38,683 
Johnson & Johnson 553,243 76,453 
Pfizer, Inc. 1,977,900 73,261 
Sanofi SA 332,494 29,343 
  217,740 
TOTAL HEALTH CARE  827,866 
INDUSTRIALS - 11.8%   
Aerospace & Defense - 2.0%   
General Dynamics Corp. 224,400 49,925 
Rockwell Collins, Inc. 188,900 26,161 
United Technologies Corp. 559,600 77,230 
  153,316 
Air Freight & Logistics - 0.7%   
United Parcel Service, Inc. Class B 410,700 52,290 
Airlines - 1.8%   
Allegiant Travel Co. 90,700 14,444 
American Airlines Group, Inc. 698,100 37,921 
Delta Air Lines, Inc. 1,012,700 57,491 
Southwest Airlines Co. 523,700 31,841 
  141,697 
Building Products - 0.3%   
Johnson Controls International PLC 675,700 26,440 
Commercial Services & Supplies - 0.5%   
Deluxe Corp. 560,800 41,651 
Construction & Engineering - 0.1%   
Fluor Corp. 166,500 10,107 
Electrical Equipment - 0.4%   
Acuity Brands, Inc. 191,700 29,606 
Industrial Conglomerates - 0.8%   
Honeywell International, Inc. 387,300 61,840 
Machinery - 1.4%   
Allison Transmission Holdings, Inc. 382,002 16,900 
Crane Co. 426,500 42,624 
Snap-On, Inc. 269,200 46,117 
  105,641 
Professional Services - 0.9%   
Dun & Bradstreet Corp. 288,200 35,659 
Korn/Ferry International 125,800 5,606 
Manpower, Inc. 219,300 28,814 
  70,079 
Road & Rail - 2.4%   
Norfolk Southern Corp. 437,300 65,980 
Union Pacific Corp. 894,600 119,429 
  185,409 
Trading Companies & Distributors - 0.5%   
W.W. Grainger, Inc. 127,900 34,490 
TOTAL INDUSTRIALS  912,566 
INFORMATION TECHNOLOGY - 11.0%   
Communications Equipment - 2.1%   
Cisco Systems, Inc. 3,143,086 130,564 
InterDigital, Inc. 28,500 2,224 
Juniper Networks, Inc. 1,247,000 32,609 
  165,397 
Electronic Equipment & Components - 0.2%   
Avnet, Inc. 186,500 7,926 
TE Connectivity Ltd. 101,200 10,376 
  18,302 
IT Services - 1.0%   
CSRA, Inc. 1,193,200 39,710 
Leidos Holdings, Inc. 393,700 26,220 
The Western Union Co. 385,000 8,004 
  73,934 
Semiconductors & Semiconductor Equipment - 2.4%   
Intel Corp. 2,143,400 103,183 
Qualcomm, Inc. 1,146,583 78,254 
  181,437 
Software - 2.0%   
CA Technologies, Inc. 987,900 35,416 
Microsoft Corp. 428,816 40,742 
Oracle Corp. 1,515,000 78,159 
  154,317 
Technology Hardware, Storage & Peripherals - 3.3%   
Apple, Inc. 521,718 87,351 
Hewlett Packard Enterprise Co. 2,748,700 45,079 
HP, Inc. 1,958,300 45,668 
NetApp, Inc. 221,100 13,598 
Seagate Technology LLC 595,500 32,872 
Xerox Corp. 947,100 32,325 
  256,893 
TOTAL INFORMATION TECHNOLOGY  850,280 
MATERIALS - 2.6%   
Chemicals - 1.5%   
Huntsman Corp. 135,700 4,691 
LyondellBasell Industries NV Class A 674,400 80,820 
Monsanto Co. 165,400 20,146 
The Chemours Co. LLC 226,600 11,697 
  117,354 
Metals & Mining - 1.1%   
Nucor Corp. 580,200 38,850 
Steel Dynamics, Inc. 904,800 41,078 
  79,928 
TOTAL MATERIALS  197,282 
REAL ESTATE - 0.5%   
Equity Real Estate Investment Trusts (REITs) - 0.5%   
National Retail Properties, Inc. 322,600 12,801 
Spirit Realty Capital, Inc. 911,600 7,448 
Store Capital Corp. 565,800 13,868 
VEREIT, Inc. 1,095,200 7,885 
  42,002 
TELECOMMUNICATION SERVICES - 2.1%   
Diversified Telecommunication Services - 2.1%   
Verizon Communications, Inc. 2,947,700 159,382 
UTILITIES - 0.3%   
Electric Utilities - 0.1%   
Great Plains Energy, Inc. 182,600 5,683 
Independent Power and Renewable Electricity Producers - 0.2%   
The AES Corp. 1,429,900 16,530 
TOTAL UTILITIES  22,213 
TOTAL COMMON STOCKS   
(Cost $5,531,415)  7,081,978 
Money Market Funds - 8.4%   
Fidelity Cash Central Fund, 1.39% (c) 630,358,601 630,485 
Fidelity Securities Lending Cash Central Fund 1.40% (c)(d) 22,715,415 22,718 
TOTAL MONEY MARKET FUNDS   
(Cost $653,198)  653,203 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $6,184,613)  7,735,181 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (8,807) 
NET ASSETS - 100%  $7,726,374 

Values shown as $0 may reflect amounts less than $500.

Legend

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

 (b) Non-income producing

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

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


Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $1,919 
Fidelity Securities Lending Cash Central Fund 84 
Total $2,003 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $1,523,902 $1,523,902 $-- $-- 
Consumer Staples 784,446 748,034 36,412 -- 
Energy 482,943 482,943 -- -- 
Financials 1,279,096 1,279,096 -- -- 
Health Care 827,866 759,840 68,026 -- 
Industrials 912,566 912,566 -- -- 
Information Technology 850,280 850,280 -- -- 
Materials 197,282 197,282 -- -- 
Real Estate 42,002 42,002 -- -- 
Telecommunication Services 159,382 159,382 -- -- 
Utilities 22,213 22,213 -- -- 
Money Market Funds 653,203 653,203 -- -- 
Total Investments in Securities: $7,735,181 $7,630,743 $104,438 $-- 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $21,859) — See accompanying schedule:
Unaffiliated issuers (cost $5,531,415) 		$7,081,978  
Fidelity Central Funds (cost $653,198) 653,203  
Total Investment in Securities (cost $6,184,613)  $7,735,181 
Receivable for investments sold  32,902 
Receivable for fund shares sold  1,735 
Dividends receivable  5,194 
Distributions receivable from Fidelity Central Funds  591 
Prepaid expenses  11 
Other receivables  859 
Total assets  7,776,473 
Liabilities   
Payable to custodian bank $4  
Payable for investments purchased 17,682  
Payable for fund shares redeemed 5,933  
Accrued management fee 2,190  
Other affiliated payables 907  
Other payables and accrued expenses 663  
Collateral on securities loaned 22,720  
Total liabilities  50,099 
Net Assets  $7,726,374 
Net Assets consist of:   
Paid in capital  $5,685,683 
Undistributed net investment income  6,208 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  483,875 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,550,608 
Net Assets  $7,726,374 
Dividend Growth:   
Net Asset Value, offering price and redemption price per share ($6,463,255 ÷ 187,903 shares)  $34.40 
Class K:   
Net Asset Value, offering price and redemption price per share ($1,263,119 ÷ 36,767 shares)  $34.35 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $86,029 
Interest  1,030 
Income from Fidelity Central Funds  2,003 
Total income  89,062 
Expenses   
Management fee   
Basic fee $20,251  
Performance adjustment (7,672)  
Transfer agent fees 4,892  
Accounting and security lending fees 594  
Custodian fees and expenses 59  
Independent trustees' fees and expenses 15  
Registration fees 22  
Audit 42  
Legal 15  
Miscellaneous 22  
Total expenses before reductions 18,240  
Expense reductions (444) 17,796 
Net investment income (loss)  71,266 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,171,623  
Fidelity Central Funds 29  
Foreign currency transactions 268  
Total net realized gain (loss)  1,171,920 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (154,597)  
Fidelity Central Funds (31)  
Assets and liabilities in foreign currencies 18  
Total change in net unrealized appreciation (depreciation)  (154,610) 
Net gain (loss)  1,017,310 
Net increase (decrease) in net assets resulting from operations  $1,088,576 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $71,266 $120,267 
Net realized gain (loss) 1,171,920 505,117 
Change in net unrealized appreciation (depreciation) (154,610) 287,960 
Net increase (decrease) in net assets resulting from operations 1,088,576 913,344 
Distributions to shareholders from net investment income (127,264) (120,213) 
Distributions to shareholders from net realized gain (1,053,472) – 
Total distributions (1,180,736) (120,213) 
Share transactions - net increase (decrease) 389,281 (903,170) 
Total increase (decrease) in net assets 297,121 (110,039) 
Net Assets   
Beginning of period 7,429,253 7,539,292 
End of period $7,726,374 $7,429,253 
Other Information   
Undistributed net investment income end of period $6,208 $62,206 

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


Financial Highlights

Fidelity Dividend Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $35.06 $31.51 $34.46 $37.27 $35.33 $28.61 
Income from Investment Operations       
Net investment income (loss)A .32 .53 .48 .49 .56 .40 
Net realized and unrealized gain (loss) 4.66 3.53 (.61)B 2.71 4.98 7.12 
Total from investment operations 4.98 4.06 (.13) 3.20 5.54 7.52 
Distributions from net investment income (.60) (.51) (.47) (.51) (.37) (.30) 
Distributions from net realized gain (5.04) – (2.36) (5.49) (3.23) (.50) 
Total distributions (5.64) (.51) (2.82)C (6.01)D (3.60) (.80) 
Net asset value, end of period $34.40 $35.06 $31.51 $34.46 $37.27 $35.33 
Total ReturnE,F 15.65% 13.06% .26%B 9.54% 17.30% 26.83% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .51%I .52% .62% .69% .56% .63% 
Expenses net of fee waivers, if any .51%I .52% .61% .68% .56% .63% 
Expenses net of all reductions .50%I .52% .61% .68% .56% .62% 
Net investment income (loss) 1.89%I 1.60% 1.59% 1.43% 1.58% 1.26% 
Supplemental Data       
Net assets, end of period (in millions) $6,463 $5,952 $5,849 $6,474 $6,481 $6,633 
Portfolio turnover rateJ 104%I 43% 30% 64% 99% 69% 

 A Calculated based on average shares outstanding during the period.

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

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

 D Total distributions of $6.01 per share is comprised of distributions from net investment income of $.512 and distributions from net realized gain of $5.493 per share. E Total returns for periods of less than one year are not annualized.

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

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

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

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

 I Annualized

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


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


Fidelity Dividend Growth Fund Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $35.04 $31.50 $34.45 $37.27 $35.34 $28.62 
Income from Investment Operations       
Net investment income (loss)A .34 .56 .52 .53 .60 .45 
Net realized and unrealized gain (loss) 4.65 3.53 (.61)B 2.70 4.97 7.12 
Total from investment operations 4.99 4.09 (.09) 3.23 5.57 7.57 
Distributions from net investment income (.64) (.55) (.50) (.56) (.42) (.35) 
Distributions from net realized gain (5.04) – (2.36) (5.49) (3.23) (.50) 
Total distributions (5.68) (.55) (2.86) (6.05) (3.64)C (.85) 
Net asset value, end of period $34.35 $35.04 $31.50 $34.45 $37.27 $35.34 
Total ReturnD,E 15.69% 13.16% .39%B 9.65% 17.44% 27.04% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .40%H .41% .50% .57% .44% .48% 
Expenses net of fee waivers, if any .40%H .41% .50% .57% .43% .48% 
Expenses net of all reductions .39%H .41% .49% .57% .43% .47% 
Net investment income (loss) 1.99%H 1.71% 1.71% 1.54% 1.70% 1.41% 
Supplemental Data       
Net assets, end of period (in millions) $1,263 $1,477 $1,691 $1,942 $2,057 $1,639 
Portfolio turnover rateI 104%H 43% 30% 64% 99% 69% 

 A Calculated based on average shares outstanding during the period.

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

 C Total distributions of $3.64 per share is comprised of distributions from net investment income of $.419 and distributions from net realized gain of $3.225 per share.

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

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

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

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

 H Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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, 2018 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, partnerships, deferred trustees compensation and losses deferred due to wash sales 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 $1,598,860 
Gross unrealized depreciation (51,735) 
Net unrealized appreciation (depreciation) $1,547,125 
Tax cost $6,188,056 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,722,122 and $4,817,450, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Dividend Growth as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .34% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Dividend Growth $4,572 .15 
Class K 320 .05 
 $4,892  

 (a) Annualized


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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $103 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $84. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $405 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $37.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Dividend Growth $102,569 $92,313 
Class K 24,695 27,900 
Total $127,264 $120,213 
From net realized gain   
Dividend Growth $860,821 $– 
Class K 192,651 – 
Total $1,053,472 $– 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Dividend Growth     
Shares sold 3,665 6,358 $125,124 $209,135 
Reinvestment of distributions 28,012 2,777 919,157 88,012 
Shares redeemed (13,550) (24,948) (464,304) (819,066) 
Net increase (decrease) 18,127 (15,813) $579,977 $(521,919) 
Class K     
Shares sold 3,085 6,119 $105,097 $201,106 
Reinvestment of distributions 6,626 882 217,346 27,900 
Shares redeemed (15,099) (18,521) (513,139) (610,257) 
Net increase (decrease) (5,388) (11,520) $(190,696) $(381,251) 

11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Dividend Growth .51%    
Actual  $1,000.00 $1,156.50 $2.77 
Hypothetical-C  $1,000.00 $1,022.63 $2.60 
Class K .40%    
Actual  $1,000.00 $1,156.90 $2.17 
Hypothetical-C  $1,000.00 $1,023.19 $2.04 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






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Fidelity Flex℠ Funds

Fidelity Flex℠ Large Cap Growth Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Alphabet, Inc. Class A 6.7 
Amazon.com, Inc. 6.7 
Apple, Inc. 5.9 
Facebook, Inc. Class A 4.2 
Microsoft Corp. 3.7 
NVIDIA Corp. 3.0 
Tesla, Inc. 2.4 
Salesforce.com, Inc. 2.4 
Broadcom Ltd. 2.1 
Visa, Inc. Class A 2.0 
 39.1 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 43.2 
Consumer Discretionary 26.6 
Health Care 10.5 
Industrials 5.5 
Consumer Staples 4.7 

Asset Allocation (% of fund's net assets)

As of January 31, 2018 * 
   Stocks 98.7% 
   Convertible Securities 1.2% 
   Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 13.4%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value 
CONSUMER DISCRETIONARY - 25.8%   
Auto Components - 0.1%   
Aptiv PLC 83 $7,875 
Automobiles - 2.4%   
Tesla, Inc.(a) 909 322,068 
Diversified Consumer Services - 0.4%   
Adtalem Global Education, Inc. (a) 107 4,922 
Chegg, Inc. (a) 298 5,161 
Grand Canyon Education, Inc. (a) 31 2,883 
New Oriental Education & Technology Group, Inc. sponsored ADR 312 28,732 
ServiceMaster Global Holdings, Inc. (a) 224 11,809 
Weight Watchers International, Inc. (a) 42 2,700 
  56,207 
Hotels, Restaurants & Leisure - 3.5%   
Alsea S.A.B. de CV 700 2,290 
Caesars Entertainment Corp. (a) 928 12,946 
Chipotle Mexican Grill, Inc. (a) 197 63,978 
Delta Corp. Ltd. (a) 442 2,405 
Eldorado Resorts, Inc. (a) 40 1,382 
Hilton Grand Vacations, Inc. (a) 61 2,743 
Hyatt Hotels Corp. Class A (a) 33 2,683 
Las Vegas Sands Corp. 226 17,520 
Marriott International, Inc. Class A 217 31,973 
Marriott Vacations Worldwide Corp. 29 4,418 
McDonald's Corp. 678 116,033 
Melco Crown Entertainment Ltd. sponsored ADR 244 7,266 
MGM Mirage, Inc. 1,041 37,944 
Penn National Gaming, Inc. (a) 593 18,923 
Royal Caribbean Cruises Ltd. 187 24,974 
Shake Shack, Inc. Class A (a) 443 19,364 
Starbucks Corp. 943 53,572 
U.S. Foods Holding Corp. (a) 694 22,298 
Vail Resorts, Inc. 23 5,027 
Wyndham Worldwide Corp. 163 20,233 
Yum China Holdings, Inc. 321 14,891 
  482,863 
Household Durables - 0.7%   
D.R. Horton, Inc. 253 12,410 
Forbo Holding AG (Reg.) 1 1,691 
Neinor Homes SLU (b) 95 2,182 
Newell Brands, Inc. 246 6,504 
Panasonic Corp. 239 3,548 
SodaStream International Ltd. (a) 397 31,216 
Sony Corp. 717 34,388 
  91,939 
Internet & Direct Marketing Retail - 9.6%   
Amazon.com, Inc. (a) 630 914,061 
Boohoo.Com PLC (a) 2,018 5,311 
Expedia, Inc. 30 3,840 
JD.com, Inc. sponsored ADR (a) 2,182 107,420 
Netflix, Inc. (a) 543 146,773 
Priceline Group, Inc. (a) 61 116,635 
Start Today Co. Ltd. 99 2,925 
Wayfair LLC Class A (a) 48 4,416 
  1,301,381 
Leisure Products - 0.0%   
Spin Master Corp. (a)(b) 111 4,786 
Media - 0.5%   
AMC Entertainment Holdings, Inc. Class A 94 1,203 
CBS Corp. Class B 68 3,917 
China Literature Ltd. (a)(b) 1,382 14,319 
Live Nation Entertainment, Inc. (a) 78 3,515 
Naspers Ltd. Class N 84 23,985 
The Walt Disney Co. 181 19,669 
Vivendi SA 45 1,320 
  67,928 
Multiline Retail - 1.5%   
Avenue Supermarts Ltd. (b) 73 1,355 
B&M European Value Retail S.A. 704 4,157 
Dollar General Corp. 78 8,043 
Dollar Tree, Inc. (a) 1,483 170,545 
Macy's, Inc. 286 7,422 
Nordstrom, Inc. 53 2,613 
Ollie's Bargain Outlet Holdings, Inc. (a) 99 5,499 
Target Corp. 123 9,252 
V-Mart Retail Ltd. (a) 104 2,432 
  211,318 
Specialty Retail - 3.6%   
Advance Auto Parts, Inc. 46 5,382 
Burlington Stores, Inc. (a) 140 17,039 
Dick's Sporting Goods, Inc. 165 5,191 
Floor & Decor Holdings, Inc. Class A 398 18,666 
Home Depot, Inc. 1,350 271,215 
Lowe's Companies, Inc. 699 73,206 
O'Reilly Automotive, Inc. (a) 50 13,235 
Ross Stores, Inc. 418 34,439 
The Children's Place Retail Stores, Inc. 45 6,741 
TJX Companies, Inc. 500 40,160 
  485,274 
Textiles, Apparel & Luxury Goods - 3.5%   
adidas AG 674 156,734 
Canada Goose Holdings, Inc. 479 17,236 
Despegar.com Corp. 155 4,720 
G-III Apparel Group Ltd. (a) 217 8,105 
Kering SA 170 86,072 
LVMH Moet Hennessy - Louis Vuitton SA 48 15,036 
Michael Kors Holdings Ltd. (a) 419 27,654 
NIKE, Inc. Class B 939 64,059 
Prada SpA 2,666 10,889 
PVH Corp. 334 51,797 
Shenzhou International Group Holdings Ltd. 160 1,652 
Tapestry, Inc. 456 21,450 
Under Armour, Inc. Class C (non-vtg.) (a) 487 6,258 
VF Corp. 102 8,276 
  479,938 
TOTAL CONSUMER DISCRETIONARY  3,511,577 
CONSUMER STAPLES - 4.4%   
Beverages - 1.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 239 52,453 
Diageo PLC 186 6,695 
Dr. Pepper Snapple Group, Inc. 77 9,190 
Fever-Tree Drinks PLC 193 6,708 
Monster Beverage Corp. (a) 1,121 76,486 
  151,532 
Food & Staples Retailing - 1.0%   
Costco Wholesale Corp. 458 89,250 
Kroger Co. 596 18,095 
Performance Food Group Co. (a) 379 13,019 
Walmart, Inc. 75 7,995 
  128,359 
Food Products - 0.3%   
Bunge Ltd. 113 8,976 
ConAgra Foods, Inc. 36 1,368 
Danone SA 40 3,443 
Darling International, Inc. (a) 183 3,393 
Lamb Weston Holdings, Inc. 118 6,915 
Pinnacle Foods, Inc. 22 1,363 
The Hain Celestial Group, Inc. (a) 382 14,569 
  40,027 
Household Products - 0.1%   
Spectrum Brands Holdings, Inc. 107 12,675 
Personal Products - 1.0%   
Coty, Inc. Class A 1,189 23,316 
Estee Lauder Companies, Inc. Class A 149 20,109 
Herbalife Ltd. (a) 634 52,616 
Kose Corp. 31 5,354 
Unilever NV (NY Reg.) 634 36,449 
  137,844 
Tobacco - 0.9%   
British American Tobacco PLC:   
(United Kingdom) 30 2,050 
sponsored ADR 1,103 75,114 
Philip Morris International, Inc. 471 50,505 
  127,669 
TOTAL CONSUMER STAPLES  598,106 
ENERGY - 2.0%   
Energy Equipment & Services - 0.0%   
Shelf Drilling Ltd. (b) 197 1,661 
U.S. Silica Holdings, Inc. 113 3,762 
  5,423 
Oil, Gas & Consumable Fuels - 2.0%   
Anadarko Petroleum Corp. 668 40,113 
Andeavor 66 7,139 
Bharat Petroleum Corp. Ltd. 328 2,541 
Cenovus Energy, Inc. 506 4,826 
Cimarex Energy Co. 204 22,889 
Continental Resources, Inc. (a) 808 44,868 
Diamondback Energy, Inc. (a) 222 27,861 
EOG Resources, Inc. 249 28,635 
Marathon Petroleum Corp. 57 3,948 
Oasis Petroleum, Inc. (a) 437 3,784 
Petronet LNG Ltd. 338 1,355 
Pioneer Natural Resources Co. 177 32,375 
Reliance Industries Ltd. 1,492 22,565 
Valero Energy Corp. 98 9,405 
Whiting Petroleum Corp. (a) 502 14,016 
  266,320 
TOTAL ENERGY  271,743 
FINANCIALS - 4.4%   
Banks - 2.2%   
Bank of America Corp. 3,407 109,024 
Citigroup, Inc. 817 64,118 
First Republic Bank 29 2,597 
HDFC Bank Ltd. sponsored ADR 243 26,387 
JPMorgan Chase & Co. 785 90,801 
Kotak Mahindra Bank Ltd. (a) 305 5,321 
  298,248 
Capital Markets - 1.9%   
BlackRock, Inc. Class A 94 52,809 
CBOE Holdings, Inc. 226 30,372 
Charles Schwab Corp. 423 22,563 
E*TRADE Financial Corp. (a) 101 5,323 
Fairfax India Holdings Corp. (a) 246 4,541 
Goldman Sachs Group, Inc. 263 70,455 
KKR & Co. LP 111 2,673 
Morgan Stanley 613 34,665 
MSCI, Inc. 28 3,898 
TD Ameritrade Holding Corp. 372 20,754 
The Blackstone Group LP 74 2,705 
  250,758 
Consumer Finance - 0.0%   
Synchrony Financial 106 4,206 
Diversified Financial Services - 0.1%   
Berkshire Hathaway, Inc. Class B (a) 54 11,577 
GDS Holdings Ltd. ADR (a) 47 1,341 
  12,918 
Insurance - 0.1%   
Chubb Ltd. 36 5,621 
MetLife, Inc. 100 4,807 
The Travelers Companies, Inc. 39 5,847 
  16,275 
Thrifts & Mortgage Finance - 0.1%   
Housing Development Finance Corp. Ltd. 345 10,619 
TOTAL FINANCIALS  593,024 
HEALTH CARE - 10.5%   
Biotechnology - 6.4%   
AC Immune SA (a) 332 4,436 
ACADIA Pharmaceuticals, Inc. (a) 144 4,307 
Acceleron Pharma, Inc. (a) 40 1,660 
Achaogen, Inc. (a) 192 2,106 
Agios Pharmaceuticals, Inc. (a) 39 3,072 
Aimmune Therapeutics, Inc. (a) 247 8,697 
Alexion Pharmaceuticals, Inc. (a) 915 109,178 
Alkermes PLC (a) 531 30,357 
Alnylam Pharmaceuticals, Inc. (a) 499 64,860 
Amgen, Inc. 505 93,955 
AnaptysBio, Inc. 57 6,007 
Arena Pharmaceuticals, Inc. (a) 75 2,807 
Ascendis Pharma A/S sponsored ADR (a) 55 2,803 
BeiGene Ltd. ADR (a) 59 8,009 
Biogen, Inc. (a) 293 101,908 
BioMarin Pharmaceutical, Inc. (a) 205 18,497 
bluebird bio, Inc. (a) 176 36,062 
Blueprint Medicines Corp. (a) 31 2,438 
Celgene Corp. (a) 485 49,063 
DBV Technologies SA sponsored ADR (a) 51 1,181 
Denali Therapeutics, Inc. (a) 422 9,816 
Editas Medicine, Inc. (a) 291 10,624 
Epizyme, Inc. (a) 139 2,245 
Exact Sciences Corp. (a) 86 4,275 
Exelixis, Inc. (a) 1,330 40,312 
FibroGen, Inc. (a) 175 10,246 
Flexion Therapeutics, Inc. (a) 44 994 
GenSight Biologics SA (a)(b) 263 2,122 
Global Blood Therapeutics, Inc. (a) 324 18,760 
Grifols SA ADR 46 1,143 
Insmed, Inc. (a) 75 1,908 
Intellia Therapeutics, Inc. (a) 300 7,710 
Ironwood Pharmaceuticals, Inc. Class A (a) 527 7,805 
Merrimack Pharmaceuticals, Inc. 82 861 
Neurocrine Biosciences, Inc. (a) 169 14,444 
Portola Pharmaceuticals, Inc. (a) 189 9,698 
Prothena Corp. PLC (a) 53 2,215 
Radius Health, Inc. (a) 35 1,318 
Regeneron Pharmaceuticals, Inc. (a) 292 107,062 
Sage Therapeutics, Inc. (a) 100 18,980 
Sarepta Therapeutics, Inc. (a) 68 4,457 
Seattle Genetics, Inc. (a) 188 9,832 
Trevena, Inc. (a) 430 701 
Ultragenyx Pharmaceutical, Inc. (a) 74 3,948 
Vertex Pharmaceuticals, Inc. (a) 114 19,023 
Xencor, Inc. (a) 112 2,549 
Zai Lab Ltd. ADR 97 2,615 
  867,066 
Health Care Equipment & Supplies - 1.7%   
Becton, Dickinson & Co. 18 4,373 
Boston Scientific Corp. (a) 2,555 71,438 
Danaher Corp. 229 23,193 
Fisher & Paykel Healthcare Corp. 122 1,200 
Hoya Corp. 20 1,027 
Insulet Corp. (a) 107 8,189 
Intuitive Surgical, Inc. (a) 222 95,831 
Invuity, Inc. (a) 285 1,482 
iRhythm Technologies, Inc. (a) 281 16,756 
Novocure Ltd. (a) 84 1,886 
Penumbra, Inc. (a) 10 996 
Quanterix Corp. (a) 83 1,727 
Stryker Corp. 8 1,315 
  229,413 
Health Care Providers & Services - 1.4%   
Anthem, Inc. 53 13,136 
Apollo Hospitals Enterprise Ltd. 331 6,055 
Cigna Corp. 92 19,168 
Humana, Inc. 265 74,685 
OptiNose, Inc. 707 13,398 
UnitedHealth Group, Inc. 251 59,432 
  185,874 
Health Care Technology - 0.1%   
Cerner Corp. (a) 179 12,374 
Evolent Health, Inc. (a) 169 2,383 
Teladoc, Inc. (a) 169 6,321 
  21,078 
Pharmaceuticals - 0.9%   
Aclaris Therapeutics, Inc. (a) 88 1,947 
Akcea Therapeutics, Inc. 446 9,656 
Allergan PLC 319 57,503 
Avexis, Inc. (a) 25 3,093 
Dermira, Inc. (a) 138 3,936 
Dova Pharmaceuticals, Inc. 54 1,720 
GW Pharmaceuticals PLC ADR (a) 77 10,636 
Intersect ENT, Inc. (a) 46 1,718 
Jazz Pharmaceuticals PLC (a) 108 15,740 
Nektar Therapeutics (a) 92 7,692 
Perrigo Co. PLC 30 2,719 
Revance Therapeutics, Inc. (a) 36 1,163 
Theravance Biopharma, Inc. (a) 20 529 
Zogenix, Inc. (a) 59 2,145 
  120,197 
TOTAL HEALTH CARE  1,423,628 
INDUSTRIALS - 5.5%   
Aerospace & Defense - 0.9%   
Bombardier, Inc. Class B (sub. vtg.) (a) 1,651 4,671 
Elbit Systems Ltd. 28 4,194 
General Dynamics Corp. 12 2,670 
Northrop Grumman Corp. 99 33,712 
Raytheon Co. 83 17,342 
The Boeing Co. 169 59,889 
  122,478 
Air Freight & Logistics - 0.2%   
XPO Logistics, Inc. (a) 362 34,187 
Airlines - 1.4%   
Allegiant Travel Co. 16 2,548 
Azul SA sponsored ADR 218 6,363 
Delta Air Lines, Inc. 740 42,010 
InterGlobe Aviation Ltd. (b) 227 4,339 
JetBlue Airways Corp. (a) 404 8,427 
Ryanair Holdings PLC sponsored ADR (a) 17 2,086 
Southwest Airlines Co. 1,147 69,738 
Spirit Airlines, Inc. (a) 283 11,920 
United Continental Holdings, Inc. (a) 464 31,468 
Wizz Air Holdings PLC (a)(b) 131 6,441 
  185,340 
Building Products - 0.1%   
Kajaria Ceramics Ltd. 409 4,065 
Masco Corp. 337 15,050 
  19,115 
Commercial Services & Supplies - 0.1%   
Copart, Inc. (a) 63 2,776 
Evoqua Water Technologies Corp. (a) 178 4,069 
HomeServe PLC 441 4,903 
Novus Holdings Ltd. 30 12 
  11,760 
Construction & Engineering - 0.0%   
Fluor Corp. 113 6,859 
Electrical Equipment - 0.1%   
AMETEK, Inc. 16 1,221 
Fortive Corp. 76 5,778 
Melrose Industries PLC 432 1,389 
Nidec Corp. 16 2,575 
Sensata Technologies Holding BV (a) 92 5,175 
  16,138 
Industrial Conglomerates - 0.4%   
Honeywell International, Inc. 235 37,522 
ITT, Inc. 211 11,816 
  49,338 
Machinery - 1.5%   
Allison Transmission Holdings, Inc. 144 6,371 
Aumann AG (b) 83 6,863 
Caterpillar, Inc. 757 123,224 
Deere & Co. 40 6,657 
Eicher Motors Ltd. 7 2,965 
Gardner Denver Holdings, Inc. 189 6,536 
Kennametal, Inc. 80 3,902 
Minebea Mitsumi, Inc. 57 1,297 
Parker Hannifin Corp. 20 4,028 
Rational AG 8 5,622 
SMC Corp. 3 1,479 
WABCO Holdings, Inc. (a) 166 25,629 
Xylem, Inc. 181 13,079 
  207,652 
Professional Services - 0.1%   
IHS Markit Ltd. (a) 257 12,267 
Road & Rail - 0.3%   
Avis Budget Group, Inc. (a) 172 7,733 
J.B. Hunt Transport Services, Inc. 141 17,037 
Knight-Swift Transportation Holdings, Inc. Class A 137 6,821 
Landstar System, Inc. 32 3,554 
  35,145 
Trading Companies & Distributors - 0.4%   
Ashtead Group PLC 93 2,780 
United Rentals, Inc. (a) 229 41,474 
Univar, Inc. (a) 144 4,300 
Wolseley PLC 9 695 
  49,249 
Transportation Infrastructure - 0.0%   
Adani Ports & Special Economic Zone Ltd. 185 1,248 
TOTAL INDUSTRIALS  750,776 
INFORMATION TECHNOLOGY - 43.1%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a) 73 20,135 
NETGEAR, Inc. (a) 347 24,186 
  44,321 
Electronic Equipment & Components - 0.3%   
Amphenol Corp. Class A 13 1,206 
Corning, Inc. 233 7,274 
Dell Technologies, Inc. (a) 317 22,729 
SYNNEX Corp. 10 1,227 
  32,436 
Internet Software & Services - 14.3%   
2U, Inc. (a) 116 8,615 
Akamai Technologies, Inc. (a) 129 8,642 
Alibaba Group Holding Ltd. sponsored ADR (a) 603 123,187 
Alphabet, Inc.:   
Class A (a) 774 915,036 
Class C (a) 92 107,634 
ANGI Homeservices, Inc. Class A (a) 304 4,061 
CarGurus, Inc. Class A 519 17,387 
Facebook, Inc. Class A (a) 3,040 568,146 
GoDaddy, Inc. (a) 101 5,578 
Gogo, Inc. (a) 1,318 12,706 
GrubHub, Inc. (a) 18 1,301 
IAC/InterActiveCorp (a) 10 1,450 
LogMeIn, Inc. 9 1,132 
Mail.Ru Group Ltd. GDR (Reg. S) (a) 250 8,200 
Match Group, Inc. (a) 46 1,607 
Momo, Inc. ADR (a) 234 7,378 
NetEase, Inc. ADR 59 18,889 
New Relic, Inc. (a) 85 5,077 
Okta, Inc. 55 1,620 
Shopify, Inc. Class A (a) 151 19,279 
Stamps.com, Inc. (a) 63 12,843 
Tencent Holdings Ltd. 1,387 81,954 
Yandex NV Series A (a) 375 14,524 
  1,946,246 
IT Services - 4.5%   
MasterCard, Inc. Class A 1,083 183,027 
PayPal Holdings, Inc. (a) 1,531 130,625 
Square, Inc. (a) 135 6,333 
Vakrangee Ltd. 720 4,132 
Visa, Inc. Class A 2,197 272,933 
Worldpay, Inc. (a) 153 12,287 
  609,337 
Semiconductors & Semiconductor Equipment - 7.5%   
ASM Pacific Technology Ltd. 495 6,758 
ASML Holding NV 32 6,495 
Broadcom Ltd. 1,152 285,731 
Cypress Semiconductor Corp. 269 4,651 
Inphi Corp. (a) 385 11,500 
Intel Corp. 381 18,341 
Lam Research Corp. 189 36,197 
Marvell Technology Group Ltd. 2,367 55,222 
Micron Technology, Inc. (a) 2,507 109,606 
Monolithic Power Systems, Inc. 59 7,028 
NVIDIA Corp. 1,677 412,207 
Qualcomm, Inc. 602 41,087 
Renesas Electronics Corp. (a) 1,136 13,387 
WONIK IPS Co. Ltd. (a) 180 5,544 
Xilinx, Inc. 77 5,623 
  1,019,377 
Software - 10.3%   
Activision Blizzard, Inc. 2,735 202,746 
Adobe Systems, Inc. (a) 591 118,058 
Altair Engineering, Inc. Class A (a) 260 6,916 
Atlassian Corp. PLC (a) 24 1,296 
Autodesk, Inc. (a) 148 17,112 
Electronic Arts, Inc. (a) 459 58,275 
Globant SA (a) 24 1,091 
Intuit, Inc. 98 16,454 
Micro Focus International PLC 214 6,533 
Microsoft Corp. 5,313 504,788 
Nintendo Co. Ltd. 12 5,435 
Paycom Software, Inc. (a) 239 21,902 
Red Hat, Inc. (a) 249 32,714 
RingCentral, Inc. (a) 51 2,769 
SailPoint Technologies Holding, Inc. (a) 372 6,224 
Salesforce.com, Inc. (a) 2,820 321,226 
SendGrid, Inc. (a) 156 3,505 
Snap, Inc. Class A (a) 867 11,722 
Take-Two Interactive Software, Inc. (a) 54 6,840 
Talend SA ADR (a) 84 3,273 
Tanium, Inc. Class B (c)(d) 131 724 
VMware, Inc. Class A (a) 113 13,988 
Workday, Inc. Class A (a) 205 24,577 
Zendesk, Inc. (a) 308 11,864 
  1,400,032 
Technology Hardware, Storage & Peripherals - 5.9%   
Apple, Inc. 4,779 800,148 
TOTAL INFORMATION TECHNOLOGY  5,851,897 
MATERIALS - 2.7%   
Chemicals - 2.3%   
Cabot Corp. 60 4,058 
CF Industries Holdings, Inc. 1,295 54,960 
DowDuPont, Inc. 605 45,726 
FMC Corp. 375 34,249 
LG Chemical Ltd. 17 6,865 
LyondellBasell Industries NV Class A 632 75,739 
Nutrien Ltd. (a) 74 3,871 
Orion Engineered Carbons SA 139 4,094 
PPG Industries, Inc. 22 2,612 
Sherwin-Williams Co. 12 5,005 
The Chemours Co. LLC 910 46,974 
The Mosaic Co. 50 1,365 
Tronox Ltd. Class A 729 14,310 
Westlake Chemical Corp. 79 8,895 
  308,723 
Construction Materials - 0.3%   
Buzzi Unicem SpA 21 617 
Eagle Materials, Inc. 152 17,032 
Loma Negra Compania Industrial Argentina SA ADR (a) 178 4,229 
Summit Materials, Inc. 693 22,141 
  44,019 
Metals & Mining - 0.1%   
China Molybdenum Co. Ltd. (H Shares) 14,579 11,219 
Franco-Nevada Corp. 28 2,141 
Glencore Xstrata PLC 626 3,588 
  16,948 
TOTAL MATERIALS  369,690 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equinix, Inc. 15 6,828 
TELECOMMUNICATION SERVICES - 0.2%   
Diversified Telecommunication Services - 0.1%   
Bharti Infratel Ltd. 2,313 12,793 
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 271 17,642 
TOTAL TELECOMMUNICATION SERVICES  30,435 
UTILITIES - 0.0%   
Gas Utilities - 0.0%   
China Resource Gas Group Ltd. 400 1,317 
ENN Energy Holdings Ltd. 177 1,367 
  2,684 
Water Utilities - 0.0%   
AquaVenture Holdings Ltd. (a) 72 1,095 
TOTAL UTILITIES  3,779 
TOTAL COMMON STOCKS   
(Cost $10,587,803)  13,411,483 
Preferred Stocks - 1.0%   
Convertible Preferred Stocks - 1.0%   
CONSUMER DISCRETIONARY - 0.8%   
Diversified Consumer Services - 0.7%   
Lyft, Inc. Series H (c)(d) 2,516 100,001 
Hotels, Restaurants & Leisure - 0.0%   
Topgolf International, Inc. Series F (c)(d) 217 3,002 
Internet & Direct Marketing Retail - 0.1%   
The Honest Co., Inc. Series E (c)(d) 282 5,529 
TOTAL CONSUMER DISCRETIONARY  108,532 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
Roofoods Ltd. Series F (c)(d) 17 6,011 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (c)(d) 339 4,707 
INFORMATION TECHNOLOGY - 0.1%   
Internet Software & Services - 0.1%   
ContextLogic, Inc. Series G (c)(d) 67 9,014 
Starry, Inc. Series C (c)(d) 3,181 2,933 
  11,947 
Software - 0.0%   
Compass, Inc. Series E (c)(d) 28 1,889 
TOTAL INFORMATION TECHNOLOGY  13,836 
TOTAL CONVERTIBLE PREFERRED STOCKS  133,086 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Volkswagen AG 24 5,275 
TOTAL PREFERRED STOCKS   
(Cost $138,252)  138,361 
 Principal Amount Value 
Convertible Bonds - 0.2%   
CONSUMER STAPLES - 0.2%   
Tobacco - 0.2%   
PAX Labs, Inc. 10% 12/31/20(b)(d)   
(Cost $25,000) 25,000 25,000 
TOTAL INVESTMENT IN SECURITIES - 99.9%   
(Cost $10,751,055)  13,574,844 
NET OTHER ASSETS (LIABILITIES) - 0.1%  14,859 
NET ASSETS - 100%  $13,589,703 

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 $69,068 or 0.5% of net assets.

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $133,810 or 1.0% of net assets.

 (d) Level 3 security


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $4,707 
Compass, Inc. Series E 11/3/17 $1,889 
ContextLogic, Inc. Series G 10/24/17 $9,014 
Lyft, Inc. Series H 11/22/17 $100,001 
Roofoods Ltd. Series F 9/12/17 $6,011 
Starry, Inc. Series C 12/8/17 $2,933 
Tanium, Inc. Class B 4/21/17 $650 
The Honest Co., Inc. Series E 9/28/17 $5,529 
Topgolf International, Inc. Series F 11/10/17 $3,002 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $817 
Total $817 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $3,625,384 $3,460,955 $55,897 $108,532 
Consumer Staples 604,117 580,564 17,542 6,011 
Energy 271,743 271,743 -- -- 
Financials 593,024 593,024 -- -- 
Health Care 1,428,335 1,422,601 1,027 4,707 
Industrials 750,776 745,425 5,351 -- 
Information Technology 5,865,733 5,750,397 100,776 14,560 
Materials 369,690 369,690 -- -- 
Real Estate 6,828 6,828 -- -- 
Telecommunication Services 30,435 30,435 -- -- 
Utilities 3,779 3,779 -- -- 
Corporate Bonds 25,000 -- -- 25,000 
Total Investments in Securities: $13,574,844 $13,235,441 $180,593 $158,810 

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

Investments in Securities:  
Beginning Balance $2,304 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 74 
Cost of Purchases 158,086 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (1,654) 
Ending Balance $158,810 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $74 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Other Information

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

United States of America 86.6% 
Cayman Islands 3.5% 
Singapore 2.1% 
Germany 1.2% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 5.5% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $10,751,055) 		 $13,574,844 
Cash  12,752 
Receivable for investments sold  61,257 
Receivable for fund shares sold  5,377 
Dividends receivable  2,519 
Interest receivable  292 
Distributions receivable from Fidelity Central Funds  68 
Other receivables  89 
Total assets  13,657,198 
Liabilities   
Payable for investments purchased $59,735  
Payable for fund shares redeemed 7,760  
Total liabilities  67,495 
Net Assets  $13,589,703 
Net Assets consist of:   
Paid in capital  $10,729,724 
Undistributed net investment income  1,829 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  34,351 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  2,823,799 
Net Assets, for 1,007,550 shares outstanding  $13,589,703 
Net Asset Value, offering price and redemption price per share ($13,589,703 ÷ 1,007,550 shares)  $13.49 

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


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $41,331 
Interest  477 
Income from Fidelity Central Funds  817 
Total income  42,625 
Expenses   
Independent trustees' fees and expenses $21  
Miscellaneous 15  
Total expenses  36 
Net investment income (loss)  42,589 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 46,796  
Foreign currency transactions (11)  
Total net realized gain (loss)  46,785 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,138,357  
Assets and liabilities in foreign currencies 2  
Total change in net unrealized appreciation (depreciation)  2,138,359 
Net gain (loss)  2,185,144 
Net increase (decrease) in net assets resulting from operations  $2,227,733 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) For the period
March 8, 2017 (commencement of operations) to July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $42,589 $18,262 
Net realized gain (loss) 46,785 20,535 
Change in net unrealized appreciation (depreciation) 2,138,359 685,440 
Net increase (decrease) in net assets resulting from operations 2,227,733 724,237 
Distributions to shareholders from net investment income (59,022) – 
Distributions to shareholders from net realized gain (32,969) – 
Total distributions (91,991) – 
Share transactions   
Proceeds from sales of shares 5,321,134 8,053,459 
Reinvestment of distributions 91,990 – 
Cost of shares redeemed (2,535,505) (201,354) 
Net increase (decrease) in net assets resulting from share transactions 2,877,619 7,852,105 
Total increase (decrease) in net assets 5,013,361 8,576,342 
Net Assets   
Beginning of period 8,576,342 – 
End of period $13,589,703 $8,576,342 
Other Information   
Undistributed net investment income end of period $1,829 $18,262 
Shares   
Sold 450,063 775,327 
Issued in reinvestment of distributions 7,709 – 
Redeemed (207,430) (18,119) 
Net increase (decrease) 250,342 757,208 

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


Financial Highlights

Fidelity Flex Large Cap Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31, 
 2018 2017 A 
Selected Per–Share Data   
Net asset value, beginning of period $11.33 $10.00 
Income from Investment Operations   
Net investment income (loss)B .04 .03 
Net realized and unrealized gain (loss) 2.21 1.30 
Total from investment operations 2.25 1.33 
Distributions from net investment income (.06) – 
Distributions from net realized gain (.04) – 
Total distributions (.09)C – 
Net asset value, end of period $13.49 $11.33 
Total ReturnD 20.01% 13.30% 
Ratios to Average Net AssetsE,F   
Expenses before reductionsG - %H - %H 
Expenses net of fee waivers, if anyG - %H - %H 
Expenses net of all reductionsG - %H - %H 
Net investment income (loss) .72%H .79%H 
Supplemental Data   
Net assets, end of period (000 omitted) $13,590 $8,576 
Portfolio turnover rateI 48%H 17%J 

 A For the period March 8, 2017 (commencement of operations) to July 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.09 per share is comprised of distributions from net investment income of $.059 and distributions from net realized gain of $.035 per share.

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

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

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 G Amount represents less than .005%.

 H Annualized

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

 J Amount not annualized.


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Flex Large Cap Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts offered by Fidelity.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $25,000 Market approach Transaction price $100.00 Increase 
Equities $133,810 Market approach Transaction price $0.92-$353.57 / $57.54 Increase 
  Market comparable Enterprise value/Sales multiple (EV/S) 14.3 Increase 
   Premium rate 108.0% Increase 
   Discount for lack of marketability 15.0% Decrease 
   Liquidity preference $4.84 Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


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, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

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

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

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

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

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

Gross unrealized appreciation $2,924,513 
Gross unrealized depreciation (114,645) 
Net unrealized appreciation (depreciation) $2,809,868 
Tax cost $10,764,976 

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $5,591,507 and $2,762,344, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $174 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $15 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Other.

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

At the end of the period, the investment adviser or its affiliates were the owners of record of 50% of the total outstanding shares of the Fund.

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Actual - %C $1,000.00 $1,200.10 $-D 
Hypothetical-E  $1,000.00 $1,025.21 $-D 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

ZLG-SANN-0318
1.9881574.100

Fidelity® Growth & Income Portfolio
Class K



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Microsoft Corp.(a) 3.8 
Bank of America Corp. 3.3 
JPMorgan Chase & Co.(a) 3.1 
Citigroup, Inc.(a) 3.0 
Comcast Corp. Class A 2.4 
Wells Fargo & Co. 2.2 
State Street Corp.(a) 2.0 
Apple, Inc.(a) 2.0 
ConocoPhillips Co.(a) 1.8 
Chevron Corp.(a) 1.8 
 25.4 

 (a) Security or a portion of the security is pledged as collateral for call options written.


Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Financials 23.1 
Information Technology 16.6 
Energy 13.5 
Health Care 12.2 
Industrials 11.7 

Asset Allocation (% of fund's net assets)

As of January 31, 2018*,** 
   Stocks 99.4% 
   Convertible Securities 0.4% 
   Other Investments 0.2% 


 * Foreign investments - 11.7%

 ** Written options - (0.1)%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 8.0%   
Auto Components - 0.1%   
Gentex Corp. 521,100 $12,340 
Hotels, Restaurants & Leisure - 0.5%   
Cedar Fair LP (depositary unit) 32,700 2,217 
DineEquity, Inc. 119,300 6,607 
Dunkin' Brands Group, Inc. 354,100 22,893 
Marriott International, Inc. Class A 21,700 3,197 
Papa John's International, Inc. (a) 63,300 4,108 
  39,022 
Media - 4.1%   
Comcast Corp. Class A 4,341,000 184,623 
Interpublic Group of Companies, Inc. 1,643,700 35,981 
Omnicom Group, Inc. 191,900 14,709 
The Walt Disney Co. 428,200 46,532 
Time Warner, Inc. 291,200 27,766 
Viacom, Inc. Class B (non-vtg.) 188,600 6,303 
  315,914 
Multiline Retail - 0.6%   
Dollar General Corp. 161,100 16,613 
Target Corp. (b) 367,875 27,672 
  44,285 
Specialty Retail - 2.7%   
L Brands, Inc. (b) 774,900 38,815 
Lowe's Companies, Inc. 869,779 91,092 
Ross Stores, Inc. 239,800 19,757 
TJX Companies, Inc. 588,900 47,300 
Williams-Sonoma, Inc. (a) 292,900 15,005 
  211,969 
TOTAL CONSUMER DISCRETIONARY  623,530 
CONSUMER STAPLES - 9.3%   
Beverages - 1.6%   
Molson Coors Brewing Co. Class B 312,200 26,231 
The Coca-Cola Co. 1,987,203 94,571 
  120,802 
Food & Staples Retailing - 2.4%   
CVS Health Corp. 1,068,304 84,065 
Kroger Co. (b) 1,058,300 32,130 
Walmart, Inc. 681,200 72,616 
  188,811 
Food Products - 0.7%   
Campbell Soup Co. 287,100 13,365 
Kellogg Co. 135,200 9,208 
Nestle SA (Reg. S) 45,170 3,902 
The J.M. Smucker Co. 198,600 25,200 
  51,675 
Household Products - 1.9%   
Kimberly-Clark Corp. 199,300 23,318 
Procter & Gamble Co. (b) 1,009,915 87,196 
Reckitt Benckiser Group PLC 394,900 38,136 
  148,650 
Personal Products - 0.3%   
Unilever NV (NY Reg.) 479,100 27,543 
Tobacco - 2.4%   
Altria Group, Inc. 1,736,700 122,159 
British American Tobacco PLC sponsored ADR 903,400 61,522 
  183,681 
TOTAL CONSUMER STAPLES  721,162 
ENERGY - 13.3%   
Energy Equipment & Services - 1.0%   
Baker Hughes, a GE Co. Class A 997,500 32,070 
Nabors Industries Ltd. 791,700 6,207 
National Oilwell Varco, Inc. 570,400 20,922 
Oceaneering International, Inc. 776,800 16,064 
Schlumberger Ltd. 22,600 1,663 
  76,926 
Oil, Gas & Consumable Fuels - 12.3%   
Anadarko Petroleum Corp. 275,400 16,538 
Apache Corp. 945,511 42,425 
BP PLC sponsored ADR 808,200 34,583 
Cabot Oil & Gas Corp. 1,139,300 30,021 
Cenovus Energy, Inc. 6,107,700 58,247 
Cenovus Energy, Inc. 37,200 355 
Chevron Corp. (b) 1,100,296 137,922 
ConocoPhillips Co. (b) 2,418,900 142,256 
Exxon Mobil Corp. 381,800 33,331 
Golar LNG Ltd. 629,100 17,168 
Imperial Oil Ltd. 1,158,500 36,422 
Kinder Morgan, Inc. 2,731,700 49,116 
Legacy Reserves LP (c) 956,268 2,276 
Phillips 66 Co. 103,580 10,607 
Suncor Energy, Inc. 3,674,050 133,102 
Teekay LNG Partners LP 477,300 9,427 
The Williams Companies, Inc. 3,618,472 113,584 
Valero Energy Corp. 207,200 19,885 
Williams Partners LP 1,510,985 63,310 
  950,575 
TOTAL ENERGY  1,027,501 
FINANCIALS - 23.1%   
Banks - 15.4%   
Bank of America Corp. 7,890,156 252,485 
Citigroup, Inc. (b) 2,950,830 231,581 
Cullen/Frost Bankers, Inc. 16,200 1,724 
First Hawaiian, Inc. 24,900 720 
JPMorgan Chase & Co. (b) 2,060,192 238,302 
M&T Bank Corp. 20,300 3,873 
PNC Financial Services Group, Inc. (b) 461,154 72,872 
Regions Financial Corp. (b) 1,950,400 37,506 
SunTrust Banks, Inc. 1,481,266 104,726 
U.S. Bancorp 1,330,473 76,023 
Wells Fargo & Co. 2,610,341 171,708 
  1,191,520 
Capital Markets - 6.8%   
Apollo Global Management LLC Class A 511,500 18,286 
Charles Schwab Corp. (b) 810,843 43,250 
KKR & Co. LP 2,335,043 56,228 
Morgan Stanley 1,127,897 63,783 
Northern Trust Corp. (b) 848,464 89,420 
Oaktree Capital Group LLC Class A 271,200 12,448 
S&P Global, Inc. 182,100 32,978 
State Street Corp. (b) 1,386,227 152,721 
The Blackstone Group LP 1,556,600 56,894 
  526,008 
Insurance - 0.7%   
Marsh & McLennan Companies, Inc. 292,407 24,422 
MetLife, Inc. 603,100 28,991 
  53,413 
Thrifts & Mortgage Finance - 0.2%   
Radian Group, Inc. 725,668 16,015 
TOTAL FINANCIALS  1,786,956 
HEALTH CARE - 12.0%   
Biotechnology - 2.4%   
Alexion Pharmaceuticals, Inc. (c) 280,900 33,517 
Amgen, Inc. 638,093 118,717 
Biogen, Inc. (c) 43,100 14,991 
Gilead Sciences, Inc. 9,600 804 
Intercept Pharmaceuticals, Inc. (c) 121,626 7,553 
Shire PLC sponsored ADR 88,600 12,408 
  187,990 
Health Care Equipment & Supplies - 1.5%   
Becton, Dickinson & Co. 19,000 4,616 
Boston Scientific Corp. (c) 531,900 14,872 
ConvaTec Group PLC (d) 665,200 1,910 
Danaher Corp. 341,100 34,547 
Fisher & Paykel Healthcare Corp. 388,032 3,818 
Medtronic PLC 210,530 18,082 
ResMed, Inc. 107,400 10,825 
Steris PLC 59,700 5,428 
Zimmer Biomet Holdings, Inc. 159,510 20,277 
  114,375 
Health Care Providers & Services - 3.7%   
Aetna, Inc. 51,400 9,603 
AmerisourceBergen Corp. 281,100 28,017 
Anthem, Inc. 182,600 45,257 
Cardinal Health, Inc. 761,900 54,697 
Cigna Corp. 125,300 26,106 
Fresenius Medical Care AG & Co. KGaA sponsored ADR 190,300 10,944 
Humana, Inc. 64,600 18,206 
McKesson Corp. 292,087 49,328 
Patterson Companies, Inc. 309,970 11,125 
UnitedHealth Group, Inc. 132,100 31,279 
  284,562 
Pharmaceuticals - 4.4%   
Allergan PLC 94,700 17,071 
AstraZeneca PLC sponsored ADR 677,500 23,753 
Bayer AG 190,300 24,936 
Eisai Co. Ltd. 13,700 780 
GlaxoSmithKline PLC sponsored ADR 2,908,322 109,091 
Innoviva, Inc. (c) 235,100 3,430 
Johnson & Johnson (b) 729,169 100,764 
Novartis AG sponsored ADR 42,444 3,823 
Sanofi SA 228,788 20,191 
Teva Pharmaceutical Industries Ltd. sponsored ADR 1,727,020 35,248 
  339,087 
TOTAL HEALTH CARE  926,014 
INDUSTRIALS - 11.6%   
Aerospace & Defense - 2.3%   
General Dynamics Corp. 103,000 22,915 
Meggitt PLC 211,968 1,397 
Rolls-Royce Holdings PLC 1,347,200 16,717 
The Boeing Co. (b) 44,289 15,695 
United Technologies Corp. 862,682 119,059 
  175,783 
Air Freight & Logistics - 1.7%   
C.H. Robinson Worldwide, Inc. (b) 352,400 32,231 
Expeditors International of Washington, Inc. 311,000 20,199 
United Parcel Service, Inc. Class B 595,204 75,781 
  128,211 
Commercial Services & Supplies - 0.1%   
KAR Auction Services, Inc. 65,000 3,545 
Ritchie Brothers Auctioneers, Inc. (a) 236,500 7,693 
  11,238 
Construction & Engineering - 0.1%   
Fluor Corp. 148,000 8,984 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 148,100 22,873 
Hubbell, Inc. Class B 191,539 26,040 
  48,913 
Industrial Conglomerates - 1.6%   
General Electric Co. 7,474,627 120,865 
Machinery - 1.1%   
Donaldson Co., Inc. 140,100 7,097 
Flowserve Corp. 829,000 37,570 
Snap-On, Inc. 120,000 20,557 
Wabtec Corp. (a) 220,500 17,869 
Zardoya Otis SA 115,600 1,320 
  84,413 
Professional Services - 0.4%   
Intertrust NV (c)(d) 362,800 6,644 
Nielsen Holdings PLC 607,900 22,742 
  29,386 
Road & Rail - 2.8%   
CSX Corp. (b) 927,320 52,644 
J.B. Hunt Transport Services, Inc. (b) 527,040 63,682 
Norfolk Southern Corp. 254,499 38,399 
Union Pacific Corp. 454,100 60,622 
  215,347 
Trading Companies & Distributors - 0.9%   
Brenntag AG 25,800 1,673 
Bunzl PLC 133,700 3,911 
Fastenal Co. (a) 437,700 24,056 
Howden Joinery Group PLC 228,700 1,508 
MSC Industrial Direct Co., Inc. Class A 125,900 11,819 
Watsco, Inc. 164,592 29,592 
  72,559 
TOTAL INDUSTRIALS  895,699 
INFORMATION TECHNOLOGY - 16.6%   
Communications Equipment - 1.5%   
Cisco Systems, Inc. (b) 2,837,152 117,855 
Electronic Equipment & Components - 0.1%   
Avnet, Inc. 128,200 5,449 
Philips Lighting NV (d) 109,400 4,306 
  9,755 
Internet Software & Services - 2.8%   
Alphabet, Inc.:   
Class A (c) 96,807 114,447 
Class C (c) 90,736 106,156 
  220,603 
IT Services - 3.1%   
Accenture PLC Class A 96,700 15,540 
Cognizant Technology Solutions Corp. Class A 20,500 1,599 
IBM Corp. 23,900 3,912 
MasterCard, Inc. Class A 161,400 27,277 
Paychex, Inc. 1,066,752 72,806 
Unisys Corp. (a)(c) 1,314,818 11,702 
Visa, Inc. Class A 845,884 105,084 
  237,920 
Semiconductors & Semiconductor Equipment - 2.0%   
Broadcom Ltd. 30,400 7,540 
Qualcomm, Inc. 2,020,246 137,882 
United Microelectronics Corp. sponsored ADR 1,575,900 3,845 
Xilinx, Inc. 59,700 4,359 
  153,626 
Software - 5.1%   
Micro Focus International PLC 683,862 20,876 
Microsoft Corp. (b) 3,134,099 297,765 
Oracle Corp. 1,090,653 56,267 
SAP SE sponsored ADR 207,100 23,454 
  398,362 
Technology Hardware, Storage & Peripherals - 2.0%   
Apple, Inc. (b) 902,794 151,155 
TOTAL INFORMATION TECHNOLOGY  1,289,276 
MATERIALS - 2.1%   
Chemicals - 1.8%   
CF Industries Holdings, Inc. (b) 549,700 23,329 
LyondellBasell Industries NV Class A 422,800 50,668 
Monsanto Co. 132,015 16,079 
Nutrien Ltd. (c) 707,680 37,024 
PPG Industries, Inc. 17,600 2,090 
The Scotts Miracle-Gro Co. Class A 134,600 12,150 
  141,340 
Metals & Mining - 0.3%   
BHP Billiton Ltd. sponsored ADR (a) 271,600 13,314 
Reliance Steel & Aluminum Co. 75,500 6,613 
  19,927 
TOTAL MATERIALS  161,267 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
American Tower Corp. 98,600 14,563 
CoreSite Realty Corp. 164,600 17,829 
Equinix, Inc. 38,100 17,343 
Omega Healthcare Investors, Inc. (a) 149,400 4,040 
Public Storage 84,400 16,522 
Sabra Health Care REIT, Inc. 271,900 4,921 
Spirit Realty Capital, Inc. 745,700 6,092 
  81,310 
TELECOMMUNICATION SERVICES - 1.3%   
Diversified Telecommunication Services - 1.3%   
Verizon Communications, Inc. 1,806,774 97,692 
UTILITIES - 1.1%   
Electric Utilities - 1.0%   
Exelon Corp. 1,648,400 63,480 
PPL Corp. 423,700 13,503 
Southern Co. 44,100 1,989 
  78,972 
Independent Power and Renewable Electricity Producers - 0.0%   
The AES Corp. 135,100 1,562 
Multi-Utilities - 0.1%   
Public Service Enterprise Group, Inc. 50,600 2,625 
TOTAL UTILITIES  83,159 
TOTAL COMMON STOCKS   
(Cost $6,272,377)  7,693,566 
Preferred Stocks - 0.3%   
Convertible Preferred Stocks - 0.3%   
HEALTH CARE - 0.1%   
Health Care Equipment & Supplies - 0.1%   
Becton, Dickinson & Co. Series A, 6.125% 210,900 13,228 
INDUSTRIALS - 0.1%   
Commercial Services & Supplies - 0.1%   
Stericycle, Inc. 2.25% 117,279 6,904 
UTILITIES - 0.1%   
Independent Power and Renewable Electricity Producers - 0.1%   
Dynegy, Inc. 7.00% 66,200 5,485 
TOTAL CONVERTIBLE PREFERRED STOCKS  25,617 
Nonconvertible Preferred Stocks - 0.0%   
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Holdings PLC (C Shares) (c) 319,925,580 454 
TOTAL PREFERRED STOCKS   
(Cost $26,800)  26,071 
 Principal Amount (000s)(e) Value (000s) 
Convertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Bayer Capital Corp. BV 5.625% 11/22/19(d)   
(Cost $7,157) EUR 6,700 9,414 
 Shares Value (000s) 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (f)(g)(h)   
(Cost $18,052) 18,052,449 16,789 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund, 1.39% (i) 26,822,614 26,828 
Fidelity Securities Lending Cash Central Fund 1.40% (i)(j) 50,523,591 50,529 
TOTAL MONEY MARKET FUNDS   
(Cost $77,361)  77,357 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $6,401,747)  7,823,197 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (78,737) 
NET ASSETS - 100%  $7,744,460 

Written Options       
 Counterparty Number of Contracts Notional Amount (000s) Exercise Price Expiration Date Value (000s) 
Call Options       
Apple, Inc. Chicago Board Options Exchange 541 $9,058 $185.00 2/16/18 $(40) 
C.H. Robinson Worldwide, Inc. Chicago Board Options Exchange 633 5,789 92.50 2/16/18 (81) 
CF Industries Holdings, Inc. Chicago Board Options Exchange 541 2,296 40.00 2/16/18 (164) 
Charles Schwab Corp. Chicago Board Options Exchange 830 4,427 55.00 3/16/18 (93) 
Chevron Corp. Chicago Board Options Exchange 1,094 13,713 140.00 3/16/18 (26) 
Chevron Corp. Chicago Board Options Exchange 1,094 13,713 145.00 6/15/18 (72) 
Cisco Systems, Inc. Chicago Board Options Exchange 2,826 11,739 41.00 3/16/18 (509) 
Cisco Systems, Inc. Chicago Board Options Exchange 2,826 11,739 40.00 3/16/18 (689) 
Citigroup, Inc. Chicago Board Options Exchange 2,952 23,167 80.00 2/16/18 (181) 
ConocoPhillips Co. Chicago Board Options Exchange 3,768 22,160 65.00 5/18/18 (379) 
CSX Corp. Chicago Board Options Exchange 1,863 10,576 60.00 2/16/18 (48) 
CSX Corp. Chicago Board Options Exchange 1,861 10,565 62.50 2/16/18 (9) 
J.B. Hunt Transport Services, Inc. Chicago Board Options Exchange 546 6,597 120.00 2/16/18 (154) 
Johnson & Johnson Chicago Board Options Exchange 781 10,793 145.00 2/16/18 (17) 
JPMorgan Chase & Co. Chicago Board Options Exchange 3,279 37,928 115.00 3/16/18 (1,172) 
Kroger Co. Chicago Board Options Exchange 1,328 4,032 28.00 2/16/18 (329) 
Kroger Co. Chicago Board Options Exchange 2,491 7,563 29.00 2/16/18 (402) 
L Brands, Inc. Chicago Board Options Exchange 745 3,732 65.00 2/16/18 (2) 
Microsoft Corp. Chicago Board Options Exchange 1,564 14,860 90.00 2/16/18 (974) 
Microsoft Corp. Chicago Board Options Exchange 3,106 29,510 92.50 3/16/18 (1,600) 
Northern Trust Corp. Chicago Board Options Exchange 824 8,684 110.00 4/20/18 (192) 
PNC Financial Services Group, Inc. Chicago Board Options Exchange 421 6,653 145.00 2/16/18 (574) 
Procter & Gamble Co. Chicago Board Options Exchange 1,115 9,627 92.50 2/16/18 (5) 
Regions Financial Corp. Chicago Board Options Exchange 2,056 3,954 18.00 2/16/18 (269) 
State Street Corp. Chicago Board Options Exchange 1,365 15,038 115.00 5/18/18 (437) 
Target Corp. Chicago Board Options Exchange 754 5,672 65.00 3/16/18 (805) 
Target Corp. Chicago Board Options Exchange 734 5,521 70.00 3/16/18 (472) 
Target Corp. Chicago Board Options Exchange 1,853 13,938 85.00 4/20/18 (200) 
The Boeing Co. Chicago Board Options Exchange 301 10,667 300.00 3/16/18 (1,667) 
The Boeing Co. Chicago Board Options Exchange 61 2,162 370.00 3/16/18 (34) 
TOTAL WRITTEN OPTIONS      $(11,596) 

Currency Abbreviations

EUR – European Monetary Unit

Legend

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

 (b) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $335,873,000.

 (c) Non-income producing

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,274,000 or 0.3% of net assets.

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

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

 (g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $16,789,000 or 0.2% of net assets.

 (h) Level 3 security

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

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


Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $86 
Fidelity Securities Lending Cash Central Fund 195 
Total $281 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $623,530 $623,530 $-- $-- 
Consumer Staples 721,162 679,124 42,038 -- 
Energy 1,027,501 1,027,501 -- -- 
Financials 1,786,956 1,786,956 -- -- 
Health Care 939,242 880,107 59,135 -- 
Industrials 903,057 879,436 23,621 -- 
Information Technology 1,289,276 1,289,276 -- -- 
Materials 161,267 161,267 -- -- 
Real Estate 81,310 81,310 -- -- 
Telecommunication Services 97,692 97,692 -- -- 
Utilities 88,644 83,159 5,485 -- 
Corporate Bonds 9,414 -- 9,414 -- 
Other 16,789 -- -- 16,789 
Money Market Funds 77,357 77,357 -- -- 
Total Investments in Securities: $7,823,197 $7,666,715 $139,693 $16,789 
Derivative Instruments:     
Liabilities     
Written Options $(11,596) $(11,596) $-- $-- 
Total Liabilities $(11,596) $(11,596) $-- $-- 
Total Derivative Instruments: $(11,596) $(11,596) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2018. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
(Amounts in thousands)   
Equity Risk   
Written Options(a) $0 $(11,596) 
Total Equity Risk 0 (11,596) 
Total Value of Derivatives $0 $(11,596) 

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


Other Information

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

United States of America 88.3% 
United Kingdom 3.6% 
Canada 3.6% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 3.4% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $48,860) — See accompanying schedule:
Unaffiliated issuers (cost $6,324,386) 		$7,745,840  
Fidelity Central Funds (cost $77,361) 77,357  
Total Investment in Securities (cost $6,401,747)  $7,823,197 
Restricted cash  223 
Receivable for investments sold  36,516 
Receivable for fund shares sold  1,669 
Dividends receivable  6,574 
Interest receivable  276 
Distributions receivable from Fidelity Central Funds  35 
Prepaid expenses  10 
Other receivables  841 
Total assets  7,869,341 
Liabilities   
Payable for investments purchased $52,785  
Payable for fund shares redeemed 5,334  
Accrued management fee 2,840  
Written options, at value (premium received $5,293) 11,596  
Other affiliated payables 948  
Other payables and accrued expenses 848  
Collateral on securities loaned 50,530  
Total liabilities  124,881 
Net Assets  $7,744,460 
Net Assets consist of:   
Paid in capital  $7,510,164 
Distributions in excess of net investment income  (22,706) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (1,158,166) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,415,168 
Net Assets  $7,744,460 
Growth and Income:   
Net Asset Value, offering price and redemption price per share ($6,823,724 ÷ 171,520 shares)  $39.78 
Class K:   
Net Asset Value, offering price and redemption price per share ($920,736 ÷ 23,165 shares)  $39.75 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $76,174 
Interest  225 
Income from Fidelity Central Funds  281 
Total income  76,680 
Expenses   
Management fee $16,124  
Transfer agent fees 5,046  
Accounting and security lending fees 595  
Custodian fees and expenses 66  
Independent trustees' fees and expenses 25  
Appreciation in deferred trustee compensation account 1  
Registration fees 35  
Audit 45  
Legal 15  
Interest 10  
Miscellaneous 23  
Total expenses before reductions 21,985  
Expense reductions (108) 21,877 
Net investment income (loss)  54,803 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 532,471  
Fidelity Central Funds 1  
Foreign currency transactions 14  
Written options 3,294  
Total net realized gain (loss)  535,780 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 382,154  
Fidelity Central Funds (2)  
Assets and liabilities in foreign currencies 44  
Written options (3,891)  
Total change in net unrealized appreciation (depreciation)  378,305 
Net gain (loss)  914,085 
Net increase (decrease) in net assets resulting from operations  $968,888 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $54,803 $128,606 
Net realized gain (loss) 535,780 555,075 
Change in net unrealized appreciation (depreciation) 378,305 424,780 
Net increase (decrease) in net assets resulting from operations 968,888 1,108,461 
Distributions to shareholders from net investment income (89,704) (97,619) 
Share transactions - net increase (decrease) (380,775) (57,861) 
Total increase (decrease) in net assets 498,409 952,981 
Net Assets   
Beginning of period 7,246,051 6,293,070 
End of period $7,744,460 $7,246,051 
Other Information   
Undistributed net investment income end of period $– $12,195 
Distributions in excess of net investment income end of period $(22,706) $– 

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


Financial Highlights

Fidelity Growth & Income Portfolio

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $35.31 $30.48 $30.85 $29.02 $25.66 $20.13 
Income from Investment Operations       
Net investment income (loss)A .27 .61 .59 .55 .51 .46 
Net realized and unrealized gain (loss) 4.65 4.68 (.37) 1.82B 3.35 5.54 
Total from investment operations 4.92 5.29 .22 2.37 3.86 6.00 
Distributions from net investment income (.45) (.46) (.58) (.54) (.50) (.44) 
Distributions from net realized gain – – (.01) – (.01) (.03) 
Total distributions (.45) (.46) (.59) (.54) (.50)C (.47) 
Net asset value, end of period $39.78 $35.31 $30.48 $30.85 $29.02 $25.66 
Total ReturnD,E 14.05% 17.48% .88% 8.23%B 15.16% 30.15% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .62%H .63% .64% .64% .65% .68% 
Expenses net of fee waivers, if any .61%H .63% .64% .63% .65% .68% 
Expenses net of all reductions .61%H .63% .64% .63% .65% .67% 
Net investment income (loss) 1.49%H 1.84% 2.05% 1.83% 1.86% 2.04% 
Supplemental Data       
Net assets, end of period (in millions) $6,824 $6,356 $5,529 $6,563 $6,550 $6,060 
Portfolio turnover rateI 40%H 37% 29% 35% 41%J 49% 

 A Calculated based on average shares outstanding during the period.

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

 C Total distributions of $.50 per share is comprised of distributions from net investment income of $.495 and distributions from net realized gain of $.006 per share.

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

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

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

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

 H Annualized

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

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


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


Fidelity Growth & Income Portfolio Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $35.28 $30.46 $30.82 $29.00 $25.64 $20.12 
Income from Investment Operations       
Net investment income (loss)A .29 .65 .62 .59 .54 .50 
Net realized and unrealized gain (loss) 4.65 4.67 (.35) 1.81B 3.36 5.52 
Total from investment operations 4.94 5.32 .27 2.40 3.90 6.02 
Distributions from net investment income (.47) (.50) (.62) (.58) (.53) (.47) 
Distributions from net realized gain – – (.01) – (.01) (.03) 
Total distributions (.47) (.50) (.63) (.58) (.54) (.50) 
Net asset value, end of period $39.75 $35.28 $30.46 $30.82 $29.00 $25.64 
Total ReturnC,D 14.12% 17.60% 1.04% 8.34%B 15.32% 30.28% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .51%G .52% .52% .52% .52% .53% 
Expenses net of fee waivers, if any .51%G .52% .52% .52% .52% .53% 
Expenses net of all reductions .51%G .52% .52% .52% .52% .52% 
Net investment income (loss) 1.60%G 1.95% 2.17% 1.95% 1.99% 2.19% 
Supplemental Data       
Net assets, end of period (in millions) $921 $890 $765 $862 $960 $1,016 
Portfolio turnover rateH 40%G 37% 29% 35% 41%I 49% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

 G Annualized

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

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. 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, 2018 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, certain conversion ratio adjustments, equity-debt classifications, deferred trustees compensation, 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 $1,835,496 
Gross unrealized depreciation (422,405) 
Net unrealized appreciation (depreciation) $1,413,091 
Tax cost $6,403,803 

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

Fiscal year of expiration  
2018 $(1,723,247) 

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

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

As of period end, the Fund held an investment of $17,012 in this Subsidiary, representing .22% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

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

4. Derivative Instruments.

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

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

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

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

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

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

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

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

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

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

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

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,471,394 and $1,864,408, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .44% of the Fund's average net assets.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Growth and Income $4,843 .15 
Class K 203 .05 
 $5,046  

 (a) Annualized


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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $29 for the period.

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

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $5,610 1.37% $8 

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

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $10 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $1,711. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $195, including $8 from securities loaned to FCM.

9. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $11,831. The weighted average interest rate was 1.66%. The interest expense amounted to $2 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

10. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $71 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $37.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Growth and Income $78,502 $84,860 
Class K 11,202 12,759 
Total $89,704 $97,619 

12. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Growth and Income     
Shares sold 3,524 18,794 $130,095 $607,315 
Reinvestment of distributions 2,035 2,473 74,379 80,649 
Shares redeemed (14,031) (22,631) (511,155) (748,252) 
Net increase (decrease) (8,472) (1,364) $(306,681) $(60,288) 
Class K     
Shares sold 1,853 7,100 $68,694 $234,427 
Reinvestment of distributions 307 391 11,202 12,759 
Shares redeemed (4,223) (7,363) (153,990) (244,759) 
Net increase (decrease) (2,063) 128 $(74,094) $2,427 

13. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Growth and Income .61%    
Actual  $1,000.00 $1,140.50 $3.29 
Hypothetical-C  $1,000.00 $1,022.13 $3.11 
Class K .51%    
Actual  $1,000.00 $1,141.20 $2.75 
Hypothetical-C  $1,000.00 $1,022.63 $2.60 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

GAI-K-SANN-0318
1.863233.109

Fidelity® Growth & Income Portfolio



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Microsoft Corp.(a) 3.8 
Bank of America Corp. 3.3 
JPMorgan Chase & Co.(a) 3.1 
Citigroup, Inc.(a) 3.0 
Comcast Corp. Class A 2.4 
Wells Fargo & Co. 2.2 
State Street Corp.(a) 2.0 
Apple, Inc.(a) 2.0 
ConocoPhillips Co.(a) 1.8 
Chevron Corp.(a) 1.8 
 25.4 

 (a) Security or a portion of the security is pledged as collateral for call options written.


Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Financials 23.1 
Information Technology 16.6 
Energy 13.5 
Health Care 12.2 
Industrials 11.7 

Asset Allocation (% of fund's net assets)

As of January 31, 2018*,** 
   Stocks 99.4% 
   Convertible Securities 0.4% 
   Other Investments 0.2% 


 * Foreign investments - 11.7%

 ** Written options - (0.1)%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 8.0%   
Auto Components - 0.1%   
Gentex Corp. 521,100 $12,340 
Hotels, Restaurants & Leisure - 0.5%   
Cedar Fair LP (depositary unit) 32,700 2,217 
DineEquity, Inc. 119,300 6,607 
Dunkin' Brands Group, Inc. 354,100 22,893 
Marriott International, Inc. Class A 21,700 3,197 
Papa John's International, Inc. (a) 63,300 4,108 
  39,022 
Media - 4.1%   
Comcast Corp. Class A 4,341,000 184,623 
Interpublic Group of Companies, Inc. 1,643,700 35,981 
Omnicom Group, Inc. 191,900 14,709 
The Walt Disney Co. 428,200 46,532 
Time Warner, Inc. 291,200 27,766 
Viacom, Inc. Class B (non-vtg.) 188,600 6,303 
  315,914 
Multiline Retail - 0.6%   
Dollar General Corp. 161,100 16,613 
Target Corp. (b) 367,875 27,672 
  44,285 
Specialty Retail - 2.7%   
L Brands, Inc. (b) 774,900 38,815 
Lowe's Companies, Inc. 869,779 91,092 
Ross Stores, Inc. 239,800 19,757 
TJX Companies, Inc. 588,900 47,300 
Williams-Sonoma, Inc. (a) 292,900 15,005 
  211,969 
TOTAL CONSUMER DISCRETIONARY  623,530 
CONSUMER STAPLES - 9.3%   
Beverages - 1.6%   
Molson Coors Brewing Co. Class B 312,200 26,231 
The Coca-Cola Co. 1,987,203 94,571 
  120,802 
Food & Staples Retailing - 2.4%   
CVS Health Corp. 1,068,304 84,065 
Kroger Co. (b) 1,058,300 32,130 
Walmart, Inc. 681,200 72,616 
  188,811 
Food Products - 0.7%   
Campbell Soup Co. 287,100 13,365 
Kellogg Co. 135,200 9,208 
Nestle SA (Reg. S) 45,170 3,902 
The J.M. Smucker Co. 198,600 25,200 
  51,675 
Household Products - 1.9%   
Kimberly-Clark Corp. 199,300 23,318 
Procter & Gamble Co. (b) 1,009,915 87,196 
Reckitt Benckiser Group PLC 394,900 38,136 
  148,650 
Personal Products - 0.3%   
Unilever NV (NY Reg.) 479,100 27,543 
Tobacco - 2.4%   
Altria Group, Inc. 1,736,700 122,159 
British American Tobacco PLC sponsored ADR 903,400 61,522 
  183,681 
TOTAL CONSUMER STAPLES  721,162 
ENERGY - 13.3%   
Energy Equipment & Services - 1.0%   
Baker Hughes, a GE Co. Class A 997,500 32,070 
Nabors Industries Ltd. 791,700 6,207 
National Oilwell Varco, Inc. 570,400 20,922 
Oceaneering International, Inc. 776,800 16,064 
Schlumberger Ltd. 22,600 1,663 
  76,926 
Oil, Gas & Consumable Fuels - 12.3%   
Anadarko Petroleum Corp. 275,400 16,538 
Apache Corp. 945,511 42,425 
BP PLC sponsored ADR 808,200 34,583 
Cabot Oil & Gas Corp. 1,139,300 30,021 
Cenovus Energy, Inc. 6,107,700 58,247 
Cenovus Energy, Inc. 37,200 355 
Chevron Corp. (b) 1,100,296 137,922 
ConocoPhillips Co. (b) 2,418,900 142,256 
Exxon Mobil Corp. 381,800 33,331 
Golar LNG Ltd. 629,100 17,168 
Imperial Oil Ltd. 1,158,500 36,422 
Kinder Morgan, Inc. 2,731,700 49,116 
Legacy Reserves LP (c) 956,268 2,276 
Phillips 66 Co. 103,580 10,607 
Suncor Energy, Inc. 3,674,050 133,102 
Teekay LNG Partners LP 477,300 9,427 
The Williams Companies, Inc. 3,618,472 113,584 
Valero Energy Corp. 207,200 19,885 
Williams Partners LP 1,510,985 63,310 
  950,575 
TOTAL ENERGY  1,027,501 
FINANCIALS - 23.1%   
Banks - 15.4%   
Bank of America Corp. 7,890,156 252,485 
Citigroup, Inc. (b) 2,950,830 231,581 
Cullen/Frost Bankers, Inc. 16,200 1,724 
First Hawaiian, Inc. 24,900 720 
JPMorgan Chase & Co. (b) 2,060,192 238,302 
M&T Bank Corp. 20,300 3,873 
PNC Financial Services Group, Inc. (b) 461,154 72,872 
Regions Financial Corp. (b) 1,950,400 37,506 
SunTrust Banks, Inc. 1,481,266 104,726 
U.S. Bancorp 1,330,473 76,023 
Wells Fargo & Co. 2,610,341 171,708 
  1,191,520 
Capital Markets - 6.8%   
Apollo Global Management LLC Class A 511,500 18,286 
Charles Schwab Corp. (b) 810,843 43,250 
KKR & Co. LP 2,335,043 56,228 
Morgan Stanley 1,127,897 63,783 
Northern Trust Corp. (b) 848,464 89,420 
Oaktree Capital Group LLC Class A 271,200 12,448 
S&P Global, Inc. 182,100 32,978 
State Street Corp. (b) 1,386,227 152,721 
The Blackstone Group LP 1,556,600 56,894 
  526,008 
Insurance - 0.7%   
Marsh & McLennan Companies, Inc. 292,407 24,422 
MetLife, Inc. 603,100 28,991 
  53,413 
Thrifts & Mortgage Finance - 0.2%   
Radian Group, Inc. 725,668 16,015 
TOTAL FINANCIALS  1,786,956 
HEALTH CARE - 12.0%   
Biotechnology - 2.4%   
Alexion Pharmaceuticals, Inc. (c) 280,900 33,517 
Amgen, Inc. 638,093 118,717 
Biogen, Inc. (c) 43,100 14,991 
Gilead Sciences, Inc. 9,600 804 
Intercept Pharmaceuticals, Inc. (c) 121,626 7,553 
Shire PLC sponsored ADR 88,600 12,408 
  187,990 
Health Care Equipment & Supplies - 1.5%   
Becton, Dickinson & Co. 19,000 4,616 
Boston Scientific Corp. (c) 531,900 14,872 
ConvaTec Group PLC (d) 665,200 1,910 
Danaher Corp. 341,100 34,547 
Fisher & Paykel Healthcare Corp. 388,032 3,818 
Medtronic PLC 210,530 18,082 
ResMed, Inc. 107,400 10,825 
Steris PLC 59,700 5,428 
Zimmer Biomet Holdings, Inc. 159,510 20,277 
  114,375 
Health Care Providers & Services - 3.7%   
Aetna, Inc. 51,400 9,603 
AmerisourceBergen Corp. 281,100 28,017 
Anthem, Inc. 182,600 45,257 
Cardinal Health, Inc. 761,900 54,697 
Cigna Corp. 125,300 26,106 
Fresenius Medical Care AG & Co. KGaA sponsored ADR 190,300 10,944 
Humana, Inc. 64,600 18,206 
McKesson Corp. 292,087 49,328 
Patterson Companies, Inc. 309,970 11,125 
UnitedHealth Group, Inc. 132,100 31,279 
  284,562 
Pharmaceuticals - 4.4%   
Allergan PLC 94,700 17,071 
AstraZeneca PLC sponsored ADR 677,500 23,753 
Bayer AG 190,300 24,936 
Eisai Co. Ltd. 13,700 780 
GlaxoSmithKline PLC sponsored ADR 2,908,322 109,091 
Innoviva, Inc. (c) 235,100 3,430 
Johnson & Johnson (b) 729,169 100,764 
Novartis AG sponsored ADR 42,444 3,823 
Sanofi SA 228,788 20,191 
Teva Pharmaceutical Industries Ltd. sponsored ADR 1,727,020 35,248 
  339,087 
TOTAL HEALTH CARE  926,014 
INDUSTRIALS - 11.6%   
Aerospace & Defense - 2.3%   
General Dynamics Corp. 103,000 22,915 
Meggitt PLC 211,968 1,397 
Rolls-Royce Holdings PLC 1,347,200 16,717 
The Boeing Co. (b) 44,289 15,695 
United Technologies Corp. 862,682 119,059 
  175,783 
Air Freight & Logistics - 1.7%   
C.H. Robinson Worldwide, Inc. (b) 352,400 32,231 
Expeditors International of Washington, Inc. 311,000 20,199 
United Parcel Service, Inc. Class B 595,204 75,781 
  128,211 
Commercial Services & Supplies - 0.1%   
KAR Auction Services, Inc. 65,000 3,545 
Ritchie Brothers Auctioneers, Inc. (a) 236,500 7,693 
  11,238 
Construction & Engineering - 0.1%   
Fluor Corp. 148,000 8,984 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 148,100 22,873 
Hubbell, Inc. Class B 191,539 26,040 
  48,913 
Industrial Conglomerates - 1.6%   
General Electric Co. 7,474,627 120,865 
Machinery - 1.1%   
Donaldson Co., Inc. 140,100 7,097 
Flowserve Corp. 829,000 37,570 
Snap-On, Inc. 120,000 20,557 
Wabtec Corp. (a) 220,500 17,869 
Zardoya Otis SA 115,600 1,320 
  84,413 
Professional Services - 0.4%   
Intertrust NV (c)(d) 362,800 6,644 
Nielsen Holdings PLC 607,900 22,742 
  29,386 
Road & Rail - 2.8%   
CSX Corp. (b) 927,320 52,644 
J.B. Hunt Transport Services, Inc. (b) 527,040 63,682 
Norfolk Southern Corp. 254,499 38,399 
Union Pacific Corp. 454,100 60,622 
  215,347 
Trading Companies & Distributors - 0.9%   
Brenntag AG 25,800 1,673 
Bunzl PLC 133,700 3,911 
Fastenal Co. (a) 437,700 24,056 
Howden Joinery Group PLC 228,700 1,508 
MSC Industrial Direct Co., Inc. Class A 125,900 11,819 
Watsco, Inc. 164,592 29,592 
  72,559 
TOTAL INDUSTRIALS  895,699 
INFORMATION TECHNOLOGY - 16.6%   
Communications Equipment - 1.5%   
Cisco Systems, Inc. (b) 2,837,152 117,855 
Electronic Equipment & Components - 0.1%   
Avnet, Inc. 128,200 5,449 
Philips Lighting NV (d) 109,400 4,306 
  9,755 
Internet Software & Services - 2.8%   
Alphabet, Inc.:   
Class A (c) 96,807 114,447 
Class C (c) 90,736 106,156 
  220,603 
IT Services - 3.1%   
Accenture PLC Class A 96,700 15,540 
Cognizant Technology Solutions Corp. Class A 20,500 1,599 
IBM Corp. 23,900 3,912 
MasterCard, Inc. Class A 161,400 27,277 
Paychex, Inc. 1,066,752 72,806 
Unisys Corp. (a)(c) 1,314,818 11,702 
Visa, Inc. Class A 845,884 105,084 
  237,920 
Semiconductors & Semiconductor Equipment - 2.0%   
Broadcom Ltd. 30,400 7,540 
Qualcomm, Inc. 2,020,246 137,882 
United Microelectronics Corp. sponsored ADR 1,575,900 3,845 
Xilinx, Inc. 59,700 4,359 
  153,626 
Software - 5.1%   
Micro Focus International PLC 683,862 20,876 
Microsoft Corp. (b) 3,134,099 297,765 
Oracle Corp. 1,090,653 56,267 
SAP SE sponsored ADR 207,100 23,454 
  398,362 
Technology Hardware, Storage & Peripherals - 2.0%   
Apple, Inc. (b) 902,794 151,155 
TOTAL INFORMATION TECHNOLOGY  1,289,276 
MATERIALS - 2.1%   
Chemicals - 1.8%   
CF Industries Holdings, Inc. (b) 549,700 23,329 
LyondellBasell Industries NV Class A 422,800 50,668 
Monsanto Co. 132,015 16,079 
Nutrien Ltd. (c) 707,680 37,024 
PPG Industries, Inc. 17,600 2,090 
The Scotts Miracle-Gro Co. Class A 134,600 12,150 
  141,340 
Metals & Mining - 0.3%   
BHP Billiton Ltd. sponsored ADR (a) 271,600 13,314 
Reliance Steel & Aluminum Co. 75,500 6,613 
  19,927 
TOTAL MATERIALS  161,267 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
American Tower Corp. 98,600 14,563 
CoreSite Realty Corp. 164,600 17,829 
Equinix, Inc. 38,100 17,343 
Omega Healthcare Investors, Inc. (a) 149,400 4,040 
Public Storage 84,400 16,522 
Sabra Health Care REIT, Inc. 271,900 4,921 
Spirit Realty Capital, Inc. 745,700 6,092 
  81,310 
TELECOMMUNICATION SERVICES - 1.3%   
Diversified Telecommunication Services - 1.3%   
Verizon Communications, Inc. 1,806,774 97,692 
UTILITIES - 1.1%   
Electric Utilities - 1.0%   
Exelon Corp. 1,648,400 63,480 
PPL Corp. 423,700 13,503 
Southern Co. 44,100 1,989 
  78,972 
Independent Power and Renewable Electricity Producers - 0.0%   
The AES Corp. 135,100 1,562 
Multi-Utilities - 0.1%   
Public Service Enterprise Group, Inc. 50,600 2,625 
TOTAL UTILITIES  83,159 
TOTAL COMMON STOCKS   
(Cost $6,272,377)  7,693,566 
Preferred Stocks - 0.3%   
Convertible Preferred Stocks - 0.3%   
HEALTH CARE - 0.1%   
Health Care Equipment & Supplies - 0.1%   
Becton, Dickinson & Co. Series A, 6.125% 210,900 13,228 
INDUSTRIALS - 0.1%   
Commercial Services & Supplies - 0.1%   
Stericycle, Inc. 2.25% 117,279 6,904 
UTILITIES - 0.1%   
Independent Power and Renewable Electricity Producers - 0.1%   
Dynegy, Inc. 7.00% 66,200 5,485 
TOTAL CONVERTIBLE PREFERRED STOCKS  25,617 
Nonconvertible Preferred Stocks - 0.0%   
INDUSTRIALS - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Holdings PLC (C Shares) (c) 319,925,580 454 
TOTAL PREFERRED STOCKS   
(Cost $26,800)  26,071 
 Principal Amount (000s)(e) Value (000s) 
Convertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Pharmaceuticals - 0.1%   
Bayer Capital Corp. BV 5.625% 11/22/19(d)   
(Cost $7,157) EUR 6,700 9,414 
 Shares Value (000s) 
Other - 0.2%   
ENERGY - 0.2%   
Oil, Gas & Consumable Fuels - 0.2%   
Utica Shale Drilling Program (non-operating revenue interest) (f)(g)(h)   
(Cost $18,052) 18,052,449 16,789 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund, 1.39% (i) 26,822,614 26,828 
Fidelity Securities Lending Cash Central Fund 1.40% (i)(j) 50,523,591 50,529 
TOTAL MONEY MARKET FUNDS   
(Cost $77,361)  77,357 
TOTAL INVESTMENT IN SECURITIES - 101.0%   
(Cost $6,401,747)  7,823,197 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (78,737) 
NET ASSETS - 100%  $7,744,460 

Written Options       
 Counterparty Number of Contracts Notional Amount (000s) Exercise Price Expiration Date Value (000s) 
Call Options       
Apple, Inc. Chicago Board Options Exchange 541 $9,058 $185.00 2/16/18 $(40) 
C.H. Robinson Worldwide, Inc. Chicago Board Options Exchange 633 5,789 92.50 2/16/18 (81) 
CF Industries Holdings, Inc. Chicago Board Options Exchange 541 2,296 40.00 2/16/18 (164) 
Charles Schwab Corp. Chicago Board Options Exchange 830 4,427 55.00 3/16/18 (93) 
Chevron Corp. Chicago Board Options Exchange 1,094 13,713 140.00 3/16/18 (26) 
Chevron Corp. Chicago Board Options Exchange 1,094 13,713 145.00 6/15/18 (72) 
Cisco Systems, Inc. Chicago Board Options Exchange 2,826 11,739 41.00 3/16/18 (509) 
Cisco Systems, Inc. Chicago Board Options Exchange 2,826 11,739 40.00 3/16/18 (689) 
Citigroup, Inc. Chicago Board Options Exchange 2,952 23,167 80.00 2/16/18 (181) 
ConocoPhillips Co. Chicago Board Options Exchange 3,768 22,160 65.00 5/18/18 (379) 
CSX Corp. Chicago Board Options Exchange 1,863 10,576 60.00 2/16/18 (48) 
CSX Corp. Chicago Board Options Exchange 1,861 10,565 62.50 2/16/18 (9) 
J.B. Hunt Transport Services, Inc. Chicago Board Options Exchange 546 6,597 120.00 2/16/18 (154) 
Johnson & Johnson Chicago Board Options Exchange 781 10,793 145.00 2/16/18 (17) 
JPMorgan Chase & Co. Chicago Board Options Exchange 3,279 37,928 115.00 3/16/18 (1,172) 
Kroger Co. Chicago Board Options Exchange 1,328 4,032 28.00 2/16/18 (329) 
Kroger Co. Chicago Board Options Exchange 2,491 7,563 29.00 2/16/18 (402) 
L Brands, Inc. Chicago Board Options Exchange 745 3,732 65.00 2/16/18 (2) 
Microsoft Corp. Chicago Board Options Exchange 1,564 14,860 90.00 2/16/18 (974) 
Microsoft Corp. Chicago Board Options Exchange 3,106 29,510 92.50 3/16/18 (1,600) 
Northern Trust Corp. Chicago Board Options Exchange 824 8,684 110.00 4/20/18 (192) 
PNC Financial Services Group, Inc. Chicago Board Options Exchange 421 6,653 145.00 2/16/18 (574) 
Procter & Gamble Co. Chicago Board Options Exchange 1,115 9,627 92.50 2/16/18 (5) 
Regions Financial Corp. Chicago Board Options Exchange 2,056 3,954 18.00 2/16/18 (269) 
State Street Corp. Chicago Board Options Exchange 1,365 15,038 115.00 5/18/18 (437) 
Target Corp. Chicago Board Options Exchange 754 5,672 65.00 3/16/18 (805) 
Target Corp. Chicago Board Options Exchange 734 5,521 70.00 3/16/18 (472) 
Target Corp. Chicago Board Options Exchange 1,853 13,938 85.00 4/20/18 (200) 
The Boeing Co. Chicago Board Options Exchange 301 10,667 300.00 3/16/18 (1,667) 
The Boeing Co. Chicago Board Options Exchange 61 2,162 370.00 3/16/18 (34) 
TOTAL WRITTEN OPTIONS      $(11,596) 

Currency Abbreviations

EUR – European Monetary Unit

Legend

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

 (b) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $335,873,000.

 (c) Non-income producing

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,274,000 or 0.3% of net assets.

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

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

 (g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $16,789,000 or 0.2% of net assets.

 (h) Level 3 security

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

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


Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $86 
Fidelity Securities Lending Cash Central Fund 195 
Total $281 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $623,530 $623,530 $-- $-- 
Consumer Staples 721,162 679,124 42,038 -- 
Energy 1,027,501 1,027,501 -- -- 
Financials 1,786,956 1,786,956 -- -- 
Health Care 939,242 880,107 59,135 -- 
Industrials 903,057 879,436 23,621 -- 
Information Technology 1,289,276 1,289,276 -- -- 
Materials 161,267 161,267 -- -- 
Real Estate 81,310 81,310 -- -- 
Telecommunication Services 97,692 97,692 -- -- 
Utilities 88,644 83,159 5,485 -- 
Corporate Bonds 9,414 -- 9,414 -- 
Other 16,789 -- -- 16,789 
Money Market Funds 77,357 77,357 -- -- 
Total Investments in Securities: $7,823,197 $7,666,715 $139,693 $16,789 
Derivative Instruments:     
Liabilities     
Written Options $(11,596) $(11,596) $-- $-- 
Total Liabilities $(11,596) $(11,596) $-- $-- 
Total Derivative Instruments: $(11,596) $(11,596) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2018. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
(Amounts in thousands)   
Equity Risk   
Written Options(a) $0 $(11,596) 
Total Equity Risk 0 (11,596) 
Total Value of Derivatives $0 $(11,596) 

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


Other Information

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

United States of America 88.3% 
United Kingdom 3.6% 
Canada 3.6% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 3.4% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $48,860) — See accompanying schedule:
Unaffiliated issuers (cost $6,324,386) 		$7,745,840  
Fidelity Central Funds (cost $77,361) 77,357  
Total Investment in Securities (cost $6,401,747)  $7,823,197 
Restricted cash  223 
Receivable for investments sold  36,516 
Receivable for fund shares sold  1,669 
Dividends receivable  6,574 
Interest receivable  276 
Distributions receivable from Fidelity Central Funds  35 
Prepaid expenses  10 
Other receivables  841 
Total assets  7,869,341 
Liabilities   
Payable for investments purchased $52,785  
Payable for fund shares redeemed 5,334  
Accrued management fee 2,840  
Written options, at value (premium received $5,293) 11,596  
Other affiliated payables 948  
Other payables and accrued expenses 848  
Collateral on securities loaned 50,530  
Total liabilities  124,881 
Net Assets  $7,744,460 
Net Assets consist of:   
Paid in capital  $7,510,164 
Distributions in excess of net investment income  (22,706) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (1,158,166) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,415,168 
Net Assets  $7,744,460 
Growth and Income:   
Net Asset Value, offering price and redemption price per share ($6,823,724 ÷ 171,520 shares)  $39.78 
Class K:   
Net Asset Value, offering price and redemption price per share ($920,736 ÷ 23,165 shares)  $39.75 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $76,174 
Interest  225 
Income from Fidelity Central Funds  281 
Total income  76,680 
Expenses   
Management fee $16,124  
Transfer agent fees 5,046  
Accounting and security lending fees 595  
Custodian fees and expenses 66  
Independent trustees' fees and expenses 25  
Appreciation in deferred trustee compensation account 1  
Registration fees 35  
Audit 45  
Legal 15  
Interest 10  
Miscellaneous 23  
Total expenses before reductions 21,985  
Expense reductions (108) 21,877 
Net investment income (loss)  54,803 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 532,471  
Fidelity Central Funds 1  
Foreign currency transactions 14  
Written options 3,294  
Total net realized gain (loss)  535,780 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 382,154  
Fidelity Central Funds (2)  
Assets and liabilities in foreign currencies 44  
Written options (3,891)  
Total change in net unrealized appreciation (depreciation)  378,305 
Net gain (loss)  914,085 
Net increase (decrease) in net assets resulting from operations  $968,888 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $54,803 $128,606 
Net realized gain (loss) 535,780 555,075 
Change in net unrealized appreciation (depreciation) 378,305 424,780 
Net increase (decrease) in net assets resulting from operations 968,888 1,108,461 
Distributions to shareholders from net investment income (89,704) (97,619) 
Share transactions - net increase (decrease) (380,775) (57,861) 
Total increase (decrease) in net assets 498,409 952,981 
Net Assets   
Beginning of period 7,246,051 6,293,070 
End of period $7,744,460 $7,246,051 
Other Information   
Undistributed net investment income end of period $– $12,195 
Distributions in excess of net investment income end of period $(22,706) $– 

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


Financial Highlights

Fidelity Growth & Income Portfolio

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $35.31 $30.48 $30.85 $29.02 $25.66 $20.13 
Income from Investment Operations       
Net investment income (loss)A .27 .61 .59 .55 .51 .46 
Net realized and unrealized gain (loss) 4.65 4.68 (.37) 1.82B 3.35 5.54 
Total from investment operations 4.92 5.29 .22 2.37 3.86 6.00 
Distributions from net investment income (.45) (.46) (.58) (.54) (.50) (.44) 
Distributions from net realized gain – – (.01) – (.01) (.03) 
Total distributions (.45) (.46) (.59) (.54) (.50)C (.47) 
Net asset value, end of period $39.78 $35.31 $30.48 $30.85 $29.02 $25.66 
Total ReturnD,E 14.05% 17.48% .88% 8.23%B 15.16% 30.15% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .62%H .63% .64% .64% .65% .68% 
Expenses net of fee waivers, if any .61%H .63% .64% .63% .65% .68% 
Expenses net of all reductions .61%H .63% .64% .63% .65% .67% 
Net investment income (loss) 1.49%H 1.84% 2.05% 1.83% 1.86% 2.04% 
Supplemental Data       
Net assets, end of period (in millions) $6,824 $6,356 $5,529 $6,563 $6,550 $6,060 
Portfolio turnover rateI 40%H 37% 29% 35% 41%J 49% 

 A Calculated based on average shares outstanding during the period.

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

 C Total distributions of $.50 per share is comprised of distributions from net investment income of $.495 and distributions from net realized gain of $.006 per share.

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

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

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

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

 H Annualized

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

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


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


Fidelity Growth & Income Portfolio Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $35.28 $30.46 $30.82 $29.00 $25.64 $20.12 
Income from Investment Operations       
Net investment income (loss)A .29 .65 .62 .59 .54 .50 
Net realized and unrealized gain (loss) 4.65 4.67 (.35) 1.81B 3.36 5.52 
Total from investment operations 4.94 5.32 .27 2.40 3.90 6.02 
Distributions from net investment income (.47) (.50) (.62) (.58) (.53) (.47) 
Distributions from net realized gain – – (.01) – (.01) (.03) 
Total distributions (.47) (.50) (.63) (.58) (.54) (.50) 
Net asset value, end of period $39.75 $35.28 $30.46 $30.82 $29.00 $25.64 
Total ReturnC,D 14.12% 17.60% 1.04% 8.34%B 15.32% 30.28% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .51%G .52% .52% .52% .52% .53% 
Expenses net of fee waivers, if any .51%G .52% .52% .52% .52% .53% 
Expenses net of all reductions .51%G .52% .52% .52% .52% .52% 
Net investment income (loss) 1.60%G 1.95% 2.17% 1.95% 1.99% 2.19% 
Supplemental Data       
Net assets, end of period (in millions) $921 $890 $765 $862 $960 $1,016 
Portfolio turnover rateH 40%G 37% 29% 35% 41%I 49% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

 G Annualized

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

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. 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, 2018 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, certain conversion ratio adjustments, equity-debt classifications, deferred trustees compensation, 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 $1,835,496 
Gross unrealized depreciation (422,405) 
Net unrealized appreciation (depreciation) $1,413,091 
Tax cost $6,403,803 

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

Fiscal year of expiration  
2018 $(1,723,247) 

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

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

As of period end, the Fund held an investment of $17,012 in this Subsidiary, representing .22% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

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

4. Derivative Instruments.

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

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

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

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

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

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

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

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

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

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

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

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,471,394 and $1,864,408, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .44% of the Fund's average net assets.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Growth and Income $4,843 .15 
Class K 203 .05 
 $5,046  

 (a) Annualized


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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $29 for the period.

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

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $5,610 1.37% $8 

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

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $10 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $1,711. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $195, including $8 from securities loaned to FCM.

9. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average loan balance during the period for which loans were outstanding amounted to $11,831. The weighted average interest rate was 1.66%. The interest expense amounted to $2 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

10. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $71 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $37.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Growth and Income $78,502 $84,860 
Class K 11,202 12,759 
Total $89,704 $97,619 

12. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Growth and Income     
Shares sold 3,524 18,794 $130,095 $607,315 
Reinvestment of distributions 2,035 2,473 74,379 80,649 
Shares redeemed (14,031) (22,631) (511,155) (748,252) 
Net increase (decrease) (8,472) (1,364) $(306,681) $(60,288) 
Class K     
Shares sold 1,853 7,100 $68,694 $234,427 
Reinvestment of distributions 307 391 11,202 12,759 
Shares redeemed (4,223) (7,363) (153,990) (244,759) 
Net increase (decrease) (2,063) 128 $(74,094) $2,427 

13. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Growth and Income .61%    
Actual  $1,000.00 $1,140.50 $3.29 
Hypothetical-C  $1,000.00 $1,022.13 $3.11 
Class K .51%    
Actual  $1,000.00 $1,141.20 $2.75 
Hypothetical-C  $1,000.00 $1,022.63 $2.60 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

GAI-SANN-0318
1.700483.121

Fidelity® Leveraged Company Stock Fund
Class K



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
T-Mobile U.S., Inc. 2.3 
Alphabet, Inc. Class A 2.3 
ON Semiconductor Corp. 2.3 
Air Canada 2.0 
Bank of America Corp. 2.0 
Broadcom Ltd. 2.0 
Citigroup, Inc. 1.9 
Facebook, Inc. Class A 1.8 
Melco Crown Entertainment Ltd. sponsored ADR 1.8 
JPMorgan Chase & Co. 1.8 
 20.2 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 26.9 
Consumer Discretionary 23.1 
Financials 10.6 
Industrials 10.5 
Materials 9.9 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 98.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.7% 


 * Foreign investments – 20.0%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 23.1%   
Auto Components - 2.5%   
Aptiv PLC 220,900 $20,959 
Delphi Technologies PLC 73,633 4,067 
Lear Corp. 193,600 37,392 
Tenneco, Inc. 289,100 16,771 
  79,189 
Automobiles - 1.2%   
Fiat Chrysler Automobiles NV 1,566,100 37,853 
Hotels, Restaurants & Leisure - 11.0%   
Boyd Gaming Corp. 1,038,600 40,994 
Eldorado Resorts, Inc. (a) 1,056,500 36,502 
Extended Stay America, Inc. unit 715,400 14,473 
Las Vegas Sands Corp. 245,200 19,008 
Melco Crown Entertainment Ltd. sponsored ADR 1,910,900 56,907 
MGM Mirage, Inc. 750,300 27,348 
Penn National Gaming, Inc. (a) 1,284,200 40,979 
Red Rock Resorts, Inc. 5,847 203 
Royal Caribbean Cruises Ltd. 254,300 33,962 
Scientific Games Corp. Class A (a) 532,500 24,841 
U.S. Foods Holding Corp. (a) 443,900 14,263 
Wyndham Worldwide Corp. 289,100 35,886 
  345,366 
Household Durables - 2.3%   
CalAtlantic Group, Inc. 375,300 21,066 
Lennar Corp. Class A 201,600 12,632 
Newell Brands, Inc. 604,547 15,984 
Toll Brothers, Inc. 513,000 23,896 
  73,578 
Internet & Direct Marketing Retail - 1.6%   
JD.com, Inc. sponsored ADR (a) 381,900 18,801 
Priceline Group, Inc. (a) 16,700 31,931 
  50,732 
Media - 4.5%   
Gray Television, Inc. (a) 1,869,664 30,569 
Naspers Ltd.:   
Class N 135,500 38,690 
Class N sponsored ADR 160,400 9,236 
Nexstar Broadcasting Group, Inc. Class A 482,098 36,206 
Sinclair Broadcast Group, Inc. Class A (b) 699,000 25,933 
  140,634 
TOTAL CONSUMER DISCRETIONARY  727,352 
CONSUMER STAPLES - 4.1%   
Beverages - 1.2%   
Constellation Brands, Inc. Class A (sub. vtg.) 86,500 18,984 
Monster Beverage Corp. (a) 280,500 19,139 
  38,123 
Food & Staples Retailing - 0.9%   
CVS Health Corp. 361,400 28,439 
Food Products - 2.0%   
Darling International, Inc. (a) 1,685,383 31,247 
JBS SA 9,507,900 29,992 
  61,239 
TOTAL CONSUMER STAPLES  127,801 
ENERGY - 6.0%   
Energy Equipment & Services - 0.0%   
SAExploration Holdings, Inc. (a)(c) 419,175 914 
Oil, Gas & Consumable Fuels - 6.0%   
Anadarko Petroleum Corp. 307,800 18,483 
Carrizo Oil & Gas, Inc. (a) 57,702 1,160 
Cheniere Energy, Inc. (a) 594,640 33,633 
Diamondback Energy, Inc. (a) 281,900 35,378 
EQT Corp. 306,506 16,640 
Parsley Energy, Inc. Class A (a) 579,600 13,679 
Pioneer Natural Resources Co. 145,200 26,559 
QEP Resources, Inc. (a) 458,700 4,293 
Range Resources Corp. (b) 323,900 4,616 
RSP Permian, Inc. (a) 270,900 10,749 
Scorpio Tankers, Inc. 1,959,100 5,211 
Teekay Corp. (b) 917,300 7,485 
Whiting Petroleum Corp. (a) 359,973 10,050 
  187,936 
TOTAL ENERGY  188,850 
FINANCIALS - 10.6%   
Banks - 7.5%   
Bank of America Corp. 1,955,999 62,592 
Citigroup, Inc. 780,847 61,281 
Huntington Bancshares, Inc. 1,154,180 18,675 
JPMorgan Chase & Co. 481,600 55,707 
Regions Financial Corp. 987,780 18,995 
SunTrust Banks, Inc. 271,500 19,195 
  236,445 
Capital Markets - 0.4%   
MSCI, Inc. 94,600 13,171 
Consumer Finance - 1.6%   
OneMain Holdings, Inc. (a) 1,547,200 50,609 
Diversified Financial Services - 1.1%   
GDS Holdings Ltd. ADR (a)(b) 1,173,700 33,497 
TOTAL FINANCIALS  333,722 
HEALTH CARE - 3.2%   
Health Care Equipment & Supplies - 0.5%   
Boston Scientific Corp. (a) 613,956 17,166 
Health Care Providers & Services - 0.6%   
HCA Holdings, Inc. 179,579 18,166 
Life Sciences Tools & Services - 0.5%   
PRA Health Sciences, Inc. (a) 168,000 15,298 
Pharmaceuticals - 1.6%   
Allergan PLC 128,100 23,091 
Jazz Pharmaceuticals PLC (a) 168,500 24,557 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 56,100 1,038 
  48,686 
TOTAL HEALTH CARE  99,316 
INDUSTRIALS - 10.5%   
Air Freight & Logistics - 0.8%   
XPO Logistics, Inc. (a) 282,000 26,632 
Airlines - 4.1%   
Air Canada (a) 3,279,900 63,758 
Allegiant Travel Co. 144,246 22,971 
Delta Air Lines, Inc. 745,301 42,311 
  129,040 
Building Products - 1.3%   
Fortune Brands Home & Security, Inc. 278,100 19,726 
Masco Corp. 475,400 21,231 
  40,957 
Commercial Services & Supplies - 0.0%   
Novus Holdings Ltd. 46,866 20 
Electrical Equipment - 0.2%   
Regal Beloit Corp. 81,158 6,322 
Machinery - 0.9%   
Allison Transmission Holdings, Inc. 627,700 27,769 
Marine - 0.0%   
Genco Shipping & Trading Ltd. (a) 831 11 
Trading Companies & Distributors - 3.2%   
AerCap Holdings NV (a) 352,700 19,081 
HD Supply Holdings, Inc. (a) 1,117,500 43,460 
United Rentals, Inc. (a) 207,000 37,490 
  100,031 
TOTAL INDUSTRIALS  330,782 
INFORMATION TECHNOLOGY - 26.9%   
Electronic Equipment & Components - 1.5%   
CDW Corp. 280,200 20,956 
TE Connectivity Ltd. 154,100 15,800 
TTM Technologies, Inc. (a) 589,200 9,716 
  46,472 
Internet Software & Services - 5.4%   
Alibaba Group Holding Ltd. sponsored ADR (a) 182,000 37,181 
Alphabet, Inc. Class A (a) 62,000 73,298 
Facebook, Inc. Class A (a) 309,300 57,805 
LogMeIn, Inc. 31,550 3,969 
Qudian, Inc. ADR (b) 7,000 98 
  172,351 
IT Services - 3.4%   
EPAM Systems, Inc. (a) 243,700 28,630 
First Data Corp. Class A (a) 976,600 17,286 
Global Payments, Inc. 397,500 44,433 
PayPal Holdings, Inc. (a) 196,900 16,800 
  107,149 
Semiconductors & Semiconductor Equipment - 11.8%   
Analog Devices, Inc. 194,000 17,825 
Broadcom Ltd. 252,200 62,553 
Marvell Technology Group Ltd. 1,097,200 25,598 
Micron Technology, Inc. (a) 976,100 42,675 
Microsemi Corp. (a) 859,500 53,109 
NVIDIA Corp. 99,100 24,359 
ON Semiconductor Corp. (a) 2,941,500 72,773 
Qorvo, Inc. (a) 365,300 26,218 
Semtech Corp. (a) 408,100 14,610 
Skyworks Solutions, Inc. 325,300 31,622 
  371,342 
Software - 4.8%   
Adobe Systems, Inc. (a) 181,800 36,316 
Electronic Arts, Inc. (a) 287,900 36,552 
Nuance Communications, Inc. (a) 1,410,400 25,119 
Salesforce.com, Inc. (a) 147,800 16,836 
Take-Two Interactive Software, Inc. (a) 223,800 28,349 
TiVo Corp. 533,331 7,440 
  150,612 
TOTAL INFORMATION TECHNOLOGY  847,926 
MATERIALS - 9.9%   
Chemicals - 6.1%   
DowDuPont, Inc. 475,821 35,963 
Ingevity Corp. (a) 254,788 18,485 
LyondellBasell Industries NV Class A 460,555 55,193 
Olin Corp. 395,300 14,737 
Platform Specialty Products Corp. (a) 2,635,400 30,861 
The Chemours Co. LLC 727,000 37,528 
  192,767 
Containers & Packaging - 1.4%   
Ardagh Group SA 73,966 1,479 
Berry Global Group, Inc. (a) 113,700 6,730 
Crown Holdings, Inc. (a) 277,300 16,097 
Graphic Packaging Holding Co. 1,170,100 18,897 
  43,203 
Metals & Mining - 2.4%   
First Quantum Minerals Ltd. 2,322,400 34,628 
Freeport-McMoRan, Inc. (a) 1,107,900 21,604 
Nucor Corp. 282,600 18,923 
  75,155 
TOTAL MATERIALS  311,125 
TELECOMMUNICATION SERVICES - 3.3%   
Diversified Telecommunication Services - 1.0%   
Altice U.S.A., Inc. Class A (b) 1,435,600 30,822 
Wireless Telecommunication Services - 2.3%   
T-Mobile U.S., Inc. (a) 1,148,300 74,748 
TOTAL TELECOMMUNICATION SERVICES  105,570 
UTILITIES - 0.7%   
Electric Utilities - 0.6%   
Vistra Energy Corp. (a) 938,500 18,301 
Independent Power and Renewable Electricity Producers - 0.1%   
Dynegy, Inc. (a) 273,413 3,423 
TOTAL UTILITIES  21,724 
TOTAL COMMON STOCKS   
(Cost $2,235,932)  3,094,168 
 Principal Amount (000s) Value (000s) 
Nonconvertible Bonds - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Jupiter Resources, Inc. 8.5% 10/1/22(c)   
(Cost $690) 825 503 
 Shares Value (000s) 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund, 1.39% (d) 75,268,320 75,283 
Fidelity Securities Lending Cash Central Fund 1.40% (d)(e) 47,056,538 47,061 
TOTAL MONEY MARKET FUNDS   
(Cost $122,342)  122,344 
TOTAL INVESTMENT IN SECURITIES - 102.2%   
(Cost $2,358,964)  3,217,015 
NET OTHER ASSETS (LIABILITIES) - (2.2)%  (69,022) 
NET ASSETS - 100%  $3,147,993 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,417,000 or 0.0% of net assets.

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

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


Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $290 
Fidelity Securities Lending Cash Central Fund 349 
Total $639 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $727,352 $727,352 $-- $-- 
Consumer Staples 127,801 127,801 -- -- 
Energy 188,850 188,850 -- -- 
Financials 333,722 333,722 -- -- 
Health Care 99,316 99,316 -- -- 
Industrials 330,782 330,782 -- -- 
Information Technology 847,926 847,926 -- -- 
Materials 311,125 311,125 -- -- 
Telecommunication Services 105,570 105,570 -- -- 
Utilities 21,724 21,724 -- -- 
Corporate Bonds 503 -- 503 -- 
Money Market Funds 122,344 122,344 -- -- 
Total Investments in Securities: $3,217,015 $3,216,512 $503 $-- 

Other Information

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

United States of America 80.0% 
Cayman Islands 3.6% 
Netherlands 3.5% 
Canada 3.1% 
Singapore 2.0% 
Ireland 1.6% 
South Africa 1.5% 
Liberia 1.1% 
Brazil 1.0% 
Others (Individually Less Than 1%) 2.6% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $45,347) — See accompanying schedule:
Unaffiliated issuers (cost $2,236,622) 		$3,094,671  
Fidelity Central Funds (cost $122,342) 122,344  
Total Investment in Securities (cost $2,358,964)  $3,217,015 
Receivable for investments sold  13,132 
Receivable for fund shares sold  739 
Dividends receivable  244 
Interest receivable  23 
Distributions receivable from Fidelity Central Funds  128 
Prepaid expenses  4 
Other receivables  62 
Total assets  3,231,347 
Liabilities   
Payable to custodian bank $9,483  
Payable for investments purchased 20,397  
Payable for fund shares redeemed 4,385  
Accrued management fee 1,565  
Other affiliated payables 421  
Other payables and accrued expenses 37  
Collateral on securities loaned 47,066  
Total liabilities  83,354 
Net Assets  $3,147,993 
Net Assets consist of:   
Paid in capital  $2,197,636 
Distributions in excess of net investment income  (926) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  93,232 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  858,051 
Net Assets  $3,147,993 
Leveraged Company Stock:   
Net Asset Value, offering price and redemption price per share ($2,655,947 ÷ 75,162 shares)  $35.34 
Class K:   
Net Asset Value, offering price and redemption price per share ($492,046 ÷ 13,895 shares)  $35.41 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $12,970 
Interest  45 
Income from Fidelity Central Funds  639 
Total income  13,654 
Expenses   
Management fee $9,140  
Transfer agent fees 2,109  
Accounting and security lending fees 458  
Custodian fees and expenses 25  
Independent trustees' fees and expenses 6  
Registration fees 32  
Audit 35  
Legal 7  
Miscellaneous 11  
Total expenses before reductions 11,823  
Expense reductions (128) 11,695 
Net investment income (loss)  1,959 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 201,735  
Fidelity Central Funds (2)  
Foreign currency transactions 63  
Total net realized gain (loss)  201,796 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 208,331  
Fidelity Central Funds (3)  
Total change in net unrealized appreciation (depreciation)  208,328 
Net gain (loss)  410,124 
Net increase (decrease) in net assets resulting from operations  $412,083 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,959 $17,016 
Net realized gain (loss) 201,796 1,032,712 
Change in net unrealized appreciation (depreciation) 208,328 (535,359) 
Net increase (decrease) in net assets resulting from operations 412,083 514,369 
Distributions to shareholders from net investment income (6,187) (31,094) 
Distributions to shareholders from net realized gain (529,539) (719,647) 
Total distributions (535,726) (750,741) 
Share transactions - net increase (decrease) 138,508 (65,270) 
Redemption fees – 27 
Total increase (decrease) in net assets 14,865 (301,615) 
Net Assets   
Beginning of period 3,133,128 3,434,743 
End of period $3,147,993 $3,133,128 
Other Information   
Undistributed net investment income end of period $– $3,302 
Distributions in excess of net investment income end of period $(926) $– 

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


Financial Highlights

Fidelity Leveraged Company Stock Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $37.25 $40.68 $46.90 $45.82 $39.44 $28.22 
Income from Investment Operations       
Net investment income (loss)A .02 .19 .41 .41 .34 .42B 
Net realized and unrealized gain (loss) 4.45 5.53 (3.77) 1.01 6.31 10.92 
Total from investment operations 4.47 5.72 (3.36) 1.42 6.65 11.34 
Distributions from net investment income (.07) (.37) (.40) (.34) (.27) (.12) 
Distributions from net realized gain (6.32) (8.78) (2.46) – – – 
Total distributions (6.38)C (9.15) (2.86) (.34) (.27) (.12) 
Redemption fees added to paid in capitalA – –D –D –D –D –D 
Net asset value, end of period $35.34 $37.25 $40.68 $46.90 $45.82 $39.44 
Total ReturnE,F 14.24% 17.45% (7.23)% 3.12% 16.96% 40.31% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .78%I .80% .80% .79% .79% .82% 
Expenses net of fee waivers, if any .78%I .79% .80% .78% .79% .82% 
Expenses net of all reductions .77%I .78% .80% .78% .79% .82% 
Net investment income (loss) .11%I .51% 1.03% .87% .81% 1.25%B 
Supplemental Data       
Net assets, end of period (in millions) $2,656 $2,644 $2,861 $3,755 $4,207 $4,227 
Portfolio turnover rateJ 64%I 100% 9% 4% 10% 21% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

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

 D Amount represents less than $.005 per share.

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

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

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

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

 I Annualized

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


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


Fidelity Leveraged Company Stock Fund Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $37.34 $40.76 $47.00 $45.91 $39.52 $28.26 
Income from Investment Operations       
Net investment income (loss)A .04 .23 .46 .46 .40 .47B 
Net realized and unrealized gain (loss) 4.45 5.55 (3.79) 1.03 6.31 10.93 
Total from investment operations 4.49 5.78 (3.33) 1.49 6.71 11.40 
Distributions from net investment income (.11) (.42) (.45) (.40) (.32) (.14) 
Distributions from net realized gain (6.32) (8.78) (2.46) – – – 
Total distributions (6.42)C (9.20) (2.91) (.40) (.32) (.14) 
Redemption fees added to paid in capitalA – –D –D –D –D –D 
Net asset value, end of period $35.41 $37.34 $40.76 $47.00 $45.91 $39.52 
Total ReturnE,F 14.27% 17.60% (7.14)% 3.26% 17.10% 40.47% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .68%I .68% .68% .67% .67% .69% 
Expenses net of fee waivers, if any .67%I .68% .68% .67% .67% .69% 
Expenses net of all reductions .67%I .67% .68% .67% .67% .68% 
Net investment income (loss) .22%I .63% 1.15% .99% .92% 1.39%B 
Supplemental Data       
Net assets, end of period (in millions) $492 $489 $573 $991 $1,173 $1,053 
Portfolio turnover rateJ 64%I 100% 9% 4% 10% 21% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.17%.

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

 D Amount represents less than $.005 per share.

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

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

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

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

 I Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018
(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.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

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, 2018 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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

Gross unrealized appreciation $953,088 
Gross unrealized depreciation (99,287) 
Net unrealized appreciation (depreciation) $853,801 
Tax cost $2,363,214 

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $973,035 and $1,325,963, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .59% of the Fund's average net assets.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Leveraged Company Stock $1,998 .15 
Class K 111 .05 
 $2,109  

 (a) Annualized


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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $25 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $349, including $2 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $112 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $15.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Leveraged Company Stock $4,788 $25,432 
Class K 1,399 5,662 
Total $6,187 $31,094 
From net realized gain   
Leveraged Company Stock $447,843 $601,482 
Class K 81,696 118,165 
Total $529,539 $719,647 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Leveraged Company Stock     
Shares sold 1,353 3,277 $46,300 $119,066 
Reinvestment of distributions 13,261 17,338 427,578 589,414 
Shares redeemed (10,426) (19,987) (357,054) (729,496) 
Net increase (decrease) 4,188 628 $116,824 $(21,016) 
Class K     
Shares sold 604 1,480 $20,808 $53,751 
Reinvestment of distributions 2,572 3,634 83,095 123,827 
Shares redeemed (2,386) (6,074) (82,219) (221,832) 
Net increase (decrease) 790 (960) $21,684 $(44,254) 

11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Leveraged Company Stock .78%    
Actual  $1,000.00 $1,142.40 $4.21 
Hypothetical-C  $1,000.00 $1,021.27 $3.97 
Class K .67%    
Actual  $1,000.00 $1,142.70 $3.62 
Hypothetical-C  $1,000.00 $1,021.83 $3.41 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

LSF-K-SANN-0318
1.863385.109

Fidelity® Leveraged Company Stock Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
T-Mobile U.S., Inc. 2.3 
Alphabet, Inc. Class A 2.3 
ON Semiconductor Corp. 2.3 
Air Canada 2.0 
Bank of America Corp. 2.0 
Broadcom Ltd. 2.0 
Citigroup, Inc. 1.9 
Facebook, Inc. Class A 1.8 
Melco Crown Entertainment Ltd. sponsored ADR 1.8 
JPMorgan Chase & Co. 1.8 
 20.2 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 26.9 
Consumer Discretionary 23.1 
Financials 10.6 
Industrials 10.5 
Materials 9.9 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 98.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.7% 


 * Foreign investments – 20.0%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 23.1%   
Auto Components - 2.5%   
Aptiv PLC 220,900 $20,959 
Delphi Technologies PLC 73,633 4,067 
Lear Corp. 193,600 37,392 
Tenneco, Inc. 289,100 16,771 
  79,189 
Automobiles - 1.2%   
Fiat Chrysler Automobiles NV 1,566,100 37,853 
Hotels, Restaurants & Leisure - 11.0%   
Boyd Gaming Corp. 1,038,600 40,994 
Eldorado Resorts, Inc. (a) 1,056,500 36,502 
Extended Stay America, Inc. unit 715,400 14,473 
Las Vegas Sands Corp. 245,200 19,008 
Melco Crown Entertainment Ltd. sponsored ADR 1,910,900 56,907 
MGM Mirage, Inc. 750,300 27,348 
Penn National Gaming, Inc. (a) 1,284,200 40,979 
Red Rock Resorts, Inc. 5,847 203 
Royal Caribbean Cruises Ltd. 254,300 33,962 
Scientific Games Corp. Class A (a) 532,500 24,841 
U.S. Foods Holding Corp. (a) 443,900 14,263 
Wyndham Worldwide Corp. 289,100 35,886 
  345,366 
Household Durables - 2.3%   
CalAtlantic Group, Inc. 375,300 21,066 
Lennar Corp. Class A 201,600 12,632 
Newell Brands, Inc. 604,547 15,984 
Toll Brothers, Inc. 513,000 23,896 
  73,578 
Internet & Direct Marketing Retail - 1.6%   
JD.com, Inc. sponsored ADR (a) 381,900 18,801 
Priceline Group, Inc. (a) 16,700 31,931 
  50,732 
Media - 4.5%   
Gray Television, Inc. (a) 1,869,664 30,569 
Naspers Ltd.:   
Class N 135,500 38,690 
Class N sponsored ADR 160,400 9,236 
Nexstar Broadcasting Group, Inc. Class A 482,098 36,206 
Sinclair Broadcast Group, Inc. Class A (b) 699,000 25,933 
  140,634 
TOTAL CONSUMER DISCRETIONARY  727,352 
CONSUMER STAPLES - 4.1%   
Beverages - 1.2%   
Constellation Brands, Inc. Class A (sub. vtg.) 86,500 18,984 
Monster Beverage Corp. (a) 280,500 19,139 
  38,123 
Food & Staples Retailing - 0.9%   
CVS Health Corp. 361,400 28,439 
Food Products - 2.0%   
Darling International, Inc. (a) 1,685,383 31,247 
JBS SA 9,507,900 29,992 
  61,239 
TOTAL CONSUMER STAPLES  127,801 
ENERGY - 6.0%   
Energy Equipment & Services - 0.0%   
SAExploration Holdings, Inc. (a)(c) 419,175 914 
Oil, Gas & Consumable Fuels - 6.0%   
Anadarko Petroleum Corp. 307,800 18,483 
Carrizo Oil & Gas, Inc. (a) 57,702 1,160 
Cheniere Energy, Inc. (a) 594,640 33,633 
Diamondback Energy, Inc. (a) 281,900 35,378 
EQT Corp. 306,506 16,640 
Parsley Energy, Inc. Class A (a) 579,600 13,679 
Pioneer Natural Resources Co. 145,200 26,559 
QEP Resources, Inc. (a) 458,700 4,293 
Range Resources Corp. (b) 323,900 4,616 
RSP Permian, Inc. (a) 270,900 10,749 
Scorpio Tankers, Inc. 1,959,100 5,211 
Teekay Corp. (b) 917,300 7,485 
Whiting Petroleum Corp. (a) 359,973 10,050 
  187,936 
TOTAL ENERGY  188,850 
FINANCIALS - 10.6%   
Banks - 7.5%   
Bank of America Corp. 1,955,999 62,592 
Citigroup, Inc. 780,847 61,281 
Huntington Bancshares, Inc. 1,154,180 18,675 
JPMorgan Chase & Co. 481,600 55,707 
Regions Financial Corp. 987,780 18,995 
SunTrust Banks, Inc. 271,500 19,195 
  236,445 
Capital Markets - 0.4%   
MSCI, Inc. 94,600 13,171 
Consumer Finance - 1.6%   
OneMain Holdings, Inc. (a) 1,547,200 50,609 
Diversified Financial Services - 1.1%   
GDS Holdings Ltd. ADR (a)(b) 1,173,700 33,497 
TOTAL FINANCIALS  333,722 
HEALTH CARE - 3.2%   
Health Care Equipment & Supplies - 0.5%   
Boston Scientific Corp. (a) 613,956 17,166 
Health Care Providers & Services - 0.6%   
HCA Holdings, Inc. 179,579 18,166 
Life Sciences Tools & Services - 0.5%   
PRA Health Sciences, Inc. (a) 168,000 15,298 
Pharmaceuticals - 1.6%   
Allergan PLC 128,100 23,091 
Jazz Pharmaceuticals PLC (a) 168,500 24,557 
Valeant Pharmaceuticals International, Inc. (Canada) (a) 56,100 1,038 
  48,686 
TOTAL HEALTH CARE  99,316 
INDUSTRIALS - 10.5%   
Air Freight & Logistics - 0.8%   
XPO Logistics, Inc. (a) 282,000 26,632 
Airlines - 4.1%   
Air Canada (a) 3,279,900 63,758 
Allegiant Travel Co. 144,246 22,971 
Delta Air Lines, Inc. 745,301 42,311 
  129,040 
Building Products - 1.3%   
Fortune Brands Home & Security, Inc. 278,100 19,726 
Masco Corp. 475,400 21,231 
  40,957 
Commercial Services & Supplies - 0.0%   
Novus Holdings Ltd. 46,866 20 
Electrical Equipment - 0.2%   
Regal Beloit Corp. 81,158 6,322 
Machinery - 0.9%   
Allison Transmission Holdings, Inc. 627,700 27,769 
Marine - 0.0%   
Genco Shipping & Trading Ltd. (a) 831 11 
Trading Companies & Distributors - 3.2%   
AerCap Holdings NV (a) 352,700 19,081 
HD Supply Holdings, Inc. (a) 1,117,500 43,460 
United Rentals, Inc. (a) 207,000 37,490 
  100,031 
TOTAL INDUSTRIALS  330,782 
INFORMATION TECHNOLOGY - 26.9%   
Electronic Equipment & Components - 1.5%   
CDW Corp. 280,200 20,956 
TE Connectivity Ltd. 154,100 15,800 
TTM Technologies, Inc. (a) 589,200 9,716 
  46,472 
Internet Software & Services - 5.4%   
Alibaba Group Holding Ltd. sponsored ADR (a) 182,000 37,181 
Alphabet, Inc. Class A (a) 62,000 73,298 
Facebook, Inc. Class A (a) 309,300 57,805 
LogMeIn, Inc. 31,550 3,969 
Qudian, Inc. ADR (b) 7,000 98 
  172,351 
IT Services - 3.4%   
EPAM Systems, Inc. (a) 243,700 28,630 
First Data Corp. Class A (a) 976,600 17,286 
Global Payments, Inc. 397,500 44,433 
PayPal Holdings, Inc. (a) 196,900 16,800 
  107,149 
Semiconductors & Semiconductor Equipment - 11.8%   
Analog Devices, Inc. 194,000 17,825 
Broadcom Ltd. 252,200 62,553 
Marvell Technology Group Ltd. 1,097,200 25,598 
Micron Technology, Inc. (a) 976,100 42,675 
Microsemi Corp. (a) 859,500 53,109 
NVIDIA Corp. 99,100 24,359 
ON Semiconductor Corp. (a) 2,941,500 72,773 
Qorvo, Inc. (a) 365,300 26,218 
Semtech Corp. (a) 408,100 14,610 
Skyworks Solutions, Inc. 325,300 31,622 
  371,342 
Software - 4.8%   
Adobe Systems, Inc. (a) 181,800 36,316 
Electronic Arts, Inc. (a) 287,900 36,552 
Nuance Communications, Inc. (a) 1,410,400 25,119 
Salesforce.com, Inc. (a) 147,800 16,836 
Take-Two Interactive Software, Inc. (a) 223,800 28,349 
TiVo Corp. 533,331 7,440 
  150,612 
TOTAL INFORMATION TECHNOLOGY  847,926 
MATERIALS - 9.9%   
Chemicals - 6.1%   
DowDuPont, Inc. 475,821 35,963 
Ingevity Corp. (a) 254,788 18,485 
LyondellBasell Industries NV Class A 460,555 55,193 
Olin Corp. 395,300 14,737 
Platform Specialty Products Corp. (a) 2,635,400 30,861 
The Chemours Co. LLC 727,000 37,528 
  192,767 
Containers & Packaging - 1.4%   
Ardagh Group SA 73,966 1,479 
Berry Global Group, Inc. (a) 113,700 6,730 
Crown Holdings, Inc. (a) 277,300 16,097 
Graphic Packaging Holding Co. 1,170,100 18,897 
  43,203 
Metals & Mining - 2.4%   
First Quantum Minerals Ltd. 2,322,400 34,628 
Freeport-McMoRan, Inc. (a) 1,107,900 21,604 
Nucor Corp. 282,600 18,923 
  75,155 
TOTAL MATERIALS  311,125 
TELECOMMUNICATION SERVICES - 3.3%   
Diversified Telecommunication Services - 1.0%   
Altice U.S.A., Inc. Class A (b) 1,435,600 30,822 
Wireless Telecommunication Services - 2.3%   
T-Mobile U.S., Inc. (a) 1,148,300 74,748 
TOTAL TELECOMMUNICATION SERVICES  105,570 
UTILITIES - 0.7%   
Electric Utilities - 0.6%   
Vistra Energy Corp. (a) 938,500 18,301 
Independent Power and Renewable Electricity Producers - 0.1%   
Dynegy, Inc. (a) 273,413 3,423 
TOTAL UTILITIES  21,724 
TOTAL COMMON STOCKS   
(Cost $2,235,932)  3,094,168 
 Principal Amount (000s) Value (000s) 
Nonconvertible Bonds - 0.0%   
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Jupiter Resources, Inc. 8.5% 10/1/22(c)   
(Cost $690) 825 503 
 Shares Value (000s) 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund, 1.39% (d) 75,268,320 75,283 
Fidelity Securities Lending Cash Central Fund 1.40% (d)(e) 47,056,538 47,061 
TOTAL MONEY MARKET FUNDS   
(Cost $122,342)  122,344 
TOTAL INVESTMENT IN SECURITIES - 102.2%   
(Cost $2,358,964)  3,217,015 
NET OTHER ASSETS (LIABILITIES) - (2.2)%  (69,022) 
NET ASSETS - 100%  $3,147,993 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,417,000 or 0.0% of net assets.

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

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


Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $290 
Fidelity Securities Lending Cash Central Fund 349 
Total $639 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $727,352 $727,352 $-- $-- 
Consumer Staples 127,801 127,801 -- -- 
Energy 188,850 188,850 -- -- 
Financials 333,722 333,722 -- -- 
Health Care 99,316 99,316 -- -- 
Industrials 330,782 330,782 -- -- 
Information Technology 847,926 847,926 -- -- 
Materials 311,125 311,125 -- -- 
Telecommunication Services 105,570 105,570 -- -- 
Utilities 21,724 21,724 -- -- 
Corporate Bonds 503 -- 503 -- 
Money Market Funds 122,344 122,344 -- -- 
Total Investments in Securities: $3,217,015 $3,216,512 $503 $-- 

Other Information

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

United States of America 80.0% 
Cayman Islands 3.6% 
Netherlands 3.5% 
Canada 3.1% 
Singapore 2.0% 
Ireland 1.6% 
South Africa 1.5% 
Liberia 1.1% 
Brazil 1.0% 
Others (Individually Less Than 1%) 2.6% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $45,347) — See accompanying schedule:
Unaffiliated issuers (cost $2,236,622) 		$3,094,671  
Fidelity Central Funds (cost $122,342) 122,344  
Total Investment in Securities (cost $2,358,964)  $3,217,015 
Receivable for investments sold  13,132 
Receivable for fund shares sold  739 
Dividends receivable  244 
Interest receivable  23 
Distributions receivable from Fidelity Central Funds  128 
Prepaid expenses  4 
Other receivables  62 
Total assets  3,231,347 
Liabilities   
Payable to custodian bank $9,483  
Payable for investments purchased 20,397  
Payable for fund shares redeemed 4,385  
Accrued management fee 1,565  
Other affiliated payables 421  
Other payables and accrued expenses 37  
Collateral on securities loaned 47,066  
Total liabilities  83,354 
Net Assets  $3,147,993 
Net Assets consist of:   
Paid in capital  $2,197,636 
Distributions in excess of net investment income  (926) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  93,232 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  858,051 
Net Assets  $3,147,993 
Leveraged Company Stock:   
Net Asset Value, offering price and redemption price per share ($2,655,947 ÷ 75,162 shares)  $35.34 
Class K:   
Net Asset Value, offering price and redemption price per share ($492,046 ÷ 13,895 shares)  $35.41 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $12,970 
Interest  45 
Income from Fidelity Central Funds  639 
Total income  13,654 
Expenses   
Management fee $9,140  
Transfer agent fees 2,109  
Accounting and security lending fees 458  
Custodian fees and expenses 25  
Independent trustees' fees and expenses 6  
Registration fees 32  
Audit 35  
Legal 7  
Miscellaneous 11  
Total expenses before reductions 11,823  
Expense reductions (128) 11,695 
Net investment income (loss)  1,959 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 201,735  
Fidelity Central Funds (2)  
Foreign currency transactions 63  
Total net realized gain (loss)  201,796 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 208,331  
Fidelity Central Funds (3)  
Total change in net unrealized appreciation (depreciation)  208,328 
Net gain (loss)  410,124 
Net increase (decrease) in net assets resulting from operations  $412,083 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,959 $17,016 
Net realized gain (loss) 201,796 1,032,712 
Change in net unrealized appreciation (depreciation) 208,328 (535,359) 
Net increase (decrease) in net assets resulting from operations 412,083 514,369 
Distributions to shareholders from net investment income (6,187) (31,094) 
Distributions to shareholders from net realized gain (529,539) (719,647) 
Total distributions (535,726) (750,741) 
Share transactions - net increase (decrease) 138,508 (65,270) 
Redemption fees – 27 
Total increase (decrease) in net assets 14,865 (301,615) 
Net Assets   
Beginning of period 3,133,128 3,434,743 
End of period $3,147,993 $3,133,128 
Other Information   
Undistributed net investment income end of period $– $3,302 
Distributions in excess of net investment income end of period $(926) $– 

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


Financial Highlights

Fidelity Leveraged Company Stock Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $37.25 $40.68 $46.90 $45.82 $39.44 $28.22 
Income from Investment Operations       
Net investment income (loss)A .02 .19 .41 .41 .34 .42B 
Net realized and unrealized gain (loss) 4.45 5.53 (3.77) 1.01 6.31 10.92 
Total from investment operations 4.47 5.72 (3.36) 1.42 6.65 11.34 
Distributions from net investment income (.07) (.37) (.40) (.34) (.27) (.12) 
Distributions from net realized gain (6.32) (8.78) (2.46) – – – 
Total distributions (6.38)C (9.15) (2.86) (.34) (.27) (.12) 
Redemption fees added to paid in capitalA – –D –D –D –D –D 
Net asset value, end of period $35.34 $37.25 $40.68 $46.90 $45.82 $39.44 
Total ReturnE,F 14.24% 17.45% (7.23)% 3.12% 16.96% 40.31% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .78%I .80% .80% .79% .79% .82% 
Expenses net of fee waivers, if any .78%I .79% .80% .78% .79% .82% 
Expenses net of all reductions .77%I .78% .80% .78% .79% .82% 
Net investment income (loss) .11%I .51% 1.03% .87% .81% 1.25%B 
Supplemental Data       
Net assets, end of period (in millions) $2,656 $2,644 $2,861 $3,755 $4,207 $4,227 
Portfolio turnover rateJ 64%I 100% 9% 4% 10% 21% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

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

 D Amount represents less than $.005 per share.

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

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

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

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

 I Annualized

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


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


Fidelity Leveraged Company Stock Fund Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $37.34 $40.76 $47.00 $45.91 $39.52 $28.26 
Income from Investment Operations       
Net investment income (loss)A .04 .23 .46 .46 .40 .47B 
Net realized and unrealized gain (loss) 4.45 5.55 (3.79) 1.03 6.31 10.93 
Total from investment operations 4.49 5.78 (3.33) 1.49 6.71 11.40 
Distributions from net investment income (.11) (.42) (.45) (.40) (.32) (.14) 
Distributions from net realized gain (6.32) (8.78) (2.46) – – – 
Total distributions (6.42)C (9.20) (2.91) (.40) (.32) (.14) 
Redemption fees added to paid in capitalA – –D –D –D –D –D 
Net asset value, end of period $35.41 $37.34 $40.76 $47.00 $45.91 $39.52 
Total ReturnE,F 14.27% 17.60% (7.14)% 3.26% 17.10% 40.47% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .68%I .68% .68% .67% .67% .69% 
Expenses net of fee waivers, if any .67%I .68% .68% .67% .67% .69% 
Expenses net of all reductions .67%I .67% .68% .67% .67% .68% 
Net investment income (loss) .22%I .63% 1.15% .99% .92% 1.39%B 
Supplemental Data       
Net assets, end of period (in millions) $492 $489 $573 $991 $1,173 $1,053 
Portfolio turnover rateJ 64%I 100% 9% 4% 10% 21% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.17%.

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

 D Amount represents less than $.005 per share.

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

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

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

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

 I Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018
(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.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

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, 2018 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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

Gross unrealized appreciation $953,088 
Gross unrealized depreciation (99,287) 
Net unrealized appreciation (depreciation) $853,801 
Tax cost $2,363,214 

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

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $973,035 and $1,325,963, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .59% of the Fund's average net assets.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Leveraged Company Stock $1,998 .15 
Class K 111 .05 
 $2,109  

 (a) Annualized


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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $25 for the period.

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding with FCM. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $349, including $2 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $112 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $15.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Leveraged Company Stock $4,788 $25,432 
Class K 1,399 5,662 
Total $6,187 $31,094 
From net realized gain   
Leveraged Company Stock $447,843 $601,482 
Class K 81,696 118,165 
Total $529,539 $719,647 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Leveraged Company Stock     
Shares sold 1,353 3,277 $46,300 $119,066 
Reinvestment of distributions 13,261 17,338 427,578 589,414 
Shares redeemed (10,426) (19,987) (357,054) (729,496) 
Net increase (decrease) 4,188 628 $116,824 $(21,016) 
Class K     
Shares sold 604 1,480 $20,808 $53,751 
Reinvestment of distributions 2,572 3,634 83,095 123,827 
Shares redeemed (2,386) (6,074) (82,219) (221,832) 
Net increase (decrease) 790 (960) $21,684 $(44,254) 

11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Leveraged Company Stock .78%    
Actual  $1,000.00 $1,142.40 $4.21 
Hypothetical-C  $1,000.00 $1,021.27 $3.97 
Class K .67%    
Actual  $1,000.00 $1,142.70 $3.62 
Hypothetical-C  $1,000.00 $1,021.83 $3.41 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

www.fidelity.com

LSF-SANN-0318
1.753758.118

Fidelity® OTC Portfolio
Class K



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Apple, Inc. 7.7 
Alphabet, Inc. Class A 6.5 
Amazon.com, Inc. 6.3 
Activision Blizzard, Inc. 4.3 
Facebook, Inc. Class A 4.3 
Ubisoft Entertainment SA 4.0 
Tesla, Inc. 3.7 
NVIDIA Corp. 3.4 
Amgen, Inc. 3.1 
Microsoft Corp. 2.9 
 46.2 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 52.3 
Consumer Discretionary 22.1 
Health Care 11.8 
Financials 4.9 
Consumer Staples 4.3 

Asset Allocation (% of fund's net assets)

As of January 31, 2018 * 
   Stocks 97.5% 
   Convertible Securities 2.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.4% 


 * Foreign investments - 9.5%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 22.0%   
Automobiles - 3.7%   
Tesla, Inc. (a)(b) 2,038,321 $722,198 
Diversified Consumer Services - 0.1%   
Adtalem Global Education, Inc. (a) 117,500 5,405 
Weight Watchers International, Inc. (a) 60,000 3,857 
  9,262 
Hotels, Restaurants & Leisure - 2.8%   
Bluegreen Vacations Corp. 483,200 9,176 
Caesars Entertainment Corp. (a) 404,800 5,647 
Chipotle Mexican Grill, Inc. (a) 200,300 65,049 
Churchill Downs, Inc. 313,400 81,171 
Del Frisco's Restaurant Group, Inc. (a) 239,600 4,193 
Hilton Grand Vacations, Inc. (a) 85,068 3,826 
ILG, Inc. 57,100 1,794 
Marriott International, Inc. Class A 1,672,900 246,485 
Marriott Vacations Worldwide Corp. 27,400 4,174 
Royal Caribbean Cruises Ltd. 126,500 16,894 
Starbucks Corp. 493,700 28,047 
Texas Roadhouse, Inc. Class A 99,800 5,860 
The Cheesecake Factory, Inc. (b) 72,200 3,552 
U.S. Foods Holding Corp. (a) 1,116,900 35,886 
Vail Resorts, Inc. 9,362 2,046 
Wingstop, Inc. (b) 822,520 39,777 
  553,577 
Household Durables - 0.7%   
Panasonic Corp. 112,900 1,676 
Roku, Inc. Class B 3,613,398 139,437 
  141,113 
Internet & Direct Marketing Retail - 9.8%   
Amazon.com, Inc. (a) 842,108 1,221,806 
Blue Apron Holdings, Inc. Class B 3,603,786 10,668 
Expedia, Inc. 57,200 7,322 
Groupon, Inc. (a)(c) 43,956,853 232,532 
JD.com, Inc. sponsored ADR (a) 587,550 28,925 
Netflix, Inc. (a) 675,660 182,631 
Priceline Group, Inc. (a) 36,460 69,713 
Wayfair LLC Class A (a)(b) 1,661,368 152,862 
  1,906,459 
Media - 0.3%   
AMC Entertainment Holdings, Inc. Class A (b) 133,100 1,704 
China Literature Ltd. (a)(d) 353,000 3,657 
Liberty Media Corp. Liberty Media Class A (a)(b) 1,508,065 53,808 
Turn, Inc. (Escrow) (e)(f) 1,199,041 797 
  59,966 
Multiline Retail - 2.3%   
Avenue Supermarts Ltd. (d) 101,832 1,890 
Dollar Tree, Inc. (a) 3,881,900 446,419 
  448,309 
Specialty Retail - 1.2%   
Burlington Stores, Inc. (a) 165,700 20,167 
Lowe's Companies, Inc. 207,100 21,690 
O'Reilly Automotive, Inc. (a) 56,800 15,034 
Ross Stores, Inc. 1,126,600 92,821 
Tractor Supply Co. 953,818 72,729 
Ulta Beauty, Inc. 55,810 12,395 
  234,836 
Textiles, Apparel & Luxury Goods - 1.1%   
adidas AG sponsored ADR 427,900 49,662 
Columbia Sportswear Co. 77,800 5,809 
Despegar.com Corp. 406,400 12,375 
G-III Apparel Group Ltd. (a) 143,000 5,341 
Kering SA 96,300 48,757 
lululemon athletica, Inc. (a) 1,028,446 80,435 
LVMH Moet Hennessy - Louis Vuitton SA 5,927 1,857 
Prada SpA 965,200 3,942 
PVH Corp. 66,000 10,235 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 146,700 1,885 
  220,298 
TOTAL CONSUMER DISCRETIONARY  4,296,018 
CONSUMER STAPLES - 4.1%   
Beverages - 1.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 15,800 3,468 
Diageo PLC 49,277 1,774 
Dr. Pepper Snapple Group, Inc. 90,400 10,789 
Monster Beverage Corp. (a) 979,340 66,820 
PepsiCo, Inc. 1,121,700 134,941 
  217,792 
Food & Staples Retailing - 1.6%   
Costco Wholesale Corp. 1,111,383 216,575 
Performance Food Group Co. (a) 1,120,500 38,489 
Walmart, Inc. 458,600 48,887 
  303,951 
Food Products - 1.4%   
Mondelez International, Inc. 2,654,852 117,875 
Nestle SA sponsored ADR 38,200 3,300 
The Hain Celestial Group, Inc. (a) 436,700 16,656 
The Kraft Heinz Co. 1,814,800 142,262 
  280,093 
TOTAL CONSUMER STAPLES  801,836 
ENERGY - 1.0%   
Energy Equipment & Services - 0.1%   
Hi-Crush Partners LP 178,900 2,308 
Smart Sand, Inc. (a)(b) 480,600 4,417 
U.S. Silica Holdings, Inc. (b) 54,300 1,808 
  8,533 
Oil, Gas & Consumable Fuels - 0.9%   
Anadarko Petroleum Corp. 40,900 2,456 
Andeavor 31,400 3,396 
Cenovus Energy, Inc. 714,300 6,812 
Centennial Resource Development, Inc. Class A (a) 1,484,600 30,301 
Diamondback Energy, Inc. (a) 955,700 119,940 
Oasis Petroleum, Inc. (a) 419,100 3,629 
Whiting Petroleum Corp. (a) 456,900 12,757 
  179,291 
TOTAL ENERGY  187,824 
FINANCIALS - 4.9%   
Banks - 2.0%   
Bank of America Corp. 581,700 18,614 
Citigroup, Inc. 274,600 21,551 
Commerce Bancshares, Inc. 715,586 41,869 
Fifth Third Bancorp 334,700 11,079 
First Republic Bank 20,800 1,863 
Huntington Bancshares, Inc. 7,776,300 125,821 
Investors Bancorp, Inc. 2,682,400 36,722 
PacWest Bancorp 1,040,400 54,548 
Signature Bank (a) 23,800 3,665 
SunTrust Banks, Inc. 84,800 5,995 
SVB Financial Group (a) 46,662 11,505 
UMB Financial Corp. 347,900 26,503 
Wells Fargo & Co. 383,800 25,246 
  384,981 
Capital Markets - 2.1%   
BlackRock, Inc. Class A 53,400 30,000 
Carlyle Group LP 630,500 15,889 
Charles Schwab Corp. 76,200 4,065 
E*TRADE Financial Corp. (a) 615,520 32,438 
Goldman Sachs Group, Inc. 21,000 5,626 
Morgan Stanley 100,000 5,655 
Northern Trust Corp. 874,900 92,206 
TD Ameritrade Holding Corp. 3,848,500 214,708 
  400,587 
Consumer Finance - 0.7%   
Capital One Financial Corp. 1,331,700 138,444 
Synchrony Financial 150,100 5,956 
  144,400 
Diversified Financial Services - 0.0%   
GDS Holdings Ltd. ADR (a) 67,900 1,938 
Insurance - 0.1%   
Chubb Ltd. 51,300 8,010 
MetLife, Inc. 107,300 5,158 
The Travelers Companies, Inc. 55,400 8,306 
  21,474 
TOTAL FINANCIALS  953,380 
HEALTH CARE - 11.4%   
Biotechnology - 9.3%   
Acceleron Pharma, Inc. (a) 44,100 1,831 
Achaogen, Inc. (a)(b) 98,300 1,078 
Adamas Pharmaceuticals, Inc. (a)(b) 143,100 5,415 
Agios Pharmaceuticals, Inc. (a) 123,035 9,690 
Alexion Pharmaceuticals, Inc. (a) 809,289 96,564 
Alkermes PLC (a) 1,230,536 70,350 
Alnylam Pharmaceuticals, Inc. (a) 215,300 27,985 
Amgen, Inc. 3,207,780 596,807 
AnaptysBio, Inc. 87,100 9,179 
BeiGene Ltd. ADR (a) 52,900 7,181 
Biogen, Inc. (a) 95,086 33,072 
BioMarin Pharmaceutical, Inc. (a) 152,256 13,738 
bluebird bio, Inc. (a) 363,726 74,527 
Blueprint Medicines Corp. (a) 144,100 11,333 
Celgene Corp. (a) 527,640 53,376 
Cellectis SA sponsored ADR (a) 348,000 10,948 
Chiasma, Inc. (a)(b) 779,500 1,286 
Chimerix, Inc. (a) 52,700 252 
Coherus BioSciences, Inc. (a)(b) 1,199,902 12,119 
CytomX Therapeutics, Inc. (a) 485,000 12,974 
CytomX Therapeutics, Inc. (a)(d) 244,269 6,534 
DBV Technologies SA sponsored ADR (a) 1,070,800 24,800 
Denali Therapeutics, Inc. (a)(b) 829,800 19,301 
Dicerna Pharmaceuticals, Inc. (a) 307,207 2,946 
Editas Medicine, Inc. (a)(b) 200,244 7,311 
Epizyme, Inc. (a) 127,000 2,051 
Exact Sciences Corp. (a) 39,800 1,978 
FibroGen, Inc. (a) 195,200 11,429 
Flexion Therapeutics, Inc. (a)(b) 124,500 2,812 
Galapagos Genomics NV sponsored ADR (a) 78,600 9,292 
GenSight Biologics SA (a)(d) 243,848 1,968 
Heron Therapeutics, Inc. (a) 1,181,015 25,569 
Intercept Pharmaceuticals, Inc. (a)(b) 333,919 20,736 
Ionis Pharmaceuticals, Inc. (a) 428,902 22,526 
Iovance Biotherapeutics, Inc. (a) 360,400 5,604 
Ironwood Pharmaceuticals, Inc. Class A (a) 1,944,542 28,799 
Jounce Therapeutics, Inc. (b) 561,463 13,576 
Macrogenics, Inc. (a) 162,600 3,670 
Neurocrine Biosciences, Inc. (a) 811,400 69,350 
Ovid Therapeutics, Inc. 300,536 2,555 
Portola Pharmaceuticals, Inc. (a) 319,598 16,399 
Regeneron Pharmaceuticals, Inc. (a) 610,500 223,840 
Sage Therapeutics, Inc. (a) 185,075 35,127 
Sarepta Therapeutics, Inc. (a) 128,600 8,428 
Sierra Oncology, Inc. (a) 160,400 489 
Spark Therapeutics, Inc. (a) 334,290 18,737 
Spectrum Pharmaceuticals, Inc. (a) 371,400 8,000 
TESARO, Inc. (a)(b) 2,100,700 141,713 
Trevena, Inc. (a) 512,521 835 
Ultragenyx Pharmaceutical, Inc. (a) 112,096 5,980 
uniQure B.V. (a) 276,600 5,117 
Xencor, Inc. (a) 618,787 14,084 
Zai Lab Ltd. ADR 130,900 3,529 
  1,814,790 
Health Care Equipment & Supplies - 0.2%   
AxoGen, Inc. (a) 86,000 2,391 
Insulet Corp. (a) 82,000 6,275 
Intuitive Surgical, Inc. (a) 39,946 17,243 
Quanterix Corp. (a) 229,300 4,772 
ViewRay, Inc. (a)(b) 431,200 3,851 
  34,532 
Health Care Providers & Services - 0.1%   
G1 Therapeutics, Inc. 322,672 7,715 
National Vision Holdings, Inc. 57,300 2,242 
OptiNose, Inc. (b) 337,311 6,392 
OptiNose, Inc. 382,170 6,880 
R1 RCM, Inc. (a) 723,202 3,724 
  26,953 
Health Care Technology - 1.3%   
athenahealth, Inc. (a) 1,840,683 230,656 
Castlight Health, Inc. Class B (a)(b) 53,000 196 
Cerner Corp. (a) 285,900 19,764 
Teladoc, Inc. (a) 151,100 5,651 
  256,267 
Pharmaceuticals - 0.5%   
Akcea Therapeutics, Inc. (b) 119,720 2,592 
Allergan PLC 20,000 3,605 
Avexis, Inc. (a) 86,300 10,678 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(e)(f)(g)(h) 30,303 15,454 
Collegium Pharmaceutical, Inc. (a)(b) 418,800 9,984 
Dova Pharmaceuticals, Inc. (b) 256,000 8,156 
GW Pharmaceuticals PLC ADR (a)(b) 16,127 2,228 
Innoviva, Inc. (a) 65 1 
Intra-Cellular Therapies, Inc. (a) 127,636 2,172 
Jazz Pharmaceuticals PLC (a) 80,200 11,688 
MyoKardia, Inc. (a) 46,700 2,410 
Nektar Therapeutics (a) 93,486 7,816 
Revance Therapeutics, Inc. (a) 51,200 1,654 
The Medicines Company (a) 237,700 7,875 
Theravance Biopharma, Inc. (a)(b) 180,900 4,783 
Zogenix, Inc. (a) 284,300 10,334 
  101,430 
TOTAL HEALTH CARE  2,233,972 
INDUSTRIALS - 1.8%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Class A (a)(e)(f) 203,488 27,471 
Class C (e)(f) 7,092 957 
  28,428 
Airlines - 1.0%   
Allegiant Travel Co. 35,800 5,701 
American Airlines Group, Inc. 2,153,632 116,985 
JetBlue Airways Corp. (a) 764,300 15,943 
Spirit Airlines, Inc. (a) 362,900 15,285 
United Continental Holdings, Inc. (a) 392,800 26,640 
Wheels Up Partners Holdings LLC Series B (a)(e)(f)(g) 1,760,377 5,492 
  186,046 
Building Products - 0.0%   
Kajaria Ceramics Ltd. 615,124 6,113 
Commercial Services & Supplies - 0.1%   
Copart, Inc. (a) 89,600 3,949 
Evoqua Water Technologies Corp. (a) 268,400 6,136 
  10,085 
Machinery - 0.1%   
Kennametal, Inc. 37,300 1,819 
PACCAR, Inc. 249,200 18,580 
  20,399 
Road & Rail - 0.4%   
Avis Budget Group, Inc. (a) 404,400 18,182 
CSX Corp. 148,900 8,453 
J.B. Hunt Transport Services, Inc. 360,791 43,594 
Old Dominion Freight Lines, Inc. 92,100 13,488 
  83,717 
Trading Companies & Distributors - 0.1%   
HD Supply Holdings, Inc. (a) 278,500 10,831 
TOTAL INDUSTRIALS  345,619 
INFORMATION TECHNOLOGY - 51.1%   
Communications Equipment - 0.1%   
Arista Networks, Inc. (a) 14,500 3,999 
NETGEAR, Inc. (a) 278,700 19,425 
Quantenna Communications, Inc. (a) 292,000 4,018 
  27,442 
Electronic Equipment & Components - 0.0%   
SYNNEX Corp. 15,700 1,927 
Internet Software & Services - 16.6%   
2U, Inc. (a) 198,241 14,723 
58.com, Inc. ADR (a) 25,600 2,045 
Akamai Technologies, Inc. (a) 156,900 10,511 
Alibaba Group Holding Ltd. sponsored ADR (a) 45,300 9,254 
Alphabet, Inc.:   
Class A (a) 1,074,427 1,270,209 
Class C (a) 454,469 531,701 
Altaba, Inc. 1,451,100 115,914 
ANGI Homeservices, Inc. Class A (a)(b) 501,706 6,703 
CarGurus, Inc.:   
Class A (b) 402,193 13,473 
Class A 1,083,756 34,491 
Delivery Hero AG (d) 45,500 1,952 
Dropbox, Inc. Class B (a)(e)(f) 331,524 4,973 
Facebook, Inc. Class A (a) 4,476,714 836,653 
GoDaddy, Inc. (a) 178,200 9,842 
Gogo, Inc. (a)(b) 1,081,200 10,423 
GrubHub, Inc. (a)(b) 79,800 5,766 
IAC/InterActiveCorp (a) 13,545 1,964 
Instructure, Inc. (a) 5,871 211 
Match Group, Inc. (a)(b) 739,200 25,828 
Momo, Inc. ADR (a) 402,600 12,694 
NetEase, Inc. ADR 155,640 49,830 
New Relic, Inc. (a) 955,383 57,065 
Nutanix, Inc.:   
Class A (a) 3,418,740 109,742 
Class B (d) 311,503 9,999 
Okta, Inc. 36,900 1,087 
Shopify, Inc. Class A (a) 538,726 68,782 
Twilio, Inc. Class A (a)(b) 1,008,958 26,475 
  3,242,310 
IT Services - 1.7%   
AppNexus, Inc. warrants (a)(e)(f) 1 0 
PayPal Holdings, Inc. (a) 3,189,900 272,162 
Square, Inc. (a) 1,066,899 50,048 
Teradata Corp. (a) 51,300 2,078 
Worldpay, Inc. (a) 96,800 7,774 
  332,062 
Semiconductors & Semiconductor Equipment - 8.4%   
Analog Devices, Inc. 896,800 82,398 
Applied Materials, Inc. 144,100 7,728 
ASM Pacific Technology Ltd. 226,700 3,095 
ASML Holding NV 47,900 9,722 
Broadcom Ltd. 700,966 173,861 
Intel Corp. 677,600 32,620 
KLA-Tencor Corp. 47,100 5,172 
Lam Research Corp. 147,100 28,173 
Marvell Technology Group Ltd. 4,522,700 105,515 
Micron Technology, Inc. (a) 3,686,444 161,171 
NVIDIA Corp. 2,692,901 661,915 
ON Semiconductor Corp. (a) 607,700 15,034 
Qualcomm, Inc. 4,541,876 309,983 
United Microelectronics Corp. sponsored ADR (b) 10,022,000 24,454 
Xilinx, Inc. 109,000 7,959 
  1,628,800 
Software - 16.6%   
Activision Blizzard, Inc. 11,289,309 836,876 
Adobe Systems, Inc. (a) 403,100 80,523 
Altair Engineering, Inc. Class A (a) 70,500 1,875 
Atlassian Corp. PLC (a) 1,335,785 72,119 
Atom Tickets LLC (e)(f)(g) 516,103 3,000 
Autodesk, Inc. (a) 3,341,420 386,335 
Citrix Systems, Inc. (a) 60,500 5,612 
Ellie Mae, Inc. (a) 19,500 1,823 
HIVE Blockchain Technologies Ltd. (a)(b) 719,500 1,492 
HIVE Blockchain Technologies Ltd. unit (e)(f) 2,163,600 4,262 
HubSpot, Inc. (a) 746,180 72,417 
Intuit, Inc. 192,900 32,388 
Microsoft Corp. 5,937,899 564,160 
Parametric Technology Corp. (a) 54,900 3,990 
Paycom Software, Inc. (a)(b) 276,032 25,296 
Paylocity Holding Corp. (a) 188,400 9,851 
Red Hat, Inc. (a) 59,800 7,857 
SailPoint Technologies Holding, Inc. (a) 224,700 3,759 
Salesforce.com, Inc. (a) 1,399,248 159,388 
SendGrid, Inc. (a) 105,200 2,364 
ServiceNow, Inc. (a) 13,700 2,040 
Snap, Inc. Class A (a)(b) 444,058 6,004 
Splunk, Inc. (a) 21,600 1,995 
Talend SA ADR (a) 82,000 3,196 
Tanium, Inc. Class B (e)(f) 392,200 2,169 
Ubisoft Entertainment SA (a)(c) 9,163,631 784,338 
Workday, Inc. Class A (a) 136,300 16,341 
Xero Ltd. (a) 90,086 2,284 
Zendesk, Inc. (a) 3,961,484 152,596 
  3,246,350 
Technology Hardware, Storage & Peripherals - 7.7%   
Apple, Inc. 8,919,360 1,493,367 
TOTAL INFORMATION TECHNOLOGY  9,972,258 
MATERIALS - 1.0%   
Chemicals - 0.7%   
CF Industries Holdings, Inc. 89,700 3,807 
FMC Corp. 72,400 6,612 
LG Chemical Ltd. 13,965 5,639 
LyondellBasell Industries NV Class A 930,600 111,523 
  127,581 
Construction Materials - 0.0%   
Loma Negra Compania Industrial Argentina SA ADR (a) 268,400 6,377 
Metals & Mining - 0.3%   
Randgold Resources Ltd. sponsored ADR 588,600 59,543 
Steel Dynamics, Inc. 82,400 3,741 
  63,284 
TOTAL MATERIALS  197,242 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equinix, Inc. 22,100 10,060 
Real Estate Management & Development - 0.1%   
Redfin Corp. (b) 911,530 18,504 
WeWork Companies, Inc. Class A (a)(e)(f) 29,911 1,550 
  20,054 
TOTAL REAL ESTATE  30,114 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
T-Mobile U.S., Inc. (a) 120,590 7,850 
TOTAL COMMON STOCKS   
(Cost $11,159,399)  19,026,113 
Preferred Stocks - 2.0%   
Convertible Preferred Stocks - 2.0%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Handy Technologies, Inc. Series C (a)(e)(f) 415,643 1,347 
Lyft, Inc. Series H (e)(f) 595,228 23,658 
  25,005 
Internet & Direct Marketing Retail - 0.0%   
One Kings Lane, Inc. Series E (Escrow) (a)(e)(f) 648,635 292 
The Honest Co., Inc. Series D (a)(e)(f) 75,268 2,539 
  2,831 
TOTAL CONSUMER DISCRETIONARY  27,836 
CONSUMER STAPLES - 0.2%   
Food & Staples Retailing - 0.2%   
Roofoods Ltd. Series F (e)(f) 93,930 33,211 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (e)(f) 620,983 6,048 
HEALTH CARE - 0.4%   
Biotechnology - 0.3%   
23andMe, Inc.:   
Series E (a)(e)(f) 1,817,170 25,230 
Series F (e)(f) 683,367 9,488 
Moderna Therapeutics, Inc.:   
Series B (e)(f) 1,193,491 12,007 
Series C (e)(f) 453,177 4,559 
  51,284 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(e)(f) 4,342,250 28,008 
TOTAL HEALTH CARE  79,292 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(e)(f) 62,037 8,375 
Series H (e)(f) 65,670 8,865 
  17,240 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(e)(f) 335,546 1,879 
TOTAL INDUSTRIALS  19,119 
INFORMATION TECHNOLOGY - 1.1%   
Internet Software & Services - 0.6%   
Jet.Com, Inc. Series B1 (Escrow) (a)(e)(f) 4,896,249 1,608 
Pinterest, Inc. Series G, 8.00% (a)(e)(f) 139,290 833 
Reddit, Inc.:   
Series B (e)(f) 1,337,584 21,099 
Series C (e)(f) 300,673 4,743 
Starry, Inc. Series B (a)(e)(f) 1,811,120 1,670 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(e)(f) 2,256,164 79,191 
Series E, 8.00% (a)(e)(f) 150,072 5,268 
  114,412 
IT Services - 0.2%   
AppNexus, Inc.:   
Series E (a)(e)(f) 1,416,796 28,478 
Series F (a)(e)(f) 90,913 1,881 
  30,359 
Software - 0.3%   
Bracket Computing, Inc. Series C (a)(e)(f) 1,877,241 2,910 
Cloudflare, Inc. Series D, 8.00% (a)(e)(f) 395,787 2,371 
Dataminr, Inc. Series D (a)(e)(f) 2,219,446 22,816 
Delphix Corp. Series D (a)(e)(f) 427,177 2,559 
Jello Labs, Inc. Series C (a)(e)(f) 302,678 4,899 
Taboola.Com Ltd. Series E (a)(e)(f) 1,918,392 29,486 
  65,041 
TOTAL INFORMATION TECHNOLOGY  209,812 
REAL ESTATE - 0.1%   
Real Estate Management & Development - 0.1%   
WeWork Companies, Inc.:   
Series E (a)(e)(f) 269,198 13,947 
Series F (a)(e)(f) 14,513 752 
  14,699 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (e)(f) 2,113,909 2,706 
TOTAL CONVERTIBLE PREFERRED STOCKS  392,723 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Volkswagen AG 8,700 1,912 
TOTAL PREFERRED STOCKS   
(Cost $349,083)  394,635 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.1%   
INFORMATION TECHNOLOGY - 0.1%   
Software - 0.1%   
Dataminr, Inc. 1.22% 1/28/19(e)(f)   
(Cost $14,228) 14,228 14,228 
 Shares Value (000s) 
Money Market Funds - 4.6%   
Fidelity Cash Central Fund, 1.39% (i) 73,249,867 73,265 
Fidelity Securities Lending Cash Central Fund 1.40% (i)(j) 831,889,605 831,973 
TOTAL MONEY MARKET FUNDS   
(Cost $905,236)  905,238 
TOTAL INVESTMENT IN SECURITIES - 104.2%   
(Cost $12,427,946)  20,340,214 
NET OTHER ASSETS (LIABILITIES) - (4.2)%  (820,313) 
NET ASSETS - 100%  $19,519,901 

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,000,000 or 0.1% of net assets.

 (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $473,076,000 or 2.4% of net assets.

 (f) Level 3 security

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

 (h) Investment represents common shares and preferred shares.

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series E 6/18/15 $19,675 
23andMe, Inc. Series F 8/31/17 $9,488 
Altiostar Networks, Inc. Series A1 1/10/17 $9,724 
AppNexus, Inc. Series E 8/1/14 - 9/17/14 $28,382 
AppNexus, Inc. Series F 8/23/16 $2,364 
AppNexus, Inc. warrants 8/23/16 $0 
Atom Tickets LLC 8/15/17 $3,000 
Bracket Computing, Inc. Series C 9/9/15 $14,766 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $10,007 
Cloudflare, Inc. Series D, 8.00% 11/5/14 $2,424 
Clover Health Series D 6/7/17 $5,823 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $28,298 
Dataminr, Inc. 1.22% 1/28/19 7/28/17 $14,228 
Delphix Corp. Series D 7/10/15 $3,845 
Dropbox, Inc. Class B 5/2/12 $3,000 
Handy Technologies, Inc. Series C 10/14/15 $2,436 
HIVE Blockchain Technologies Ltd. unit 12/18/17 $5,298 
Jello Labs, Inc. Series C 12/22/16 $4,899 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $1,608 
Lyft, Inc. Series H 11/22/17 $23,658 
Moderna Therapeutics, Inc. Series B 4/13/17 $6,922 
Moderna Therapeutics, Inc. Series C 4/13/17 $2,633 
Mulberry Health, Inc. Series A8 1/20/16 $29,331 
One Kings Lane, Inc. Series E (Escrow) 1/29/14 $429 
Pinterest, Inc. Series G, 8.00% 2/27/15 $1,000 
Reddit, Inc. Series B 7/26/17 $18,989 
Reddit, Inc. Series C 7/24/17 $4,743 
Roofoods Ltd. Series F 9/12/17 $33,211 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $21,156 
Space Exploration Technologies Corp. Class C 9/11/17 $957 
Space Exploration Technologies Corp. Series G 1/20/15 $4,805 
Space Exploration Technologies Corp. Series H 8/4/17 $8,865 
Starry, Inc. Series B 12/1/16 $980 
Taboola.Com Ltd. Series E 12/22/14 $20,000 
Tanium, Inc. Class B 4/21/17 $1,947 
The Honest Co., Inc. Series D 8/3/15 $3,444 
Turn, Inc. (Escrow) 4/11/17 $719 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $35,000 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $5,000 
WeWork Companies, Inc. Class A 6/23/15 $984 
WeWork Companies, Inc. Series E 6/23/15 $8,854 
WeWork Companies, Inc. Series F 12/1/16 $728 
Wheels Up Partners Holdings LLC Series B 9/18/15 $5,001 
YourPeople, Inc. Series C 5/1/15 $5,000 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $220 
Fidelity Securities Lending Cash Central Fund 2,962 
Total $3,182 

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

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds* Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
athenahealth, Inc. $326,198 $-- $67,683 $-- $2,272 $(30,131) $-- 
Criteo SA sponsored ADR 266,048 -- 185,723 -- 3,728 (84,053) -- 
Groupon, Inc. 209,589 -- 62,303 -- (31,828) 117,074 232,532 
Ubisoft Entertainment SA 677,873 -- 128,854 -- 105,360 129,959 784,338 
Wingstop, Inc. 49,616 -- 28,061 174 3,760 14,462 -- 
Total $1,529,324 $-- $472,624 $174 $83,292 $147,311 $1,016,870 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $4,325,766 $4,143,495 $153,638 $28,633 
Consumer Staples 835,047 800,062 1,774 33,211 
Energy 187,824 187,824 -- -- 
Financials 959,428 953,380 -- 6,048 
Health Care 2,313,264 2,211,638 6,880 94,746 
Industrials 364,738 311,699 -- 53,039 
Information Technology 10,182,070 9,923,363 34,491 224,216 
Materials 197,242 197,242 -- -- 
Real Estate 44,813 28,564 -- 16,249 
Telecommunication Services 10,556 7,850 -- 2,706 
Corporate Bonds 14,228 -- -- 14,228 
Money Market Funds 905,238 905,238 -- -- 
Total Investments in Securities: $20,340,214 $19,670,355 $196,783 $473,076 

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

(Amounts in thousands)  
Investments in Securities:  
Equities - Information Technology  
Beginning Balance $276,076 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (50,370) 
Cost of Purchases 8,298 
Proceeds of Sales (9,788) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $224,216 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $(48,291) 
Other Investments in Securities   
Beginning Balance $210,038 
Net Realized Gain (Loss) on Investment Securities (144) 
Net Unrealized Gain (Loss) on Investment Securities (17,799) 
Cost of Purchases 83,206 
Proceeds of Sales (26,441) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $248,860 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $3,546 

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

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $829,096) — See accompanying schedule:
Unaffiliated issuers (cost $11,107,454) 		$18,418,106  
Fidelity Central Funds (cost $905,236) 905,238  
Other affiliated issuers (cost $415,256) 1,016,870  
Total Investment in Securities (cost $12,427,946)  $20,340,214 
Foreign currency held at value (cost $1,984)  1,984 
Receivable for investments sold  81,911 
Receivable for fund shares sold  19,690 
Dividends receivable  222 
Interest receivable  91 
Distributions receivable from Fidelity Central Funds  581 
Prepaid expenses  22 
Other receivables  304 
Total assets  20,445,019 
Liabilities   
Payable for investments purchased $62,514  
Payable for fund shares redeemed 17,778  
Accrued management fee 10,618  
Other affiliated payables 1,987  
Other payables and accrued expenses 216  
Collateral on securities loaned 832,005  
Total liabilities  925,118 
Net Assets  $19,519,901 
Net Assets consist of:   
Paid in capital  $11,469,183 
Accumulated net investment loss  (22,789) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  161,249 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  7,912,258 
Net Assets  $19,519,901 
OTC:   
Net Asset Value, offering price and redemption price per share ($15,485,729 ÷ 130,233 shares)  $118.91 
Class K:   
Net Asset Value, offering price and redemption price per share ($4,034,172 ÷ 33,493 shares)  $120.45 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends (including $174 earned from other affiliated issuers)  $47,281 
Interest  87 
Income from Fidelity Central Funds (including $2,962 from security lending)  3,182 
Total income  50,550 
Expenses   
Management fee   
Basic fee $50,718  
Performance adjustment 10,581  
Transfer agent fees 10,765  
Accounting and security lending fees 906  
Custodian fees and expenses 168  
Independent trustees' fees and expenses 38  
Appreciation in deferred trustee compensation account 1  
Registration fees 214  
Audit 42  
Legal 32  
Interest 5  
Miscellaneous 51  
Total expenses before reductions 73,521  
Expense reductions (318) 73,203 
Net investment income (loss)  (22,653) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 224,675  
Fidelity Central Funds 46  
Other affiliated issuers 83,292  
Foreign currency transactions (103)  
Total net realized gain (loss)  307,910 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,516,219  
Fidelity Central Funds (24)  
Other affiliated issuers 147,311  
Assets and liabilities in foreign currencies 22  
Total change in net unrealized appreciation (depreciation)  2,663,528 
Net gain (loss)  2,971,438 
Net increase (decrease) in net assets resulting from operations  $2,948,785 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(22,653) $(18,864) 
Net realized gain (loss) 307,910 1,654,079 
Change in net unrealized appreciation (depreciation) 2,663,528 1,836,371 
Net increase (decrease) in net assets resulting from operations 2,948,785 3,471,586 
Distributions to shareholders from net realized gain (808,257) (413,520) 
Total distributions (808,257) (413,520) 
Share transactions - net increase (decrease) 1,581,566 (614,015) 
Total increase (decrease) in net assets 3,722,094 2,444,051 
Net Assets   
Beginning of period 15,797,807 13,353,756 
End of period $19,519,901 $15,797,807 
Other Information   
Accumulated net investment loss end of period $(22,789) $(136) 

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


Financial Highlights

Fidelity OTC Portfolio

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $105.68 $85.26 $86.98 $81.23 $78.98 $57.53 
Income from Investment Operations       
Net investment income (loss)A (.16) (.15) (.05) (.11) (.06) .36B 
Net realized and unrealized gain (loss) 18.73 23.27 2.84 16.14 12.78 21.37 
Total from investment operations 18.57 23.12 2.79 16.03 12.72 21.73 
Distributions from net investment income – – – – (.05) (.28) 
Distributions from net realized gain (5.34) (2.70) (4.51) (10.28) (10.42) – 
Total distributions (5.34) (2.70) (4.51) (10.28) (10.47) (.28) 
Net asset value, end of period $118.91 $105.68 $85.26 $86.98 $81.23 $78.98 
Total ReturnC,D 18.28% 27.97% 3.68% 21.34% 17.96% 37.93% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .88%G .81% .91% .83% .77% .76% 
Expenses net of fee waivers, if any .88%G .81% .91% .83% .77% .76% 
Expenses net of all reductions .88%G .81% .90% .83% .76% .74% 
Net investment income (loss) (.29)%G (.16)% (.07)% (.13)% (.08)% .55%B 
Supplemental Data       
Net assets, end of period (in millions) $15,486 $12,136 $9,845 $9,710 $7,870 $6,693 
Portfolio turnover rateH 34%G,I 71%I 56%I 66%I 106% 116% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .40%.

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

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

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

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

 G Annualized

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

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


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


Fidelity OTC Portfolio Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $106.98 $86.22 $87.87 $81.96 $79.60 $57.94 
Income from Investment Operations       
Net investment income (loss)A (.10) (.05) .04 (.01) .04 .45B 
Net realized and unrealized gain (loss) 18.96 23.55 2.88 16.29 12.87 21.53 
Total from investment operations 18.86 23.50 2.92 16.28 12.91 21.98 
Distributions from net investment income – – – – (.10) (.32) 
Distributions from net realized gain (5.39) (2.74) (4.57) (10.37) (10.46) – 
Total distributions (5.39) (2.74) (4.57) (10.37) (10.55)C (.32) 
Net asset value, end of period $120.45 $106.98 $86.22 $87.87 $81.96 $79.60 
Total ReturnD,E 18.34% 28.12% 3.80% 21.49% 18.10% 38.11% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .78%H .70% .79% .72% .65% .62% 
Expenses net of fee waivers, if any .78%H .70% .79% .72% .65% .62% 
Expenses net of all reductions .78%H .70% .79% .71% .64% .60% 
Net investment income (loss) (.19)%H (.05)% .05% (.02)% .05% .69%B 
Supplemental Data       
Net assets, end of period (in millions) $4,034 $3,662 $3,508 $3,836 $2,906 $2,260 
Portfolio turnover rateI 34%H,J 71%J 56%J 66%J 106% 116% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .53%.

 C Total distributions of $10.55 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $10.456 per share.

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

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

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

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

 H Annualized

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

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

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

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $14,228 Market approach Transaction price $100.00 Increase 
Equities $458,848 Market approach Transaction price $0.81- $353.57 / $75.02 Increase 
   Discount rate 5.0% Decrease 
   Liquidity preference $33.82 - $45.76 / $39.79 Increase 
  Market comparable Transaction price $10.06 - $330.00 / $164.48 Increase 
   Enterprise value/Sales multiple (EV/S) 0.8 - 14.3 / 4.1 Increase 
   Discount rate 65.0% - 69.1% / 68.9% Decrease 
   Premium rate 8.0% - 108.0% / 26.6% Increase 
   Discount for lack of marketability 15.0% - 25.0% / 16.5% Decrease 
   Liquidity preference $4.84 - $26.00 / $15.77 Increase 
   Proxy premium 54.5% Increase 
  Book value Book value multiple 1.0 Increase 
   Discount rate 70.0% Decrease 
  Recovery value Recovery value  0.3% - 0.7% / 0.4% Increase 
  Discount cash flow Discount rate 9.0% Decrease 
   Discount for lack of marketability 20.0% Decrease 
   Growth rate 3.0% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


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, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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

Gross unrealized appreciation $8,374,482 
Gross unrealized depreciation (499,511) 
Net unrealized appreciation (depreciation) $7,874,971 
Tax cost $12,465,243 

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

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

As of period end, the Fund held an investment of $23,946 in these Subsidiaries, representing .12% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $3,724,184 and $2,954,148, respectively.

Redemptions In-Kind. During the period, 607 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $65,932. The net realized gain of $35,542 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 11,615 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $1,105,548. The Fund had a net realized gain of $441,424 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of 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 .72% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of Class-Level Average Net Assets(a) 
OTC $9,882 .15 
Class K 883 .05 
 $10,765  

 (a) Annualized


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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $97 for the period.

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

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $11,720 1.37% $5 

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

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $24 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $22,887. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $127 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $226 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $88.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net realized gain   
OTC $625,105 $305,214 
Class K 183,152 108,306 
Total $808,257 $413,520 

10. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
OTC     
Shares sold 19,774 23,115 $2,175,861 $2,182,339 
Reinvestment of distributions 5,739 3,540 601,208 294,662 
Shares redeemed (10,120) (27,294) (1,102,724) (2,508,373) 
Net increase (decrease) 15,393 (639) $1,674,345 $(31,372) 
Class K     
Shares sold 4,836 9,395 $537,543 $878,574 
Reinvestment of distributions 1,727 1,286 183,152 108,306 
Shares redeemed (7,300)(a) (17,142)(b) (813,474)(a) (1,569,523)(b) 
Net increase (decrease) (737) (6,461) $(92,779) $(582,643) 

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

 (b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemption In-Kind note for additional details).


11. Other.

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

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
OTC .88%    
Actual  $1,000.00 $1,182.80 $4.84 
Hypothetical-C  $1,000.00 $1,020.77 $4.48 
Class K .78%    
Actual  $1,000.00 $1,183.40 $4.29 
Hypothetical-C  $1,000.00 $1,021.27 $3.97 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

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OTC-K-SANN-0318
1.863325.109

Fidelity® OTC Portfolio



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Apple, Inc. 7.7 
Alphabet, Inc. Class A 6.5 
Amazon.com, Inc. 6.3 
Activision Blizzard, Inc. 4.3 
Facebook, Inc. Class A 4.3 
Ubisoft Entertainment SA 4.0 
Tesla, Inc. 3.7 
NVIDIA Corp. 3.4 
Amgen, Inc. 3.1 
Microsoft Corp. 2.9 
 46.2 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 52.3 
Consumer Discretionary 22.1 
Health Care 11.8 
Financials 4.9 
Consumer Staples 4.3 

Asset Allocation (% of fund's net assets)

As of January 31, 2018 * 
   Stocks 97.5% 
   Convertible Securities 2.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.4% 


 * Foreign investments - 9.5%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value (000s) 
CONSUMER DISCRETIONARY - 22.0%   
Automobiles - 3.7%   
Tesla, Inc. (a)(b) 2,038,321 $722,198 
Diversified Consumer Services - 0.1%   
Adtalem Global Education, Inc. (a) 117,500 5,405 
Weight Watchers International, Inc. (a) 60,000 3,857 
  9,262 
Hotels, Restaurants & Leisure - 2.8%   
Bluegreen Vacations Corp. 483,200 9,176 
Caesars Entertainment Corp. (a) 404,800 5,647 
Chipotle Mexican Grill, Inc. (a) 200,300 65,049 
Churchill Downs, Inc. 313,400 81,171 
Del Frisco's Restaurant Group, Inc. (a) 239,600 4,193 
Hilton Grand Vacations, Inc. (a) 85,068 3,826 
ILG, Inc. 57,100 1,794 
Marriott International, Inc. Class A 1,672,900 246,485 
Marriott Vacations Worldwide Corp. 27,400 4,174 
Royal Caribbean Cruises Ltd. 126,500 16,894 
Starbucks Corp. 493,700 28,047 
Texas Roadhouse, Inc. Class A 99,800 5,860 
The Cheesecake Factory, Inc. (b) 72,200 3,552 
U.S. Foods Holding Corp. (a) 1,116,900 35,886 
Vail Resorts, Inc. 9,362 2,046 
Wingstop, Inc. (b) 822,520 39,777 
  553,577 
Household Durables - 0.7%   
Panasonic Corp. 112,900 1,676 
Roku, Inc. Class B 3,613,398 139,437 
  141,113 
Internet & Direct Marketing Retail - 9.8%   
Amazon.com, Inc. (a) 842,108 1,221,806 
Blue Apron Holdings, Inc. Class B 3,603,786 10,668 
Expedia, Inc. 57,200 7,322 
Groupon, Inc. (a)(c) 43,956,853 232,532 
JD.com, Inc. sponsored ADR (a) 587,550 28,925 
Netflix, Inc. (a) 675,660 182,631 
Priceline Group, Inc. (a) 36,460 69,713 
Wayfair LLC Class A (a)(b) 1,661,368 152,862 
  1,906,459 
Media - 0.3%   
AMC Entertainment Holdings, Inc. Class A (b) 133,100 1,704 
China Literature Ltd. (a)(d) 353,000 3,657 
Liberty Media Corp. Liberty Media Class A (a)(b) 1,508,065 53,808 
Turn, Inc. (Escrow) (e)(f) 1,199,041 797 
  59,966 
Multiline Retail - 2.3%   
Avenue Supermarts Ltd. (d) 101,832 1,890 
Dollar Tree, Inc. (a) 3,881,900 446,419 
  448,309 
Specialty Retail - 1.2%   
Burlington Stores, Inc. (a) 165,700 20,167 
Lowe's Companies, Inc. 207,100 21,690 
O'Reilly Automotive, Inc. (a) 56,800 15,034 
Ross Stores, Inc. 1,126,600 92,821 
Tractor Supply Co. 953,818 72,729 
Ulta Beauty, Inc. 55,810 12,395 
  234,836 
Textiles, Apparel & Luxury Goods - 1.1%   
adidas AG sponsored ADR 427,900 49,662 
Columbia Sportswear Co. 77,800 5,809 
Despegar.com Corp. 406,400 12,375 
G-III Apparel Group Ltd. (a) 143,000 5,341 
Kering SA 96,300 48,757 
lululemon athletica, Inc. (a) 1,028,446 80,435 
LVMH Moet Hennessy - Louis Vuitton SA 5,927 1,857 
Prada SpA 965,200 3,942 
PVH Corp. 66,000 10,235 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 146,700 1,885 
  220,298 
TOTAL CONSUMER DISCRETIONARY  4,296,018 
CONSUMER STAPLES - 4.1%   
Beverages - 1.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 15,800 3,468 
Diageo PLC 49,277 1,774 
Dr. Pepper Snapple Group, Inc. 90,400 10,789 
Monster Beverage Corp. (a) 979,340 66,820 
PepsiCo, Inc. 1,121,700 134,941 
  217,792 
Food & Staples Retailing - 1.6%   
Costco Wholesale Corp. 1,111,383 216,575 
Performance Food Group Co. (a) 1,120,500 38,489 
Walmart, Inc. 458,600 48,887 
  303,951 
Food Products - 1.4%   
Mondelez International, Inc. 2,654,852 117,875 
Nestle SA sponsored ADR 38,200 3,300 
The Hain Celestial Group, Inc. (a) 436,700 16,656 
The Kraft Heinz Co. 1,814,800 142,262 
  280,093 
TOTAL CONSUMER STAPLES  801,836 
ENERGY - 1.0%   
Energy Equipment & Services - 0.1%   
Hi-Crush Partners LP 178,900 2,308 
Smart Sand, Inc. (a)(b) 480,600 4,417 
U.S. Silica Holdings, Inc. (b) 54,300 1,808 
  8,533 
Oil, Gas & Consumable Fuels - 0.9%   
Anadarko Petroleum Corp. 40,900 2,456 
Andeavor 31,400 3,396 
Cenovus Energy, Inc. 714,300 6,812 
Centennial Resource Development, Inc. Class A (a) 1,484,600 30,301 
Diamondback Energy, Inc. (a) 955,700 119,940 
Oasis Petroleum, Inc. (a) 419,100 3,629 
Whiting Petroleum Corp. (a) 456,900 12,757 
  179,291 
TOTAL ENERGY  187,824 
FINANCIALS - 4.9%   
Banks - 2.0%   
Bank of America Corp. 581,700 18,614 
Citigroup, Inc. 274,600 21,551 
Commerce Bancshares, Inc. 715,586 41,869 
Fifth Third Bancorp 334,700 11,079 
First Republic Bank 20,800 1,863 
Huntington Bancshares, Inc. 7,776,300 125,821 
Investors Bancorp, Inc. 2,682,400 36,722 
PacWest Bancorp 1,040,400 54,548 
Signature Bank (a) 23,800 3,665 
SunTrust Banks, Inc. 84,800 5,995 
SVB Financial Group (a) 46,662 11,505 
UMB Financial Corp. 347,900 26,503 
Wells Fargo & Co. 383,800 25,246 
  384,981 
Capital Markets - 2.1%   
BlackRock, Inc. Class A 53,400 30,000 
Carlyle Group LP 630,500 15,889 
Charles Schwab Corp. 76,200 4,065 
E*TRADE Financial Corp. (a) 615,520 32,438 
Goldman Sachs Group, Inc. 21,000 5,626 
Morgan Stanley 100,000 5,655 
Northern Trust Corp. 874,900 92,206 
TD Ameritrade Holding Corp. 3,848,500 214,708 
  400,587 
Consumer Finance - 0.7%   
Capital One Financial Corp. 1,331,700 138,444 
Synchrony Financial 150,100 5,956 
  144,400 
Diversified Financial Services - 0.0%   
GDS Holdings Ltd. ADR (a) 67,900 1,938 
Insurance - 0.1%   
Chubb Ltd. 51,300 8,010 
MetLife, Inc. 107,300 5,158 
The Travelers Companies, Inc. 55,400 8,306 
  21,474 
TOTAL FINANCIALS  953,380 
HEALTH CARE - 11.4%   
Biotechnology - 9.3%   
Acceleron Pharma, Inc. (a) 44,100 1,831 
Achaogen, Inc. (a)(b) 98,300 1,078 
Adamas Pharmaceuticals, Inc. (a)(b) 143,100 5,415 
Agios Pharmaceuticals, Inc. (a) 123,035 9,690 
Alexion Pharmaceuticals, Inc. (a) 809,289 96,564 
Alkermes PLC (a) 1,230,536 70,350 
Alnylam Pharmaceuticals, Inc. (a) 215,300 27,985 
Amgen, Inc. 3,207,780 596,807 
AnaptysBio, Inc. 87,100 9,179 
BeiGene Ltd. ADR (a) 52,900 7,181 
Biogen, Inc. (a) 95,086 33,072 
BioMarin Pharmaceutical, Inc. (a) 152,256 13,738 
bluebird bio, Inc. (a) 363,726 74,527 
Blueprint Medicines Corp. (a) 144,100 11,333 
Celgene Corp. (a) 527,640 53,376 
Cellectis SA sponsored ADR (a) 348,000 10,948 
Chiasma, Inc. (a)(b) 779,500 1,286 
Chimerix, Inc. (a) 52,700 252 
Coherus BioSciences, Inc. (a)(b) 1,199,902 12,119 
CytomX Therapeutics, Inc. (a) 485,000 12,974 
CytomX Therapeutics, Inc. (a)(d) 244,269 6,534 
DBV Technologies SA sponsored ADR (a) 1,070,800 24,800 
Denali Therapeutics, Inc. (a)(b) 829,800 19,301 
Dicerna Pharmaceuticals, Inc. (a) 307,207 2,946 
Editas Medicine, Inc. (a)(b) 200,244 7,311 
Epizyme, Inc. (a) 127,000 2,051 
Exact Sciences Corp. (a) 39,800 1,978 
FibroGen, Inc. (a) 195,200 11,429 
Flexion Therapeutics, Inc. (a)(b) 124,500 2,812 
Galapagos Genomics NV sponsored ADR (a) 78,600 9,292 
GenSight Biologics SA (a)(d) 243,848 1,968 
Heron Therapeutics, Inc. (a) 1,181,015 25,569 
Intercept Pharmaceuticals, Inc. (a)(b) 333,919 20,736 
Ionis Pharmaceuticals, Inc. (a) 428,902 22,526 
Iovance Biotherapeutics, Inc. (a) 360,400 5,604 
Ironwood Pharmaceuticals, Inc. Class A (a) 1,944,542 28,799 
Jounce Therapeutics, Inc. (b) 561,463 13,576 
Macrogenics, Inc. (a) 162,600 3,670 
Neurocrine Biosciences, Inc. (a) 811,400 69,350 
Ovid Therapeutics, Inc. 300,536 2,555 
Portola Pharmaceuticals, Inc. (a) 319,598 16,399 
Regeneron Pharmaceuticals, Inc. (a) 610,500 223,840 
Sage Therapeutics, Inc. (a) 185,075 35,127 
Sarepta Therapeutics, Inc. (a) 128,600 8,428 
Sierra Oncology, Inc. (a) 160,400 489 
Spark Therapeutics, Inc. (a) 334,290 18,737 
Spectrum Pharmaceuticals, Inc. (a) 371,400 8,000 
TESARO, Inc. (a)(b) 2,100,700 141,713 
Trevena, Inc. (a) 512,521 835 
Ultragenyx Pharmaceutical, Inc. (a) 112,096 5,980 
uniQure B.V. (a) 276,600 5,117 
Xencor, Inc. (a) 618,787 14,084 
Zai Lab Ltd. ADR 130,900 3,529 
  1,814,790 
Health Care Equipment & Supplies - 0.2%   
AxoGen, Inc. (a) 86,000 2,391 
Insulet Corp. (a) 82,000 6,275 
Intuitive Surgical, Inc. (a) 39,946 17,243 
Quanterix Corp. (a) 229,300 4,772 
ViewRay, Inc. (a)(b) 431,200 3,851 
  34,532 
Health Care Providers & Services - 0.1%   
G1 Therapeutics, Inc. 322,672 7,715 
National Vision Holdings, Inc. 57,300 2,242 
OptiNose, Inc. (b) 337,311 6,392 
OptiNose, Inc. 382,170 6,880 
R1 RCM, Inc. (a) 723,202 3,724 
  26,953 
Health Care Technology - 1.3%   
athenahealth, Inc. (a) 1,840,683 230,656 
Castlight Health, Inc. Class B (a)(b) 53,000 196 
Cerner Corp. (a) 285,900 19,764 
Teladoc, Inc. (a) 151,100 5,651 
  256,267 
Pharmaceuticals - 0.5%   
Akcea Therapeutics, Inc. (b) 119,720 2,592 
Allergan PLC 20,000 3,605 
Avexis, Inc. (a) 86,300 10,678 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(e)(f)(g)(h) 30,303 15,454 
Collegium Pharmaceutical, Inc. (a)(b) 418,800 9,984 
Dova Pharmaceuticals, Inc. (b) 256,000 8,156 
GW Pharmaceuticals PLC ADR (a)(b) 16,127 2,228 
Innoviva, Inc. (a) 65 1 
Intra-Cellular Therapies, Inc. (a) 127,636 2,172 
Jazz Pharmaceuticals PLC (a) 80,200 11,688 
MyoKardia, Inc. (a) 46,700 2,410 
Nektar Therapeutics (a) 93,486 7,816 
Revance Therapeutics, Inc. (a) 51,200 1,654 
The Medicines Company (a) 237,700 7,875 
Theravance Biopharma, Inc. (a)(b) 180,900 4,783 
Zogenix, Inc. (a) 284,300 10,334 
  101,430 
TOTAL HEALTH CARE  2,233,972 
INDUSTRIALS - 1.8%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Class A (a)(e)(f) 203,488 27,471 
Class C (e)(f) 7,092 957 
  28,428 
Airlines - 1.0%   
Allegiant Travel Co. 35,800 5,701 
American Airlines Group, Inc. 2,153,632 116,985 
JetBlue Airways Corp. (a) 764,300 15,943 
Spirit Airlines, Inc. (a) 362,900 15,285 
United Continental Holdings, Inc. (a) 392,800 26,640 
Wheels Up Partners Holdings LLC Series B (a)(e)(f)(g) 1,760,377 5,492 
  186,046 
Building Products - 0.0%   
Kajaria Ceramics Ltd. 615,124 6,113 
Commercial Services & Supplies - 0.1%   
Copart, Inc. (a) 89,600 3,949 
Evoqua Water Technologies Corp. (a) 268,400 6,136 
  10,085 
Machinery - 0.1%   
Kennametal, Inc. 37,300 1,819 
PACCAR, Inc. 249,200 18,580 
  20,399 
Road & Rail - 0.4%   
Avis Budget Group, Inc. (a) 404,400 18,182 
CSX Corp. 148,900 8,453 
J.B. Hunt Transport Services, Inc. 360,791 43,594 
Old Dominion Freight Lines, Inc. 92,100 13,488 
  83,717 
Trading Companies & Distributors - 0.1%   
HD Supply Holdings, Inc. (a) 278,500 10,831 
TOTAL INDUSTRIALS  345,619 
INFORMATION TECHNOLOGY - 51.1%   
Communications Equipment - 0.1%   
Arista Networks, Inc. (a) 14,500 3,999 
NETGEAR, Inc. (a) 278,700 19,425 
Quantenna Communications, Inc. (a) 292,000 4,018 
  27,442 
Electronic Equipment & Components - 0.0%   
SYNNEX Corp. 15,700 1,927 
Internet Software & Services - 16.6%   
2U, Inc. (a) 198,241 14,723 
58.com, Inc. ADR (a) 25,600 2,045 
Akamai Technologies, Inc. (a) 156,900 10,511 
Alibaba Group Holding Ltd. sponsored ADR (a) 45,300 9,254 
Alphabet, Inc.:   
Class A (a) 1,074,427 1,270,209 
Class C (a) 454,469 531,701 
Altaba, Inc. 1,451,100 115,914 
ANGI Homeservices, Inc. Class A (a)(b) 501,706 6,703 
CarGurus, Inc.:   
Class A (b) 402,193 13,473 
Class A 1,083,756 34,491 
Delivery Hero AG (d) 45,500 1,952 
Dropbox, Inc. Class B (a)(e)(f) 331,524 4,973 
Facebook, Inc. Class A (a) 4,476,714 836,653 
GoDaddy, Inc. (a) 178,200 9,842 
Gogo, Inc. (a)(b) 1,081,200 10,423 
GrubHub, Inc. (a)(b) 79,800 5,766 
IAC/InterActiveCorp (a) 13,545 1,964 
Instructure, Inc. (a) 5,871 211 
Match Group, Inc. (a)(b) 739,200 25,828 
Momo, Inc. ADR (a) 402,600 12,694 
NetEase, Inc. ADR 155,640 49,830 
New Relic, Inc. (a) 955,383 57,065 
Nutanix, Inc.:   
Class A (a) 3,418,740 109,742 
Class B (d) 311,503 9,999 
Okta, Inc. 36,900 1,087 
Shopify, Inc. Class A (a) 538,726 68,782 
Twilio, Inc. Class A (a)(b) 1,008,958 26,475 
  3,242,310 
IT Services - 1.7%   
AppNexus, Inc. warrants (a)(e)(f) 1 0 
PayPal Holdings, Inc. (a) 3,189,900 272,162 
Square, Inc. (a) 1,066,899 50,048 
Teradata Corp. (a) 51,300 2,078 
Worldpay, Inc. (a) 96,800 7,774 
  332,062 
Semiconductors & Semiconductor Equipment - 8.4%   
Analog Devices, Inc. 896,800 82,398 
Applied Materials, Inc. 144,100 7,728 
ASM Pacific Technology Ltd. 226,700 3,095 
ASML Holding NV 47,900 9,722 
Broadcom Ltd. 700,966 173,861 
Intel Corp. 677,600 32,620 
KLA-Tencor Corp. 47,100 5,172 
Lam Research Corp. 147,100 28,173 
Marvell Technology Group Ltd. 4,522,700 105,515 
Micron Technology, Inc. (a) 3,686,444 161,171 
NVIDIA Corp. 2,692,901 661,915 
ON Semiconductor Corp. (a) 607,700 15,034 
Qualcomm, Inc. 4,541,876 309,983 
United Microelectronics Corp. sponsored ADR (b) 10,022,000 24,454 
Xilinx, Inc. 109,000 7,959 
  1,628,800 
Software - 16.6%   
Activision Blizzard, Inc. 11,289,309 836,876 
Adobe Systems, Inc. (a) 403,100 80,523 
Altair Engineering, Inc. Class A (a) 70,500 1,875 
Atlassian Corp. PLC (a) 1,335,785 72,119 
Atom Tickets LLC (e)(f)(g) 516,103 3,000 
Autodesk, Inc. (a) 3,341,420 386,335 
Citrix Systems, Inc. (a) 60,500 5,612 
Ellie Mae, Inc. (a) 19,500 1,823 
HIVE Blockchain Technologies Ltd. (a)(b) 719,500 1,492 
HIVE Blockchain Technologies Ltd. unit (e)(f) 2,163,600 4,262 
HubSpot, Inc. (a) 746,180 72,417 
Intuit, Inc. 192,900 32,388 
Microsoft Corp. 5,937,899 564,160 
Parametric Technology Corp. (a) 54,900 3,990 
Paycom Software, Inc. (a)(b) 276,032 25,296 
Paylocity Holding Corp. (a) 188,400 9,851 
Red Hat, Inc. (a) 59,800 7,857 
SailPoint Technologies Holding, Inc. (a) 224,700 3,759 
Salesforce.com, Inc. (a) 1,399,248 159,388 
SendGrid, Inc. (a) 105,200 2,364 
ServiceNow, Inc. (a) 13,700 2,040 
Snap, Inc. Class A (a)(b) 444,058 6,004 
Splunk, Inc. (a) 21,600 1,995 
Talend SA ADR (a) 82,000 3,196 
Tanium, Inc. Class B (e)(f) 392,200 2,169 
Ubisoft Entertainment SA (a)(c) 9,163,631 784,338 
Workday, Inc. Class A (a) 136,300 16,341 
Xero Ltd. (a) 90,086 2,284 
Zendesk, Inc. (a) 3,961,484 152,596 
  3,246,350 
Technology Hardware, Storage & Peripherals - 7.7%   
Apple, Inc. 8,919,360 1,493,367 
TOTAL INFORMATION TECHNOLOGY  9,972,258 
MATERIALS - 1.0%   
Chemicals - 0.7%   
CF Industries Holdings, Inc. 89,700 3,807 
FMC Corp. 72,400 6,612 
LG Chemical Ltd. 13,965 5,639 
LyondellBasell Industries NV Class A 930,600 111,523 
  127,581 
Construction Materials - 0.0%   
Loma Negra Compania Industrial Argentina SA ADR (a) 268,400 6,377 
Metals & Mining - 0.3%   
Randgold Resources Ltd. sponsored ADR 588,600 59,543 
Steel Dynamics, Inc. 82,400 3,741 
  63,284 
TOTAL MATERIALS  197,242 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equinix, Inc. 22,100 10,060 
Real Estate Management & Development - 0.1%   
Redfin Corp. (b) 911,530 18,504 
WeWork Companies, Inc. Class A (a)(e)(f) 29,911 1,550 
  20,054 
TOTAL REAL ESTATE  30,114 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
T-Mobile U.S., Inc. (a) 120,590 7,850 
TOTAL COMMON STOCKS   
(Cost $11,159,399)  19,026,113 
Preferred Stocks - 2.0%   
Convertible Preferred Stocks - 2.0%   
CONSUMER DISCRETIONARY - 0.1%   
Diversified Consumer Services - 0.1%   
Handy Technologies, Inc. Series C (a)(e)(f) 415,643 1,347 
Lyft, Inc. Series H (e)(f) 595,228 23,658 
  25,005 
Internet & Direct Marketing Retail - 0.0%   
One Kings Lane, Inc. Series E (Escrow) (a)(e)(f) 648,635 292 
The Honest Co., Inc. Series D (a)(e)(f) 75,268 2,539 
  2,831 
TOTAL CONSUMER DISCRETIONARY  27,836 
CONSUMER STAPLES - 0.2%   
Food & Staples Retailing - 0.2%   
Roofoods Ltd. Series F (e)(f) 93,930 33,211 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (e)(f) 620,983 6,048 
HEALTH CARE - 0.4%   
Biotechnology - 0.3%   
23andMe, Inc.:   
Series E (a)(e)(f) 1,817,170 25,230 
Series F (e)(f) 683,367 9,488 
Moderna Therapeutics, Inc.:   
Series B (e)(f) 1,193,491 12,007 
Series C (e)(f) 453,177 4,559 
  51,284 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(e)(f) 4,342,250 28,008 
TOTAL HEALTH CARE  79,292 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(e)(f) 62,037 8,375 
Series H (e)(f) 65,670 8,865 
  17,240 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(e)(f) 335,546 1,879 
TOTAL INDUSTRIALS  19,119 
INFORMATION TECHNOLOGY - 1.1%   
Internet Software & Services - 0.6%   
Jet.Com, Inc. Series B1 (Escrow) (a)(e)(f) 4,896,249 1,608 
Pinterest, Inc. Series G, 8.00% (a)(e)(f) 139,290 833 
Reddit, Inc.:   
Series B (e)(f) 1,337,584 21,099 
Series C (e)(f) 300,673 4,743 
Starry, Inc. Series B (a)(e)(f) 1,811,120 1,670 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(e)(f) 2,256,164 79,191 
Series E, 8.00% (a)(e)(f) 150,072 5,268 
  114,412 
IT Services - 0.2%   
AppNexus, Inc.:   
Series E (a)(e)(f) 1,416,796 28,478 
Series F (a)(e)(f) 90,913 1,881 
  30,359 
Software - 0.3%   
Bracket Computing, Inc. Series C (a)(e)(f) 1,877,241 2,910 
Cloudflare, Inc. Series D, 8.00% (a)(e)(f) 395,787 2,371 
Dataminr, Inc. Series D (a)(e)(f) 2,219,446 22,816 
Delphix Corp. Series D (a)(e)(f) 427,177 2,559 
Jello Labs, Inc. Series C (a)(e)(f) 302,678 4,899 
Taboola.Com Ltd. Series E (a)(e)(f) 1,918,392 29,486 
  65,041 
TOTAL INFORMATION TECHNOLOGY  209,812 
REAL ESTATE - 0.1%   
Real Estate Management & Development - 0.1%   
WeWork Companies, Inc.:   
Series E (a)(e)(f) 269,198 13,947 
Series F (a)(e)(f) 14,513 752 
  14,699 
TELECOMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (e)(f) 2,113,909 2,706 
TOTAL CONVERTIBLE PREFERRED STOCKS  392,723 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Volkswagen AG 8,700 1,912 
TOTAL PREFERRED STOCKS   
(Cost $349,083)  394,635 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.1%   
INFORMATION TECHNOLOGY - 0.1%   
Software - 0.1%   
Dataminr, Inc. 1.22% 1/28/19(e)(f)   
(Cost $14,228) 14,228 14,228 
 Shares Value (000s) 
Money Market Funds - 4.6%   
Fidelity Cash Central Fund, 1.39% (i) 73,249,867 73,265 
Fidelity Securities Lending Cash Central Fund 1.40% (i)(j) 831,889,605 831,973 
TOTAL MONEY MARKET FUNDS   
(Cost $905,236)  905,238 
TOTAL INVESTMENT IN SECURITIES - 104.2%   
(Cost $12,427,946)  20,340,214 
NET OTHER ASSETS (LIABILITIES) - (4.2)%  (820,313) 
NET ASSETS - 100%  $19,519,901 

Values shown as $0 may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,000,000 or 0.1% of net assets.

 (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $473,076,000 or 2.4% of net assets.

 (f) Level 3 security

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

 (h) Investment represents common shares and preferred shares.

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

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series E 6/18/15 $19,675 
23andMe, Inc. Series F 8/31/17 $9,488 
Altiostar Networks, Inc. Series A1 1/10/17 $9,724 
AppNexus, Inc. Series E 8/1/14 - 9/17/14 $28,382 
AppNexus, Inc. Series F 8/23/16 $2,364 
AppNexus, Inc. warrants 8/23/16 $0 
Atom Tickets LLC 8/15/17 $3,000 
Bracket Computing, Inc. Series C 9/9/15 $14,766 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $10,007 
Cloudflare, Inc. Series D, 8.00% 11/5/14 $2,424 
Clover Health Series D 6/7/17 $5,823 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $28,298 
Dataminr, Inc. 1.22% 1/28/19 7/28/17 $14,228 
Delphix Corp. Series D 7/10/15 $3,845 
Dropbox, Inc. Class B 5/2/12 $3,000 
Handy Technologies, Inc. Series C 10/14/15 $2,436 
HIVE Blockchain Technologies Ltd. unit 12/18/17 $5,298 
Jello Labs, Inc. Series C 12/22/16 $4,899 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $1,608 
Lyft, Inc. Series H 11/22/17 $23,658 
Moderna Therapeutics, Inc. Series B 4/13/17 $6,922 
Moderna Therapeutics, Inc. Series C 4/13/17 $2,633 
Mulberry Health, Inc. Series A8 1/20/16 $29,331 
One Kings Lane, Inc. Series E (Escrow) 1/29/14 $429 
Pinterest, Inc. Series G, 8.00% 2/27/15 $1,000 
Reddit, Inc. Series B 7/26/17 $18,989 
Reddit, Inc. Series C 7/24/17 $4,743 
Roofoods Ltd. Series F 9/12/17 $33,211 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $21,156 
Space Exploration Technologies Corp. Class C 9/11/17 $957 
Space Exploration Technologies Corp. Series G 1/20/15 $4,805 
Space Exploration Technologies Corp. Series H 8/4/17 $8,865 
Starry, Inc. Series B 12/1/16 $980 
Taboola.Com Ltd. Series E 12/22/14 $20,000 
Tanium, Inc. Class B 4/21/17 $1,947 
The Honest Co., Inc. Series D 8/3/15 $3,444 
Turn, Inc. (Escrow) 4/11/17 $719 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $35,000 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $5,000 
WeWork Companies, Inc. Class A 6/23/15 $984 
WeWork Companies, Inc. Series E 6/23/15 $8,854 
WeWork Companies, Inc. Series F 12/1/16 $728 
Wheels Up Partners Holdings LLC Series B 9/18/15 $5,001 
YourPeople, Inc. Series C 5/1/15 $5,000 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $220 
Fidelity Securities Lending Cash Central Fund 2,962 
Total $3,182 

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

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds* Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
athenahealth, Inc. $326,198 $-- $67,683 $-- $2,272 $(30,131) $-- 
Criteo SA sponsored ADR 266,048 -- 185,723 -- 3,728 (84,053) -- 
Groupon, Inc. 209,589 -- 62,303 -- (31,828) 117,074 232,532 
Ubisoft Entertainment SA 677,873 -- 128,854 -- 105,360 129,959 784,338 
Wingstop, Inc. 49,616 -- 28,061 174 3,760 14,462 -- 
Total $1,529,324 $-- $472,624 $174 $83,292 $147,311 $1,016,870 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $4,325,766 $4,143,495 $153,638 $28,633 
Consumer Staples 835,047 800,062 1,774 33,211 
Energy 187,824 187,824 -- -- 
Financials 959,428 953,380 -- 6,048 
Health Care 2,313,264 2,211,638 6,880 94,746 
Industrials 364,738 311,699 -- 53,039 
Information Technology 10,182,070 9,923,363 34,491 224,216 
Materials 197,242 197,242 -- -- 
Real Estate 44,813 28,564 -- 16,249 
Telecommunication Services 10,556 7,850 -- 2,706 
Corporate Bonds 14,228 -- -- 14,228 
Money Market Funds 905,238 905,238 -- -- 
Total Investments in Securities: $20,340,214 $19,670,355 $196,783 $473,076 

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

(Amounts in thousands)  
Investments in Securities:  
Equities - Information Technology  
Beginning Balance $276,076 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (50,370) 
Cost of Purchases 8,298 
Proceeds of Sales (9,788) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $224,216 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $(48,291) 
Other Investments in Securities   
Beginning Balance $210,038 
Net Realized Gain (Loss) on Investment Securities (144) 
Net Unrealized Gain (Loss) on Investment Securities (17,799) 
Cost of Purchases 83,206 
Proceeds of Sales (26,441) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $248,860 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $3,546 

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

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $829,096) — See accompanying schedule:
Unaffiliated issuers (cost $11,107,454) 		$18,418,106  
Fidelity Central Funds (cost $905,236) 905,238  
Other affiliated issuers (cost $415,256) 1,016,870  
Total Investment in Securities (cost $12,427,946)  $20,340,214 
Foreign currency held at value (cost $1,984)  1,984 
Receivable for investments sold  81,911 
Receivable for fund shares sold  19,690 
Dividends receivable  222 
Interest receivable  91 
Distributions receivable from Fidelity Central Funds  581 
Prepaid expenses  22 
Other receivables  304 
Total assets  20,445,019 
Liabilities   
Payable for investments purchased $62,514  
Payable for fund shares redeemed 17,778  
Accrued management fee 10,618  
Other affiliated payables 1,987  
Other payables and accrued expenses 216  
Collateral on securities loaned 832,005  
Total liabilities  925,118 
Net Assets  $19,519,901 
Net Assets consist of:   
Paid in capital  $11,469,183 
Accumulated net investment loss  (22,789) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  161,249 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  7,912,258 
Net Assets  $19,519,901 
OTC:   
Net Asset Value, offering price and redemption price per share ($15,485,729 ÷ 130,233 shares)  $118.91 
Class K:   
Net Asset Value, offering price and redemption price per share ($4,034,172 ÷ 33,493 shares)  $120.45 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends (including $174 earned from other affiliated issuers)  $47,281 
Interest  87 
Income from Fidelity Central Funds (including $2,962 from security lending)  3,182 
Total income  50,550 
Expenses   
Management fee   
Basic fee $50,718  
Performance adjustment 10,581  
Transfer agent fees 10,765  
Accounting and security lending fees 906  
Custodian fees and expenses 168  
Independent trustees' fees and expenses 38  
Appreciation in deferred trustee compensation account 1  
Registration fees 214  
Audit 42  
Legal 32  
Interest 5  
Miscellaneous 51  
Total expenses before reductions 73,521  
Expense reductions (318) 73,203 
Net investment income (loss)  (22,653) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 224,675  
Fidelity Central Funds 46  
Other affiliated issuers 83,292  
Foreign currency transactions (103)  
Total net realized gain (loss)  307,910 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,516,219  
Fidelity Central Funds (24)  
Other affiliated issuers 147,311  
Assets and liabilities in foreign currencies 22  
Total change in net unrealized appreciation (depreciation)  2,663,528 
Net gain (loss)  2,971,438 
Net increase (decrease) in net assets resulting from operations  $2,948,785 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(22,653) $(18,864) 
Net realized gain (loss) 307,910 1,654,079 
Change in net unrealized appreciation (depreciation) 2,663,528 1,836,371 
Net increase (decrease) in net assets resulting from operations 2,948,785 3,471,586 
Distributions to shareholders from net realized gain (808,257) (413,520) 
Total distributions (808,257) (413,520) 
Share transactions - net increase (decrease) 1,581,566 (614,015) 
Total increase (decrease) in net assets 3,722,094 2,444,051 
Net Assets   
Beginning of period 15,797,807 13,353,756 
End of period $19,519,901 $15,797,807 
Other Information   
Accumulated net investment loss end of period $(22,789) $(136) 

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


Financial Highlights

Fidelity OTC Portfolio

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $105.68 $85.26 $86.98 $81.23 $78.98 $57.53 
Income from Investment Operations       
Net investment income (loss)A (.16) (.15) (.05) (.11) (.06) .36B 
Net realized and unrealized gain (loss) 18.73 23.27 2.84 16.14 12.78 21.37 
Total from investment operations 18.57 23.12 2.79 16.03 12.72 21.73 
Distributions from net investment income – – – – (.05) (.28) 
Distributions from net realized gain (5.34) (2.70) (4.51) (10.28) (10.42) – 
Total distributions (5.34) (2.70) (4.51) (10.28) (10.47) (.28) 
Net asset value, end of period $118.91 $105.68 $85.26 $86.98 $81.23 $78.98 
Total ReturnC,D 18.28% 27.97% 3.68% 21.34% 17.96% 37.93% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .88%G .81% .91% .83% .77% .76% 
Expenses net of fee waivers, if any .88%G .81% .91% .83% .77% .76% 
Expenses net of all reductions .88%G .81% .90% .83% .76% .74% 
Net investment income (loss) (.29)%G (.16)% (.07)% (.13)% (.08)% .55%B 
Supplemental Data       
Net assets, end of period (in millions) $15,486 $12,136 $9,845 $9,710 $7,870 $6,693 
Portfolio turnover rateH 34%G,I 71%I 56%I 66%I 106% 116% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .40%.

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

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

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

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

 G Annualized

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

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


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


Fidelity OTC Portfolio Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $106.98 $86.22 $87.87 $81.96 $79.60 $57.94 
Income from Investment Operations       
Net investment income (loss)A (.10) (.05) .04 (.01) .04 .45B 
Net realized and unrealized gain (loss) 18.96 23.55 2.88 16.29 12.87 21.53 
Total from investment operations 18.86 23.50 2.92 16.28 12.91 21.98 
Distributions from net investment income – – – – (.10) (.32) 
Distributions from net realized gain (5.39) (2.74) (4.57) (10.37) (10.46) – 
Total distributions (5.39) (2.74) (4.57) (10.37) (10.55)C (.32) 
Net asset value, end of period $120.45 $106.98 $86.22 $87.87 $81.96 $79.60 
Total ReturnD,E 18.34% 28.12% 3.80% 21.49% 18.10% 38.11% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .78%H .70% .79% .72% .65% .62% 
Expenses net of fee waivers, if any .78%H .70% .79% .72% .65% .62% 
Expenses net of all reductions .78%H .70% .79% .71% .64% .60% 
Net investment income (loss) (.19)%H (.05)% .05% (.02)% .05% .69%B 
Supplemental Data       
Net assets, end of period (in millions) $4,034 $3,662 $3,508 $3,836 $2,906 $2,260 
Portfolio turnover rateI 34%H,J 71%J 56%J 66%J 106% 116% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .53%.

 C Total distributions of $10.55 per share is comprised of distributions from net investment income of $.098 and distributions from net realized gain of $10.456 per share.

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

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

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

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

 H Annualized

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

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


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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

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

3. Significant Accounting Policies.

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

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

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

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

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Corporate Bonds $14,228 Market approach Transaction price $100.00 Increase 
Equities $458,848 Market approach Transaction price $0.81- $353.57 / $75.02 Increase 
   Discount rate 5.0% Decrease 
   Liquidity preference $33.82 - $45.76 / $39.79 Increase 
  Market comparable Transaction price $10.06 - $330.00 / $164.48 Increase 
   Enterprise value/Sales multiple (EV/S) 0.8 - 14.3 / 4.1 Increase 
   Discount rate 65.0% - 69.1% / 68.9% Decrease 
   Premium rate 8.0% - 108.0% / 26.6% Increase 
   Discount for lack of marketability 15.0% - 25.0% / 16.5% Decrease 
   Liquidity preference $4.84 - $26.00 / $15.77 Increase 
   Proxy premium 54.5% Increase 
  Book value Book value multiple 1.0 Increase 
   Discount rate 70.0% Decrease 
  Recovery value Recovery value  0.3% - 0.7% / 0.4% Increase 
  Discount cash flow Discount rate 9.0% Decrease 
   Discount for lack of marketability 20.0% Decrease 
   Growth rate 3.0% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


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, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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

Gross unrealized appreciation $8,374,482 
Gross unrealized depreciation (499,511) 
Net unrealized appreciation (depreciation) $7,874,971 
Tax cost $12,465,243 

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

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

As of period end, the Fund held an investment of $23,946 in these Subsidiaries, representing .12% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $3,724,184 and $2,954,148, respectively.

Redemptions In-Kind. During the period, 607 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $65,932. The net realized gain of $35,542 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 11,615 shares of the Fund held by unaffiliated entities were redeemed in-kind for investments and cash with a value of $1,105,548. The Fund had a net realized gain of $441,424 on investments delivered through the in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (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 .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of 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 .72% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
OTC $9,882 .15 
Class K 883 .05 
 $10,765  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $97 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $11,720 1.37% $5 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $24 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $22,887. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $127 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $226 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $88.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net realized gain   
OTC $625,105 $305,214 
Class K 183,152 108,306 
Total $808,257 $413,520 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
OTC     
Shares sold 19,774 23,115 $2,175,861 $2,182,339 
Reinvestment of distributions 5,739 3,540 601,208 294,662 
Shares redeemed (10,120) (27,294) (1,102,724) (2,508,373) 
Net increase (decrease) 15,393 (639) $1,674,345 $(31,372) 
Class K     
Shares sold 4,836 9,395 $537,543 $878,574 
Reinvestment of distributions 1,727 1,286 183,152 108,306 
Shares redeemed (7,300)(a) (17,142)(b) (813,474)(a) (1,569,523)(b) 
Net increase (decrease) (737) (6,461) $(92,779) $(582,643) 

 (a) Amount includes in-kind redemptions (see the Redemption In-Kind note for additional details).

 (b) Amount includes in-kind redemptions (see the Prior Fiscal Year Redemption In-Kind note for additional details).


11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
OTC .88%    
Actual  $1,000.00 $1,182.80 $4.84 
Hypothetical-C  $1,000.00 $1,020.77 $4.48 
Class K .78%    
Actual  $1,000.00 $1,183.40 $4.29 
Hypothetical-C  $1,000.00 $1,021.27 $3.97 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

OTC-SANN-0318
1.700332.120

Fidelity Advisor® Real Estate Income Fund -
Class A, Class M, Class C and Class I



Semi-Annual Report

January 31, 2018

Class A, Class M, Class C and Class I are classes of Fidelity® Real Estate Income Fund



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of January 31, 2018

 % of fund's net assets 
Equity Lifestyle Properties, Inc. 2.9 
Apartment Investment & Management Co. Class A 2.0 
Acadia Realty Trust (SBI) 2.0 
Ventas, Inc. 1.8 
MFA Financial, Inc. 1.6 
 10.3 

Top 5 Bonds as of January 31, 2018

 % of fund's net assets 
Senior Housing Properties Trust 4.75% 5/1/24 0.9 
IAS Operating Partnership LP 5% 3/15/18 0.8 
RWT Holdings, Inc. 5.625% 11/15/19 0.7 
PennyMac Corp. 5.375% 5/1/20 0.6 
RAIT Financial Trust 4% 10/1/33 0.6 
 3.6 

Top Five REIT Sectors as of January 31, 2018

 % of fund's net assets 
REITs - Mortgage 18.0 
REITs - Health Care 7.8 
REITs - Diversified 6.6 
REITs - Apartments 6.5 
REITs - Shopping Centers 3.9 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 47.1% 
   Bonds 34.4% 
   Convertible Securities 7.3% 
   Other Investments 4.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.8% 


 * Foreign investments - 1.6%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 29.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 0.6%   
Hotels, Restaurants & Leisure - 0.6%   
Bluegreen Vacations Corp. 262,950 $4,993,421 
Wyndham Worldwide Corp. 199,600 24,776,348 
  29,769,769 
Household Durables - 0.0%   
Stanley Martin Communities LLC Class B (Escrow) (a)(b) 4,620 149,642 
TOTAL CONSUMER DISCRETIONARY  29,919,411 
FINANCIALS - 5.3%   
Capital Markets - 0.9%   
Brookfield Asset Management, Inc. Class A 535,900 22,429,376 
Ellington Financial LLC 1,568,684 22,887,100 
  45,316,476 
Insurance - 0.2%   
FNF Group 288,400 11,241,832 
Mortgage Real Estate Investment Trusts - 4.2%   
AG Mortgage Investment Trust, Inc. 284,200 4,956,448 
Anworth Mortgage Asset Corp. 1,145,100 5,565,186 
Arbor Realty Trust, Inc. (c) 1,928,494 15,717,226 
Chimera Investment Corp. 953,100 16,193,169 
Dynex Capital, Inc. 1,322,886 8,598,759 
Ellington Residential Mortgage REIT (c) 260,000 2,810,600 
Five Oaks Investment Corp. (c) 547,901 1,791,636 
Great Ajax Corp. (d) 1,577,762 21,078,900 
Invesco Mortgage Capital, Inc. 2,335,049 37,921,196 
MFA Financial, Inc. 12,110,622 86,712,054 
New Residential Investment Corp. 655,600 11,335,324 
Redwood Trust, Inc. 21,300 317,157 
Two Harbors Investment Corp. 675,400 9,962,150 
  222,959,805 
TOTAL FINANCIALS  279,518,113 
REAL ESTATE - 23.2%   
Equity Real Estate Investment Trusts (REITs) - 23.2%   
Acadia Realty Trust (SBI) (d) 4,239,449 104,120,867 
Altisource Residential Corp. Class B 188,686 2,077,433 
American Homes 4 Rent Class A 1,666,038 34,636,930 
American Tower Corp. 356,700 52,684,590 
Apartment Investment & Management Co. Class A 2,555,042 106,902,957 
AvalonBay Communities, Inc. 173,300 29,530,320 
Boardwalk (REIT) (c) 298,500 10,799,390 
Cedar Realty Trust, Inc. 530,163 2,709,133 
Colony NorthStar, Inc. 7,740,548 69,510,121 
DDR Corp. 1,932,600 15,692,712 
Douglas Emmett, Inc. 197,700 7,645,059 
Equinix, Inc. 107,800 49,069,482 
Equity Lifestyle Properties, Inc. 1,750,402 151,094,686 
Extra Space Storage, Inc. 548,900 45,822,172 
Gramercy Property Trust 498,647 12,585,850 
Healthcare Realty Trust, Inc. 431,300 12,882,931 
Healthcare Trust of America, Inc. 1,058,760 29,232,364 
Lexington Corporate Properties Trust 4,316,674 38,936,399 
Mid-America Apartment Communities, Inc. 650,406 62,029,220 
National Retail Properties, Inc. 179,200 7,110,656 
Omega Healthcare Investors, Inc. (c) 964,923 26,091,518 
Public Storage 148,291 29,029,446 
Rexford Industrial Realty, Inc. 270,300 8,025,207 
Sabra Health Care REIT, Inc. 2,352,875 42,587,038 
Safety Income and Growth, Inc. 393,600 6,931,296 
Select Income REIT 205,800 4,601,688 
Senior Housing Properties Trust (SBI) 3,099,300 53,710,869 
Spirit Realty Capital, Inc. 894,600 7,308,882 
Store Capital Corp. 1,493,200 36,598,332 
Terreno Realty Corp. 626,328 22,297,277 
Ventas, Inc. 1,737,986 97,275,076 
VEREIT, Inc. 4,038,234 29,075,285 
WP Carey, Inc. 151,200 9,799,272 
WP Glimcher, Inc. 881,200 5,798,296 
  1,224,202,754 
TOTAL COMMON STOCKS   
(Cost $1,343,382,828)  1,533,640,278 
Preferred Stocks - 19.3%   
Convertible Preferred Stocks - 1.3%   
FINANCIALS - 0.3%   
Mortgage Real Estate Investment Trusts - 0.3%   
Great Ajax Corp. 7.25%(d) 180,000 4,486,086 
Sutherland Asset Management Corp. 7.00% 404,700 10,153,923 
  14,640,009 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
Alexandria Real Estate Equities, Inc. Series D, 7.00% 136,759 5,044,301 
Ashford Hospitality Prime, Inc. 5.50% 95,791 1,838,804 
Equity Commonwealth 6.50% 31,237 824,869 
iStar Financial, Inc. Series J, 4.50% 213,273 10,009,798 
Lexington Corporate Properties Trust Series C, 6.50% 468,142 23,512,853 
RLJ Lodging Trust 1.95% 31,935 826,957 
Wheeler REIT, Inc. 8.75% 516,748 8,996,583 
  51,054,165 
TOTAL CONVERTIBLE PREFERRED STOCKS  65,694,174 
Nonconvertible Preferred Stocks - 18.0%   
FINANCIALS - 8.1%   
Capital Markets - 0.1%   
Arlington Asset Investment Corp. 6.625% 182,517 4,402,657 
Brookfield Asset Management, Inc. 4.75% 105,800 2,187,394 
  6,590,051 
Mortgage Real Estate Investment Trusts - 7.9%   
AG Mortgage Investment Trust, Inc.:   
8.00% 618,287 15,234,592 
8.25% 38,935 982,330 
AGNC Investment Corp.:   
Series B, 7.75% 427,100 10,997,825 
Series C, 7.00% 361,900 9,206,736 
American Capital Mortgage Investment Corp. Series A, 8.125% 248,636 6,340,243 
Annaly Capital Management, Inc.:   
Series C, 7.625% 326,429 8,209,689 
Series D, 7.50% 621,976 15,599,158 
Series E, 7.625% 672,961 16,951,888 
Series F, 6.95% 1,203,714 30,490,076 
Series G, 6.50% (e) 720,300 17,726,583 
Anworth Mortgage Asset Corp. Series A, 8.625% 242,730 6,240,588 
Apollo Commercial Real Estate Finance, Inc. Series C, 8.00% 485,559 12,221,714 
Arbor Realty Trust, Inc.:   
7.375% 457,577 11,681,941 
Series A, 8.25% 189,089 4,787,733 
Series B, 7.75% 240,000 6,065,304 
Series C, 8.50% 100,000 2,595,200 
Armour Residential REIT, Inc. Series B, 7.875% 153,654 3,838,384 
Capstead Mortgage Corp. Series E, 7.50% 202,984 5,125,346 
Cherry Hill Mortgage Investment Corp. Series A, 8.20% 246,500 6,211,800 
Chimera Investment Corp.:   
Series A, 8.00% 204,000 5,179,560 
Series B, 8.00% 1,257,372 31,981,005 
CYS Investments, Inc.:   
Series A, 7.75% 118,428 2,953,594 
Series B, 7.50% 496,667 12,044,175 
Dynex Capital, Inc.:   
Series A, 8.50% 362,932 9,182,180 
Series B, 7.625% 252,120 5,995,414 
Five Oaks Investment Corp. Series A, 8.75% 86,727 2,168,175 
Invesco Mortgage Capital, Inc.:   
7.50% 806,500 19,678,600 
Series A, 7.75% 123,342 3,092,184 
Series B, 7.75% 846,483 21,542,992 
MFA Financial, Inc.:   
8.00% 538,930 13,952,898 
Series B, 7.50% 616,232 15,399,638 
New York Mortgage Trust, Inc.:   
Series B, 7.75% 284,267 6,857,771 
Series C, 7.875% 280,725 6,858,112 
Series D, 8.00% 313,300 7,715,013 
PennyMac Mortgage Investment Trust:   
8.125% 335,500 8,353,950 
Series B, 8.00% 546,800 13,560,640 
Resource Capital Corp.:   
8.25% 80,024 1,993,398 
8.625% 168,316 4,292,058 
Two Harbors Investment Corp.:   
Series A, 8.125% 450,000 11,763,000 
Series B, 7.625% 429,690 10,819,594 
Series C, 7.25% 309,000 7,498,194 
Wells Fargo Real Estate Investment Corp. Series A, 6.375% 137,600 3,544,576 
  416,933,851 
Real Estate Management & Development - 0.1%   
Brookfield Properties Corp. Series EE, 5.10% 142,300 2,925,827 
TOTAL FINANCIALS  426,449,729 
REAL ESTATE - 9.9%   
Equity Real Estate Investment Trusts (REITs) - 9.8%   
American Homes 4 Rent:   
5.875% 250,809 6,194,982 
Series C, 5.50% 915,240 26,001,968 
Series D, 6.50% 280,000 7,170,800 
Series E, 6.35% 210,000 5,321,400 
Series G, 5.875% 202,000 4,934,860 
Ashford Hospitality Trust, Inc.:   
Series D, 8.45% 11,770 297,546 
Series F, 7.375% 268,000 6,342,434 
Series G, 7.375% 120,000 2,818,800 
Series H, 7.50% 168,800 4,000,560 
Series I, 7.50% 168,900 4,011,375 
Bluerock Residential Growth (REIT), Inc.:   
Series A, 8.25% 486,775 12,266,730 
Series C, 7.625% 146,969 3,603,445 
Series D, 7.125% 136,000 3,359,200 
CBL & Associates Properties, Inc. Series D, 7.375% 167,876 3,362,556 
Cedar Realty Trust, Inc.:   
Series B, 7.25% 87,895 2,199,950 
Series C, 6.50% 294,900 6,823,986 
City Office REIT, Inc. Series A, 6.625% 180,500 4,507,085 
Colony NorthStar, Inc.:   
Series B, 8.25% 207,761 5,233,500 
Series D, 8.50% 274,915 7,003,460 
Series E, 8.75% 481,729 12,606,848 
Series G, 7.50% 121,607 2,945,808 
Series H, 7.125% 584,350 13,440,050 
Series I, 7.15% 774,587 17,892,960 
Series J, 7.15% 917,785 21,026,454 
DDR Corp.:   
Series J, 6.50% 340,721 8,293,694 
Series K, 6.25% 228,888 5,561,978 
Digital Realty Trust, Inc.:   
Series C, 6.625% 84,000 2,215,920 
Series G, 5.875% 142,903 3,551,140 
Series H, 7.375% 50,000 1,314,000 
Farmland Partners, Inc. Series B, 6.00% 630,000 16,049,124 
General Growth Properties, Inc. Series A, 6.375% 166,463 4,174,892 
Gladstone Commercial Corp. Series D, 7.00% 538,800 13,739,400 
Gladstone Land Corp. Series A, 6.375% 64,000 1,646,086 
Global Medical REIT, Inc. Series A, 7.50% 135,100 3,301,844 
Global Net Lease, Inc. Series A, 7.25% 467,400 11,670,978 
Government Properties Income Trust 5.875% 202,500 5,121,225 
Hersha Hospitality Trust:   
Series C, 6.875% 50,000 1,222,000 
Series D, 6.50% 200,000 4,842,000 
Investors Real Estate Trust Series C, 6.625% 320,900 7,906,976 
iStar Financial, Inc.:   
Series D, 8.00% 126,529 3,192,327 
Series G, 7.65% 222,721 5,594,752 
Series I, 7.50% 161,269 4,031,725 
Jernigan Capital, Inc. Series B, 7.00% (e) 50,600 1,219,460 
LaSalle Hotel Properties:   
Series I, 6.375% 354,698 8,778,776 
Series J, 6.30% 240,000 5,851,200 
Monmouth Real Estate Investment Corp. Series C, 6.125% 225,900 5,527,773 
National Retail Properties, Inc. Series E, 5.70% 301,404 7,474,819 
National Storage Affiliates Trust Series A, 6.00% (e) 67,600 1,683,240 
Pebblebrook Hotel Trust:   
Series C, 6.50% 204,321 5,083,506 
Series D, 6.375% 350,000 8,680,000 
Pennsylvania (REIT):   
Series B, 7.375% 100,510 2,461,490 
Series C, 7.20% 51,000 1,204,110 
Series D, 6.875% 151,800 3,559,710 
Plymouth Industrial REIT, Inc. Series A, 7.50% 169,400 4,240,082 
Prologis, Inc. Series Q, 8.54% 94,446 6,544,116 
Public Storage:   
Series F, 5.15% 173,400 4,114,782 
Series G, 5.05% 42,200 986,214 
Series Y, 6.375% 102,224 2,649,646 
RAIT Financial Trust:   
7.125% 336,786 7,978,460 
7.625% 224,590 4,570,407 
Rexford Industrial Realty, Inc.:   
Series A, 5.875% 135,000 3,190,050 
Series B, 5.875% (e) 79,500 1,852,350 
Sabra Health Care REIT, Inc. Series A, 7.125% 318,623 8,038,826 
Saul Centers, Inc.:   
Series C, 6.875% 315,478 7,931,148 
Series D, 6.125% (e) 83,700 2,064,645 
Sotherly Hotels, Inc.:   
Series B, 8.00% 68,000 1,711,553 
Series C, 7.875% 108,200 2,703,918 
Spirit Realty Capital, Inc. Series A, 6.00% 95,200 2,311,456 
Stag Industrial, Inc.:   
Series B, 6.625% 80,300 2,025,969 
Series C, 6.875% 83,000 2,116,658 
Summit Hotel Properties, Inc.:   
Series C, 7.125% 153,212 3,887,295 
Series D, 6.45% 210,000 5,292,000 
Series E, 6.25% 190,000 4,740,500 
Sunstone Hotel Investors, Inc.:   
Series E, 6.95% 42,000 1,075,200 
Series F, 6.45% 84,000 2,126,880 
Taubman Centers, Inc. Series K, 6.25% 157,322 3,966,874 
UMH Properties, Inc.:   
Series B, 8.00% 319,604 8,737,973 
Series C, 6.75% 341,140 8,579,671 
Series D, 6.375% 93,800 2,280,278 
Urstadt Biddle Properties, Inc.:   
Series G, 6.75% 160,000 4,153,600 
Series H, 6.25% 284,500 7,069,825 
VEREIT, Inc. Series F, 6.70% 1,995,725 50,272,313 
WP Glimcher, Inc.:   
Series H, 7.50% 198,527 4,701,119 
Series I, 6.875% 298,115 6,996,312 
  517,231,022 
Real Estate Management & Development - 0.1%   
Landmark Infrastructure Partners LP Series B, 7.90% 117,700 2,924,845 
TOTAL REAL ESTATE  520,155,867 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
Brookfield Infrastructure Partners LP Series 5, 5.35% 169,300 3,541,536 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  950,147,132 
TOTAL PREFERRED STOCKS   
(Cost $999,902,470)  1,015,841,306 
 Principal Amount Value 
Corporate Bonds - 21.0%   
Convertible Bonds - 6.0%   
FINANCIALS - 5.0%   
Diversified Financial Services - 0.1%   
Granite Point Mortgage Trust, Inc. 5.625% 12/1/22 (f) 6,770,000 6,676,811 
Mortgage Real Estate Investment Trusts - 4.9%   
Arbor Realty Trust, Inc. 5.375% 11/15/20 4,230,000 4,233,756 
Blackstone Mortgage Trust, Inc. 4.375% 5/5/22 16,780,000 16,520,866 
Colony Financial, Inc.:   
3.875% 1/15/21 17,280,000 16,771,069 
5% 4/15/23 26,083,000 25,770,969 
IAS Operating Partnership LP 5% 3/15/18 (f) 41,020,000 41,020,000 
PennyMac Corp. 5.375% 5/1/20 35,606,000 34,898,936 
Redwood Trust, Inc. 4.625% 4/15/18 14,700,000 14,714,700 
Resource Capital Corp.:   
4.5% 8/15/22 5,050,000 4,878,997 
6% 12/1/18 6,100,000 6,168,625 
8% 1/15/20 13,890,000 14,515,050 
RWT Holdings, Inc. 5.625% 11/15/19 36,880,000 37,249,833 
Starwood Property Trust, Inc. 4.375% 4/1/23 15,080,000 15,152,384 
Two Harbors Investment Corp. 6.25% 1/15/22 4,380,000 4,446,515 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 21,100,000 20,642,594 
  256,984,294 
TOTAL FINANCIALS  263,661,105 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
American Realty Capital Properties, Inc. 3.75% 12/15/20 21,434,000 21,731,161 
RAIT Financial Trust 4% 10/1/33 34,060,000 32,184,486 
  53,915,647 
TOTAL CONVERTIBLE BONDS  317,576,752 
Nonconvertible Bonds - 15.0%   
CONSUMER DISCRETIONARY - 3.5%   
Hotels, Restaurants & Leisure - 0.4%   
ESH Hospitality, Inc. 5.25% 5/1/25 (f) 8,040,000 8,100,300 
FelCor Lodging LP 6% 6/1/25 2,025,000 2,106,000 
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 6.125% 12/1/24 2,540,000 2,787,650 
Times Square Hotel Trust 8.528% 8/1/26 (f) 6,756,382 7,778,908 
  20,772,858 
Household Durables - 3.1%   
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.75% 8/1/25 (f) 8,430,000 8,451,075 
6.875% 2/15/21 (f) 15,709,000 15,944,635 
Beazer Homes U.S.A., Inc.:   
5.875% 10/15/27 (f) 7,605,000 7,585,988 
6.75% 3/15/25 5,850,000 6,142,500 
8.75% 3/15/22 7,540,000 8,237,450 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (f) 5,495,000 5,713,152 
Brookfield Residential Properties, Inc.:   
6.375% 5/15/25 (f) 5,580,000 5,886,900 
6.5% 12/15/20 (f) 12,085,000 12,326,700 
CalAtlantic Group, Inc. 5.875% 11/15/24 1,625,000 1,771,250 
D.R. Horton, Inc.:   
4.375% 9/15/22 4,175,000 4,347,924 
5.75% 8/15/23 2,510,000 2,784,349 
KB Home 8% 3/15/20 8,465,000 9,237,431 
Lennar Corp. 4.5% 4/30/24 3,355,000 3,392,912 
M/I Homes, Inc.:   
5.625% 8/1/25 2,870,000 2,920,225 
6.75% 1/15/21 3,803,000 3,936,105 
Meritage Homes Corp.:   
5.125% 6/6/27 5,035,000 5,097,938 
6% 6/1/25 4,000,000 4,310,000 
7% 4/1/22 7,525,000 8,446,813 
7.15% 4/15/20 7,060,000 7,624,800 
New Home Co. LLC 7.25% 4/1/22 9,200,000 9,614,000 
Ryland Group, Inc. 6.625% 5/1/20 1,555,000 1,663,850 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (f) 4,100,000 4,376,750 
TRI Pointe Homes, Inc.:   
5.25% 6/1/27 5,045,000 5,095,450 
5.875% 6/15/24 3,890,000 4,120,677 
William Lyon Homes, Inc.:   
5.875% 1/31/25 2,545,000 2,602,263 
7% 8/15/22 8,180,000 8,466,300 
  160,097,437 
Media - 0.0%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. 5.625% 2/15/24 1,300,000 1,330,875 
TOTAL CONSUMER DISCRETIONARY  182,201,170 
CONSUMER STAPLES - 0.7%   
Food & Staples Retailing - 0.7%   
Ahold Lease U.S.A., Inc. 7.82% 1/2/20 87,104 89,218 
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
5.75% 3/15/25 15,225,000 13,588,313 
6.625% 6/15/24 10,760,000 10,222,000 
Albertsons, Inc. 8.7% 5/1/30 5,080,000 4,762,500 
C&S Group Enterprises LLC 5.375% 7/15/22 (f) 9,705,000 9,074,175 
Cumberland Farms, Inc. 6.75% 5/1/25 (f) 2,075,000 2,215,063 
  39,951,269 
FINANCIALS - 0.7%   
Diversified Financial Services - 0.5%   
Brixmor Operating Partnership LP:   
3.65% 6/15/24 6,000,000 5,882,472 
3.85% 2/1/25 8,384,000 8,269,419 
4.125% 6/15/26 2,000 1,987 
Five Point Operation Co. LP 7.875% 11/15/25 (f) 6,775,000 6,910,500 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 3,680,000 3,749,000 
6.25% 2/1/22 (f) 1,695,000 1,745,850 
  26,559,228 
Mortgage Real Estate Investment Trusts - 0.1%   
Starwood Property Trust, Inc. 4.75% 3/15/25 (f) 4,235,000 4,182,063 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC 8.375% 11/15/22 (f) 3,403,000 3,454,045 
Radian Group, Inc. 4.5% 10/1/24 4,000,000 4,000,000 
  7,454,045 
TOTAL FINANCIALS  38,195,336 
HEALTH CARE - 0.5%   
Health Care Providers & Services - 0.5%   
QCP SNF West (REIT) LLC 8.125% 11/1/23 (f) 6,245,000 6,432,350 
Sabra Health Care LP/Sabra Capital Corp.:   
5.375% 6/1/23 5,675,000 5,802,688 
5.5% 2/1/21 12,305,000 12,628,006 
  24,863,044 
INDUSTRIALS - 0.1%   
Building Products - 0.1%   
Shea Homes Ltd. Partnership/Corp. 6.125% 4/1/25 (f) 3,350,000 3,492,375 
INFORMATION TECHNOLOGY - 0.1%   
Internet Software & Services - 0.1%   
CyrusOne LP/CyrusOne Finance Corp. 5% 3/15/24 3,610,000 3,682,200 
REAL ESTATE - 9.4%   
Equity Real Estate Investment Trusts (REITs) - 7.2%   
American Campus Communities Operating Partnership LP 4.125% 7/1/24 2,000,000 2,053,446 
ARC Properties Operating Partnership LP 4.6% 2/6/24 15,480,000 16,039,726 
Care Capital Properties LP 5.125% 8/15/26 19,546,000 19,377,013 
CBL & Associates LP:   
4.6% 10/15/24 26,758,000 23,589,665 
5.25% 12/1/23 11,500,000 10,756,653 
5.95% 12/15/26 10,434,000 9,614,899 
Corporate Office Properties LP 3.6% 5/15/23 5,000,000 4,932,314 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 5,030,000 5,092,875 
CubeSmart LP 4.8% 7/15/22 2,000,000 2,114,166 
DDR Corp.:   
3.625% 2/1/25 6,453,000 6,356,712 
4.625% 7/15/22 2,096,000 2,193,607 
Equinix, Inc. 5.375% 5/15/27 6,620,000 6,951,000 
HCP, Inc.:   
4% 6/1/25 1,000,000 1,017,251 
4.25% 11/15/23 6,707,000 6,971,504 
Health Care REIT, Inc.:   
4% 6/1/25 1,551,000 1,581,766 
4.125% 4/1/19 2,000,000 2,029,848 
Healthcare Realty Trust, Inc. 3.75% 4/15/23 4,966,000 5,005,719 
Highwoods/Forsyth LP 3.625% 1/15/23 3,847,000 3,845,373 
Hospitality Properties Trust 5% 8/15/22 3,177,000 3,355,209 
iStar Financial, Inc.:   
4.625% 9/15/20 6,755,000 6,839,438 
5% 7/1/19 24,265,000 24,371,159 
5.25% 9/15/22 4,220,000 4,209,450 
6% 4/1/22 8,375,000 8,563,438 
Lexington Corporate Properties Trust 4.4% 6/15/24 2,180,000 2,171,940 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 6,115,000 6,055,073 
5.25% 8/1/26 4,385,000 4,516,550 
6.375% 3/1/24 4,000,000 4,264,000 
National Retail Properties, Inc.:   
3.3% 4/15/23 2,000,000 1,992,247 
3.5% 10/15/27 3,421,000 3,298,613 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 3,303,000 3,309,532 
4.5% 4/1/27 2,462,000 2,361,124 
4.75% 1/15/28 12,204,000 11,859,036 
4.95% 4/1/24 2,898,000 2,982,684 
Potlatch Corp. 7.5% 11/1/19 1,000,000 1,075,000 
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20 2,000,000 2,189,426 
Regency Centers LP 3.6% 2/1/27 2,558,000 2,498,071 
SBA Communications Corp. 4% 10/1/22 (f) 2,535,000 2,496,975 
Select Income REIT:   
4.15% 2/1/22 11,170,000 11,164,664 
4.25% 5/15/24 5,030,000 4,931,854 
4.5% 2/1/25 21,294,000 21,090,773 
Senior Housing Properties Trust:   
3.25% 5/1/19 7,382,000 7,402,245 
4.75% 5/1/24 44,895,000 46,289,666 
6.75% 4/15/20 13,624,000 14,415,364 
6.75% 12/15/21 8,000,000 8,755,209 
VEREIT Operating Partnership LP 4.875% 6/1/26 10,945,000 11,351,368 
WP Carey, Inc.:   
4% 2/1/25 6,985,000 6,955,283 
4.25% 10/1/26 7,242,000 7,275,607 
4.6% 4/1/24 11,323,000 11,662,717 
  379,227,252 
Real Estate Management & Development - 2.2%   
Greystar Real Estate Partners 5.75% 12/1/25 (f) 5,925,000 6,087,938 
Healthcare Trust of America Holdings LP 3.75% 7/1/27 8,395,000 8,242,643 
Host Hotels & Resorts LP 5.25% 3/15/22 2,000,000 2,129,578 
Howard Hughes Corp. 5.375% 3/15/25 (f) 16,545,000 16,710,450 
Hunt Companies, Inc. 9.625% 3/1/21 (f) 7,460,000 7,859,110 
Kennedy-Wilson, Inc. 5.875% 4/1/24 31,370,000 32,154,250 
Mattamy Group Corp.:   
6.5% 10/1/25 (f) 4,835,000 5,094,881 
6.875% 12/15/23 (f) 5,425,000 5,736,938 
Mid-America Apartments LP:   
3.75% 6/15/24 1,663,000 1,686,220 
4.3% 10/15/23 5,203,000 5,435,749 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.25% 4/15/21 (f) 2,803,000 2,851,212 
5.625% 3/1/24 (f) 2,270,000 2,386,338 
Washington Prime Group LP 5.95% 8/15/24 21,080,000 21,393,380 
  117,768,687 
TOTAL REAL ESTATE  496,995,939 
TOTAL NONCONVERTIBLE BONDS  789,381,333 
TOTAL CORPORATE BONDS   
(Cost $1,085,663,760)  1,106,958,085 
Asset-Backed Securities - 2.5%   
American Homes 4 Rent:   
Series 2014-SFR2 Class E, 6.231% 10/17/36 (f) 3,000,000 3,322,955 
Series 2014-SFR3 Class E, 6.418% 12/17/36 (f) 9,025,000 10,118,439 
Series 2015-SFR1:   
Class E, 5.639% 4/17/52 (f) 1,999,310 2,154,913 
Class F, 5.885% 4/17/52 (f) 2,000,000 2,134,414 
Series 2015-SFR2:   
Class E, 6.07% 10/17/45 (f) 8,259,000 9,131,429 
Class XS, 0% 10/17/45 (b)(f)(g)(h) 4,776,010 48 
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.0612% 3/20/50 (b)(f)(g)(i) 2,250,000 223 
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (f) 592,439 595,994 
Colony Starwood Homes Series 2016-2A Class F, 1 month U.S. LIBOR + 4.150% 5.627% 12/17/33 (f)(g)(i) 1,500,000 1,555,315 
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 457,397 418,831 
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A Class D, 9% 12/28/35 (f) 38,953 38,961 
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 2,581,867 2,644,807 
Green Tree Financial Corp.:   
Series 1996-4 Class M1, 7.75% 6/15/27 (g) 1,019,023 1,040,102 
Series 1997-3 Class M1, 7.53% 3/15/28 6,558,888 6,552,938 
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.539% 5.0739% 7/17/34 (f)(g)(i) 6,318,500 6,458,736 
Home Partners of America Trust Series 2016-2 Class F, 1 month U.S. LIBOR + 5.250% 6.1595% 10/17/33 (f)(g)(i) 3,393,000 3,483,870 
Invitation Homes Trust:   
Series 2015-SFR2 Class E, 1 month U.S. LIBOR + 3.150% 4.6408% 6/17/32 (f)(g)(i) 2,450,000 2,469,175 
Series 2015-SFR3 Class F, 1 month U.S. LIBOR + 3.650% 6.2095% 8/17/32 (f)(g)(i) 2,000,000 2,031,938 
Series 2015-SRF1 Class F, 1 month U.S. LIBOR + 4.550% 5.7595% 3/17/32 (f)(g)(i) 5,500,000 5,522,058 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 3.000% 4.4908% 12/17/36 (f)(g)(i) 8,442,000 8,605,725 
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 792,268 553,103 
Merit Securities Corp. Series 13 Class M1, 7.9345% 12/28/33 (g) 1,923,000 1,974,168 
Progress Residential Trust:   
Series 2015-SFR3 Class F, 6.643% 11/12/32 (f) 2,940,000 3,094,259 
Series 2016-SFR1 Class F, 1 month U.S. LIBOR + 5.000% 6.4595% 9/17/33 (f)(g)(i) 8,459,000 8,722,697 
Series 2017-SFR1 Class F, 5.35% 8/17/34 (f) 3,073,000 3,136,385 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 2.750% 4.836% 12/17/34(f)(g)(i) 2,568,000 2,555,420 
Starwood Waypoint Homes Trust Series 2017-1:   
Class E, 1 month U.S. LIBOR + 2.600% 4.0908% 1/17/35 (f)(g)(i) 5,906,000 5,985,325 
Class F, 1 month U.S. LIBOR + 3.400% 4.8908% 1/17/35 (f)(g)(i) 12,671,000 12,670,966 
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3 month U.S. LIBOR + 2.650% 4.0414% 2/5/36 (b)(f)(g)(i) 4,265,895 320 
Tricon American Homes:   
Series 2017-SFR1 Class F, 5.151% 9/17/34 (f) 8,442,000 8,497,362 
Series 2017-SFR2 Class F, 5.16% 1/17/36 (f) 3,785,000 3,719,974 
Tricon American Homes Trust Series 2016-SFR1 Class F, 5.769% 11/17/33 (f) 2,544,000 2,623,403 
VB-S1 Issuer LLC Series 2016-1A Class F, 6.901% 6/15/46 (f) 7,797,000 7,933,572 
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 3 month U.S. LIBOR + 1.950% 3.2664% 11/21/40 (b)(f)(g)(i) 250,000 196,875 
TOTAL ASSET-BACKED SECURITIES   
(Cost $130,429,180)  129,944,700 
Collateralized Mortgage Obligations - 0.2%   
Private Sponsor - 0.2%   
FREMF Mortgage Trust:   
Series 2010-K6 Class B, 5.3671% 12/25/46 (f)(g) 4,500,000 4,689,225 
Series 2010-K7 Class B, 5.6853% 4/25/20 (f)(g) 3,200,000 3,359,962 
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B Class B9, 1 month U.S. LIBOR + 11.950% 13.3819% 6/10/35 (f)(g)(i) 54,862 36,644 
RESIX Finance Ltd. floater:   
Series 2004-A Class B7, 1 month U.S. LIBOR + 4.250% 5.6819% 2/10/36 (b)(f)(g)(i) 37,954 397 
Series 2004-B Class B7, 1 month U.S. LIBOR + 4.000% 5.4319% 2/10/36 (b)(f)(g)(i) 79,701 8,289 
TOTAL PRIVATE SPONSOR  8,094,517 
U.S. Government Agency - 0.0%   
Fannie Mae REMIC Trust:   
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.6195% 2/25/42 (f)(g) 52,397 31,466 
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.5464% 6/25/43 (f)(g) 86,035 44,787 
TOTAL U.S. GOVERNMENT AGENCY  76,253 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   
(Cost $7,761,405)  8,170,770 
Commercial Mortgage Securities - 16.7%   
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (f) 2,000,000 2,179,824 
Aventura Mall Trust Series 2013-AVM Class E, 3.7427% 12/5/32 (f)(g) 4,900,000 4,920,586 
BANK Series 2017-BNK4 Class D, 3.357% 5/15/50 (f) 3,349,000 2,773,824 
Barclays Commercial Mortgage Securities LLC Series 2015-STP:   
Class E, 4.2844% 9/10/28 (f)(g) 8,413,000 8,103,532 
Class F, 4.4272% 9/10/28 (f)(g) 4,074,000 3,724,414 
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.7203% 4/12/38 (f)(g) 544,007 544,899 
BX Trust Series 2017-IMC Class F, 1 month U.S. LIBOR + 4.250% 5.8095% 10/15/32 (f)(g)(i) 12,691,000 12,754,356 
CCRESG Commercial Mortgage Trust Series 2016-HEAT:   
Class E, 5.4883% 4/10/29 (f)(g) 4,536,000 4,368,801 
Class F, 5.4883% 4/10/29 (f)(g) 9,710,000 9,207,669 
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (f) 3,391,000 2,809,973 
CGBAM Commercial Mortgage Trust Series 2015-SMRT:   
Class E, 3.7859% 4/10/28 (f)(g) 3,023,000 3,020,384 
Class F, 3.7859% 4/10/28 (f)(g) 9,911,000 9,800,588 
CGDB Commercial Mortgage Trust:   
1 month U.S. LIBOR + 2.500% 4.0595% 5/15/30 (f)(g)(i) 2,375,000 2,378,775 
Series 2017-BIO Class F, 1 month U.S. LIBOR + 3.250% 4.8095% 5/15/30 (f)(g)(i) 1,500,000 1,498,674 
CGMS Commercial Mortgage Trust Series 2017-MDRB:   
Class D, 1 month U.S. LIBOR + 3.250% 4.8095% 7/15/30 (f)(g)(i) 5,000,000 5,001,969 
Class E, 1 month U.S. LIBOR + 3.872% 5.431% 7/15/30 (f)(g)(i) 6,741,000 6,709,679 
Citigroup Commercial Mortgage Trust:   
Series 2013-GC15 Class D, 5.0989% 9/10/46 (f)(g) 5,254,000 5,017,261 
Series 2015-SHP2 Class E, 1 month U.S. LIBOR + 4.100% 5.9095% 7/15/27 (f)(g)(i) 2,933,000 2,951,493 
Series 2016-C3 Class D, 3% 11/15/49 (f) 7,089,000 5,429,504 
Series 2016-SMPL Class E, 4.509% 9/10/31 (f) 1,701,000 1,700,447 
COMM Mortgage Trust:   
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (f) 7,300,000 5,498,175 
Series 2012-CR1:   
Class C, 5.3197% 5/15/45 (g) 1,000,000 1,043,835 
Class D, 5.3197% 5/15/45 (f)(g) 5,550,000 5,405,077 
Class G, 2.462% 5/15/45 (f) 2,180,000 1,318,321 
Series 2012-CR5 Class D, 4.3278% 12/10/45 (f)(g) 2,000,000 1,902,573 
Series 2012-LC4:   
Class C, 5.6049% 12/10/44 (g) 2,000,000 2,051,136 
Class D, 5.6049% 12/10/44 (f)(g) 11,675,000 10,457,445 
Series 2013-CCRE6 Class E, 4.067% 3/10/46 (f)(g) 882,000 705,799 
Series 2013-CR10 Class D, 4.7886% 8/10/46 (f)(g) 4,544,000 3,971,238 
Series 2013-CR12 Class D, 5.0787% 10/10/46 (f)(g) 4,500,000 3,762,317 
Series 2013-CR6 Class F, 4.0668% 3/10/46 (f)(g) 8,038,000 5,144,298 
Series 2013-CR9 Class D, 4.2541% 7/10/45 (f)(g) 1,404,000 1,203,976 
Series 2013-LC6 Class D, 4.3076% 1/10/46 (f)(g) 8,301,000 7,734,235 
Series 2014-CR17:   
Class D, 4.7985% 5/10/47 (f)(g) 2,500,000 2,125,086 
Class E, 4.7985% 5/10/47 (f)(g) 3,098,000 2,337,999 
Series 2014-UBS2 Class D, 5.0146% 3/10/47 (f)(g) 3,713,000 3,149,026 
Series 2016-CD1 Class D, 2.7711% 8/10/49 (f)(g) 9,452,000 7,536,789 
Series 2017-CD4 Class D, 3.3% 5/10/50 (f) 2,550,000 2,113,514 
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (f) 2,800,000 2,298,691 
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:   
Class D, 4.832% 8/15/45 (f)(g) 4,500,000 4,450,799 
Class E, 4.832% 8/15/45 (f)(g) 8,000,000 7,735,042 
Core Industrial Trust:   
Series 2015-TEXW Class F, 3.8487% 2/10/34 (f)(g) 10,945,000 10,632,294 
Series 2015-WEST Class F, 4.2268% 2/10/37 (f)(g) 12,745,000 12,239,890 
Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C1 Class F, 6% 5/17/40 (f) 102,617 102,639 
CSAIL Commercial Mortgage Trust:   
Series 2017-C8 Class D, 4.47% 6/15/50 (f) 4,346,000 3,883,677 
Series 2017-CX10 Class UESD, 4.2366% 11/15/27 (f)(g) 5,076,000 4,888,721 
Series 2017-CX9 Class D, 4.161% 9/15/50 (f) 2,568,000 2,236,857 
CSMC Trust:   
floater Series 2015-DEAL:   
Class E, 1 month U.S. LIBOR + 4.000% 5.559% 4/15/29 (f)(g)(i) 3,000,000 3,010,242 
Class F, 1 month U.S. LIBOR + 4.750% 6.309% 4/15/29 (f)(g)(i) 7,803,000 7,803,002 
Series 2016-MFF Class F, 1 month U.S. LIBOR + 7.250% 8.727% 11/15/33 (f)(g)(i) 6,300,000 6,368,225 
DBCCRE Mortgage Trust Series 2014-ARCP Class E, 4.9345% 1/10/34 (f)(g) 10,853,000 9,662,219 
DBUBS Mortgage Trust:   
Series 2011-LC1A:   
Class E, 5.6978% 11/10/46 (f)(g) 14,031,000 14,624,166 
Class G, 4.652% 11/10/46 (f) 12,360,000 10,884,178 
Series 2011-LC3A Class D, 5.3404% 8/10/44 (f)(g) 3,945,000 4,099,506 
Freddie Mac:   
pass-thru certificates:   
Series K011 Class X3, 2.577% 12/25/43 (g)(h) 12,206,096 834,790 
Series K012 Class X3, 2.252% 1/25/41 (g)(h) 20,724,866 1,268,884 
Series K013 Class X3, 2.9089% 1/25/43 (g)(h) 14,360,000 1,129,187 
Series KAIV Class X2, 3.6147% 6/25/46 (g)(h) 7,430,000 790,608 
GAHR Commercial Mortgage Trust Series 2015-NRF:   
Class DFX, 3.3822% 12/15/34 (f)(g) 1,700,000 1,699,172 
Class EFX, 3.3822% 12/15/34 (f)(g) 9,364,000 9,269,497 
Class FFX, 3.3822% 12/15/34 (f)(g) 14,402,000 14,190,658 
Class GFX, 3.3822% 12/15/34 (f)(g) 23,509,000 23,040,522 
GMAC Commercial Mortgage Securities, Inc. Series 1997-C2 Class G, 6.75% 4/15/29 (g) 60,957 61,028 
GP Portfolio Trust Series 2014-GPP Class E, 1 month U.S. LIBOR + 4.100% 5.577% 2/15/27 (f)(g)(i) 2,823,000 2,777,264 
GS Mortgage Securities Corp. II Series 2010-C1 Class D, 6.0509% 8/10/43 (f)(g) 1,966,000 2,009,536 
GS Mortgage Securities Trust:   
Series 2010-C2 Class D, 5.1827% 12/10/43 (f)(g) 3,000,000 3,031,269 
Series 2011-GC5:   
Class C, 5.3984% 8/10/44 (f)(g) 9,000,000 9,469,770 
Class D, 5.3984% 8/10/44 (f)(g) 7,000,000 6,781,366 
Class E, 5.3984% 8/10/44 (f)(g) 8,230,000 6,673,812 
Class F, 4.5% 8/10/44 (f) 7,986,000 4,038,217 
Series 2012-GC6:   
Class C, 5.6521% 1/10/45 (f)(g) 3,600,000 3,747,400 
Class D, 5.6521% 1/10/45 (f)(g) 4,165,000 3,980,049 
Class E, 5% 1/10/45 (f)(g) 4,516,000 3,861,743 
Series 2012-GCJ7:   
Class C, 5.7014% 5/10/45 (g) 6,500,000 6,792,321 
Class D, 5.7014% 5/10/45 (f)(g) 10,192,000 9,897,587 
Class E, 5% 5/10/45 (f) 6,920,000 5,642,497 
Series 2012-GCJ9 Class D, 4.7478% 11/10/45 (f)(g) 5,565,000 5,351,606 
Series 2013-GC14 Class D, 4.7629% 8/10/46 (f)(g) 1,680,000 1,621,206 
Series 2013-GC16:   
Class D, 5.3271% 11/10/46 (f)(g) 3,750,000 3,564,164 
Class F, 3.5% 11/10/46 (f) 7,303,000 5,211,721 
Series 2014-NEW Class D, 3.79% 1/10/31 (f) 2,510,000 2,520,246 
Series 2016-GS3 Class D, 2.728% 10/10/49 (f) 3,398,000 2,663,593 
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (f) 29,826,000 29,250,358 
Series 2016-RENT:   
Class E, 4.0667% 2/10/29 (f)(g) 1,609,000 1,577,933 
Class F, 4.0667% 2/10/29 (f)(g) 15,890,000 14,768,072 
Hilton U.S.A. Trust:   
Series 2016-HHV Class F, 4.1935% 11/5/38 (f)(g) 8,440,000 7,411,228 
Series 2016-SFP Class F, 6.0801% 11/5/35 (f) 8,457,000 8,443,140 
IMT Trust Series 2017-APTS:   
Class EFX, 3.4966% 6/15/34 (f)(g) 9,317,000 8,827,943 
Class FFL, 1 month U.S. LIBOR + 2.850% 4.327% 6/15/34 (f)(g)(i) 3,909,000 3,923,638 
JPMBB Commercial Mortgage Securities Trust:   
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (f) 8,738,000 7,462,724 
Series 2014-C26 Class D, 3.9241% 1/15/48 (f)(g) 3,398,000 2,912,713 
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.4619% 12/15/49 (f) 10,241,000 8,384,512 
JPMDB Commercial Mortgage Securities Trust Series 2016-C4 Class D, 3.0956% 12/15/49 (f)(g) 7,388,000 5,941,252 
JPMorgan Chase Commercial Mortgage Securities Corp.:   
Series 2003-C1 Class F, 5.4826% 1/12/37 (f)(g) 745,289 771,256 
Series 2009-IWST:   
Class C, 7.4453% 12/5/27 (f)(g) 3,000,000 3,243,997 
Class D, 7.4453% 12/5/27 (f)(g) 9,550,000 10,217,895 
Series 2010-CNTR:   
Class D, 6.1838% 8/5/32 (f)(g) 4,500,000 4,726,751 
Class XB, 0.9305% 8/5/32 (f)(g)(h) 32,655,000 653,538 
Series 2012-CBX:   
Class C, 5.2137% 6/15/45 (g) 4,530,000 4,674,292 
Class E, 5.2137% 6/15/45 (f)(g) 4,635,000 4,562,040 
Class F, 4% 6/15/45 (f) 8,192,000 6,580,068 
Class G 4% 6/15/45 (f) 4,044,000 2,240,990 
JPMorgan Chase Commercial Mortgage Securities Trust:   
Series 2005-LDP2 Class E, 4.981% 7/15/42 (g) 410,825 417,430 
Series 2011-C3:   
Class E, 5.6311% 2/15/46 (f)(g) 3,205,000 3,181,210 
Class H, 4.409% 2/15/46 (f)(g) 7,077,000 5,174,587 
Series 2011-C4 Class F, 3.873% 7/15/46 (f) 1,400,000 1,290,667 
Series 2013-LC11:   
Class C, 3.9582% 4/15/46 (g) 848,000 846,958 
Class D, 4.2027% 4/15/46 (g) 7,672,000 7,089,874 
Class E, 3.25% 4/15/46 (f)(g) 472,000 348,827 
Class F, 3.25% 4/15/46 (f)(g) 2,518,000 1,460,142 
Series 2014-DSTY Class E, 3.8046% 6/10/27 (f)(g) 2,752,000 2,610,701 
Series 2015-UES Class F, 3.621% 9/5/32 (f)(g) 5,432,000 5,297,251 
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8 Class H, 6% 7/15/31 (f) 208,583 188,586 
LSTAR Commercial Mortgage Trust Series 2014-2:   
Class D, 5.1336% 1/20/41 (f)(g) 3,000,000 2,997,989 
Class E, 5.1336% 1/20/41 (f)(g) 4,800,000 4,452,218 
Merrill Lynch Mortgage Trust Series 2006-C1 Class AJ, 5.5942% 5/12/39 (g) 2,306,146 2,323,834 
Morgan Stanley BAML Trust:   
Series 2012-C5 Class E, 4.6875% 8/15/45 (f)(g) 3,889,000 3,831,285 
Series 2012-C6 Class D, 4.5752% 11/15/45 (f)(g) 2,000,000 2,011,995 
Series 2013-C12 Class D, 4.7638% 10/15/46 (f)(g) 7,164,000 6,852,643 
Series 2013-C13:   
Class D, 4.8894% 11/15/46 (f)(g) 5,277,000 4,957,288 
Class E, 4.8894% 11/15/46 (f)(g) 3,379,000 2,679,179 
Series 2013-C7:   
Class D, 4.2503% 2/15/46 (f)(g) 5,650,000 5,148,468 
Class E, 4.2503% 2/15/46 (f)(g) 1,000,000 774,873 
Series 2013-C9:   
Class C, 4.047% 5/15/46 (g) 3,339,000 3,286,872 
Class D, 4.135% 5/15/46 (f)(g) 5,137,000 4,703,091 
Series 2016-C30 Class D, 3% 9/15/49 (f) 5,408,000 4,020,078 
Series 2016-C31 Class D, 3% 11/15/49 (f)(g) 1,500,000 1,080,609 
Series 2016-C32 Class D, 3.396% 12/15/49 (f) 5,929,000 4,418,383 
Morgan Stanley Capital I Trust:   
sequential payer Series 2012-C4 Class E, 5.4205% 3/15/45 (f)(g) 7,294,000 6,219,312 
Series 1997-RR Class F, 7.51% 4/30/39 (f)(g) 270,570 269,893 
Series 1998-CF1 Class G, 7.35% 7/15/32 (f) 1,071,298 1,040,659 
Series 2011-C2:   
Class D, 5.4831% 6/15/44 (f)(g) 4,887,000 4,840,855 
Class E, 5.4831% 6/15/44 (f)(g) 12,150,000 11,466,846 
Class F, 5.4831% 6/15/44 (f)(g) 4,440,000 3,763,764 
Class XB, 0.5345% 6/15/44 (f)(g)(h) 63,708,222 1,024,715 
Series 2011-C3:   
Class C, 5.1549% 7/15/49 (f)(g) 2,000,000 2,097,294 
Class D, 5.1549% 7/15/49 (f)(g) 7,400,000 7,634,817 
Class E, 5.1549% 7/15/49 (f)(g) 1,353,000 1,313,551 
Class F, 5.1549% 7/15/49 (f)(g) 3,438,050 3,171,830 
Class G, 5.1549% 7/15/49 (f)(g) 3,902,000 3,267,908 
Series 2012-C4 Class D, 5.4205% 3/15/45 (f)(g) 6,310,000 6,029,164 
Series 2015-MS1 Class D, 4.0301% 5/15/48 (f)(g) 10,956,000 9,345,740 
Series 2015-UBS8 Class D, 3.18% 12/15/48 (f) 5,013,000 4,237,910 
Series 2016-BNK2 Class C, 3% 11/15/49 (f) 3,000,000 2,419,001 
Motel 6 Trust floater:   
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.927% 8.4035% 8/15/19 (f)(g)(i) 7,932,398 7,981,953 
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 5.727% 8/15/34 (f)(g)(i) 13,586,944 13,688,746 
MSCG Trust Series 2016-SNR:   
Class D, 6.55% 11/15/34 (f) 11,889,000 11,968,603 
Class E, 6.8087% 11/15/34 (f) 11,364,000 10,818,015 
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (f)(g) 1,500,000 1,396,785 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f) 4,294,396 5,258,487 
Starwood Retail Property Trust Series 2014-STAR Class D, 1 month U.S. LIBOR + 3.250% 4.727% 11/15/27 (f)(g)(i) 2,500,000 2,400,000 
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.476% 8/15/39 (g) 264,863 265,405 
UBS Commercial Mortgage Trust Series 2012-C1:   
Class D, 5.5454% 5/10/45 (f)(g) 3,235,000 3,218,430 
Class E, 5% 5/10/45 (f)(g) 6,339,000 5,368,912 
Class F, 5% 5/10/45 (f)(g) 2,221,350 1,512,144 
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.0486% 1/10/45 (f)(g) 3,000,000 3,248,786 
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (f) 2,540,000 2,765,592 
Wells Fargo Commercial Mortgage Trust:   
Series 2012-LC5:   
Class D, 4.7647% 10/15/45 (f)(g) 12,964,000 11,688,664 
Class E, 4.7647% 10/15/45 (f)(g) 7,588,000 6,121,683 
Series 2016-BNK1 Class D, 3% 8/15/49 (f) 6,979,000 5,616,311 
Series 2016-C35 Class D, 3.142% 7/15/48 (f) 18,542,000 13,316,232 
Series 2016-NXS6 Class D, 3.059% 11/15/49 (f) 5,094,000 3,840,977 
Series 2017-C38 Class D, 3% 7/15/50 (f)(g) 4,373,000 3,480,120 
WF-RBS Commercial Mortgage Trust:   
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (f) 4,000,000 2,672,856 
Series 2011-C3:   
Class C, 5.335% 3/15/44 (f) 4,900,000 5,085,302 
Class D, 5.6402% 3/15/44 (f)(g) 1,000,000 874,454 
Class E, 5% 3/15/44 (f) 3,000,000 2,424,784 
Series 2011-C5:   
Class E, 5.6716% 11/15/44 (f)(g) 3,807,000 3,839,412 
Class F, 5.25% 11/15/44 (f)(g) 3,000,000 2,601,748 
Class G, 5.25% 11/15/44 (f)(g) 2,000,000 1,622,920 
Series 2012-C10 Class E, 4.4476% 12/15/45 (f)(g) 4,090,000 3,085,596 
Series 2012-C7:   
Class D, 4.8255% 6/15/45 (f)(g) 2,380,000 2,051,109 
Class F, 4.5% 6/15/45 (f) 2,000,000 1,329,073 
Series 2012-C8 Class E, 4.8935% 8/15/45 (f)(g) 2,922,500 2,801,714 
Series 2013-C11:   
Class D, 4.2717% 3/15/45 (f)(g) 5,830,000 5,316,414 
Class E, 4.2717% 3/15/45 (f)(g) 4,780,000 3,723,350 
Series 2013-C13 Class D, 4.1386% 5/15/45 (f)(g) 4,000,000 3,678,313 
Series 2013-C16 Class D, 5.0286% 9/15/46 (f)(g) 3,728,000 3,528,652 
Series 2013-UBS1 Class D, 4.6237% 3/15/46 (f)(g) 4,589,000 4,246,880 
WFCG Commercial Mortgage Trust floater Series 2015-BXRP:   
Class F, 1 month U.S. LIBOR + 3.721% 5.1973% 11/15/29 (f)(g)(i) 5,152,378 5,160,700 
Class G, 1 month U.S. LIBOR + 3.001% 4.497% 11/15/29 (f)(g)(i) 8,859,793 8,744,964 
WP Glimcher Mall Trust Series 2015-WPG:   
Class PR1, 3.516% 6/5/35 (f)(g) 6,725,000 5,173,641 
Class PR2, 3.516% 6/5/35 (f)(g) 2,541,000 1,819,074 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $868,160,649)  879,096,790 
Bank Loan Obligations - 4.4%   
CONSUMER DISCRETIONARY - 0.8%   
Hotels, Restaurants & Leisure - 0.6%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.3235% 12/22/24 (g)(i) 3,380,000 3,419,309 
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.8235% 8/30/23 (g)(i) 4,424,196 4,460,518 
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.0735% 11/30/23 (g)(i) 2,950,200 2,976,634 
Hilton Los Cabos 3 month U.S. LIBOR + 8.000% 9.78% 9/9/18 (b)(g)(i) 5,375,000 5,375,000 
La Quinta Intermediate Holdings LLC Tranche B LN, term loan 3 month U.S. LIBOR + 2.750% 4.4702% 4/14/21 (g)(i) 12,852,178 12,892,405 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.9997% 4/27/24 (g)(i) 4,327,502 4,355,890 
  33,479,756 
Multiline Retail - 0.2%   
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.7288% 6/23/23 (g)(i) 12,523,240 12,058,879 
TOTAL CONSUMER DISCRETIONARY  45,538,635 
CONSUMER STAPLES - 0.4%   
Food & Staples Retailing - 0.4%   
Albertson's LLC Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 4.4623% 6/22/23 (g)(i) 12,980,173 12,889,571 
3 month U.S. LIBOR + 3.000% 4.6746% 12/21/22 (g)(i) 11,557,685 11,486,721 
  24,376,292 
ENERGY - 0.8%   
Oil, Gas & Consumable Fuels - 0.8%   
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 7.4434% 12/19/20 (g)(i) 22,788,534 22,532,163 
Panda Temple Power, LLC term loan 3 month U.S. LIBOR + 6.000% 7.6934% 4/3/19 (g)(i) 13,870,161 12,656,522 
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.3235% 10/2/23 (g)(i) 5,730,711 5,805,955 
  40,994,640 
FINANCIALS - 0.3%   
Real Estate Management & Development - 0.2%   
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.8245% 11/4/21 (g)(i) 12,385,513 12,378,577 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.5595% 12/5/20 (g)(i) 4,098,113 4,108,358 
TOTAL FINANCIALS  16,486,935 
HEALTH CARE - 0.1%   
Health Care Providers & Services - 0.1%   
Community Health Systems, Inc. Tranche H, term loan 3 month U.S. LIBOR + 3.000% 4.4788% 1/27/21 (g)(i) 6,141,305 6,021,979 
INDUSTRIALS - 0.1%   
Commercial Services & Supplies - 0.1%   
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.0735% 4/7/21 (g)(i) 3,850,000 3,867,633 
INFORMATION TECHNOLOGY - 0.1%   
Electronic Equipment & Components - 0.1%   
Compass Power Generation LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.3908% 12/20/24 (g)(i) 3,390,000 3,430,273 
REAL ESTATE - 1.1%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 3.2595% 2/6/22 (g)(i) 25,000,000 24,218,750 
iStar Financial, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.5572% 10/1/21 (g)(i) 6,678,850 6,753,987 
QCP SNF West (REIT) LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 6.8235% 10/31/22 (g)(i) 6,722,100 6,793,556 
  37,766,293 
Real Estate Management & Development - 0.4%   
Capital Automotive LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.0735% 3/24/24 (g)(i) 3,112,169 3,129,690 
Simply Storage Management LLC 8.2375% 9/6/21 (b)(g) 16,974,000 16,974,000 
  20,103,690 
TOTAL REAL ESTATE  57,869,983 
UTILITIES - 0.7%   
Electric Utilities - 0.2%   
Lightstone Holdco LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.0735% 1/30/24 (g)(i) 8,974,982 9,013,126 
Tranche C, term loan 3 month U.S. LIBOR + 4.500% 6.0735% 1/30/24 (g)(i) 569,885 572,307 
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.08% 12/2/21 (g)(i) 2,497,040 2,422,128 
  12,007,561 
Independent Power and Renewable Electricity Producers - 0.5%   
APLP Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.0735% 4/13/23 (g)(i) 8,249,029 8,321,208 
Dynegy, Inc. Tranche C-2, term loan 3 month U.S. LIBOR + 2.750% 4.3112% 2/7/24 (g)(i) 1,533,797 1,548,444 
MRP Generation Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 7.000% 8.6934% 10/18/22 (g)(i) 14,557,260 14,047,756 
  23,917,408 
TOTAL UTILITIES  35,924,969 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $234,034,945)  234,511,339 
Preferred Securities - 0.0%   
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, (b)(f) 1,220,000 122 
Thrifts & Mortgage Finance - 0.0%   
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (b)(f)(g)(i) 500,000 120,000 
TOTAL PREFERRED SECURITIES   
(Cost $1,297,768)  120,122 
 Shares Value 
Money Market Funds - 6.8%   
Fidelity Cash Central Fund, 1.39% (j) 332,340,179 332,406,647 
Fidelity Securities Lending Cash Central Fund 1.40% (j)(k) 26,952,097 26,954,792 
TOTAL MONEY MARKET FUNDS   
(Cost $359,305,405)  359,361,439 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $5,029,938,410)  5,267,644,829 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (2,117,323) 
NET ASSETS - 100%  $5,265,527,506 

Legend

 (a) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $149,642 or 0.0% of net assets.

 (b) Level 3 security

 (c) Security or a portion of the security is on loan at period end.

 (d) Affiliated company

 (e) Non-income producing

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,181,863,461 or 22.4% of net assets.

 (g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (h) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

 (i) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (j) 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.

 (k) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Stanley Martin Communities LLC Class B (Escrow) 7/17/16 $121,944 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,965,134 
Fidelity Securities Lending Cash Central Fund 82,089 
Total $2,047,223 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Acadia Realty Trust (SBI) $124,832,133 $1,072,218 $-- $1,732,647 $492,001 $(21,782,538) $104,120,867 
Great Ajax Corp. 21,962,447 -- -- 12,651 816,676 (568,999) 21,078,900 
Great Ajax Corp. 7.25% 4,545,000 -- -- 163,125 -- (58,914) 4,486,086 
Total $151,339,580 $1,072,218 $-- $1,908,423 $1,308,677 $(22,410,451) $129,685,853 

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $29,919,411 $29,769,769 $-- $149,642 
Financials 720,607,851 705,967,842 14,640,009 -- 
Real Estate 1,795,412,786 1,737,814,505 57,598,281 -- 
Utilities 3,541,536 3,541,536 -- -- 
Corporate Bonds 1,106,958,085 -- 1,106,958,085 -- 
Asset-Backed Securities 129,944,700 -- 129,747,234 197,466 
Collateralized Mortgage Obligations 8,170,770 -- 8,162,084 8,686 
Commercial Mortgage Securities 879,096,790 -- 879,096,790 -- 
Bank Loan Obligations 234,511,339 -- 212,162,339 22,349,000 
Preferred Securities 120,122 -- -- 120,122 
Money Market Funds 359,361,439 359,361,439 -- -- 
Total Investments in Securities: $5,267,644,829 $2,836,455,091 $2,408,364,822 $22,824,916 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

Investments in Securities:  
Bank Loan Obligations  
Beginning Balance $53,726,431 
Net Realized Gain (Loss) on Investment Securities (35,397) 
Net Unrealized Gain (Loss) on Investment Securities 54,221 
Cost of Purchases 5,375,000 
Proceeds of Sales (13,002,431) 
Amortization/Accretion (18,824) 
Transfers into Level 3 -- 
Transfers out of Level 3 (23,750,000) 
Ending Balance $22,349,000 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $(1,438) 
Other Investments in Securities  
Beginning Balance $1,906,920 
Net Realized Gain (Loss) on Investment Securities (92,593) 
Net Unrealized Gain (Loss) on Investment Securities 177,192 
Cost of Purchases -- 
Proceeds of Sales (27,018) 
Amortization/Accretion (2,229) 
Transfers into Level 3 -- 
Transfers out of Level 3 (1,486,356) 
Ending Balance $475,916 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $89,246 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations 0.1% 
AAA,AA,A 1.6% 
BBB 10.7% 
BB 8.3% 
B 9.8% 
CCC,CC,C 1.2% 
Not Rated 13.1% 
Equities 48.4% 
Short-Term Investments and Net Other Assets 6.8% 
 100.0% 

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $26,789,665) — See accompanying schedule:
Unaffiliated issuers (cost $4,545,936,481) 		$4,778,597,537  
Fidelity Central Funds (cost $359,305,405) 359,361,439  
Other affiliated issuers (cost $124,696,524) 129,685,853  
Total Investment in Securities (cost $5,029,938,410)  $5,267,644,829 
Cash  620,072 
Receivable for investments sold  25,714,031 
Receivable for fund shares sold  7,796,369 
Dividends receivable  3,254,455 
Interest receivable  22,739,474 
Distributions receivable from Fidelity Central Funds  400,722 
Prepaid expenses  7,456 
Other receivables  15,432 
Total assets  5,328,192,840 
Liabilities   
Payable for investments purchased $15,313,295  
Payable for fund shares redeemed 16,705,469  
Accrued management fee 2,417,868  
Distribution and service plan fees payable 302,510  
Other affiliated payables 909,617  
Other payables and accrued expenses 61,339  
Collateral on securities loaned 26,955,236  
Total liabilities  62,665,334 
Net Assets  $5,265,527,506 
Net Assets consist of:   
Paid in capital  $5,008,206,415 
Distributions in excess of net investment income  (6,947,348) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  26,562,099 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  237,706,340 
Net Assets  $5,265,527,506 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($321,559,334 ÷ 27,545,130 shares)  $11.67 
Maximum offering price per share (100/96.00 of $11.67)  $12.16 
Class M:   
Net Asset Value and redemption price per share ($58,865,104 ÷ 5,040,110 shares)  $11.68 
Maximum offering price per share (100/96.00 of $11.68)  $12.17 
Class C:   
Net Asset Value and offering price per share ($256,024,975 ÷ 22,138,721 shares)(a)  $11.56 
Real Estate Income:   
Net Asset Value, offering price and redemption price per share ($2,546,434,714 ÷ 217,031,958 shares)  $11.73 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,082,643,379 ÷ 178,107,352 shares)  $11.69 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends (including $1,908,423 earned from other affiliated issuers)  $59,525,081 
Interest  67,905,231 
Income from Fidelity Central Funds  2,047,223 
Total income  129,477,535 
Expenses   
Management fee $14,632,465  
Transfer agent fees 4,804,014  
Distribution and service plan fees 1,908,968  
Accounting and security lending fees 694,126  
Custodian fees and expenses 30,066  
Independent trustees' fees and expenses 10,439  
Registration fees 111,968  
Audit 58,074  
Legal 10,498  
Miscellaneous 17,278  
Total expenses before reductions 22,277,896  
Expense reductions (62,523) 22,215,373 
Net investment income (loss)  107,262,162 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 53,148,735  
Fidelity Central Funds 4,709  
Other affiliated issuers 1,308,677  
Foreign currency transactions (1,834)  
Total net realized gain (loss)  54,460,287 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (216,806,502)  
Fidelity Central Funds (4,215)  
Other affiliated issuers (22,410,451)  
Assets and liabilities in foreign currencies (274)  
Total change in net unrealized appreciation (depreciation)  (239,221,442) 
Net gain (loss)  (184,761,155) 
Net increase (decrease) in net assets resulting from operations  $(77,498,993) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $107,262,162 $210,270,861 
Net realized gain (loss) 54,460,287 36,915,809 
Change in net unrealized appreciation (depreciation) (239,221,442) 22,370,918 
Net increase (decrease) in net assets resulting from operations (77,498,993) 269,557,588 
Distributions to shareholders from net investment income (155,204,665) (202,922,557) 
Distributions to shareholders from net realized gain (58,110,171) (32,383,930) 
Total distributions (213,314,836) (235,306,487) 
Share transactions - net increase (decrease) 266,884,853 397,445,047 
Redemption fees 106,657 449,735 
Total increase (decrease) in net assets (23,822,319) 432,145,883 
Net Assets   
Beginning of period 5,289,349,825 4,857,203,942 
End of period $5,265,527,506 $5,289,349,825 
Other Information   
Undistributed net investment income end of period $– $40,995,155 
Distributions in excess of net investment income end of period $(6,947,348) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Real Estate Income Fund Class A

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.32 $12.25 $11.66 $11.86 $11.67 $11.26 
Income from Investment Operations       
Net investment income (loss)A .23 .49 .49 .52 .49 .54 
Net realized and unrealized gain (loss) (.41) .14 .73 .02 .44 .60 
Total from investment operations (.18) .63 1.22 .54 .93 1.14 
Distributions from net investment income (.34) (.48) (.48) (.52) (.50) (.53) 
Distributions from net realized gain (.13) (.08) (.14) (.21) (.24) (.20) 
Total distributions (.47) (.56) (.63)B (.74)C (.74) (.73) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $11.67 $12.32 $12.25 $11.66 $11.86 $11.67 
Total ReturnE,F,G (1.56)% 5.37% 11.01% 4.65% 8.49% 10.45% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.02%J 1.03% 1.03% 1.04% 1.06% 1.08% 
Expenses net of fee waivers, if any 1.02%J 1.03% 1.03% 1.03% 1.05% 1.08% 
Expenses net of all reductions 1.02%J 1.02% 1.03% 1.03% 1.05% 1.07% 
Net investment income (loss) 3.78%J 4.08% 4.29% 4.40% 4.28% 4.62% 
Supplemental Data       
Net assets, end of period (000 omitted) $321,559 $355,400 $548,649 $495,462 $442,271 $378,269 
Portfolio turnover rateK 25%J 22% 26% 19% 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.63 per share is comprised of distributions from net investment income of $.483 and distributions from net realized gain of $.142 per share.

 C Total distributions of $.74 per share is comprised of distributions from net investment income of $.523 and distributions from net realized gain of $.212 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Real Estate Income Fund Class M

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.32 $12.26 $11.66 $11.86 $11.67 $11.26 
Income from Investment Operations       
Net investment income (loss)A .23 .49 .49 .51 .49 .54 
Net realized and unrealized gain (loss) (.40) .13 .73 .02 .43 .60 
Total from investment operations (.17) .62 1.22 .53 .92 1.14 
Distributions from net investment income (.33) (.48) (.48) (.52) (.50) (.53) 
Distributions from net realized gain (.13) (.08) (.14) (.21) (.24) (.20) 
Total distributions (.47)B (.56) (.62) (.73) (.73)C (.73) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $11.68 $12.32 $12.26 $11.66 $11.86 $11.67 
Total ReturnE,F,G (1.50)% 5.26% 11.06% 4.62% 8.44% 10.42% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.04%J 1.06% 1.07% 1.06% 1.08% 1.08% 
Expenses net of fee waivers, if any 1.04%J 1.06% 1.07% 1.06% 1.08% 1.08% 
Expenses net of all reductions 1.04%J 1.05% 1.06% 1.06% 1.07% 1.08% 
Net investment income (loss) 3.76%J 4.05% 4.26% 4.37% 4.26% 4.61% 
Supplemental Data       
Net assets, end of period (000 omitted) $58,865 $64,158 $59,788 $55,424 $48,164 $46,198 
Portfolio turnover rateK 25%J 22% 26% 19% 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.47 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.132 per share.

 C Total distributions of $.73 per share is comprised of distributions from net investment income of $.496 and distributions from net realized gain of $.236 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Real Estate Income Fund Class C

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.20 $12.14 $11.55 $11.77 $11.59 $11.20 
Income from Investment Operations       
Net investment income (loss)A .18 .40 .40 .43 .40 .45 
Net realized and unrealized gain (loss) (.41) .13 .73 .01 .43 .60 
Total from investment operations (.23) .53 1.13 .44 .83 1.05 
Distributions from net investment income (.28) (.39) (.40) (.45) (.42) (.46) 
Distributions from net realized gain (.13) (.08) (.14) (.21) (.24) (.20) 
Total distributions (.41) (.47) (.54) (.66) (.65)B (.66) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $11.56 $12.20 $12.14 $11.55 $11.77 $11.59 
Total ReturnD,E,F (1.94)% 4.54% 10.29% 3.82% 7.66% 9.66% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.76%I 1.78% 1.79% 1.79% 1.79% 1.81% 
Expenses net of fee waivers, if any 1.76%I 1.78% 1.78% 1.78% 1.79% 1.81% 
Expenses net of all reductions 1.76%I 1.78% 1.78% 1.78% 1.79% 1.81% 
Net investment income (loss) 3.04%I 3.32% 3.54% 3.65% 3.54% 3.88% 
Supplemental Data       
Net assets, end of period (000 omitted) $256,025 $287,598 $289,430 $291,387 $246,306 $204,012 
Portfolio turnover rateJ 25%I 22% 26% 19% 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.65 per share is comprised of distributions from net investment income of $.417 and distributions from net realized gain of $.236 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Real Estate Income Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.38 $12.31 $11.71 $11.91 $11.71 $11.29 
Income from Investment Operations       
Net investment income (loss)A .25 .52 .52 .54 .52 .57 
Net realized and unrealized gain (loss) (.41) .14 .73 .02 .44 .60 
Total from investment operations (.16) .66 1.25 .56 .96 1.17 
Distributions from net investment income (.36) (.51) (.51) (.55) (.53) (.55) 
Distributions from net realized gain (.13) (.08) (.14) (.21) (.24) (.20) 
Total distributions (.49) (.59) (.65) (.76) (.76)B (.75) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $11.73 $12.38 $12.31 $11.71 $11.91 $11.71 
Total ReturnD,E (1.40)% 5.60% 11.29% 4.84% 8.78% 10.71% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .75%H .78% .82% .83% .83% .84% 
Expenses net of fee waivers, if any .75%H .78% .81% .82% .83% .84% 
Expenses net of all reductions .75%H .77% .81% .82% .83% .84% 
Net investment income (loss) 4.05%H 4.33% 4.51% 4.61% 4.50% 4.85% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,546,435 $2,630,901 $2,719,387 $2,561,268 $2,627,382 $2,884,545 
Portfolio turnover rateI 25%H 22% 26% 19% 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.76 per share is comprised of distributions from net investment income of $.525 and distributions from net realized gain of $.236 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Real Estate Income Fund Class I

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.34 $12.27 $11.68 $11.88 $11.69 $11.28 
Income from Investment Operations       
Net investment income (loss)A .25 .52 .52 .55 .52 .57 
Net realized and unrealized gain (loss) (.41) .14 .73 .02 .44 .60 
Total from investment operations (.16) .66 1.25 .57 .96 1.17 
Distributions from net investment income (.36) (.51) (.52) (.55) (.53) (.56) 
Distributions from net realized gain (.13) (.08) (.14) (.21) (.24) (.20) 
Total distributions (.49) (.59) (.66) (.77)B (.77) (.76) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $11.69 $12.34 $12.27 $11.68 $11.88 $11.69 
Total ReturnD,E (1.39)% 5.66% 11.30% 4.92% 8.76% 10.72% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .75%H .76% .77% .77% .78% .80% 
Expenses net of fee waivers, if any .75%H .76% .77% .77% .78% .80% 
Expenses net of all reductions .75%H .76% .76% .77% .78% .80% 
Net investment income (loss) 4.05%H 4.34% 4.56% 4.66% 4.55% 4.89% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,082,643 $1,951,293 $1,239,950 $913,475 $809,854 $610,045 
Portfolio turnover rateI 25%H 22% 26% 19% 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.77 per share is comprised of distributions from net investment income of $.554 and distributions from net realized gain of $.212 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

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 and Class I 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.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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 the short-term gain distributions from the Underlying Funds, foreign currency transactions, passive foreign investment companies (PFIC), market discount, equity-debt classifications, certain conversion ratio adjustments, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $382,838,673 
Gross unrealized depreciation (147,343,108) 
Net unrealized appreciation (depreciation) $235,495,565 
Tax cost $5,032,149,264 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to .75% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $777,525,766 and $631,431,764, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .54% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $429,686 $9,408 
Class M -% .25% 78,617 – 
Class C .75% .25% 1,400,665 200,250 
   $1,908,968 $209,658 

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 $13,265 
Class M 2,337 
Class C(a) 18,790 
 $34,392 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $330,561 .19 
Class M 68,245 .22 
Class C 263,205 .19 
Real Estate Income 2,333,727 .18 
Class I 1,808,276 .17 
 $4,804,014  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,417 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7,757 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $1,637,670. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $82,089, including $13,875 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $22,737 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $12,537.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $27,249.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Class A $9,452,291 $19,398,648 
Class M 1,723,645 2,428,967 
Class C 6,546,231 9,371,104 
Real Estate Income 76,362,036 109,435,619 
Class I 61,120,462 62,288,219 
Total $155,204,665 $202,922,557 
From net realized gain   
Class A $3,718,309 $3,567,509 
Class M 680,353 398,948 
Class C 3,070,453 1,939,550 
Real Estate Income 28,258,285 17,827,432 
Class I 22,382,771 8,650,491 
Total $58,110,171 $32,383,930 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Class A     
Shares sold 3,080,956 12,839,240 $37,209,682 $153,895,562 
Reinvestment of distributions 1,060,847 1,848,521 12,790,749 21,908,312 
Shares redeemed (5,446,440) (30,631,418) (65,680,595) (367,310,909) 
Net increase (decrease) (1,304,637) (15,943,657) $(15,680,164) $(191,507,035) 
Class M     
Shares sold 448,069 1,228,326 $5,442,597 $14,708,870 
Reinvestment of distributions 194,165 221,980 2,342,875 2,637,477 
Shares redeemed (808,058) (1,122,766) (9,757,251) (13,419,214) 
Net increase (decrease) (165,824) 327,540 $(1,971,779) $3,927,133 
Class C     
Shares sold 1,524,914 5,359,653 $18,344,811 $63,747,841 
Reinvestment of distributions 752,947 858,380 9,002,475 10,109,093 
Shares redeemed (3,714,481) (6,493,102) (44,259,755) (77,061,823) 
Net increase (decrease) (1,436,620) (275,069) $(16,912,469) $(3,204,889) 
Real Estate Income     
Shares sold 23,330,786 47,554,214 $282,882,994 $573,422,929 
Reinvestment of distributions 7,529,411 9,324,516 91,225,443 111,248,966 
Shares redeemed (26,293,135) (65,327,473) (317,808,032) (784,201,096) 
Net increase (decrease) 4,567,062 (8,448,743) $56,300,405 $(99,529,201) 
Class I     
Shares sold 41,808,703 91,593,798 $507,611,037 $1,102,392,455 
Reinvestment of distributions 5,547,464 4,455,256 66,976,330 53,081,868 
Shares redeemed (27,335,287) (38,982,165) (329,438,507) (467,715,284) 
Net increase (decrease) 20,020,880 57,066,889 $245,148,860 $687,759,039 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Class A 1.02%    
Actual  $1,000.00 $984.40 $5.10 
Hypothetical-C  $1,000.00 $1,020.06 $5.19 
Class M 1.04%    
Actual  $1,000.00 $985.00 $5.20 
Hypothetical-C  $1,000.00 $1,019.96 $5.30 
Class C 1.76%    
Actual  $1,000.00 $980.60 $8.79 
Hypothetical-C  $1,000.00 $1,016.33 $8.94 
Real Estate Income .75%    
Actual  $1,000.00 $986.00 $3.75 
Hypothetical-C  $1,000.00 $1,021.42 $3.82 
Class I .75%    
Actual  $1,000.00 $986.10 $3.75 
Hypothetical-C  $1,000.00 $1,021.42 $3.82 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

REIA-SANN-0318
1.907552.107

Fidelity® Real Estate Income Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of January 31, 2018

 % of fund's net assets 
Equity Lifestyle Properties, Inc. 2.9 
Apartment Investment & Management Co. Class A 2.0 
Acadia Realty Trust (SBI) 2.0 
Ventas, Inc. 1.8 
MFA Financial, Inc. 1.6 
 10.3 

Top 5 Bonds as of January 31, 2018

 % of fund's net assets 
Senior Housing Properties Trust 4.75% 5/1/24 0.9 
IAS Operating Partnership LP 5% 3/15/18 0.8 
RWT Holdings, Inc. 5.625% 11/15/19 0.7 
PennyMac Corp. 5.375% 5/1/20 0.6 
RAIT Financial Trust 4% 10/1/33 0.6 
 3.6 

Top Five REIT Sectors as of January 31, 2018

 % of fund's net assets 
REITs - Mortgage 18.0 
REITs - Health Care 7.8 
REITs - Diversified 6.6 
REITs - Apartments 6.5 
REITs - Shopping Centers 3.9 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 47.1% 
   Bonds 34.4% 
   Convertible Securities 7.3% 
   Other Investments 4.4% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.8% 


 * Foreign investments - 1.6%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 29.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 0.6%   
Hotels, Restaurants & Leisure - 0.6%   
Bluegreen Vacations Corp. 262,950 $4,993,421 
Wyndham Worldwide Corp. 199,600 24,776,348 
  29,769,769 
Household Durables - 0.0%   
Stanley Martin Communities LLC Class B (Escrow) (a)(b) 4,620 149,642 
TOTAL CONSUMER DISCRETIONARY  29,919,411 
FINANCIALS - 5.3%   
Capital Markets - 0.9%   
Brookfield Asset Management, Inc. Class A 535,900 22,429,376 
Ellington Financial LLC 1,568,684 22,887,100 
  45,316,476 
Insurance - 0.2%   
FNF Group 288,400 11,241,832 
Mortgage Real Estate Investment Trusts - 4.2%   
AG Mortgage Investment Trust, Inc. 284,200 4,956,448 
Anworth Mortgage Asset Corp. 1,145,100 5,565,186 
Arbor Realty Trust, Inc. (c) 1,928,494 15,717,226 
Chimera Investment Corp. 953,100 16,193,169 
Dynex Capital, Inc. 1,322,886 8,598,759 
Ellington Residential Mortgage REIT (c) 260,000 2,810,600 
Five Oaks Investment Corp. (c) 547,901 1,791,636 
Great Ajax Corp. (d) 1,577,762 21,078,900 
Invesco Mortgage Capital, Inc. 2,335,049 37,921,196 
MFA Financial, Inc. 12,110,622 86,712,054 
New Residential Investment Corp. 655,600 11,335,324 
Redwood Trust, Inc. 21,300 317,157 
Two Harbors Investment Corp. 675,400 9,962,150 
  222,959,805 
TOTAL FINANCIALS  279,518,113 
REAL ESTATE - 23.2%   
Equity Real Estate Investment Trusts (REITs) - 23.2%   
Acadia Realty Trust (SBI) (d) 4,239,449 104,120,867 
Altisource Residential Corp. Class B 188,686 2,077,433 
American Homes 4 Rent Class A 1,666,038 34,636,930 
American Tower Corp. 356,700 52,684,590 
Apartment Investment & Management Co. Class A 2,555,042 106,902,957 
AvalonBay Communities, Inc. 173,300 29,530,320 
Boardwalk (REIT) (c) 298,500 10,799,390 
Cedar Realty Trust, Inc. 530,163 2,709,133 
Colony NorthStar, Inc. 7,740,548 69,510,121 
DDR Corp. 1,932,600 15,692,712 
Douglas Emmett, Inc. 197,700 7,645,059 
Equinix, Inc. 107,800 49,069,482 
Equity Lifestyle Properties, Inc. 1,750,402 151,094,686 
Extra Space Storage, Inc. 548,900 45,822,172 
Gramercy Property Trust 498,647 12,585,850 
Healthcare Realty Trust, Inc. 431,300 12,882,931 
Healthcare Trust of America, Inc. 1,058,760 29,232,364 
Lexington Corporate Properties Trust 4,316,674 38,936,399 
Mid-America Apartment Communities, Inc. 650,406 62,029,220 
National Retail Properties, Inc. 179,200 7,110,656 
Omega Healthcare Investors, Inc. (c) 964,923 26,091,518 
Public Storage 148,291 29,029,446 
Rexford Industrial Realty, Inc. 270,300 8,025,207 
Sabra Health Care REIT, Inc. 2,352,875 42,587,038 
Safety Income and Growth, Inc. 393,600 6,931,296 
Select Income REIT 205,800 4,601,688 
Senior Housing Properties Trust (SBI) 3,099,300 53,710,869 
Spirit Realty Capital, Inc. 894,600 7,308,882 
Store Capital Corp. 1,493,200 36,598,332 
Terreno Realty Corp. 626,328 22,297,277 
Ventas, Inc. 1,737,986 97,275,076 
VEREIT, Inc. 4,038,234 29,075,285 
WP Carey, Inc. 151,200 9,799,272 
WP Glimcher, Inc. 881,200 5,798,296 
  1,224,202,754 
TOTAL COMMON STOCKS   
(Cost $1,343,382,828)  1,533,640,278 
Preferred Stocks - 19.3%   
Convertible Preferred Stocks - 1.3%   
FINANCIALS - 0.3%   
Mortgage Real Estate Investment Trusts - 0.3%   
Great Ajax Corp. 7.25%(d) 180,000 4,486,086 
Sutherland Asset Management Corp. 7.00% 404,700 10,153,923 
  14,640,009 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
Alexandria Real Estate Equities, Inc. Series D, 7.00% 136,759 5,044,301 
Ashford Hospitality Prime, Inc. 5.50% 95,791 1,838,804 
Equity Commonwealth 6.50% 31,237 824,869 
iStar Financial, Inc. Series J, 4.50% 213,273 10,009,798 
Lexington Corporate Properties Trust Series C, 6.50% 468,142 23,512,853 
RLJ Lodging Trust 1.95% 31,935 826,957 
Wheeler REIT, Inc. 8.75% 516,748 8,996,583 
  51,054,165 
TOTAL CONVERTIBLE PREFERRED STOCKS  65,694,174 
Nonconvertible Preferred Stocks - 18.0%   
FINANCIALS - 8.1%   
Capital Markets - 0.1%   
Arlington Asset Investment Corp. 6.625% 182,517 4,402,657 
Brookfield Asset Management, Inc. 4.75% 105,800 2,187,394 
  6,590,051 
Mortgage Real Estate Investment Trusts - 7.9%   
AG Mortgage Investment Trust, Inc.:   
8.00% 618,287 15,234,592 
8.25% 38,935 982,330 
AGNC Investment Corp.:   
Series B, 7.75% 427,100 10,997,825 
Series C, 7.00% 361,900 9,206,736 
American Capital Mortgage Investment Corp. Series A, 8.125% 248,636 6,340,243 
Annaly Capital Management, Inc.:   
Series C, 7.625% 326,429 8,209,689 
Series D, 7.50% 621,976 15,599,158 
Series E, 7.625% 672,961 16,951,888 
Series F, 6.95% 1,203,714 30,490,076 
Series G, 6.50% (e) 720,300 17,726,583 
Anworth Mortgage Asset Corp. Series A, 8.625% 242,730 6,240,588 
Apollo Commercial Real Estate Finance, Inc. Series C, 8.00% 485,559 12,221,714 
Arbor Realty Trust, Inc.:   
7.375% 457,577 11,681,941 
Series A, 8.25% 189,089 4,787,733 
Series B, 7.75% 240,000 6,065,304 
Series C, 8.50% 100,000 2,595,200 
Armour Residential REIT, Inc. Series B, 7.875% 153,654 3,838,384 
Capstead Mortgage Corp. Series E, 7.50% 202,984 5,125,346 
Cherry Hill Mortgage Investment Corp. Series A, 8.20% 246,500 6,211,800 
Chimera Investment Corp.:   
Series A, 8.00% 204,000 5,179,560 
Series B, 8.00% 1,257,372 31,981,005 
CYS Investments, Inc.:   
Series A, 7.75% 118,428 2,953,594 
Series B, 7.50% 496,667 12,044,175 
Dynex Capital, Inc.:   
Series A, 8.50% 362,932 9,182,180 
Series B, 7.625% 252,120 5,995,414 
Five Oaks Investment Corp. Series A, 8.75% 86,727 2,168,175 
Invesco Mortgage Capital, Inc.:   
7.50% 806,500 19,678,600 
Series A, 7.75% 123,342 3,092,184 
Series B, 7.75% 846,483 21,542,992 
MFA Financial, Inc.:   
8.00% 538,930 13,952,898 
Series B, 7.50% 616,232 15,399,638 
New York Mortgage Trust, Inc.:   
Series B, 7.75% 284,267 6,857,771 
Series C, 7.875% 280,725 6,858,112 
Series D, 8.00% 313,300 7,715,013 
PennyMac Mortgage Investment Trust:   
8.125% 335,500 8,353,950 
Series B, 8.00% 546,800 13,560,640 
Resource Capital Corp.:   
8.25% 80,024 1,993,398 
8.625% 168,316 4,292,058 
Two Harbors Investment Corp.:   
Series A, 8.125% 450,000 11,763,000 
Series B, 7.625% 429,690 10,819,594 
Series C, 7.25% 309,000 7,498,194 
Wells Fargo Real Estate Investment Corp. Series A, 6.375% 137,600 3,544,576 
  416,933,851 
Real Estate Management & Development - 0.1%   
Brookfield Properties Corp. Series EE, 5.10% 142,300 2,925,827 
TOTAL FINANCIALS  426,449,729 
REAL ESTATE - 9.9%   
Equity Real Estate Investment Trusts (REITs) - 9.8%   
American Homes 4 Rent:   
5.875% 250,809 6,194,982 
Series C, 5.50% 915,240 26,001,968 
Series D, 6.50% 280,000 7,170,800 
Series E, 6.35% 210,000 5,321,400 
Series G, 5.875% 202,000 4,934,860 
Ashford Hospitality Trust, Inc.:   
Series D, 8.45% 11,770 297,546 
Series F, 7.375% 268,000 6,342,434 
Series G, 7.375% 120,000 2,818,800 
Series H, 7.50% 168,800 4,000,560 
Series I, 7.50% 168,900 4,011,375 
Bluerock Residential Growth (REIT), Inc.:   
Series A, 8.25% 486,775 12,266,730 
Series C, 7.625% 146,969 3,603,445 
Series D, 7.125% 136,000 3,359,200 
CBL & Associates Properties, Inc. Series D, 7.375% 167,876 3,362,556 
Cedar Realty Trust, Inc.:   
Series B, 7.25% 87,895 2,199,950 
Series C, 6.50% 294,900 6,823,986 
City Office REIT, Inc. Series A, 6.625% 180,500 4,507,085 
Colony NorthStar, Inc.:   
Series B, 8.25% 207,761 5,233,500 
Series D, 8.50% 274,915 7,003,460 
Series E, 8.75% 481,729 12,606,848 
Series G, 7.50% 121,607 2,945,808 
Series H, 7.125% 584,350 13,440,050 
Series I, 7.15% 774,587 17,892,960 
Series J, 7.15% 917,785 21,026,454 
DDR Corp.:   
Series J, 6.50% 340,721 8,293,694 
Series K, 6.25% 228,888 5,561,978 
Digital Realty Trust, Inc.:   
Series C, 6.625% 84,000 2,215,920 
Series G, 5.875% 142,903 3,551,140 
Series H, 7.375% 50,000 1,314,000 
Farmland Partners, Inc. Series B, 6.00% 630,000 16,049,124 
General Growth Properties, Inc. Series A, 6.375% 166,463 4,174,892 
Gladstone Commercial Corp. Series D, 7.00% 538,800 13,739,400 
Gladstone Land Corp. Series A, 6.375% 64,000 1,646,086 
Global Medical REIT, Inc. Series A, 7.50% 135,100 3,301,844 
Global Net Lease, Inc. Series A, 7.25% 467,400 11,670,978 
Government Properties Income Trust 5.875% 202,500 5,121,225 
Hersha Hospitality Trust:   
Series C, 6.875% 50,000 1,222,000 
Series D, 6.50% 200,000 4,842,000 
Investors Real Estate Trust Series C, 6.625% 320,900 7,906,976 
iStar Financial, Inc.:   
Series D, 8.00% 126,529 3,192,327 
Series G, 7.65% 222,721 5,594,752 
Series I, 7.50% 161,269 4,031,725 
Jernigan Capital, Inc. Series B, 7.00% (e) 50,600 1,219,460 
LaSalle Hotel Properties:   
Series I, 6.375% 354,698 8,778,776 
Series J, 6.30% 240,000 5,851,200 
Monmouth Real Estate Investment Corp. Series C, 6.125% 225,900 5,527,773 
National Retail Properties, Inc. Series E, 5.70% 301,404 7,474,819 
National Storage Affiliates Trust Series A, 6.00% (e) 67,600 1,683,240 
Pebblebrook Hotel Trust:   
Series C, 6.50% 204,321 5,083,506 
Series D, 6.375% 350,000 8,680,000 
Pennsylvania (REIT):   
Series B, 7.375% 100,510 2,461,490 
Series C, 7.20% 51,000 1,204,110 
Series D, 6.875% 151,800 3,559,710 
Plymouth Industrial REIT, Inc. Series A, 7.50% 169,400 4,240,082 
Prologis, Inc. Series Q, 8.54% 94,446 6,544,116 
Public Storage:   
Series F, 5.15% 173,400 4,114,782 
Series G, 5.05% 42,200 986,214 
Series Y, 6.375% 102,224 2,649,646 
RAIT Financial Trust:   
7.125% 336,786 7,978,460 
7.625% 224,590 4,570,407 
Rexford Industrial Realty, Inc.:   
Series A, 5.875% 135,000 3,190,050 
Series B, 5.875% (e) 79,500 1,852,350 
Sabra Health Care REIT, Inc. Series A, 7.125% 318,623 8,038,826 
Saul Centers, Inc.:   
Series C, 6.875% 315,478 7,931,148 
Series D, 6.125% (e) 83,700 2,064,645 
Sotherly Hotels, Inc.:   
Series B, 8.00% 68,000 1,711,553 
Series C, 7.875% 108,200 2,703,918 
Spirit Realty Capital, Inc. Series A, 6.00% 95,200 2,311,456 
Stag Industrial, Inc.:   
Series B, 6.625% 80,300 2,025,969 
Series C, 6.875% 83,000 2,116,658 
Summit Hotel Properties, Inc.:   
Series C, 7.125% 153,212 3,887,295 
Series D, 6.45% 210,000 5,292,000 
Series E, 6.25% 190,000 4,740,500 
Sunstone Hotel Investors, Inc.:   
Series E, 6.95% 42,000 1,075,200 
Series F, 6.45% 84,000 2,126,880 
Taubman Centers, Inc. Series K, 6.25% 157,322 3,966,874 
UMH Properties, Inc.:   
Series B, 8.00% 319,604 8,737,973 
Series C, 6.75% 341,140 8,579,671 
Series D, 6.375% 93,800 2,280,278 
Urstadt Biddle Properties, Inc.:   
Series G, 6.75% 160,000 4,153,600 
Series H, 6.25% 284,500 7,069,825 
VEREIT, Inc. Series F, 6.70% 1,995,725 50,272,313 
WP Glimcher, Inc.:   
Series H, 7.50% 198,527 4,701,119 
Series I, 6.875% 298,115 6,996,312 
  517,231,022 
Real Estate Management & Development - 0.1%   
Landmark Infrastructure Partners LP Series B, 7.90% 117,700 2,924,845 
TOTAL REAL ESTATE  520,155,867 
UTILITIES - 0.0%   
Electric Utilities - 0.0%   
Brookfield Infrastructure Partners LP Series 5, 5.35% 169,300 3,541,536 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  950,147,132 
TOTAL PREFERRED STOCKS   
(Cost $999,902,470)  1,015,841,306 
 Principal Amount Value 
Corporate Bonds - 21.0%   
Convertible Bonds - 6.0%   
FINANCIALS - 5.0%   
Diversified Financial Services - 0.1%   
Granite Point Mortgage Trust, Inc. 5.625% 12/1/22 (f) 6,770,000 6,676,811 
Mortgage Real Estate Investment Trusts - 4.9%   
Arbor Realty Trust, Inc. 5.375% 11/15/20 4,230,000 4,233,756 
Blackstone Mortgage Trust, Inc. 4.375% 5/5/22 16,780,000 16,520,866 
Colony Financial, Inc.:   
3.875% 1/15/21 17,280,000 16,771,069 
5% 4/15/23 26,083,000 25,770,969 
IAS Operating Partnership LP 5% 3/15/18 (f) 41,020,000 41,020,000 
PennyMac Corp. 5.375% 5/1/20 35,606,000 34,898,936 
Redwood Trust, Inc. 4.625% 4/15/18 14,700,000 14,714,700 
Resource Capital Corp.:   
4.5% 8/15/22 5,050,000 4,878,997 
6% 12/1/18 6,100,000 6,168,625 
8% 1/15/20 13,890,000 14,515,050 
RWT Holdings, Inc. 5.625% 11/15/19 36,880,000 37,249,833 
Starwood Property Trust, Inc. 4.375% 4/1/23 15,080,000 15,152,384 
Two Harbors Investment Corp. 6.25% 1/15/22 4,380,000 4,446,515 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 21,100,000 20,642,594 
  256,984,294 
TOTAL FINANCIALS  263,661,105 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
American Realty Capital Properties, Inc. 3.75% 12/15/20 21,434,000 21,731,161 
RAIT Financial Trust 4% 10/1/33 34,060,000 32,184,486 
  53,915,647 
TOTAL CONVERTIBLE BONDS  317,576,752 
Nonconvertible Bonds - 15.0%   
CONSUMER DISCRETIONARY - 3.5%   
Hotels, Restaurants & Leisure - 0.4%   
ESH Hospitality, Inc. 5.25% 5/1/25 (f) 8,040,000 8,100,300 
FelCor Lodging LP 6% 6/1/25 2,025,000 2,106,000 
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 6.125% 12/1/24 2,540,000 2,787,650 
Times Square Hotel Trust 8.528% 8/1/26 (f) 6,756,382 7,778,908 
  20,772,858 
Household Durables - 3.1%   
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.75% 8/1/25 (f) 8,430,000 8,451,075 
6.875% 2/15/21 (f) 15,709,000 15,944,635 
Beazer Homes U.S.A., Inc.:   
5.875% 10/15/27 (f) 7,605,000 7,585,988 
6.75% 3/15/25 5,850,000 6,142,500 
8.75% 3/15/22 7,540,000 8,237,450 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (f) 5,495,000 5,713,152 
Brookfield Residential Properties, Inc.:   
6.375% 5/15/25 (f) 5,580,000 5,886,900 
6.5% 12/15/20 (f) 12,085,000 12,326,700 
CalAtlantic Group, Inc. 5.875% 11/15/24 1,625,000 1,771,250 
D.R. Horton, Inc.:   
4.375% 9/15/22 4,175,000 4,347,924 
5.75% 8/15/23 2,510,000 2,784,349 
KB Home 8% 3/15/20 8,465,000 9,237,431 
Lennar Corp. 4.5% 4/30/24 3,355,000 3,392,912 
M/I Homes, Inc.:   
5.625% 8/1/25 2,870,000 2,920,225 
6.75% 1/15/21 3,803,000 3,936,105 
Meritage Homes Corp.:   
5.125% 6/6/27 5,035,000 5,097,938 
6% 6/1/25 4,000,000 4,310,000 
7% 4/1/22 7,525,000 8,446,813 
7.15% 4/15/20 7,060,000 7,624,800 
New Home Co. LLC 7.25% 4/1/22 9,200,000 9,614,000 
Ryland Group, Inc. 6.625% 5/1/20 1,555,000 1,663,850 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (f) 4,100,000 4,376,750 
TRI Pointe Homes, Inc.:   
5.25% 6/1/27 5,045,000 5,095,450 
5.875% 6/15/24 3,890,000 4,120,677 
William Lyon Homes, Inc.:   
5.875% 1/31/25 2,545,000 2,602,263 
7% 8/15/22 8,180,000 8,466,300 
  160,097,437 
Media - 0.0%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. 5.625% 2/15/24 1,300,000 1,330,875 
TOTAL CONSUMER DISCRETIONARY  182,201,170 
CONSUMER STAPLES - 0.7%   
Food & Staples Retailing - 0.7%   
Ahold Lease U.S.A., Inc. 7.82% 1/2/20 87,104 89,218 
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
5.75% 3/15/25 15,225,000 13,588,313 
6.625% 6/15/24 10,760,000 10,222,000 
Albertsons, Inc. 8.7% 5/1/30 5,080,000 4,762,500 
C&S Group Enterprises LLC 5.375% 7/15/22 (f) 9,705,000 9,074,175 
Cumberland Farms, Inc. 6.75% 5/1/25 (f) 2,075,000 2,215,063 
  39,951,269 
FINANCIALS - 0.7%   
Diversified Financial Services - 0.5%   
Brixmor Operating Partnership LP:   
3.65% 6/15/24 6,000,000 5,882,472 
3.85% 2/1/25 8,384,000 8,269,419 
4.125% 6/15/26 2,000 1,987 
Five Point Operation Co. LP 7.875% 11/15/25 (f) 6,775,000 6,910,500 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 3,680,000 3,749,000 
6.25% 2/1/22 (f) 1,695,000 1,745,850 
  26,559,228 
Mortgage Real Estate Investment Trusts - 0.1%   
Starwood Property Trust, Inc. 4.75% 3/15/25 (f) 4,235,000 4,182,063 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC 8.375% 11/15/22 (f) 3,403,000 3,454,045 
Radian Group, Inc. 4.5% 10/1/24 4,000,000 4,000,000 
  7,454,045 
TOTAL FINANCIALS  38,195,336 
HEALTH CARE - 0.5%   
Health Care Providers & Services - 0.5%   
QCP SNF West (REIT) LLC 8.125% 11/1/23 (f) 6,245,000 6,432,350 
Sabra Health Care LP/Sabra Capital Corp.:   
5.375% 6/1/23 5,675,000 5,802,688 
5.5% 2/1/21 12,305,000 12,628,006 
  24,863,044 
INDUSTRIALS - 0.1%   
Building Products - 0.1%   
Shea Homes Ltd. Partnership/Corp. 6.125% 4/1/25 (f) 3,350,000 3,492,375 
INFORMATION TECHNOLOGY - 0.1%   
Internet Software & Services - 0.1%   
CyrusOne LP/CyrusOne Finance Corp. 5% 3/15/24 3,610,000 3,682,200 
REAL ESTATE - 9.4%   
Equity Real Estate Investment Trusts (REITs) - 7.2%   
American Campus Communities Operating Partnership LP 4.125% 7/1/24 2,000,000 2,053,446 
ARC Properties Operating Partnership LP 4.6% 2/6/24 15,480,000 16,039,726 
Care Capital Properties LP 5.125% 8/15/26 19,546,000 19,377,013 
CBL & Associates LP:   
4.6% 10/15/24 26,758,000 23,589,665 
5.25% 12/1/23 11,500,000 10,756,653 
5.95% 12/15/26 10,434,000 9,614,899 
Corporate Office Properties LP 3.6% 5/15/23 5,000,000 4,932,314 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 5,030,000 5,092,875 
CubeSmart LP 4.8% 7/15/22 2,000,000 2,114,166 
DDR Corp.:   
3.625% 2/1/25 6,453,000 6,356,712 
4.625% 7/15/22 2,096,000 2,193,607 
Equinix, Inc. 5.375% 5/15/27 6,620,000 6,951,000 
HCP, Inc.:   
4% 6/1/25 1,000,000 1,017,251 
4.25% 11/15/23 6,707,000 6,971,504 
Health Care REIT, Inc.:   
4% 6/1/25 1,551,000 1,581,766 
4.125% 4/1/19 2,000,000 2,029,848 
Healthcare Realty Trust, Inc. 3.75% 4/15/23 4,966,000 5,005,719 
Highwoods/Forsyth LP 3.625% 1/15/23 3,847,000 3,845,373 
Hospitality Properties Trust 5% 8/15/22 3,177,000 3,355,209 
iStar Financial, Inc.:   
4.625% 9/15/20 6,755,000 6,839,438 
5% 7/1/19 24,265,000 24,371,159 
5.25% 9/15/22 4,220,000 4,209,450 
6% 4/1/22 8,375,000 8,563,438 
Lexington Corporate Properties Trust 4.4% 6/15/24 2,180,000 2,171,940 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 6,115,000 6,055,073 
5.25% 8/1/26 4,385,000 4,516,550 
6.375% 3/1/24 4,000,000 4,264,000 
National Retail Properties, Inc.:   
3.3% 4/15/23 2,000,000 1,992,247 
3.5% 10/15/27 3,421,000 3,298,613 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 3,303,000 3,309,532 
4.5% 4/1/27 2,462,000 2,361,124 
4.75% 1/15/28 12,204,000 11,859,036 
4.95% 4/1/24 2,898,000 2,982,684 
Potlatch Corp. 7.5% 11/1/19 1,000,000 1,075,000 
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20 2,000,000 2,189,426 
Regency Centers LP 3.6% 2/1/27 2,558,000 2,498,071 
SBA Communications Corp. 4% 10/1/22 (f) 2,535,000 2,496,975 
Select Income REIT:   
4.15% 2/1/22 11,170,000 11,164,664 
4.25% 5/15/24 5,030,000 4,931,854 
4.5% 2/1/25 21,294,000 21,090,773 
Senior Housing Properties Trust:   
3.25% 5/1/19 7,382,000 7,402,245 
4.75% 5/1/24 44,895,000 46,289,666 
6.75% 4/15/20 13,624,000 14,415,364 
6.75% 12/15/21 8,000,000 8,755,209 
VEREIT Operating Partnership LP 4.875% 6/1/26 10,945,000 11,351,368 
WP Carey, Inc.:   
4% 2/1/25 6,985,000 6,955,283 
4.25% 10/1/26 7,242,000 7,275,607 
4.6% 4/1/24 11,323,000 11,662,717 
  379,227,252 
Real Estate Management & Development - 2.2%   
Greystar Real Estate Partners 5.75% 12/1/25 (f) 5,925,000 6,087,938 
Healthcare Trust of America Holdings LP 3.75% 7/1/27 8,395,000 8,242,643 
Host Hotels & Resorts LP 5.25% 3/15/22 2,000,000 2,129,578 
Howard Hughes Corp. 5.375% 3/15/25 (f) 16,545,000 16,710,450 
Hunt Companies, Inc. 9.625% 3/1/21 (f) 7,460,000 7,859,110 
Kennedy-Wilson, Inc. 5.875% 4/1/24 31,370,000 32,154,250 
Mattamy Group Corp.:   
6.5% 10/1/25 (f) 4,835,000 5,094,881 
6.875% 12/15/23 (f) 5,425,000 5,736,938 
Mid-America Apartments LP:   
3.75% 6/15/24 1,663,000 1,686,220 
4.3% 10/15/23 5,203,000 5,435,749 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.25% 4/15/21 (f) 2,803,000 2,851,212 
5.625% 3/1/24 (f) 2,270,000 2,386,338 
Washington Prime Group LP 5.95% 8/15/24 21,080,000 21,393,380 
  117,768,687 
TOTAL REAL ESTATE  496,995,939 
TOTAL NONCONVERTIBLE BONDS  789,381,333 
TOTAL CORPORATE BONDS   
(Cost $1,085,663,760)  1,106,958,085 
Asset-Backed Securities - 2.5%   
American Homes 4 Rent:   
Series 2014-SFR2 Class E, 6.231% 10/17/36 (f) 3,000,000 3,322,955 
Series 2014-SFR3 Class E, 6.418% 12/17/36 (f) 9,025,000 10,118,439 
Series 2015-SFR1:   
Class E, 5.639% 4/17/52 (f) 1,999,310 2,154,913 
Class F, 5.885% 4/17/52 (f) 2,000,000 2,134,414 
Series 2015-SFR2:   
Class E, 6.07% 10/17/45 (f) 8,259,000 9,131,429 
Class XS, 0% 10/17/45 (b)(f)(g)(h) 4,776,010 48 
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.0612% 3/20/50 (b)(f)(g)(i) 2,250,000 223 
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (f) 592,439 595,994 
Colony Starwood Homes Series 2016-2A Class F, 1 month U.S. LIBOR + 4.150% 5.627% 12/17/33 (f)(g)(i) 1,500,000 1,555,315 
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 457,397 418,831 
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A Class D, 9% 12/28/35 (f) 38,953 38,961 
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 2,581,867 2,644,807 
Green Tree Financial Corp.:   
Series 1996-4 Class M1, 7.75% 6/15/27 (g) 1,019,023 1,040,102 
Series 1997-3 Class M1, 7.53% 3/15/28 6,558,888 6,552,938 
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.539% 5.0739% 7/17/34 (f)(g)(i) 6,318,500 6,458,736 
Home Partners of America Trust Series 2016-2 Class F, 1 month U.S. LIBOR + 5.250% 6.1595% 10/17/33 (f)(g)(i) 3,393,000 3,483,870 
Invitation Homes Trust:   
Series 2015-SFR2 Class E, 1 month U.S. LIBOR + 3.150% 4.6408% 6/17/32 (f)(g)(i) 2,450,000 2,469,175 
Series 2015-SFR3 Class F, 1 month U.S. LIBOR + 3.650% 6.2095% 8/17/32 (f)(g)(i) 2,000,000 2,031,938 
Series 2015-SRF1 Class F, 1 month U.S. LIBOR + 4.550% 5.7595% 3/17/32 (f)(g)(i) 5,500,000 5,522,058 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 3.000% 4.4908% 12/17/36 (f)(g)(i) 8,442,000 8,605,725 
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 792,268 553,103 
Merit Securities Corp. Series 13 Class M1, 7.9345% 12/28/33 (g) 1,923,000 1,974,168 
Progress Residential Trust:   
Series 2015-SFR3 Class F, 6.643% 11/12/32 (f) 2,940,000 3,094,259 
Series 2016-SFR1 Class F, 1 month U.S. LIBOR + 5.000% 6.4595% 9/17/33 (f)(g)(i) 8,459,000 8,722,697 
Series 2017-SFR1 Class F, 5.35% 8/17/34 (f) 3,073,000 3,136,385 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 2.750% 4.836% 12/17/34(f)(g)(i) 2,568,000 2,555,420 
Starwood Waypoint Homes Trust Series 2017-1:   
Class E, 1 month U.S. LIBOR + 2.600% 4.0908% 1/17/35 (f)(g)(i) 5,906,000 5,985,325 
Class F, 1 month U.S. LIBOR + 3.400% 4.8908% 1/17/35 (f)(g)(i) 12,671,000 12,670,966 
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3 month U.S. LIBOR + 2.650% 4.0414% 2/5/36 (b)(f)(g)(i) 4,265,895 320 
Tricon American Homes:   
Series 2017-SFR1 Class F, 5.151% 9/17/34 (f) 8,442,000 8,497,362 
Series 2017-SFR2 Class F, 5.16% 1/17/36 (f) 3,785,000 3,719,974 
Tricon American Homes Trust Series 2016-SFR1 Class F, 5.769% 11/17/33 (f) 2,544,000 2,623,403 
VB-S1 Issuer LLC Series 2016-1A Class F, 6.901% 6/15/46 (f) 7,797,000 7,933,572 
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 3 month U.S. LIBOR + 1.950% 3.2664% 11/21/40 (b)(f)(g)(i) 250,000 196,875 
TOTAL ASSET-BACKED SECURITIES   
(Cost $130,429,180)  129,944,700 
Collateralized Mortgage Obligations - 0.2%   
Private Sponsor - 0.2%   
FREMF Mortgage Trust:   
Series 2010-K6 Class B, 5.3671% 12/25/46 (f)(g) 4,500,000 4,689,225 
Series 2010-K7 Class B, 5.6853% 4/25/20 (f)(g) 3,200,000 3,359,962 
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B Class B9, 1 month U.S. LIBOR + 11.950% 13.3819% 6/10/35 (f)(g)(i) 54,862 36,644 
RESIX Finance Ltd. floater:   
Series 2004-A Class B7, 1 month U.S. LIBOR + 4.250% 5.6819% 2/10/36 (b)(f)(g)(i) 37,954 397 
Series 2004-B Class B7, 1 month U.S. LIBOR + 4.000% 5.4319% 2/10/36 (b)(f)(g)(i) 79,701 8,289 
TOTAL PRIVATE SPONSOR  8,094,517 
U.S. Government Agency - 0.0%   
Fannie Mae REMIC Trust:   
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.6195% 2/25/42 (f)(g) 52,397 31,466 
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.5464% 6/25/43 (f)(g) 86,035 44,787 
TOTAL U.S. GOVERNMENT AGENCY  76,253 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   
(Cost $7,761,405)  8,170,770 
Commercial Mortgage Securities - 16.7%   
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (f) 2,000,000 2,179,824 
Aventura Mall Trust Series 2013-AVM Class E, 3.7427% 12/5/32 (f)(g) 4,900,000 4,920,586 
BANK Series 2017-BNK4 Class D, 3.357% 5/15/50 (f) 3,349,000 2,773,824 
Barclays Commercial Mortgage Securities LLC Series 2015-STP:   
Class E, 4.2844% 9/10/28 (f)(g) 8,413,000 8,103,532 
Class F, 4.4272% 9/10/28 (f)(g) 4,074,000 3,724,414 
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.7203% 4/12/38 (f)(g) 544,007 544,899 
BX Trust Series 2017-IMC Class F, 1 month U.S. LIBOR + 4.250% 5.8095% 10/15/32 (f)(g)(i) 12,691,000 12,754,356 
CCRESG Commercial Mortgage Trust Series 2016-HEAT:   
Class E, 5.4883% 4/10/29 (f)(g) 4,536,000 4,368,801 
Class F, 5.4883% 4/10/29 (f)(g) 9,710,000 9,207,669 
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (f) 3,391,000 2,809,973 
CGBAM Commercial Mortgage Trust Series 2015-SMRT:   
Class E, 3.7859% 4/10/28 (f)(g) 3,023,000 3,020,384 
Class F, 3.7859% 4/10/28 (f)(g) 9,911,000 9,800,588 
CGDB Commercial Mortgage Trust:   
1 month U.S. LIBOR + 2.500% 4.0595% 5/15/30 (f)(g)(i) 2,375,000 2,378,775 
Series 2017-BIO Class F, 1 month U.S. LIBOR + 3.250% 4.8095% 5/15/30 (f)(g)(i) 1,500,000 1,498,674 
CGMS Commercial Mortgage Trust Series 2017-MDRB:   
Class D, 1 month U.S. LIBOR + 3.250% 4.8095% 7/15/30 (f)(g)(i) 5,000,000 5,001,969 
Class E, 1 month U.S. LIBOR + 3.872% 5.431% 7/15/30 (f)(g)(i) 6,741,000 6,709,679 
Citigroup Commercial Mortgage Trust:   
Series 2013-GC15 Class D, 5.0989% 9/10/46 (f)(g) 5,254,000 5,017,261 
Series 2015-SHP2 Class E, 1 month U.S. LIBOR + 4.100% 5.9095% 7/15/27 (f)(g)(i) 2,933,000 2,951,493 
Series 2016-C3 Class D, 3% 11/15/49 (f) 7,089,000 5,429,504 
Series 2016-SMPL Class E, 4.509% 9/10/31 (f) 1,701,000 1,700,447 
COMM Mortgage Trust:   
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (f) 7,300,000 5,498,175 
Series 2012-CR1:   
Class C, 5.3197% 5/15/45 (g) 1,000,000 1,043,835 
Class D, 5.3197% 5/15/45 (f)(g) 5,550,000 5,405,077 
Class G, 2.462% 5/15/45 (f) 2,180,000 1,318,321 
Series 2012-CR5 Class D, 4.3278% 12/10/45 (f)(g) 2,000,000 1,902,573 
Series 2012-LC4:   
Class C, 5.6049% 12/10/44 (g) 2,000,000 2,051,136 
Class D, 5.6049% 12/10/44 (f)(g) 11,675,000 10,457,445 
Series 2013-CCRE6 Class E, 4.067% 3/10/46 (f)(g) 882,000 705,799 
Series 2013-CR10 Class D, 4.7886% 8/10/46 (f)(g) 4,544,000 3,971,238 
Series 2013-CR12 Class D, 5.0787% 10/10/46 (f)(g) 4,500,000 3,762,317 
Series 2013-CR6 Class F, 4.0668% 3/10/46 (f)(g) 8,038,000 5,144,298 
Series 2013-CR9 Class D, 4.2541% 7/10/45 (f)(g) 1,404,000 1,203,976 
Series 2013-LC6 Class D, 4.3076% 1/10/46 (f)(g) 8,301,000 7,734,235 
Series 2014-CR17:   
Class D, 4.7985% 5/10/47 (f)(g) 2,500,000 2,125,086 
Class E, 4.7985% 5/10/47 (f)(g) 3,098,000 2,337,999 
Series 2014-UBS2 Class D, 5.0146% 3/10/47 (f)(g) 3,713,000 3,149,026 
Series 2016-CD1 Class D, 2.7711% 8/10/49 (f)(g) 9,452,000 7,536,789 
Series 2017-CD4 Class D, 3.3% 5/10/50 (f) 2,550,000 2,113,514 
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (f) 2,800,000 2,298,691 
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:   
Class D, 4.832% 8/15/45 (f)(g) 4,500,000 4,450,799 
Class E, 4.832% 8/15/45 (f)(g) 8,000,000 7,735,042 
Core Industrial Trust:   
Series 2015-TEXW Class F, 3.8487% 2/10/34 (f)(g) 10,945,000 10,632,294 
Series 2015-WEST Class F, 4.2268% 2/10/37 (f)(g) 12,745,000 12,239,890 
Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C1 Class F, 6% 5/17/40 (f) 102,617 102,639 
CSAIL Commercial Mortgage Trust:   
Series 2017-C8 Class D, 4.47% 6/15/50 (f) 4,346,000 3,883,677 
Series 2017-CX10 Class UESD, 4.2366% 11/15/27 (f)(g) 5,076,000 4,888,721 
Series 2017-CX9 Class D, 4.161% 9/15/50 (f) 2,568,000 2,236,857 
CSMC Trust:   
floater Series 2015-DEAL:   
Class E, 1 month U.S. LIBOR + 4.000% 5.559% 4/15/29 (f)(g)(i) 3,000,000 3,010,242 
Class F, 1 month U.S. LIBOR + 4.750% 6.309% 4/15/29 (f)(g)(i) 7,803,000 7,803,002 
Series 2016-MFF Class F, 1 month U.S. LIBOR + 7.250% 8.727% 11/15/33 (f)(g)(i) 6,300,000 6,368,225 
DBCCRE Mortgage Trust Series 2014-ARCP Class E, 4.9345% 1/10/34 (f)(g) 10,853,000 9,662,219 
DBUBS Mortgage Trust:   
Series 2011-LC1A:   
Class E, 5.6978% 11/10/46 (f)(g) 14,031,000 14,624,166 
Class G, 4.652% 11/10/46 (f) 12,360,000 10,884,178 
Series 2011-LC3A Class D, 5.3404% 8/10/44 (f)(g) 3,945,000 4,099,506 
Freddie Mac:   
pass-thru certificates:   
Series K011 Class X3, 2.577% 12/25/43 (g)(h) 12,206,096 834,790 
Series K012 Class X3, 2.252% 1/25/41 (g)(h) 20,724,866 1,268,884 
Series K013 Class X3, 2.9089% 1/25/43 (g)(h) 14,360,000 1,129,187 
Series KAIV Class X2, 3.6147% 6/25/46 (g)(h) 7,430,000 790,608 
GAHR Commercial Mortgage Trust Series 2015-NRF:   
Class DFX, 3.3822% 12/15/34 (f)(g) 1,700,000 1,699,172 
Class EFX, 3.3822% 12/15/34 (f)(g) 9,364,000 9,269,497 
Class FFX, 3.3822% 12/15/34 (f)(g) 14,402,000 14,190,658 
Class GFX, 3.3822% 12/15/34 (f)(g) 23,509,000 23,040,522 
GMAC Commercial Mortgage Securities, Inc. Series 1997-C2 Class G, 6.75% 4/15/29 (g) 60,957 61,028 
GP Portfolio Trust Series 2014-GPP Class E, 1 month U.S. LIBOR + 4.100% 5.577% 2/15/27 (f)(g)(i) 2,823,000 2,777,264 
GS Mortgage Securities Corp. II Series 2010-C1 Class D, 6.0509% 8/10/43 (f)(g) 1,966,000 2,009,536 
GS Mortgage Securities Trust:   
Series 2010-C2 Class D, 5.1827% 12/10/43 (f)(g) 3,000,000 3,031,269 
Series 2011-GC5:   
Class C, 5.3984% 8/10/44 (f)(g) 9,000,000 9,469,770 
Class D, 5.3984% 8/10/44 (f)(g) 7,000,000 6,781,366 
Class E, 5.3984% 8/10/44 (f)(g) 8,230,000 6,673,812 
Class F, 4.5% 8/10/44 (f) 7,986,000 4,038,217 
Series 2012-GC6:   
Class C, 5.6521% 1/10/45 (f)(g) 3,600,000 3,747,400 
Class D, 5.6521% 1/10/45 (f)(g) 4,165,000 3,980,049 
Class E, 5% 1/10/45 (f)(g) 4,516,000 3,861,743 
Series 2012-GCJ7:   
Class C, 5.7014% 5/10/45 (g) 6,500,000 6,792,321 
Class D, 5.7014% 5/10/45 (f)(g) 10,192,000 9,897,587 
Class E, 5% 5/10/45 (f) 6,920,000 5,642,497 
Series 2012-GCJ9 Class D, 4.7478% 11/10/45 (f)(g) 5,565,000 5,351,606 
Series 2013-GC14 Class D, 4.7629% 8/10/46 (f)(g) 1,680,000 1,621,206 
Series 2013-GC16:   
Class D, 5.3271% 11/10/46 (f)(g) 3,750,000 3,564,164 
Class F, 3.5% 11/10/46 (f) 7,303,000 5,211,721 
Series 2014-NEW Class D, 3.79% 1/10/31 (f) 2,510,000 2,520,246 
Series 2016-GS3 Class D, 2.728% 10/10/49 (f) 3,398,000 2,663,593 
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (f) 29,826,000 29,250,358 
Series 2016-RENT:   
Class E, 4.0667% 2/10/29 (f)(g) 1,609,000 1,577,933 
Class F, 4.0667% 2/10/29 (f)(g) 15,890,000 14,768,072 
Hilton U.S.A. Trust:   
Series 2016-HHV Class F, 4.1935% 11/5/38 (f)(g) 8,440,000 7,411,228 
Series 2016-SFP Class F, 6.0801% 11/5/35 (f) 8,457,000 8,443,140 
IMT Trust Series 2017-APTS:   
Class EFX, 3.4966% 6/15/34 (f)(g) 9,317,000 8,827,943 
Class FFL, 1 month U.S. LIBOR + 2.850% 4.327% 6/15/34 (f)(g)(i) 3,909,000 3,923,638 
JPMBB Commercial Mortgage Securities Trust:   
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (f) 8,738,000 7,462,724 
Series 2014-C26 Class D, 3.9241% 1/15/48 (f)(g) 3,398,000 2,912,713 
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.4619% 12/15/49 (f) 10,241,000 8,384,512 
JPMDB Commercial Mortgage Securities Trust Series 2016-C4 Class D, 3.0956% 12/15/49 (f)(g) 7,388,000 5,941,252 
JPMorgan Chase Commercial Mortgage Securities Corp.:   
Series 2003-C1 Class F, 5.4826% 1/12/37 (f)(g) 745,289 771,256 
Series 2009-IWST:   
Class C, 7.4453% 12/5/27 (f)(g) 3,000,000 3,243,997 
Class D, 7.4453% 12/5/27 (f)(g) 9,550,000 10,217,895 
Series 2010-CNTR:   
Class D, 6.1838% 8/5/32 (f)(g) 4,500,000 4,726,751 
Class XB, 0.9305% 8/5/32 (f)(g)(h) 32,655,000 653,538 
Series 2012-CBX:   
Class C, 5.2137% 6/15/45 (g) 4,530,000 4,674,292 
Class E, 5.2137% 6/15/45 (f)(g) 4,635,000 4,562,040 
Class F, 4% 6/15/45 (f) 8,192,000 6,580,068 
Class G 4% 6/15/45 (f) 4,044,000 2,240,990 
JPMorgan Chase Commercial Mortgage Securities Trust:   
Series 2005-LDP2 Class E, 4.981% 7/15/42 (g) 410,825 417,430 
Series 2011-C3:   
Class E, 5.6311% 2/15/46 (f)(g) 3,205,000 3,181,210 
Class H, 4.409% 2/15/46 (f)(g) 7,077,000 5,174,587 
Series 2011-C4 Class F, 3.873% 7/15/46 (f) 1,400,000 1,290,667 
Series 2013-LC11:   
Class C, 3.9582% 4/15/46 (g) 848,000 846,958 
Class D, 4.2027% 4/15/46 (g) 7,672,000 7,089,874 
Class E, 3.25% 4/15/46 (f)(g) 472,000 348,827 
Class F, 3.25% 4/15/46 (f)(g) 2,518,000 1,460,142 
Series 2014-DSTY Class E, 3.8046% 6/10/27 (f)(g) 2,752,000 2,610,701 
Series 2015-UES Class F, 3.621% 9/5/32 (f)(g) 5,432,000 5,297,251 
JPMorgan Commercial Mortgage Finance Corp. Series 1999-C8 Class H, 6% 7/15/31 (f) 208,583 188,586 
LSTAR Commercial Mortgage Trust Series 2014-2:   
Class D, 5.1336% 1/20/41 (f)(g) 3,000,000 2,997,989 
Class E, 5.1336% 1/20/41 (f)(g) 4,800,000 4,452,218 
Merrill Lynch Mortgage Trust Series 2006-C1 Class AJ, 5.5942% 5/12/39 (g) 2,306,146 2,323,834 
Morgan Stanley BAML Trust:   
Series 2012-C5 Class E, 4.6875% 8/15/45 (f)(g) 3,889,000 3,831,285 
Series 2012-C6 Class D, 4.5752% 11/15/45 (f)(g) 2,000,000 2,011,995 
Series 2013-C12 Class D, 4.7638% 10/15/46 (f)(g) 7,164,000 6,852,643 
Series 2013-C13:   
Class D, 4.8894% 11/15/46 (f)(g) 5,277,000 4,957,288 
Class E, 4.8894% 11/15/46 (f)(g) 3,379,000 2,679,179 
Series 2013-C7:   
Class D, 4.2503% 2/15/46 (f)(g) 5,650,000 5,148,468 
Class E, 4.2503% 2/15/46 (f)(g) 1,000,000 774,873 
Series 2013-C9:   
Class C, 4.047% 5/15/46 (g) 3,339,000 3,286,872 
Class D, 4.135% 5/15/46 (f)(g) 5,137,000 4,703,091 
Series 2016-C30 Class D, 3% 9/15/49 (f) 5,408,000 4,020,078 
Series 2016-C31 Class D, 3% 11/15/49 (f)(g) 1,500,000 1,080,609 
Series 2016-C32 Class D, 3.396% 12/15/49 (f) 5,929,000 4,418,383 
Morgan Stanley Capital I Trust:   
sequential payer Series 2012-C4 Class E, 5.4205% 3/15/45 (f)(g) 7,294,000 6,219,312 
Series 1997-RR Class F, 7.51% 4/30/39 (f)(g) 270,570 269,893 
Series 1998-CF1 Class G, 7.35% 7/15/32 (f) 1,071,298 1,040,659 
Series 2011-C2:   
Class D, 5.4831% 6/15/44 (f)(g) 4,887,000 4,840,855 
Class E, 5.4831% 6/15/44 (f)(g) 12,150,000 11,466,846 
Class F, 5.4831% 6/15/44 (f)(g) 4,440,000 3,763,764 
Class XB, 0.5345% 6/15/44 (f)(g)(h) 63,708,222 1,024,715 
Series 2011-C3:   
Class C, 5.1549% 7/15/49 (f)(g) 2,000,000 2,097,294 
Class D, 5.1549% 7/15/49 (f)(g) 7,400,000 7,634,817 
Class E, 5.1549% 7/15/49 (f)(g) 1,353,000 1,313,551 
Class F, 5.1549% 7/15/49 (f)(g) 3,438,050 3,171,830 
Class G, 5.1549% 7/15/49 (f)(g) 3,902,000 3,267,908 
Series 2012-C4 Class D, 5.4205% 3/15/45 (f)(g) 6,310,000 6,029,164 
Series 2015-MS1 Class D, 4.0301% 5/15/48 (f)(g) 10,956,000 9,345,740 
Series 2015-UBS8 Class D, 3.18% 12/15/48 (f) 5,013,000 4,237,910 
Series 2016-BNK2 Class C, 3% 11/15/49 (f) 3,000,000 2,419,001 
Motel 6 Trust floater:   
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.927% 8.4035% 8/15/19 (f)(g)(i) 7,932,398 7,981,953 
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 5.727% 8/15/34 (f)(g)(i) 13,586,944 13,688,746 
MSCG Trust Series 2016-SNR:   
Class D, 6.55% 11/15/34 (f) 11,889,000 11,968,603 
Class E, 6.8087% 11/15/34 (f) 11,364,000 10,818,015 
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (f)(g) 1,500,000 1,396,785 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f) 4,294,396 5,258,487 
Starwood Retail Property Trust Series 2014-STAR Class D, 1 month U.S. LIBOR + 3.250% 4.727% 11/15/27 (f)(g)(i) 2,500,000 2,400,000 
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.476% 8/15/39 (g) 264,863 265,405 
UBS Commercial Mortgage Trust Series 2012-C1:   
Class D, 5.5454% 5/10/45 (f)(g) 3,235,000 3,218,430 
Class E, 5% 5/10/45 (f)(g) 6,339,000 5,368,912 
Class F, 5% 5/10/45 (f)(g) 2,221,350 1,512,144 
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.0486% 1/10/45 (f)(g) 3,000,000 3,248,786 
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (f) 2,540,000 2,765,592 
Wells Fargo Commercial Mortgage Trust:   
Series 2012-LC5:   
Class D, 4.7647% 10/15/45 (f)(g) 12,964,000 11,688,664 
Class E, 4.7647% 10/15/45 (f)(g) 7,588,000 6,121,683 
Series 2016-BNK1 Class D, 3% 8/15/49 (f) 6,979,000 5,616,311 
Series 2016-C35 Class D, 3.142% 7/15/48 (f) 18,542,000 13,316,232 
Series 2016-NXS6 Class D, 3.059% 11/15/49 (f) 5,094,000 3,840,977 
Series 2017-C38 Class D, 3% 7/15/50 (f)(g) 4,373,000 3,480,120 
WF-RBS Commercial Mortgage Trust:   
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (f) 4,000,000 2,672,856 
Series 2011-C3:   
Class C, 5.335% 3/15/44 (f) 4,900,000 5,085,302 
Class D, 5.6402% 3/15/44 (f)(g) 1,000,000 874,454 
Class E, 5% 3/15/44 (f) 3,000,000 2,424,784 
Series 2011-C5:   
Class E, 5.6716% 11/15/44 (f)(g) 3,807,000 3,839,412 
Class F, 5.25% 11/15/44 (f)(g) 3,000,000 2,601,748 
Class G, 5.25% 11/15/44 (f)(g) 2,000,000 1,622,920 
Series 2012-C10 Class E, 4.4476% 12/15/45 (f)(g) 4,090,000 3,085,596 
Series 2012-C7:   
Class D, 4.8255% 6/15/45 (f)(g) 2,380,000 2,051,109 
Class F, 4.5% 6/15/45 (f) 2,000,000 1,329,073 
Series 2012-C8 Class E, 4.8935% 8/15/45 (f)(g) 2,922,500 2,801,714 
Series 2013-C11:   
Class D, 4.2717% 3/15/45 (f)(g) 5,830,000 5,316,414 
Class E, 4.2717% 3/15/45 (f)(g) 4,780,000 3,723,350 
Series 2013-C13 Class D, 4.1386% 5/15/45 (f)(g) 4,000,000 3,678,313 
Series 2013-C16 Class D, 5.0286% 9/15/46 (f)(g) 3,728,000 3,528,652 
Series 2013-UBS1 Class D, 4.6237% 3/15/46 (f)(g) 4,589,000 4,246,880 
WFCG Commercial Mortgage Trust floater Series 2015-BXRP:   
Class F, 1 month U.S. LIBOR + 3.721% 5.1973% 11/15/29 (f)(g)(i) 5,152,378 5,160,700 
Class G, 1 month U.S. LIBOR + 3.001% 4.497% 11/15/29 (f)(g)(i) 8,859,793 8,744,964 
WP Glimcher Mall Trust Series 2015-WPG:   
Class PR1, 3.516% 6/5/35 (f)(g) 6,725,000 5,173,641 
Class PR2, 3.516% 6/5/35 (f)(g) 2,541,000 1,819,074 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $868,160,649)  879,096,790 
Bank Loan Obligations - 4.4%   
CONSUMER DISCRETIONARY - 0.8%   
Hotels, Restaurants & Leisure - 0.6%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.3235% 12/22/24 (g)(i) 3,380,000 3,419,309 
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.8235% 8/30/23 (g)(i) 4,424,196 4,460,518 
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.0735% 11/30/23 (g)(i) 2,950,200 2,976,634 
Hilton Los Cabos 3 month U.S. LIBOR + 8.000% 9.78% 9/9/18 (b)(g)(i) 5,375,000 5,375,000 
La Quinta Intermediate Holdings LLC Tranche B LN, term loan 3 month U.S. LIBOR + 2.750% 4.4702% 4/14/21 (g)(i) 12,852,178 12,892,405 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.9997% 4/27/24 (g)(i) 4,327,502 4,355,890 
  33,479,756 
Multiline Retail - 0.2%   
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.7288% 6/23/23 (g)(i) 12,523,240 12,058,879 
TOTAL CONSUMER DISCRETIONARY  45,538,635 
CONSUMER STAPLES - 0.4%   
Food & Staples Retailing - 0.4%   
Albertson's LLC Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 4.4623% 6/22/23 (g)(i) 12,980,173 12,889,571 
3 month U.S. LIBOR + 3.000% 4.6746% 12/21/22 (g)(i) 11,557,685 11,486,721 
  24,376,292 
ENERGY - 0.8%   
Oil, Gas & Consumable Fuels - 0.8%   
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 7.4434% 12/19/20 (g)(i) 22,788,534 22,532,163 
Panda Temple Power, LLC term loan 3 month U.S. LIBOR + 6.000% 7.6934% 4/3/19 (g)(i) 13,870,161 12,656,522 
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.3235% 10/2/23 (g)(i) 5,730,711 5,805,955 
  40,994,640 
FINANCIALS - 0.3%   
Real Estate Management & Development - 0.2%   
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.8245% 11/4/21 (g)(i) 12,385,513 12,378,577 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.5595% 12/5/20 (g)(i) 4,098,113 4,108,358 
TOTAL FINANCIALS  16,486,935 
HEALTH CARE - 0.1%   
Health Care Providers & Services - 0.1%   
Community Health Systems, Inc. Tranche H, term loan 3 month U.S. LIBOR + 3.000% 4.4788% 1/27/21 (g)(i) 6,141,305 6,021,979 
INDUSTRIALS - 0.1%   
Commercial Services & Supplies - 0.1%   
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.0735% 4/7/21 (g)(i) 3,850,000 3,867,633 
INFORMATION TECHNOLOGY - 0.1%   
Electronic Equipment & Components - 0.1%   
Compass Power Generation LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.3908% 12/20/24 (g)(i) 3,390,000 3,430,273 
REAL ESTATE - 1.1%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 3.2595% 2/6/22 (g)(i) 25,000,000 24,218,750 
iStar Financial, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.5572% 10/1/21 (g)(i) 6,678,850 6,753,987 
QCP SNF West (REIT) LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 6.8235% 10/31/22 (g)(i) 6,722,100 6,793,556 
  37,766,293 
Real Estate Management & Development - 0.4%   
Capital Automotive LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.0735% 3/24/24 (g)(i) 3,112,169 3,129,690 
Simply Storage Management LLC 8.2375% 9/6/21 (b)(g) 16,974,000 16,974,000 
  20,103,690 
TOTAL REAL ESTATE  57,869,983 
UTILITIES - 0.7%   
Electric Utilities - 0.2%   
Lightstone Holdco LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.0735% 1/30/24 (g)(i) 8,974,982 9,013,126 
Tranche C, term loan 3 month U.S. LIBOR + 4.500% 6.0735% 1/30/24 (g)(i) 569,885 572,307 
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.08% 12/2/21 (g)(i) 2,497,040 2,422,128 
  12,007,561 
Independent Power and Renewable Electricity Producers - 0.5%   
APLP Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.0735% 4/13/23 (g)(i) 8,249,029 8,321,208 
Dynegy, Inc. Tranche C-2, term loan 3 month U.S. LIBOR + 2.750% 4.3112% 2/7/24 (g)(i) 1,533,797 1,548,444 
MRP Generation Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 7.000% 8.6934% 10/18/22 (g)(i) 14,557,260 14,047,756 
  23,917,408 
TOTAL UTILITIES  35,924,969 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $234,034,945)  234,511,339 
Preferred Securities - 0.0%   
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, (b)(f) 1,220,000 122 
Thrifts & Mortgage Finance - 0.0%   
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (b)(f)(g)(i) 500,000 120,000 
TOTAL PREFERRED SECURITIES   
(Cost $1,297,768)  120,122 
 Shares Value 
Money Market Funds - 6.8%   
Fidelity Cash Central Fund, 1.39% (j) 332,340,179 332,406,647 
Fidelity Securities Lending Cash Central Fund 1.40% (j)(k) 26,952,097 26,954,792 
TOTAL MONEY MARKET FUNDS   
(Cost $359,305,405)  359,361,439 
TOTAL INVESTMENT IN SECURITIES - 100.0%   
(Cost $5,029,938,410)  5,267,644,829 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (2,117,323) 
NET ASSETS - 100%  $5,265,527,506 

Legend

 (a) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $149,642 or 0.0% of net assets.

 (b) Level 3 security

 (c) Security or a portion of the security is on loan at period end.

 (d) Affiliated company

 (e) Non-income producing

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,181,863,461 or 22.4% of net assets.

 (g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (h) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

 (i) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (j) 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.

 (k) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Stanley Martin Communities LLC Class B (Escrow) 7/17/16 $121,944 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $1,965,134 
Fidelity Securities Lending Cash Central Fund 82,089 
Total $2,047,223 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Acadia Realty Trust (SBI) $124,832,133 $1,072,218 $-- $1,732,647 $492,001 $(21,782,538) $104,120,867 
Great Ajax Corp. 21,962,447 -- -- 12,651 816,676 (568,999) 21,078,900 
Great Ajax Corp. 7.25% 4,545,000 -- -- 163,125 -- (58,914) 4,486,086 
Total $151,339,580 $1,072,218 $-- $1,908,423 $1,308,677 $(22,410,451) $129,685,853 

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $29,919,411 $29,769,769 $-- $149,642 
Financials 720,607,851 705,967,842 14,640,009 -- 
Real Estate 1,795,412,786 1,737,814,505 57,598,281 -- 
Utilities 3,541,536 3,541,536 -- -- 
Corporate Bonds 1,106,958,085 -- 1,106,958,085 -- 
Asset-Backed Securities 129,944,700 -- 129,747,234 197,466 
Collateralized Mortgage Obligations 8,170,770 -- 8,162,084 8,686 
Commercial Mortgage Securities 879,096,790 -- 879,096,790 -- 
Bank Loan Obligations 234,511,339 -- 212,162,339 22,349,000 
Preferred Securities 120,122 -- -- 120,122 
Money Market Funds 359,361,439 359,361,439 -- -- 
Total Investments in Securities: $5,267,644,829 $2,836,455,091 $2,408,364,822 $22,824,916 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

Investments in Securities:  
Bank Loan Obligations  
Beginning Balance $53,726,431 
Net Realized Gain (Loss) on Investment Securities (35,397) 
Net Unrealized Gain (Loss) on Investment Securities 54,221 
Cost of Purchases 5,375,000 
Proceeds of Sales (13,002,431) 
Amortization/Accretion (18,824) 
Transfers into Level 3 -- 
Transfers out of Level 3 (23,750,000) 
Ending Balance $22,349,000 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $(1,438) 
Other Investments in Securities  
Beginning Balance $1,906,920 
Net Realized Gain (Loss) on Investment Securities (92,593) 
Net Unrealized Gain (Loss) on Investment Securities 177,192 
Cost of Purchases -- 
Proceeds of Sales (27,018) 
Amortization/Accretion (2,229) 
Transfers into Level 3 -- 
Transfers out of Level 3 (1,486,356) 
Ending Balance $475,916 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $89,246 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations 0.1% 
AAA,AA,A 1.6% 
BBB 10.7% 
BB 8.3% 
B 9.8% 
CCC,CC,C 1.2% 
Not Rated 13.1% 
Equities 48.4% 
Short-Term Investments and Net Other Assets 6.8% 
 100.0% 

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $26,789,665) — See accompanying schedule:
Unaffiliated issuers (cost $4,545,936,481) 		$4,778,597,537  
Fidelity Central Funds (cost $359,305,405) 359,361,439  
Other affiliated issuers (cost $124,696,524) 129,685,853  
Total Investment in Securities (cost $5,029,938,410)  $5,267,644,829 
Cash  620,072 
Receivable for investments sold  25,714,031 
Receivable for fund shares sold  7,796,369 
Dividends receivable  3,254,455 
Interest receivable  22,739,474 
Distributions receivable from Fidelity Central Funds  400,722 
Prepaid expenses  7,456 
Other receivables  15,432 
Total assets  5,328,192,840 
Liabilities   
Payable for investments purchased $15,313,295  
Payable for fund shares redeemed 16,705,469  
Accrued management fee 2,417,868  
Distribution and service plan fees payable 302,510  
Other affiliated payables 909,617  
Other payables and accrued expenses 61,339  
Collateral on securities loaned 26,955,236  
Total liabilities  62,665,334 
Net Assets  $5,265,527,506 
Net Assets consist of:   
Paid in capital  $5,008,206,415 
Distributions in excess of net investment income  (6,947,348) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  26,562,099 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  237,706,340 
Net Assets  $5,265,527,506 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($321,559,334 ÷ 27,545,130 shares)  $11.67 
Maximum offering price per share (100/96.00 of $11.67)  $12.16 
Class M:   
Net Asset Value and redemption price per share ($58,865,104 ÷ 5,040,110 shares)  $11.68 
Maximum offering price per share (100/96.00 of $11.68)  $12.17 
Class C:   
Net Asset Value and offering price per share ($256,024,975 ÷ 22,138,721 shares)(a)  $11.56 
Real Estate Income:   
Net Asset Value, offering price and redemption price per share ($2,546,434,714 ÷ 217,031,958 shares)  $11.73 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,082,643,379 ÷ 178,107,352 shares)  $11.69 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends (including $1,908,423 earned from other affiliated issuers)  $59,525,081 
Interest  67,905,231 
Income from Fidelity Central Funds  2,047,223 
Total income  129,477,535 
Expenses   
Management fee $14,632,465  
Transfer agent fees 4,804,014  
Distribution and service plan fees 1,908,968  
Accounting and security lending fees 694,126  
Custodian fees and expenses 30,066  
Independent trustees' fees and expenses 10,439  
Registration fees 111,968  
Audit 58,074  
Legal 10,498  
Miscellaneous 17,278  
Total expenses before reductions 22,277,896  
Expense reductions (62,523) 22,215,373 
Net investment income (loss)  107,262,162 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 53,148,735  
Fidelity Central Funds 4,709  
Other affiliated issuers 1,308,677  
Foreign currency transactions (1,834)  
Total net realized gain (loss)  54,460,287 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (216,806,502)  
Fidelity Central Funds (4,215)  
Other affiliated issuers (22,410,451)  
Assets and liabilities in foreign currencies (274)  
Total change in net unrealized appreciation (depreciation)  (239,221,442) 
Net gain (loss)  (184,761,155) 
Net increase (decrease) in net assets resulting from operations  $(77,498,993) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $107,262,162 $210,270,861 
Net realized gain (loss) 54,460,287 36,915,809 
Change in net unrealized appreciation (depreciation) (239,221,442) 22,370,918 
Net increase (decrease) in net assets resulting from operations (77,498,993) 269,557,588 
Distributions to shareholders from net investment income (155,204,665) (202,922,557) 
Distributions to shareholders from net realized gain (58,110,171) (32,383,930) 
Total distributions (213,314,836) (235,306,487) 
Share transactions - net increase (decrease) 266,884,853 397,445,047 
Redemption fees 106,657 449,735 
Total increase (decrease) in net assets (23,822,319) 432,145,883 
Net Assets   
Beginning of period 5,289,349,825 4,857,203,942 
End of period $5,265,527,506 $5,289,349,825 
Other Information   
Undistributed net investment income end of period $– $40,995,155 
Distributions in excess of net investment income end of period $(6,947,348) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Real Estate Income Fund Class A

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.32 $12.25 $11.66 $11.86 $11.67 $11.26 
Income from Investment Operations       
Net investment income (loss)A .23 .49 .49 .52 .49 .54 
Net realized and unrealized gain (loss) (.41) .14 .73 .02 .44 .60 
Total from investment operations (.18) .63 1.22 .54 .93 1.14 
Distributions from net investment income (.34) (.48) (.48) (.52) (.50) (.53) 
Distributions from net realized gain (.13) (.08) (.14) (.21) (.24) (.20) 
Total distributions (.47) (.56) (.63)B (.74)C (.74) (.73) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $11.67 $12.32 $12.25 $11.66 $11.86 $11.67 
Total ReturnE,F,G (1.56)% 5.37% 11.01% 4.65% 8.49% 10.45% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.02%J 1.03% 1.03% 1.04% 1.06% 1.08% 
Expenses net of fee waivers, if any 1.02%J 1.03% 1.03% 1.03% 1.05% 1.08% 
Expenses net of all reductions 1.02%J 1.02% 1.03% 1.03% 1.05% 1.07% 
Net investment income (loss) 3.78%J 4.08% 4.29% 4.40% 4.28% 4.62% 
Supplemental Data       
Net assets, end of period (000 omitted) $321,559 $355,400 $548,649 $495,462 $442,271 $378,269 
Portfolio turnover rateK 25%J 22% 26% 19% 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.63 per share is comprised of distributions from net investment income of $.483 and distributions from net realized gain of $.142 per share.

 C Total distributions of $.74 per share is comprised of distributions from net investment income of $.523 and distributions from net realized gain of $.212 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Real Estate Income Fund Class M

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.32 $12.26 $11.66 $11.86 $11.67 $11.26 
Income from Investment Operations       
Net investment income (loss)A .23 .49 .49 .51 .49 .54 
Net realized and unrealized gain (loss) (.40) .13 .73 .02 .43 .60 
Total from investment operations (.17) .62 1.22 .53 .92 1.14 
Distributions from net investment income (.33) (.48) (.48) (.52) (.50) (.53) 
Distributions from net realized gain (.13) (.08) (.14) (.21) (.24) (.20) 
Total distributions (.47)B (.56) (.62) (.73) (.73)C (.73) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $11.68 $12.32 $12.26 $11.66 $11.86 $11.67 
Total ReturnE,F,G (1.50)% 5.26% 11.06% 4.62% 8.44% 10.42% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.04%J 1.06% 1.07% 1.06% 1.08% 1.08% 
Expenses net of fee waivers, if any 1.04%J 1.06% 1.07% 1.06% 1.08% 1.08% 
Expenses net of all reductions 1.04%J 1.05% 1.06% 1.06% 1.07% 1.08% 
Net investment income (loss) 3.76%J 4.05% 4.26% 4.37% 4.26% 4.61% 
Supplemental Data       
Net assets, end of period (000 omitted) $58,865 $64,158 $59,788 $55,424 $48,164 $46,198 
Portfolio turnover rateK 25%J 22% 26% 19% 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.47 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.132 per share.

 C Total distributions of $.73 per share is comprised of distributions from net investment income of $.496 and distributions from net realized gain of $.236 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Real Estate Income Fund Class C

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.20 $12.14 $11.55 $11.77 $11.59 $11.20 
Income from Investment Operations       
Net investment income (loss)A .18 .40 .40 .43 .40 .45 
Net realized and unrealized gain (loss) (.41) .13 .73 .01 .43 .60 
Total from investment operations (.23) .53 1.13 .44 .83 1.05 
Distributions from net investment income (.28) (.39) (.40) (.45) (.42) (.46) 
Distributions from net realized gain (.13) (.08) (.14) (.21) (.24) (.20) 
Total distributions (.41) (.47) (.54) (.66) (.65)B (.66) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $11.56 $12.20 $12.14 $11.55 $11.77 $11.59 
Total ReturnD,E,F (1.94)% 4.54% 10.29% 3.82% 7.66% 9.66% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.76%I 1.78% 1.79% 1.79% 1.79% 1.81% 
Expenses net of fee waivers, if any 1.76%I 1.78% 1.78% 1.78% 1.79% 1.81% 
Expenses net of all reductions 1.76%I 1.78% 1.78% 1.78% 1.79% 1.81% 
Net investment income (loss) 3.04%I 3.32% 3.54% 3.65% 3.54% 3.88% 
Supplemental Data       
Net assets, end of period (000 omitted) $256,025 $287,598 $289,430 $291,387 $246,306 $204,012 
Portfolio turnover rateJ 25%I 22% 26% 19% 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.65 per share is comprised of distributions from net investment income of $.417 and distributions from net realized gain of $.236 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 I Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Real Estate Income Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.38 $12.31 $11.71 $11.91 $11.71 $11.29 
Income from Investment Operations       
Net investment income (loss)A .25 .52 .52 .54 .52 .57 
Net realized and unrealized gain (loss) (.41) .14 .73 .02 .44 .60 
Total from investment operations (.16) .66 1.25 .56 .96 1.17 
Distributions from net investment income (.36) (.51) (.51) (.55) (.53) (.55) 
Distributions from net realized gain (.13) (.08) (.14) (.21) (.24) (.20) 
Total distributions (.49) (.59) (.65) (.76) (.76)B (.75) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $11.73 $12.38 $12.31 $11.71 $11.91 $11.71 
Total ReturnD,E (1.40)% 5.60% 11.29% 4.84% 8.78% 10.71% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .75%H .78% .82% .83% .83% .84% 
Expenses net of fee waivers, if any .75%H .78% .81% .82% .83% .84% 
Expenses net of all reductions .75%H .77% .81% .82% .83% .84% 
Net investment income (loss) 4.05%H 4.33% 4.51% 4.61% 4.50% 4.85% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,546,435 $2,630,901 $2,719,387 $2,561,268 $2,627,382 $2,884,545 
Portfolio turnover rateI 25%H 22% 26% 19% 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.76 per share is comprised of distributions from net investment income of $.525 and distributions from net realized gain of $.236 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity Real Estate Income Fund Class I

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.34 $12.27 $11.68 $11.88 $11.69 $11.28 
Income from Investment Operations       
Net investment income (loss)A .25 .52 .52 .55 .52 .57 
Net realized and unrealized gain (loss) (.41) .14 .73 .02 .44 .60 
Total from investment operations (.16) .66 1.25 .57 .96 1.17 
Distributions from net investment income (.36) (.51) (.52) (.55) (.53) (.56) 
Distributions from net realized gain (.13) (.08) (.14) (.21) (.24) (.20) 
Total distributions (.49) (.59) (.66) (.77)B (.77) (.76) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $11.69 $12.34 $12.27 $11.68 $11.88 $11.69 
Total ReturnD,E (1.39)% 5.66% 11.30% 4.92% 8.76% 10.72% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .75%H .76% .77% .77% .78% .80% 
Expenses net of fee waivers, if any .75%H .76% .77% .77% .78% .80% 
Expenses net of all reductions .75%H .76% .76% .77% .78% .80% 
Net investment income (loss) 4.05%H 4.34% 4.56% 4.66% 4.55% 4.89% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,082,643 $1,951,293 $1,239,950 $913,475 $809,854 $610,045 
Portfolio turnover rateI 25%H 22% 26% 19% 29% 26% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.77 per share is comprised of distributions from net investment income of $.554 and distributions from net realized gain of $.212 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

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 and Class I 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.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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 the short-term gain distributions from the Underlying Funds, foreign currency transactions, passive foreign investment companies (PFIC), market discount, equity-debt classifications, certain conversion ratio adjustments, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $382,838,673 
Gross unrealized depreciation (147,343,108) 
Net unrealized appreciation (depreciation) $235,495,565 
Tax cost $5,032,149,264 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to .75% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities, aggregated $777,525,766 and $631,431,764, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .54% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $429,686 $9,408 
Class M -% .25% 78,617 – 
Class C .75% .25% 1,400,665 200,250 
   $1,908,968 $209,658 

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 $13,265 
Class M 2,337 
Class C(a) 18,790 
 $34,392 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $330,561 .19 
Class M 68,245 .22 
Class C 263,205 .19 
Real Estate Income 2,333,727 .18 
Class I 1,808,276 .17 
 $4,804,014  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,417 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7,757 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $1,637,670. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $82,089, including $13,875 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $22,737 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $12,537.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $27,249.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Class A $9,452,291 $19,398,648 
Class M 1,723,645 2,428,967 
Class C 6,546,231 9,371,104 
Real Estate Income 76,362,036 109,435,619 
Class I 61,120,462 62,288,219 
Total $155,204,665 $202,922,557 
From net realized gain   
Class A $3,718,309 $3,567,509 
Class M 680,353 398,948 
Class C 3,070,453 1,939,550 
Real Estate Income 28,258,285 17,827,432 
Class I 22,382,771 8,650,491 
Total $58,110,171 $32,383,930 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Class A     
Shares sold 3,080,956 12,839,240 $37,209,682 $153,895,562 
Reinvestment of distributions 1,060,847 1,848,521 12,790,749 21,908,312 
Shares redeemed (5,446,440) (30,631,418) (65,680,595) (367,310,909) 
Net increase (decrease) (1,304,637) (15,943,657) $(15,680,164) $(191,507,035) 
Class M     
Shares sold 448,069 1,228,326 $5,442,597 $14,708,870 
Reinvestment of distributions 194,165 221,980 2,342,875 2,637,477 
Shares redeemed (808,058) (1,122,766) (9,757,251) (13,419,214) 
Net increase (decrease) (165,824) 327,540 $(1,971,779) $3,927,133 
Class C     
Shares sold 1,524,914 5,359,653 $18,344,811 $63,747,841 
Reinvestment of distributions 752,947 858,380 9,002,475 10,109,093 
Shares redeemed (3,714,481) (6,493,102) (44,259,755) (77,061,823) 
Net increase (decrease) (1,436,620) (275,069) $(16,912,469) $(3,204,889) 
Real Estate Income     
Shares sold 23,330,786 47,554,214 $282,882,994 $573,422,929 
Reinvestment of distributions 7,529,411 9,324,516 91,225,443 111,248,966 
Shares redeemed (26,293,135) (65,327,473) (317,808,032) (784,201,096) 
Net increase (decrease) 4,567,062 (8,448,743) $56,300,405 $(99,529,201) 
Class I     
Shares sold 41,808,703 91,593,798 $507,611,037 $1,102,392,455 
Reinvestment of distributions 5,547,464 4,455,256 66,976,330 53,081,868 
Shares redeemed (27,335,287) (38,982,165) (329,438,507) (467,715,284) 
Net increase (decrease) 20,020,880 57,066,889 $245,148,860 $687,759,039 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Class A 1.02%    
Actual  $1,000.00 $984.40 $5.10 
Hypothetical-C  $1,000.00 $1,020.06 $5.19 
Class M 1.04%    
Actual  $1,000.00 $985.00 $5.20 
Hypothetical-C  $1,000.00 $1,019.96 $5.30 
Class C 1.76%    
Actual  $1,000.00 $980.60 $8.79 
Hypothetical-C  $1,000.00 $1,016.33 $8.94 
Real Estate Income .75%    
Actual  $1,000.00 $986.00 $3.75 
Hypothetical-C  $1,000.00 $1,021.42 $3.82 
Class I .75%    
Actual  $1,000.00 $986.10 $3.75 
Hypothetical-C  $1,000.00 $1,021.42 $3.82 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

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Fidelity® Series Blue Chip Growth Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Alphabet, Inc. Class A 7.4 
Amazon.com, Inc. 6.1 
Apple, Inc. 5.4 
Facebook, Inc. Class A 3.9 
NVIDIA Corp. 3.0 
Tesla, Inc. 2.5 
Salesforce.com, Inc. 2.2 
Microsoft Corp. 2.1 
Home Depot, Inc. 1.8 
Broadcom Ltd. 1.8 
 36.2 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 41.6 
Consumer Discretionary 27.1 
Health Care 12.0 
Industrials 5.8 
Consumer Staples 4.6 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 97.0% 
   Convertible Securities 3.2% 
 Short-Term Investments and Net Other Assets (Liabilities)** (0.2)% 


 * Foreign investments - 13.7%

 ** Net Other Assets (Liabilities) are not included in the pie chart


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 26.7%   
Auto Components - 0.0%   
Aptiv PLC 37,400 $3,548,512 
Automobiles - 2.5%   
Tesla, Inc. (a)(b) 421,537 149,354,774 
Diversified Consumer Services - 0.4%   
Adtalem Global Education, Inc. (a) 50,100 2,304,600 
Chegg, Inc. (a)(b) 117,000 2,026,440 
Grand Canyon Education, Inc. (a) 13,800 1,283,262 
New Oriental Education & Technology Group, Inc. sponsored ADR 126,900 11,686,221 
ServiceMaster Global Holdings, Inc. (a) 98,300 5,182,376 
Weight Watchers International, Inc. (a) 19,400 1,247,226 
  23,730,125 
Hotels, Restaurants & Leisure - 3.5%   
Alsea S.A.B. de CV 358,600 1,172,999 
Caesars Entertainment Corp. (a) 405,800 5,660,910 
Chipotle Mexican Grill, Inc. (a) 94,500 30,689,820 
Delta Corp. Ltd. (a) 222,321 1,209,544 
Eldorado Resorts, Inc. (a) 18,300 632,265 
Hilton Grand Vacations, Inc. (a) 28,100 1,263,657 
Hyatt Hotels Corp. Class A (a) 15,400 1,252,020 
Las Vegas Sands Corp. 92,200 7,147,344 
Marriott International, Inc. Class A 94,200 13,879,428 
Marriott Vacations Worldwide Corp. 13,000 1,980,290 
McDonald's Corp. 294,300 50,366,502 
Melco Crown Entertainment Ltd. sponsored ADR 99,900 2,975,022 
MGM Mirage, Inc. 432,100 15,750,045 
Penn National Gaming, Inc. (a) 291,000 9,285,810 
Royal Caribbean Cruises Ltd. 86,800 11,592,140 
Shake Shack, Inc. Class A (a)(b) 181,800 7,946,478 
Starbucks Corp. 355,720 20,208,453 
U.S. Foods Holding Corp. (a) 290,900 9,346,617 
Vail Resorts, Inc. 10,000 2,185,600 
Wyndham Worldwide Corp. 74,000 9,185,620 
Yum China Holdings, Inc. 171,900 7,974,441 
  211,705,005 
Household Durables - 0.7%   
D.R. Horton, Inc. 105,800 5,189,490 
Forbo Holding AG (Reg.) 390 659,533 
Neinor Homes SLU (c) 49,700 1,141,543 
Newell Brands, Inc. 109,900 2,905,756 
Panasonic Corp. 118,900 1,765,332 
SodaStream International Ltd. (a) 199,380 15,677,249 
Sony Corp. 287,300 13,779,216 
  41,118,119 
Internet & Direct Marketing Retail - 8.8%   
Amazon.com, Inc. (a) 252,380 366,175,618 
Blue Apron Holdings, Inc. Class B 228,111 675,231 
Boohoo.Com PLC (a) 943,200 2,482,212 
Expedia, Inc. 13,300 1,702,533 
JD.com, Inc. sponsored ADR (a) 930,300 45,798,669 
Netflix, Inc. (a) 219,546 59,343,284 
Priceline Group, Inc. (a) 25,400 48,566,070 
Start Today Co. Ltd. 63,400 1,873,300 
The Honest Co., Inc. (a)(d)(e) 71,609 1,322,217 
Wayfair LLC Class A (a) 20,100 1,849,401 
  529,788,535 
Leisure Products - 0.1%   
Spin Master Corp. (a)(c) 148,900 6,419,648 
Media - 0.6%   
AMC Entertainment Holdings, Inc. Class A (b) 42,900 549,120 
CBS Corp. Class B 29,900 1,722,539 
China Literature Ltd. (a)(c) 338,974 3,512,089 
Live Nation Entertainment, Inc. (a) 42,500 1,915,050 
Naspers Ltd. Class N 35,500 10,136,376 
The Walt Disney Co. 79,500 8,639,265 
Vivendi SA 20,700 607,293 
WME Entertainment Parent, LLC Class A (a)(d)(e)(f) 2,954,333 7,385,833 
  34,467,565 
Multiline Retail - 1.5%   
Avenue Supermarts Ltd. (c) 34,373 637,950 
B&M European Value Retail S.A. 352,631 2,082,341 
Dollar General Corp. 36,100 3,722,632 
Dollar Tree, Inc. (a) 634,100 72,921,500 
Macy's, Inc. 126,300 3,277,485 
Nordstrom, Inc. 24,400 1,203,164 
Ollie's Bargain Outlet Holdings, Inc. (a) 49,000 2,721,950 
Target Corp. 53,000 3,986,660 
V-Mart Retail Ltd. (a) 52,016 1,216,312 
  91,769,994 
Specialty Retail - 3.9%   
Advance Auto Parts, Inc. 20,000 2,339,800 
Burlington Stores, Inc. (a) 61,600 7,497,336 
Dick's Sporting Goods, Inc. 72,100 2,268,266 
Floor & Decor Holdings, Inc. Class A 114,800 5,384,120 
Home Depot, Inc. 550,200 110,535,180 
Lowe's Companies, Inc. 314,100 32,895,693 
O'Reilly Automotive, Inc. (a) 23,000 6,087,870 
RH (a)(b) 335,818 31,563,534 
Ross Stores, Inc. 187,400 15,439,886 
The Children's Place Retail Stores, Inc. 20,800 3,115,840 
TJX Companies, Inc. 205,300 16,489,696 
  233,617,221 
Textiles, Apparel & Luxury Goods - 4.7%   
adidas AG 283,957 66,032,018 
Canada Goose Holdings, Inc. 81,700 2,939,872 
Despegar.com Corp. 73,300 2,231,985 
G-III Apparel Group Ltd. (a) 89,480 3,342,078 
Kering SA 79,100 40,048,653 
lululemon athletica, Inc. (a) 525,959 41,135,253 
LVMH Moet Hennessy - Louis Vuitton SA 22,484 7,043,139 
Michael Kors Holdings Ltd. (a) 195,500 12,903,000 
NIKE, Inc. Class B 416,100 28,386,342 
Prada SpA 1,273,100 5,199,714 
PVH Corp. 130,300 20,206,924 
Shenzhou International Group Holdings Ltd. 160,000 1,651,614 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 700,100 28,837,119 
Tapestry, Inc. 201,100 9,459,744 
Tory Burch LLC (d)(e)(f) 106,817 5,402,804 
Under Armour, Inc. Class C (non-vtg.) (a)(b) 214,900 2,761,465 
VF Corp. 46,500 3,773,010 
  281,354,734 
TOTAL CONSUMER DISCRETIONARY  1,606,874,232 
CONSUMER STAPLES - 4.2%   
Beverages - 1.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 97,300 21,354,431 
Diageo PLC 89,216 3,211,096 
Dr. Pepper Snapple Group, Inc. 35,600 4,248,860 
Fever-Tree Drinks PLC 91,484 3,179,794 
Monster Beverage Corp. (a) 470,643 32,111,972 
  64,106,153 
Food & Staples Retailing - 0.8%   
Costco Wholesale Corp. 172,900 33,693,023 
Kroger Co. 273,500 8,303,460 
Performance Food Group Co. (a) 180,800 6,210,480 
Walmart, Inc. 35,400 3,773,640 
  51,980,603 
Food Products - 0.3%   
Blue Bottle Coffee, Inc. Class C (Escrow) (d)(e) 234,006 547,574 
Bunge Ltd. 52,300 4,154,189 
ConAgra Foods, Inc. 16,400 623,200 
Danone SA 20,900 1,798,789 
Darling International, Inc. (a) 95,200 1,765,008 
Lamb Weston Holdings, Inc. 52,800 3,094,080 
Pinnacle Foods, Inc. 10,300 637,982 
The Hain Celestial Group, Inc. (a) 168,600 6,430,404 
  19,051,226 
Household Products - 0.1%   
Spectrum Brands Holdings, Inc. 39,900 4,726,554 
Personal Products - 1.0%   
Coty, Inc. Class A 497,900 9,763,819 
Estee Lauder Companies, Inc. Class A 70,600 9,528,176 
Herbalife Ltd. (a)(b) 253,438 21,032,820 
Kose Corp. 24,900 4,300,208 
Unilever NV (NY Reg.) 275,000 15,809,750 
  60,434,773 
Tobacco - 0.9%   
British American Tobacco PLC:   
(United Kingdom) 16,396 1,120,612 
sponsored ADR 479,800 32,674,380 
Imperial Tobacco Group PLC 453 18,643 
Juul Labs, Inc. (e) 2,450 53,606 
Philip Morris International, Inc. 193,500 20,749,005 
  54,616,246 
TOTAL CONSUMER STAPLES  254,915,555 
ENERGY - 2.0%   
Energy Equipment & Services - 0.1%   
Shelf Drilling Ltd. (c) 212,500 1,791,760 
U.S. Silica Holdings, Inc. (b) 54,100 1,800,989 
  3,592,749 
Oil, Gas & Consumable Fuels - 1.9%   
Anadarko Petroleum Corp. 294,478 17,683,404 
Andeavor 29,300 3,169,088 
Bharat Petroleum Corp. Ltd. 156,201 1,209,845 
Cenovus Energy, Inc. 220,500 2,102,817 
Cimarex Energy Co. 82,030 9,203,766 
Continental Resources, Inc. (a) 360,364 20,011,013 
Diamondback Energy, Inc. (a) 108,600 13,629,300 
EOG Resources, Inc. 95,226 10,950,990 
Marathon Petroleum Corp. 25,200 1,745,604 
Oasis Petroleum, Inc. (a) 191,100 1,654,926 
Petronet LNG Ltd. 172,492 691,352 
Phillips 66 Co. 4,800 491,520 
Pioneer Natural Resources Co. 72,700 13,297,557 
Reliance Industries Ltd. 746,993 11,297,740 
Valero Energy Corp. 42,200 4,049,934 
Whiting Petroleum Corp. (a) 220,300 6,150,776 
  117,339,632 
TOTAL ENERGY  120,932,381 
FINANCIALS - 4.1%   
Banks - 2.0%   
Bank of America Corp. 1,327,200 42,470,400 
Citigroup, Inc. 321,789 25,254,001 
First Republic Bank 13,300 1,191,015 
HDFC Bank Ltd. sponsored ADR 91,900 9,979,421 
JPMorgan Chase & Co. 305,772 35,368,647 
Kotak Mahindra Bank Ltd. (a) 145,136 2,532,230 
  116,795,714 
Capital Markets - 1.9%   
BlackRock, Inc. Class A 40,000 22,472,000 
CBOE Holdings, Inc. 97,300 13,076,147 
Charles Schwab Corp. 179,000 9,547,860 
E*TRADE Financial Corp. (a) 47,400 2,497,980 
Fairfax India Holdings Corp. (a) 427,900 7,899,034 
Goldman Sachs Group, Inc. 113,300 30,351,937 
KKR & Co. LP 51,400 1,237,712 
Morgan Stanley 266,400 15,064,920 
MSCI, Inc. 13,300 1,851,759 
TD Ameritrade Holding Corp. 168,900 9,422,931 
The Blackstone Group LP 34,500 1,260,975 
  114,683,255 
Consumer Finance - 0.0%   
Synchrony Financial 46,900 1,860,992 
Diversified Financial Services - 0.1%   
Berkshire Hathaway, Inc. Class B (a) 24,000 5,145,120 
GDS Holdings Ltd. ADR (a) 21,900 625,026 
  5,770,146 
Insurance - 0.1%   
Chubb Ltd. 15,800 2,467,170 
MetLife, Inc. 44,000 2,115,080 
The Travelers Companies, Inc. 17,700 2,653,584 
  7,235,834 
TOTAL FINANCIALS  246,345,941 
HEALTH CARE - 11.8%   
Biotechnology - 7.7%   
AC Immune SA (a) 223,150 2,981,284 
ACADIA Pharmaceuticals, Inc. (a) 87,700 2,623,107 
Acceleron Pharma, Inc. (a) 19,900 826,049 
Achaogen, Inc. (a) 97,700 1,071,769 
Agios Pharmaceuticals, Inc. (a) 134,323 10,579,279 
Aimmune Therapeutics, Inc. (a) 104,500 3,679,445 
Alexion Pharmaceuticals, Inc. (a) 387,904 46,284,705 
Alkermes PLC (a) 361,300 20,655,521 
Alnylam Pharmaceuticals, Inc. (a) 338,500 43,998,230 
Amgen, Inc. 191,798 35,684,018 
AnaptysBio, Inc. 27,200 2,866,608 
Arena Pharmaceuticals, Inc. (a) 40,800 1,526,736 
Ascendis Pharma A/S sponsored ADR (a) 116,100 5,917,617 
BeiGene Ltd. ADR (a) 29,600 4,018,200 
Biogen, Inc. (a) 116,600 40,554,646 
BioMarin Pharmaceutical, Inc. (a) 83,000 7,489,090 
bluebird bio, Inc. (a) 128,200 26,268,180 
Blueprint Medicines Corp. (a) 11,600 912,340 
Celgene Corp. (a) 212,400 21,486,384 
Cellectis SA sponsored ADR (a) 25,300 795,938 
Chiasma, Inc. warrants (a) 23,784 5,773 
Chimerix, Inc. (a) 31,200 149,448 
Coherus BioSciences, Inc. (a) 185,500 1,873,550 
CytomX Therapeutics, Inc. (a)(c) 137,854 3,687,595 
CytomX Therapeutics, Inc. (a) 53,200 1,423,100 
DBV Technologies SA sponsored ADR (a) 33,900 785,124 
Denali Therapeutics, Inc. (a)(b) 190,800 4,438,008 
Editas Medicine, Inc. (a)(b) 145,389 5,308,152 
Epizyme, Inc. (a) 77,100 1,245,165 
Exact Sciences Corp. (a) 41,800 2,077,878 
Exelixis, Inc. (a) 564,800 17,119,088 
FibroGen, Inc. (a) 67,800 3,969,690 
Flexion Therapeutics, Inc. (a)(b) 21,800 492,462 
GenSight Biologics SA (a)(c) 204,014 1,646,408 
Global Blood Therapeutics, Inc. (a) 157,100 9,096,090 
Grifols SA ADR 30,900 767,865 
Heron Therapeutics, Inc. (a) 35,600 770,740 
Insmed, Inc. (a) 38,700 984,528 
Intellia Therapeutics, Inc. (a) 125,557 3,226,815 
Intercept Pharmaceuticals, Inc. (a) 76,600 4,756,860 
Ionis Pharmaceuticals, Inc. (a) 62,200 3,266,744 
Ironwood Pharmaceuticals, Inc. Class A (a) 376,316 5,573,240 
La Jolla Pharmaceutical Co. (a) 49,300 1,689,018 
Merrimack Pharmaceuticals, Inc. 61,320 643,860 
Momenta Pharmaceuticals, Inc. (a) 35,300 600,100 
Neurocrine Biosciences, Inc. (a) 198,000 16,923,060 
Portola Pharmaceuticals, Inc. (a) 77,000 3,950,870 
Prothena Corp. PLC (a) 38,700 1,617,660 
Radius Health, Inc. (a)(b) 26,800 1,009,288 
Regeneron Pharmaceuticals, Inc. (a) 126,580 46,410,557 
Sage Therapeutics, Inc. (a) 112,886 21,425,763 
Sarepta Therapeutics, Inc. (a) 30,000 1,966,200 
Seattle Genetics, Inc. (a) 77,100 4,032,330 
Seres Therapeutics, Inc. (a) 17,900 180,790 
Trevena, Inc. (a) 265,000 431,950 
Ultragenyx Pharmaceutical, Inc. (a) 33,600 1,792,560 
Vertex Pharmaceuticals, Inc. (a) 39,200 6,541,304 
Xencor, Inc. (a) 70,900 1,613,684 
Zai Lab Ltd. ADR 45,800 1,234,768 
  464,947,231 
Health Care Equipment & Supplies - 1.5%   
Becton, Dickinson & Co. 7,800 1,894,932 
Boston Scientific Corp. (a) 967,000 27,037,320 
Danaher Corp. 92,700 9,388,656 
Fisher & Paykel Healthcare Corp. 68,174 670,715 
Hoya Corp. 10,200 523,903 
Insulet Corp. (a) 55,500 4,247,415 
Intuitive Surgical, Inc. (a) 85,700 36,994,119 
Invuity, Inc. (a)(b) 152,600 793,520 
iRhythm Technologies, Inc. (a) 133,300 7,948,679 
Novocure Ltd. (a) 46,000 1,032,700 
Penumbra, Inc. (a) 4,300 428,280 
Quanterix Corp. (a) 38,600 803,266 
Stryker Corp. 4,300 706,834 
  92,470,339 
Health Care Providers & Services - 1.3%   
Anthem, Inc. 23,000 5,700,550 
Cigna Corp. 41,400 8,625,690 
Humana, Inc. 120,300 33,904,149 
OptiNose, Inc. (b) 121,224 2,297,195 
UnitedHealth Group, Inc. 108,600 25,714,308 
  76,241,892 
Health Care Technology - 0.2%   
Cerner Corp. (a) 86,600 5,986,658 
Evolent Health, Inc. (a)(b) 85,900 1,211,190 
Teladoc, Inc. (a)(b) 97,800 3,657,720 
  10,855,568 
Pharmaceuticals - 1.1%   
Aclaris Therapeutics, Inc. (a) 42,700 944,524 
Akcea Therapeutics, Inc. 221,800 4,801,970 
Allergan PLC 132,900 23,956,554 
Avexis, Inc. (a) 11,600 1,435,268 
Castle Creek Pharmaceuticals, LLC Class A-2 unit (a)(d)(e)(f)(g) 9,636 4,914,264 
Dermira, Inc. (a) 64,700 1,845,244 
Dova Pharmaceuticals, Inc. 36,900 1,175,634 
GW Pharmaceuticals PLC ADR (a) 33,257 4,593,789 
Intersect ENT, Inc. (a) 30,600 1,142,910 
Jazz Pharmaceuticals PLC (a) 43,200 6,295,968 
Nektar Therapeutics (a) 39,084 3,267,813 
Perrigo Co. PLC 13,600 1,232,432 
Revance Therapeutics, Inc. (a) 16,500 532,950 
The Medicines Company (a) 170,200 5,638,726 
Theravance Biopharma, Inc. (a) 17,300 457,412 
Zogenix, Inc. (a) 30,000 1,090,500 
  63,325,958 
TOTAL HEALTH CARE  707,840,988 
INDUSTRIALS - 5.7%   
Aerospace & Defense - 0.9%   
Bombardier, Inc. Class B (sub. vtg.) (a) 717,700 2,030,566 
Elbit Systems Ltd. 12,800 1,917,312 
General Dynamics Corp. 5,600 1,245,888 
Northrop Grumman Corp. 45,900 15,630,327 
Raytheon Co. 36,100 7,542,734 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 22,703 3,064,905 
Class C (d)(e) 686 92,610 
The Boeing Co. 70,000 24,805,900 
  56,330,242 
Air Freight & Logistics - 0.3%   
XPO Logistics, Inc. (a) 165,700 15,648,708 
Airlines - 1.3%   
Allegiant Travel Co. 8,000 1,274,000 
Azul SA sponsored ADR 98,800 2,883,972 
Delta Air Lines, Inc. 300,800 17,076,416 
InterGlobe Aviation Ltd. (c) 109,937 2,101,447 
JetBlue Airways Corp. (a) 186,600 3,892,476 
Ryanair Holdings PLC sponsored ADR (a) 10,400 1,276,184 
Southwest Airlines Co. 463,700 28,192,960 
Spirit Airlines, Inc. (a) 125,900 5,302,908 
United Continental Holdings, Inc. (a) 210,200 14,255,764 
Wizz Air Holdings PLC (a)(c) 97,631 4,800,458 
  81,056,585 
Building Products - 0.2%   
Kajaria Ceramics Ltd. 205,790 2,045,111 
Masco Corp. 165,300 7,382,298 
  9,427,409 
Commercial Services & Supplies - 0.1%   
Copart, Inc. (a) 28,800 1,269,216 
Evoqua Water Technologies Corp. (a) 84,500 1,931,670 
HomeServe PLC 250,300 2,782,692 
Novus Holdings Ltd. 13,281 5,527 
  5,989,105 
Construction & Engineering - 0.1%   
Fluor Corp. 52,300 3,174,610 
Electrical Equipment - 0.3%   
AMETEK, Inc. 10,700 816,410 
Fortive Corp. 24,450 1,858,689 
Melrose Industries PLC 260,914 838,719 
Nidec Corp. 13,200 2,124,458 
Regal Beloit Corp. 111,300 8,670,270 
Sensata Technologies Holding BV (a) 43,900 2,469,375 
  16,777,921 
Industrial Conglomerates - 0.3%   
Honeywell International, Inc. 93,600 14,945,112 
ITT, Inc. 96,000 5,376,000 
  20,321,112 
Machinery - 1.4%   
Allison Transmission Holdings, Inc. 53,500 2,366,840 
Aumann AG (c) 42,400 3,505,939 
Caterpillar, Inc. 308,000 50,136,240 
Deere & Co. 18,600 3,095,412 
Fanuc Corp. 2,900 787,113 
Gardner Denver Holdings, Inc. 86,900 3,005,002 
Kennametal, Inc. 35,600 1,736,568 
Minebea Mitsumi, Inc. 26,400 600,851 
Parker Hannifin Corp. 9,200 1,853,064 
Rational AG 3,300 2,318,967 
SMC Corp. 1,300 640,684 
WABCO Holdings, Inc. (a) 73,400 11,332,226 
Xylem, Inc. 80,900 5,845,834 
  87,224,740 
Professional Services - 0.1%   
IHS Markit Ltd. (a) 109,600 5,231,208 
Road & Rail - 0.3%   
Avis Budget Group, Inc. (a) 75,900 3,412,464 
J.B. Hunt Transport Services, Inc. 67,800 8,192,274 
Knight-Swift Transportation Holdings, Inc. Class A 66,100 3,291,119 
Landstar System, Inc. 17,300 1,921,165 
  16,817,022 
Trading Companies & Distributors - 0.4%   
Ashtead Group PLC 49,500 1,479,448 
United Rentals, Inc. (a) 94,400 17,096,784 
Univar, Inc. (a) 70,300 2,099,158 
Wolseley PLC 9,187 709,081 
  21,384,471 
Transportation Infrastructure - 0.0%   
Adani Ports & Special Economic Zone Ltd. 91,432 616,907 
TOTAL INDUSTRIALS  340,000,040 
INFORMATION TECHNOLOGY - 39.6%   
Communications Equipment - 0.3%   
Arista Networks, Inc. (a) 30,300 8,357,346 
NETGEAR, Inc. (a) 161,000 11,221,700 
  19,579,046 
Electronic Equipment & Components - 0.2%   
Amphenol Corp. Class A 8,000 742,160 
Corning, Inc. 102,200 3,190,684 
Dell Technologies, Inc. (a) 145,300 10,418,010 
SYNNEX Corp. 4,500 552,285 
  14,903,139 
Internet Software & Services - 14.0%   
2U, Inc. (a) 56,300 4,181,401 
Akamai Technologies, Inc. (a) 59,000 3,952,410 
Alibaba Group Holding Ltd. sponsored ADR (a) 278,700 56,935,623 
Alphabet, Inc. Class A (a) 375,713 444,175,424 
ANGI Homeservices, Inc. Class A (a) 139,900 1,869,064 
CarGurus, Inc. Class A (b) 95,388 3,195,498 
Facebook, Inc. Class A (a) 1,261,955 235,846,770 
GoDaddy, Inc. (a) 47,900 2,645,517 
Gogo, Inc. (a)(b) 570,000 5,494,800 
GrubHub, Inc. (a)(b) 8,200 592,450 
IAC/InterActiveCorp (a) 4,700 681,359 
LogMeIn, Inc. 4,900 616,420 
Mail.Ru Group Ltd. GDR (Reg. S) (a) 126,800 4,159,040 
Match Group, Inc. (a)(b) 23,000 803,620 
Momo, Inc. ADR (a) 102,500 3,231,825 
NetEase, Inc. ADR 28,900 9,252,624 
New Relic, Inc. (a) 8,700 519,651 
Nutanix, Inc. Class B (c) 230,044 7,384,412 
Okta, Inc. 27,300 803,985 
Shopify, Inc. Class A (a) 80,600 10,290,589 
Stamps.com, Inc. (a) 31,700 6,462,045 
Tencent Holdings Ltd. 556,800 32,899,891 
Yandex NV Series A (a) 165,800 6,421,434 
  842,415,852 
IT Services - 4.0%   
MasterCard, Inc. Class A 417,400 70,540,600 
PayPal Holdings, Inc. (a) 632,300 53,947,836 
Square, Inc. (a) 74,000 3,471,340 
Teradata Corp. (a) 8,100 328,050 
Vakrangee Ltd. 355,704 2,041,269 
Visa, Inc. Class A 849,948 105,589,040 
Worldpay, Inc. (a) 70,200 5,637,762 
  241,555,897 
Semiconductors & Semiconductor Equipment - 7.1%   
ASM Pacific Technology Ltd. 236,000 3,222,028 
ASML Holding NV 14,400 2,922,624 
Broadcom Ltd. 431,700 107,074,551 
Cypress Semiconductor Corp. 123,700 2,138,773 
Inphi Corp. (a) 205,700 6,144,259 
Intel Corp. 177,700 8,554,478 
Lam Research Corp. 82,400 15,781,248 
Marvell Technology Group Ltd. 1,075,000 25,079,750 
Micron Technology, Inc. (a) 1,126,800 49,263,696 
Monolithic Power Systems, Inc. 18,256 2,174,655 
NVIDIA Corp. 722,320 177,546,256 
Qualcomm, Inc. 259,800 17,731,350 
Renesas Electronics Corp. (a) 505,800 5,960,460 
WONIK IPS Co. Ltd. (a) 77,393 2,383,727 
Xilinx, Inc. 36,800 2,687,136 
  428,664,991 
Software - 8.6%   
Activision Blizzard, Inc. 1,293,028 95,852,166 
Adobe Systems, Inc. (a) 221,520 44,250,835 
Altair Engineering, Inc. Class A(a) 24,100 641,060 
Appirio, Inc. (Escrow) (a)(d)(e) 43,764 10,787 
Atlassian Corp. PLC (a) 15,300 826,047 
Atom Tickets LLC (d)(e)(f) 344,068 1,999,998 
Autodesk, Inc. (a) 65,200 7,538,424 
Electronic Arts, Inc. (a) 184,500 23,424,120 
Globant SA (a)(b) 15,800 717,952 
HubSpot, Inc. (a) 17,800 1,727,490 
Intuit, Inc. 45,900 7,706,610 
Micro Focus International PLC 105,700 3,226,680 
Microsoft Corp. 1,304,800 123,969,048 
Nintendo Co. Ltd. 21,900 9,918,834 
Paycom Software, Inc. (a)(b) 102,200 9,365,608 
Red Hat, Inc. (a) 109,100 14,333,558 
RingCentral, Inc. (a) 22,900 1,243,470 
SailPoint Technologies Holding, Inc. (a) 75,700 1,266,461 
Salesforce.com, Inc. (a) 1,145,667 130,502,928 
SendGrid, Inc. (a) 35,400 795,438 
Snap, Inc. Class A (a)(b) 394,672 5,335,965 
Take-Two Interactive Software, Inc. (a) 21,100 2,672,737 
Talend SA ADR (a) 40,300 1,570,491 
Tanium, Inc. Class B (d)(e) 151,000 835,030 
VMware, Inc. Class A (a)(b) 45,400 5,620,066 
Workday, Inc. Class A (a) 88,000 10,550,320 
Zendesk, Inc. (a) 236,600 9,113,832 
  515,015,955 
Technology Hardware, Storage & Peripherals - 5.4%   
Apple, Inc. 1,939,634 324,752,921 
TOTAL INFORMATION TECHNOLOGY  2,386,887,801 
MATERIALS - 2.7%   
Chemicals - 2.3%   
Cabot Corp. 21,234 1,436,268 
CF Industries Holdings, Inc. 545,800 23,163,752 
DowDuPont, Inc. 273,393 20,663,043 
FMC Corp. 169,900 15,516,967 
LG Chemical Ltd. 8,269 3,339,152 
LyondellBasell Industries NV Class A 269,700 32,320,848 
Nutrien Ltd. (a) 34,280 1,793,429 
Orion Engineered Carbons SA 64,700 1,905,415 
PPG Industries, Inc. 10,500 1,246,665 
Sherwin-Williams Co. 5,800 2,419,238 
The Chemours Co. LLC 375,000 19,357,500 
The Mosaic Co. 23,300 636,090 
Tronox Ltd. Class A 377,100 7,402,473 
Westlake Chemical Corp. 36,000 4,053,600 
  135,254,440 
Construction Materials - 0.3%   
Buzzi Unicem SpA 22,600 663,596 
Eagle Materials, Inc. 72,600 8,134,830 
Loma Negra Compania Industrial Argentina SA ADR (a) 88,600 2,105,136 
Summit Materials, Inc. 300,752 9,609,026 
  20,512,588 
Metals & Mining - 0.1%   
China Molybdenum Co. Ltd. (H Shares) 6,048,000 4,654,300 
Franco-Nevada Corp. 14,800 1,131,659 
Glencore Xstrata PLC 363,060 2,081,036 
  7,866,995 
TOTAL MATERIALS  163,634,023 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equinix, Inc. 6,700 3,049,773 
TELECOMMUNICATION SERVICES - 0.1%   
Wireless Telecommunication Services - 0.1%   
T-Mobile U.S., Inc. (a) 110,600 7,200,060 
UTILITIES - 0.0%   
Gas Utilities - 0.0%   
China Resource Gas Group Ltd. 184,000 605,677 
ENN Energy Holdings Ltd. 82,000 633,136 
  1,238,813 
Water Utilities - 0.0%   
AquaVenture Holdings Ltd. (a) 46,900 713,349 
TOTAL UTILITIES  1,952,162 
TOTAL COMMON STOCKS   
(Cost $3,228,568,120)  5,839,632,956 
Preferred Stocks - 3.2%   
Convertible Preferred Stocks - 3.2%   
CONSUMER DISCRETIONARY - 0.4%   
Hotels, Restaurants & Leisure - 0.1%   
MOD Super Fast Pizza Holdings LLC Series 3 Preferred (a)(d)(e)(f) 24,573 3,438,500 
Topgolf International, Inc. Series F (d)(e) 106,191 1,468,993 
  4,907,493 
Internet & Direct Marketing Retail - 0.3%   
China Internet Plus Holdings Ltd. Series A-11 (a)(d)(e) 1,581,852 8,841,066 
The Honest Co., Inc.:   
Series C (a)(d)(e) 167,087 5,221,068 
Series D (a)(d)(e) 27,712 934,817 
Series E (d)(e) 143,059 2,804,643 
  17,801,594 
Leisure Products - 0.0%   
Peloton Interactive, Inc. Series E (d)(e) 94,313 2,338,019 
TOTAL CONSUMER DISCRETIONARY  25,047,106 
CONSUMER STAPLES - 0.4%   
Tobacco - 0.4%   
PAX Labs, Inc. Series C (a)(d)(e) 945,100 20,678,788 
FINANCIALS - 0.1%   
Consumer Finance - 0.1%   
Oportun Finance Corp. Series H (a)(d)(e) 1,527,120 4,352,292 
HEALTH CARE - 0.2%   
Biotechnology - 0.1%   
23andMe, Inc. Series F (d)(e) 195,114 2,709,002 
Axcella Health, Inc. Series C (a)(d)(e) 248,015 3,204,354 
Immunocore Ltd. Series A (a)(d)(e) 4,035 1,502,283 
  7,415,639 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A8 (a)(d)(e) 813,618 5,247,836 
TOTAL HEALTH CARE  12,663,475 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 42,650 5,757,750 
Series H (d)(e) 6,348 856,980 
  6,614,730 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(d)(e) 253,888 1,421,773 
TOTAL INDUSTRIALS  8,036,503 
INFORMATION TECHNOLOGY - 2.0%   
Internet Software & Services - 1.7%   
ContextLogic, Inc. Series G (d)(e) 34,750 4,675,022 
Jet.Com, Inc. Series B1 (Escrow) (a)(d)(e) 922,232 302,907 
Reddit, Inc. Series B (d)(e) 129,280 2,039,250 
Starry, Inc. Series C (d)(e) 1,477,502 1,362,257 
Uber Technologies, Inc.:   
Series D, 8.00% (a)(d)(e) 2,578,476 90,504,508 
Series E, 8.00% (a)(d)(e) 47,420 1,664,442 
  100,548,386 
IT Services - 0.1%   
AppNexus, Inc. Series E (a)(d)(e) 307,049 6,171,685 
Software - 0.2%   
Appirio, Inc. Series E (Escrow) (a)(d)(e) 306,351 77,862 
Cloudflare, Inc. Series D, 8.00% (a)(d)(e) 323,080 1,935,249 
Compass, Inc. Series E (d)(e) 13,605 918,041 
Dataminr, Inc. Series D (a)(d)(e) 115,901 1,191,462 
Delphix Corp. Series D (a)(d)(e) 242,876 1,454,827 
Malwarebytes Corp. Series B (a)(d)(e) 329,349 4,465,972 
Taboola.Com Ltd. Series E (a)(d)(e) 289,958 4,456,654 
  14,500,067 
TOTAL INFORMATION TECHNOLOGY  121,220,138 
TOTAL CONVERTIBLE PREFERRED STOCKS  191,998,302 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Automobiles - 0.0%   
Volkswagen AG 11,100 2,439,549 
CONSUMER STAPLES - 0.0%   
Tobacco - 0.0%   
PAX Labs, Inc. Series A (d)(e) 945,100 1,256,983 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  3,696,532 
TOTAL PREFERRED STOCKS   
(Cost $119,278,606)  195,694,834 
Money Market Funds - 3.6%   
Fidelity Cash Central Fund, 1.39% (h) 3,224,647 3,225,292 
Fidelity Securities Lending Cash Central Fund 1.40% (h)(i) 213,206,631 213,227,952 
TOTAL MONEY MARKET FUNDS   
(Cost $216,453,244)  216,453,244 
TOTAL INVESTMENT IN SECURITIES - 103.8%   
(Cost $3,564,299,970)  6,251,781,034 
NET OTHER ASSETS (LIABILITIES) - (3.8)%  (230,144,555) 
NET ASSETS - 100%  $6,021,636,479 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $36,629,249 or 0.6% of net assets.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $218,831,307 or 3.6% of net assets.

 (e) Level 3 security

 (f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

 (g) Investment represents common shares and preferred shares.

 (h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (i) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $2,709,002 
Appirio, Inc. (Escrow) 7/7/17 $10,096 
Appirio, Inc. Series E (Escrow) 11/24/16 $77,863 
AppNexus, Inc. Series E 8/1/14 $6,150,867 
Atom Tickets LLC 8/15/17 $1,999,998 
Axcella Health, Inc. Series C 1/30/15 $2,499,991 
Blue Bottle Coffee, Inc. Class C (Escrow) 10/30/17 $547,574 
Castle Creek Pharmaceuticals, LLC Class A-2 unit 9/29/16 $3,179,880 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $4,999,997 
Cloudflare, Inc. Series D, 8.00% 11/5/14 - 6/24/15 $2,010,032 
Compass, Inc. Series E 11/3/17 $918,041 
ContextLogic, Inc. Series G 10/24/17 $4,675,022 
Dataminr, Inc. Series D 3/6/15 $1,477,738 
Delphix Corp. Series D 7/10/15 $2,185,884 
Immunocore Ltd. Series A 7/27/15 $759,303 
Jet.Com, Inc. Series B1 (Escrow) 9/19/16 $302,907 
Malwarebytes Corp. Series B 12/21/15 $3,416,996 
MOD Super Fast Pizza Holdings LLC Series 3 Preferred 11/3/16 - 12/14/17 $3,084,966 
Mulberry Health, Inc. Series A8 1/20/16 $5,495,786 
Oportun Finance Corp. Series H 2/6/15 $4,348,169 
PAX Labs, Inc. Series A 5/22/15 $699,375 
PAX Labs, Inc. Series C 5/22/15 $2,939,260 
Peloton Interactive, Inc. Series E 3/31/17 $2,042,989 
Reddit, Inc. Series B 7/26/17 $1,835,324 
Space Exploration Technologies Corp. Class A 4/6/17 - 9/11/17 $2,534,625 
Space Exploration Technologies Corp. Class C 9/11/17 $92,610 
Space Exploration Technologies Corp. Series G 1/20/15 $3,303,669 
Space Exploration Technologies Corp. Series H 8/4/17 $856,980 
Starry, Inc. Series C 12/8/17 $1,362,257 
Taboola.Com Ltd. Series E 12/22/14 $3,022,928 
Tanium, Inc. Class B 4/21/17 $749,609 
The Honest Co., Inc. 8/21/14 $1,937,546 
The Honest Co., Inc. Series C 8/21/14 $4,520,923 
The Honest Co., Inc. Series D 8/3/15 $1,267,963 
The Honest Co., Inc. Series E 9/28/17 $2,804,643 
Topgolf International, Inc. Series F 11/10/17 $1,468,993 
Tory Burch LLC 5/14/15 $7,600,030 
Uber Technologies, Inc. Series D, 8.00% 6/6/14 $40,000,027 
Uber Technologies, Inc. Series E, 8.00% 12/5/14 $1,579,919 
WME Entertainment Parent, LLC Class A 4/13/16 - 8/16/16 $5,974,752 
YourPeople, Inc. Series C 5/1/15 $3,783,205 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $58,426 
Fidelity Securities Lending Cash Central Fund 1,139,979 
Total $1,198,405 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,634,360,887 $1,570,066,709 $25,136,218 $39,157,960 
Consumer Staples 276,851,326 243,883,670 10,430,705 22,536,951 
Energy 120,932,381 120,932,381 -- -- 
Financials 250,698,233 246,345,941 -- 4,352,292 
Health Care 720,504,463 702,397,048 529,676 17,577,739 
Industrials 348,036,543 332,689,419 4,153,106 11,194,018 
Information Technology 2,508,107,939 2,335,262,801 48,779,185 124,065,953 
Materials 163,634,023 163,634,023 -- -- 
Real Estate 3,049,773 3,049,773 -- -- 
Telecommunication Services 7,200,060 7,200,060 -- -- 
Utilities 1,952,162 1,952,162 -- -- 
Money Market Funds 216,453,244 216,453,244 -- -- 
Total Investments in Securities: $6,251,781,034 $5,943,867,231 $89,028,890 $218,884,913 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

Investments in Securities:  
Equities - Information Technology  
Beginning Balance $154,201,176 
Net Realized Gain (Loss) on Investment Securities (1,385) 
Net Unrealized Gain (Loss) on Investment Securities (39,089,156) 
Cost of Purchases 8,965,414 
Proceeds of Sales (10,096) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $124,065,953 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $(39,089,156) 
Other Investments in Securities  
Beginning Balance $69,781,675 
Net Realized Gain (Loss) on Investment Securities 3,051,546 
Net Unrealized Gain (Loss) on Investment Securities 25,162,433 
Cost of Purchases 9,455,636 
Proceeds of Sales (10,848,626) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (1,783,704) 
Ending Balance $94,818,960 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $20,463,592 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 86.3% 
Cayman Islands 3.6% 
Singapore 1.8% 
Germany 1.2% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 6.0% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $211,616,545) — See accompanying schedule:
Unaffiliated issuers (cost $3,347,846,726) 		$6,035,327,790  
Fidelity Central Funds (cost $216,453,244) 216,453,244  
Total Investment in Securities (cost $3,564,299,970)  $6,251,781,034 
Restricted cash  176,464 
Foreign currency held at value (cost $370,622)  370,595 
Receivable for investments sold  253,673,649 
Receivable for fund shares sold  944 
Dividends receivable  1,211,518 
Distributions receivable from Fidelity Central Funds  154,095 
Other receivables  363,188 
Total assets  6,507,731,487 
Liabilities   
Payable for investments purchased $29,397,175  
Payable for fund shares redeemed 242,615,492  
Other payables and accrued expenses 853,550  
Collateral on securities loaned 213,228,791  
Total liabilities  486,095,008 
Net Assets  $6,021,636,479 
Net Assets consist of:   
Paid in capital  $3,075,361,396 
Undistributed net investment income  417,795 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  259,160,306 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  2,686,696,982 
Net Assets  $6,021,636,479 
Series Blue Chip Growth:   
Net Asset Value, offering price and redemption price per share ($6,021,636,479 ÷ 400,668,099 shares)  $15.03 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $18,675,014 
Income from Fidelity Central Funds (including $1,139,979 from security lending)  1,198,405 
Total income  19,873,419 
Expenses   
Custodian fees and expenses $98,948  
Independent trustees' fees and expenses 11,091  
Interest 6,120  
Miscellaneous 8,196  
Total expenses before reductions 124,355  
Expense reductions (81,204) 43,151 
Net investment income (loss)  19,830,268 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $523) 393,060,946  
Fidelity Central Funds 4,897  
Foreign currency transactions (5,342)  
Total net realized gain (loss)  393,060,501 
Change in net unrealized appreciation (depreciation) on:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $583,520) 638,475,656  
Fidelity Central Funds (4,049)  
Assets and liabilities in foreign currencies 5,431  
Total change in net unrealized appreciation (depreciation)  638,477,038 
Net gain (loss)  1,031,537,539 
Net increase (decrease) in net assets resulting from operations  $1,051,367,807 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $19,830,268 $19,600,185 
Net realized gain (loss) 393,060,501 587,442,057 
Change in net unrealized appreciation (depreciation) 638,477,038 616,542,740 
Net increase (decrease) in net assets resulting from operations 1,051,367,807 1,223,584,982 
Distributions to shareholders from net investment income (30,301,164) (22,221,065) 
Distributions to shareholders from net realized gain (594,846,797) (63,873,266) 
Total distributions (625,147,961) (86,094,331) 
Share transactions - net increase (decrease) 74,407,463 (1,796,179,085) 
Total increase (decrease) in net assets 500,627,309 (658,688,434) 
Net Assets   
Beginning of period 5,521,009,170 6,179,697,604 
End of period $6,021,636,479 $5,521,009,170 
Other Information   
Undistributed net investment income end of period $417,795 $10,888,691 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series Blue Chip Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,    
 2018 2017 2016 2015 2014 A 
Selected Per–Share Data      
Net asset value, beginning of period $14.07 $11.47 $13.36 $11.18 $10.00 
Income from Investment Operations      
Net investment income (loss)B .05 .03 .02 .03 .02 
Net realized and unrealized gain (loss) 2.48 2.74 (.42) 2.27 1.17 
Total from investment operations 2.53 2.77 (.40) 2.30 1.19 
Distributions from net investment income (.07) (.03) (.02) (.02) (.01) 
Distributions from net realized gain (1.50) (.14) (1.48) (.10) – 
Total distributions (1.57) (.17) (1.49)C (.12) (.01) 
Net asset value, end of period $15.03 $14.07 $11.47 $13.36 $11.18 
Total ReturnD,E 19.61% 24.50% (2.63)% 20.74% 11.90% 
Ratios to Average Net AssetsF,G      
Expenses before reductions - %H,I .59% .73% .79% .74%H 
Expenses net of fee waivers, if any - %H,I .59% .73% .78% .74%H 
Expenses net of all reductions - %H,I .59% .73% .78% .74%H 
Net investment income (loss) .69%H .26% .17% .20% .26%H 
Supplemental Data      
Net assets, end of period (000 omitted) $6,021,636 $2,208,451 $2,417,952 $2,831,293 $3,288,708 
Portfolio turnover rateJ 38%H 47% 55% 57% 67%H,K 

 A For the period November 7, 2013 (commencement of operations) to July 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $1.49 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $1.477 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount represents less than .005%.

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Series Blue Chip Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which FMR or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Series Blue Chip Growth.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $218,884,913 Market approach Transaction price $0.92- $139.93 / $43.46 Increase 
   Liquidity preference $16.35 - $45.76 / $34.80 Increase 
  Market comparable Transaction price $10.08- $330.00 / $195.34 Increase 
   Enterprise value/Sales multiple (EV/S) 0.8 - 14.3 / 4.7 Increase 
   Discount rate 7.5% - 69.1% / 19.1% Decrease 
   Enterprise value/EBITDA multiple (EV/EBITDA) 9.1 Increase 
   Price/Earnings multiple (P/E) 14.6 Increase 
   Enterprise value/Gross profit (EV/GP) 5.5 Increase 
   Premium rate 8.0% - 108.0% / 25.0% Increase 
   Discount for lack of marketability 10.0% - 25.0% / 15.7% Decrease 
   Liquidity preference $4.84 - $23.41 / $16.42 Increase 
   Proxy premium 28.2% - 54.5% / 44.8% Increase 
  Recovery value Recovery value  0.2% - 2.3% / 1.5% Increase 

 (a) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.


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, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. 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 dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $2,746,231,941 
Gross unrealized depreciation (67,122,972) 
Net unrealized appreciation (depreciation) $2,679,108,969 
Tax cost $3,572,672,065 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $23,317,863 in these Subsidiaries, representing .39% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,079,653,849 and $1,581,940,943, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $20,633 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $149,750,000 1.47% $6,120 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $8,196 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $13,504,316. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $17,933 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $81,204 for the period.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Series Blue Chip Growth $30,301,164 $6,353,988 
Class F – 15,867,077 
Total $30,301,164 $22,221,065 
From net realized gain   
Series Blue Chip Growth $594,846,797 $24,770,768 
Class F – 39,102,498 
Total $594,846,797 $63,873,266 

10. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Series Blue Chip Growth     
Shares sold 255,959,791 16,702,875 $3,590,750,207 $213,421,848 
Reinvestment of distributions 46,816,082 2,696,789 625,147,961 31,124,756 
Shares redeemed (59,099,753) (73,247,198) (838,948,050) (899,683,273) 
Net increase (decrease) 243,676,120 (53,847,534) $3,376,950,118 $(655,136,669) 
Class F     
Shares sold 1,143,505 31,746,375 $16,094,327 $392,182,056 
Reinvestment of distributions – 4,765,212 – 54,969,575 
Shares redeemed (236,497,812) (128,891,023) (3,318,636,982) (1,588,194,047) 
Net increase (decrease) (235,354,307) (92,379,436) $(3,302,542,655) $(1,141,042,416) 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Series Blue Chip Growth -- %C    
Actual  $1,000.00 $1,196.10 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C Amount represents less than .005%

 D Amount represents less than $.005

 E 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

www.fidelity.com

XS1-SANN-0318
1.967988.104

Fidelity® Series Real Estate Equity Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
Simon Property Group, Inc. 6.9 
AvalonBay Communities, Inc. 5.7 
Boston Properties, Inc. 5.1 
Ventas, Inc. 4.4 
Essex Property Trust, Inc. 4.2 
Public Storage 4.0 
Extra Space Storage, Inc. 3.7 
Prologis, Inc. 3.4 
DCT Industrial Trust, Inc. 3.3 
SL Green Realty Corp. 3.2 
 43.9 

Top Five REIT Sectors as of January 31, 2018

 % of fund's net assets 
REITs - Apartments 18.6 
REITs - Office Property 16.8 
REITs - Regional Malls 11.1 
REITs - Health Care 9.1 
REITs - Diversified 8.9 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 98.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.8% 


 * Foreign investments - 0.3%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%   
 Shares Value 
Equity Real Estate Investment Trusts (REITs) - 97.4%   
REITs - Apartments - 18.6%   
American Homes 4 Rent Class A 1,347,500 $28,014,525 
AvalonBay Communities, Inc. 432,135 73,635,804 
Education Realty Trust, Inc. 497,200 16,422,516 
Equity Residential (SBI) 445,751 27,462,719 
Essex Property Trust, Inc. 232,167 54,090,268 
Mid-America Apartment Communities, Inc. 417,335 39,801,239 
  239,427,071 
REITs - Diversified - 8.9%   
Corrections Corp. of America 180,300 4,184,763 
Digital Realty Trust, Inc. 150,700 16,870,865 
Duke Realty Corp. 1,293,500 34,161,335 
Equinix, Inc. 72,000 32,773,680 
Washington REIT (SBI) 927,300 26,576,418 
  114,567,061 
REITs - Health Care - 9.1%   
Healthcare Realty Trust, Inc. 834,600 24,929,502 
Sabra Health Care REIT, Inc. 180,270 3,262,887 
Ventas, Inc. 1,019,663 57,070,538 
Welltower, Inc. 526,991 31,603,650 
  116,866,577 
REITs - Hotels - 7.5%   
DiamondRock Hospitality Co. 2,407,200 28,308,672 
Host Hotels & Resorts, Inc. 1,871,200 38,846,112 
Sunstone Hotel Investors, Inc. 1,776,305 29,930,739 
  97,085,523 
REITs - Management/Investment - 1.3%   
American Assets Trust, Inc. 289,400 10,204,244 
American Tower Corp. 45,000 6,646,500 
  16,850,744 
REITs - Manufactured Homes - 2.8%   
Equity Lifestyle Properties, Inc. 416,145 35,921,636 
REITs - Office Property - 16.8%   
Boston Properties, Inc. 532,049 65,819,782 
Corporate Office Properties Trust (SBI) 608,092 16,600,912 
Douglas Emmett, Inc. 802,958 31,050,386 
Highwoods Properties, Inc. (SBI) 655,052 31,363,890 
Hudson Pacific Properties, Inc. 958,873 30,655,170 
SL Green Realty Corp. 409,400 41,152,888 
  216,643,028 
REITs - Regional Malls - 11.1%   
General Growth Properties, Inc. 926,818 21,344,619 
Simon Property Group, Inc. 543,823 88,844,363 
Taubman Centers, Inc. 220,322 13,582,851 
The Macerich Co. 305,900 19,751,963 
  143,523,796 
REITs - Shopping Centers - 5.4%   
Acadia Realty Trust (SBI) 580,615 14,259,904 
Cedar Realty Trust, Inc. 1,695,651 8,664,777 
DDR Corp. 1,596,300 12,961,956 
Urban Edge Properties 1,461,550 34,171,039 
  70,057,676 
REITs - Storage - 7.7%   
Extra Space Storage, Inc. 578,596 48,301,194 
Public Storage 263,087 51,501,911 
  99,803,105 
REITs - Warehouse/Industrial - 8.1%   
Americold Realty Trust (a) 384,600 7,030,488 
DCT Industrial Trust, Inc. 710,901 42,078,230 
Prologis, Inc. 683,306 44,490,054 
Rexford Industrial Realty, Inc. 276,704 8,215,342 
Terreno Realty Corp. 91,224 3,247,574 
  105,061,688 
Specialized REITs - 0.1%   
Safety Income and Growth, Inc. 57,210 1,007,468 
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)  1,256,815,373 
Hotels, Restaurants & Leisure - 0.2%   
Hotels, Resorts & Cruise Lines - 0.2%   
Marriott International, Inc. Class A 15,700 2,313,238 
Real Estate Management & Development - 0.6%   
Real Estate Development - 0.3%   
Howard Hughes Corp. (a) 30,000 3,778,800 
Real Estate Operating Companies - 0.3%   
Vonovia SE 90,000 4,437,176 
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT  8,215,976 
TOTAL COMMON STOCKS   
(Cost $1,135,353,243)  1,267,344,587 
Money Market Funds - 1.1%   
Fidelity Cash Central Fund, 1.39% (b)   
(Cost $13,683,351) 13,680,615 13,683,351 
TOTAL INVESTMENT IN SECURITIES - 99.3%   
(Cost $1,149,036,594)  1,281,027,938 
NET OTHER ASSETS (LIABILITIES) - 0.7%  9,548,430 
NET ASSETS - 100%  $1,290,576,368 

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $104,209 
Fidelity Securities Lending Cash Central Fund 899 
Total $105,108 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,135,353,243) 		$1,267,344,587  
Fidelity Central Funds (cost $13,683,351) 13,683,351  
Total Investment in Securities (cost $1,149,036,594)  $1,281,027,938 
Receivable for investments sold  2,555,455 
Receivable for fund shares sold  70,120,909 
Dividends receivable  191,762 
Distributions receivable from Fidelity Central Funds  13,941 
Other receivables  24,897 
Total assets  1,353,934,902 
Liabilities   
Payable for investments purchased $63,299,145  
Payable for fund shares redeemed 45,983  
Other payables and accrued expenses 13,406  
Total liabilities  63,358,534 
Net Assets  $1,290,576,368 
Net Assets consist of:   
Paid in capital  $1,157,238,544 
Distributions in excess of net investment income  (661,491) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  2,008,275 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  131,991,040 
Net Assets  $1,290,576,368 
Series Real Estate Equity:   
Net Asset Value, offering price and redemption price per share ($1,290,576,368 ÷ 104,474,350 shares)  $12.35 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $16,117,315 
Income from Fidelity Central Funds  105,108 
Total income  16,222,423 
Expenses   
Custodian fees and expenses $16,596  
Independent trustees' fees and expenses 2,414  
Miscellaneous 1,792  
Total expenses  20,802 
Net investment income (loss)  16,201,621 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 23,518,981  
Fidelity Central Funds (407)  
Foreign currency transactions 4,833  
Total net realized gain (loss)  23,523,407 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (66,660,509)  
Assets and liabilities in foreign currencies (304)  
Total change in net unrealized appreciation (depreciation)  (66,660,813) 
Net gain (loss)  (43,137,406) 
Net increase (decrease) in net assets resulting from operations  $(26,935,785) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $16,201,621 $23,552,245 
Net realized gain (loss) 23,523,407 49,376,988 
Change in net unrealized appreciation (depreciation) (66,660,813) (126,950,888) 
Net increase (decrease) in net assets resulting from operations (26,935,785) (54,021,655) 
Distributions to shareholders from net investment income (21,381,353) (22,513,621) 
Distributions to shareholders from net realized gain (41,065,770) (79,459,350) 
Total distributions (62,447,123) (101,972,971) 
Share transactions - net increase (decrease) 145,228,692 174,092,049 
Total increase (decrease) in net assets 55,845,784 18,097,423 
Net Assets   
Beginning of period 1,234,730,584 1,216,633,161 
End of period $1,290,576,368 $1,234,730,584 
Other Information   
Undistributed net investment income end of period $– $4,518,241 
Distributions in excess of net investment income end of period $(661,491) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series Real Estate Equity Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $13.28 $15.28 $14.18 $13.85 $12.87 $12.39 
Income from Investment Operations       
Net investment income (loss)A .17 .25 .27 .24 .23 .18 
Net realized and unrealized gain (loss) (.44) (1.06) 2.07 1.11 1.31 .78 
Total from investment operations (.27) (.81) 2.34 1.35 1.54 .96 
Distributions from net investment income (.22) (.24)B (.26) (.23) (.21) (.17) 
Distributions from net realized gain (.43) (.95)B (.98) (.79) (.35) (.31) 
Total distributions (.66)C (1.19) (1.24) (1.02) (.56) (.48) 
Net asset value, end of period $12.35 $13.28 $15.28 $14.18 $13.85 $12.87 
Total ReturnD,E (2.23)% (5.10)% 18.69% 10.04% 12.72% 8.06% 
Ratios to Average Net AssetsF,G       
Expenses before reductions - %H,I .62% .76% .76% .77% .79% 
Expenses net of fee waivers, if any - %H,I .62% .76% .75% .77% .79% 
Expenses net of all reductions - %H,I .61% .75% .74% .76% .78% 
Net investment income (loss) 2.61%H 1.91% 1.97% 1.69% 1.84% 1.44% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,290,576 $559,956 $547,137 $577,786 $598,298 $531,188 
Portfolio turnover rateJ 40%H 64% 64% 60% 69% 48% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C Total distributions of $.66 per share is comprised of distributions from net investment income of $.224 and distributions from net realized gain of $.434 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount represents less than .005%.

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Series Real Estate Equity Fund (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Series Real Estate Equity.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications for the period ended July 31, 2017.

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 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 $168,897,092 
Gross unrealized depreciation (39,527,387) 
Net unrealized appreciation (depreciation) $129,369,705 
Tax cost $1,151,658,233 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $354,208,109 and $246,193,330, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $5,754 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,792 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $899. During the period, there were no securities loaned to FCM.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Series Real Estate Equity $21,381,353 $9,577,572 
Class F – 12,936,049 
Total $21,381,353 $22,513,621 
From net realized gain   
Series Real Estate Equity $41,065,770 $35,511,971 
Class F – 43,947,379 
Total $41,065,770 $79,459,350 

9. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Series Real Estate Equity     
Shares sold 63,199,385 8,118,474 $829,541,387 $105,907,726 
Reinvestment of distributions 4,806,643 3,409,552 62,447,123 45,089,543 
Shares redeemed (5,712,130) (5,147,441) (74,554,088) (68,244,635) 
Net increase (decrease) 62,293,898 6,380,585 $817,434,422 $82,752,634 
Class F     
Shares sold 246,978 10,878,094 $3,247,831 $141,823,703 
Reinvestment of distributions – 4,301,069 – 56,883,428 
Shares redeemed (51,071,400) (8,146,141) (675,453,561) (107,367,716) 
Net increase (decrease) (50,824,422) 7,033,022 $(672,205,730) $91,339,415 

10. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Series Real Estate Equity - %-C    
Actual  $1,000.00 $977.70 $-D 
Hypothetical-E  $1,000.00 $1,025.21 $-D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C Amount represents less than .005%

 D Amount represents less than $.005.

 E 5% return per year before expenses






Fidelity Investments

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Boston, MA 02210

www.fidelity.com

SLE-SANN-0318
1.930456.106

Fidelity® Series Real Estate Income Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of January 31, 2018

 % of fund's net assets 
Equity Lifestyle Properties, Inc. 1.4 
Acadia Realty Trust (SBI) 1.2 
Apartment Investment & Management Co. Class A 1.0 
Ventas, Inc. 0.9 
MFA Financial, Inc. 0.8 
 5.3 

Top 5 Bonds as of January 31, 2018

 % of fund's net assets 
Senior Housing Properties Trust 4.75% 5/1/24 1.4 
RWT Holdings, Inc. 5.625% 11/15/19 1.3 
American Realty Capital Properties, Inc. 3.75% 12/15/20 1.0 
IAS Operating Partnership LP 5% 3/15/18 0.9 
PennyMac Corp. 5.375% 5/1/20 0.8 
 5.4 

Top Five REIT Sectors as of January 31, 2018

 % of fund's net assets 
REITs - Mortgage 18.4 
REITs - Health Care 6.5 
REITs - Diversified 6.2 
REITs - Apartments 4.4 
REITs - Shopping Centers 2.9 

Asset Allocation (% of fund's net assets)

As of January 31, 2018 * 
   Common Stocks 14.4% 
   Preferred Stocks  20.8% 
   Bonds 44.9% 
   Convertible Securities 9.3% 
   Other Investments 4.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 6.1% 


 * Foreign investments - 1.3%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 14.4%   
 Shares Value 
CONSUMER DISCRETIONARY - 0.3%   
Hotels, Restaurants & Leisure - 0.3%   
Bluegreen Vacations Corp. 22,900 $434,871 
Wyndham Worldwide Corp. 17,300 2,147,449 
  2,582,320 
FINANCIALS - 2.4%   
Capital Markets - 0.2%   
Ellington Financial LLC 112,900 1,647,211 
Insurance - 0.1%   
FNF Group 21,500 838,070 
Mortgage Real Estate Investment Trusts - 2.1%   
Anworth Mortgage Asset Corp. 190,500 925,830 
Arbor Realty Trust, Inc. 169,900 1,384,685 
Chimera Investment Corp. 81,200 1,379,588 
Dynex Capital, Inc. 129,500 841,750 
Five Oaks Investment Corp. 17,008 55,616 
Great Ajax Corp. 138,526 1,850,707 
Invesco Mortgage Capital, Inc. 194,300 3,155,432 
MFA Financial, Inc. 1,017,600 7,286,016 
New Residential Investment Corp. 54,900 949,221 
Redwood Trust, Inc. 4,000 59,560 
Two Harbors Investment Corp. 56,100 827,475 
  18,715,880 
TOTAL FINANCIALS  21,201,161 
REAL ESTATE - 11.7%   
Equity Real Estate Investment Trusts (REITs) - 11.7%   
Acadia Realty Trust (SBI) 454,800 11,169,888 
Altisource Residential Corp. Class B 18,400 202,584 
American Homes 4 Rent Class A 182,365 3,791,368 
American Tower Corp. 29,300 4,327,610 
Apartment Investment & Management Co. Class A 212,400 8,886,816 
AvalonBay Communities, Inc. 14,300 2,436,720 
Cedar Realty Trust, Inc. 52,600 268,786 
Colony NorthStar, Inc. 652,499 5,859,441 
DDR Corp. 166,700 1,353,604 
Douglas Emmett, Inc. 16,600 641,922 
Equinix, Inc. 9,000 4,096,710 
Equity Lifestyle Properties, Inc. 146,300 12,628,614 
Extra Space Storage, Inc. 45,500 3,798,340 
Gramercy Property Trust 40,400 1,019,696 
Healthcare Realty Trust, Inc. 47,500 1,418,825 
Healthcare Trust of America, Inc. 88,250 2,436,583 
Lexington Corporate Properties Trust 384,422 3,467,486 
Mid-America Apartment Communities, Inc. 53,414 5,094,093 
National Retail Properties, Inc. 16,400 650,752 
Omega Healthcare Investors, Inc. (a) 79,900 2,160,496 
Public Storage 11,800 2,309,968 
Rexford Industrial Realty, Inc. 21,200 629,428 
Sabra Health Care REIT, Inc. 195,600 3,540,360 
Safety Income and Growth, Inc. 46,000 810,060 
Select Income REIT 18,700 418,132 
Senior Housing Properties Trust (SBI) 258,600 4,481,538 
Spirit Realty Capital, Inc. 74,200 606,214 
Store Capital Corp. 122,100 2,992,671 
Terreno Realty Corp. 54,180 1,928,808 
Ventas, Inc. 143,528 8,033,262 
VEREIT, Inc. 326,900 2,353,680 
WP Carey, Inc. 12,100 784,201 
WP Glimcher, Inc. 76,700 504,686 
  105,103,342 
TOTAL COMMON STOCKS   
(Cost $112,182,221)  128,886,823 
Preferred Stocks - 22.8%   
Convertible Preferred Stocks - 2.0%   
FINANCIALS - 0.9%   
Mortgage Real Estate Investment Trusts - 0.9%   
Great Ajax Corp. 7.25% 257,500 6,417,595 
Sutherland Asset Management Corp. 7.00% 68,900 1,728,701 
  8,146,296 
REAL ESTATE - 1.1%   
Equity Real Estate Investment Trusts (REITs) - 1.1%   
Alexandria Real Estate Equities, Inc. Series D, 7.00% 8,241 303,966 
Ashford Hospitality Prime, Inc. 5.50% 17,193 330,037 
iStar Financial, Inc. Series J, 4.50% 35,000 1,642,697 
Lexington Corporate Properties Trust Series C, 6.50% 70,019 3,516,767 
RLJ Lodging Trust 1.95% 38,600 999,547 
Wheeler REIT, Inc. 8.75% 208,000 3,621,280 
  10,414,294 
TOTAL CONVERTIBLE PREFERRED STOCKS  18,560,590 
Nonconvertible Preferred Stocks - 20.8%   
FINANCIALS - 9.3%   
Capital Markets - 0.1%   
Arlington Asset Investment Corp. 6.625% 31,528 760,515 
Brookfield Asset Management, Inc. 4.75% 17,500 361,809 
  1,122,324 
Mortgage Real Estate Investment Trusts - 9.2%   
AG Mortgage Investment Trust, Inc.:   
8.00% 137,584 3,390,070 
8.25% 1,300 32,799 
AGNC Investment Corp.:   
Series B, 7.75% 29,100 749,325 
Series C, 7.00% 61,500 1,564,560 
American Capital Mortgage Investment Corp. Series A, 8.125% 33,100 844,053 
Annaly Capital Management, Inc.:   
Series C, 7.625% 25,139 632,246 
Series D, 7.50% 83,513 2,094,506 
Series E, 7.625% 118,588 2,987,232 
Series F, 6.95% 198,300 5,022,939 
Series G, 6.50% (b) 118,900 2,926,129 
Anworth Mortgage Asset Corp. Series A, 8.625% 141,118 3,628,144 
Apollo Commercial Real Estate Finance, Inc. Series C, 8.00% 89,058 2,241,625 
Arbor Realty Trust, Inc.:   
7.375% 24,800 633,144 
Series A, 8.25% 41,922 1,061,465 
Series B, 7.75% 40,000 1,010,884 
Series C, 8.50% 15,000 389,280 
Armour Residential REIT, Inc. Series B, 7.875% 25,701 642,029 
Capstead Mortgage Corp. Series E, 7.50% 37,016 934,654 
Cherry Hill Mortgage Investment Corp. Series A, 8.20% 41,500 1,045,800 
Chimera Investment Corp.:   
Series A, 8.00% 36,000 914,040 
Series B, 8.00% 279,551 7,110,324 
CYS Investments, Inc.:   
Series A, 7.75% 10,314 257,231 
Series B, 7.50% 113,333 2,748,325 
Dynex Capital, Inc.:   
Series A, 8.50% 96,313 2,436,719 
Series B, 7.625% 47,335 1,125,626 
Five Oaks Investment Corp. Series A, 8.75% 28,863 721,575 
Invesco Mortgage Capital, Inc.:   
7.50% 187,900 4,584,760 
Series A, 7.75% 30,151 755,886 
Series B, 7.75% 188,998 4,809,999 
MFA Financial, Inc.:   
8.00% 108,747 2,815,460 
Series B, 7.50% 188,749 4,716,838 
New York Mortgage Trust, Inc.:   
Series B, 7.75% 78,802 1,901,051 
Series C, 7.875% 117,633 2,873,774 
Series D, 8.00% 52,100 1,282,963 
PennyMac Mortgage Investment Trust:   
8.125% 59,000 1,469,100 
Series B, 8.00% 94,500 2,343,600 
Resource Capital Corp.:   
8.25% 14,240 354,718 
8.625% 2,011 51,281 
Two Harbors Investment Corp.:   
Series A, 8.125% 104,500 2,731,630 
Series B, 7.625% 73,400 1,848,212 
Series C, 7.25% 90,116 2,186,755 
Wells Fargo Real Estate Investment Corp. Series A, 6.375% 23,000 592,480 
  82,463,231 
TOTAL FINANCIALS  83,585,555 
REAL ESTATE - 11.4%   
Equity Real Estate Investment Trusts (REITs) - 11.3%   
American Homes 4 Rent:   
5.875% 44,883 1,108,610 
Series C, 5.50% 141,510 4,020,299 
Series D, 6.50% 40,000 1,024,400 
Series E, 6.35% 40,000 1,013,600 
Series G, 5.875% 34,800 850,164 
Ashford Hospitality Trust, Inc.:   
Series D, 8.45% 12,945 327,250 
Series F, 7.375% 52,000 1,230,622 
Series G, 7.375% 20,000 469,800 
Series H, 7.50% 28,700 680,190 
Series I, 7.50% 28,600 679,250 
Bluerock Residential Growth (REIT), Inc.:   
Series A, 8.25% 102,400 2,580,480 
Series C, 7.625% 27,200 666,900 
Series D, 7.125% 24,000 592,800 
CBL & Associates Properties, Inc. Series D, 7.375% 38,729 775,742 
Cedar Realty Trust, Inc.:   
Series B, 7.25% 22,518 563,610 
Series C, 6.50% 50,200 1,161,628 
City Office REIT, Inc. Series A, 6.625% 25,500 636,735 
Colony NorthStar, Inc.:   
Series B, 8.25% 42,790 1,077,880 
Series D, 8.50% 52,135 1,328,139 
Series E, 8.75% 93,516 2,447,314 
Series G, 7.50% 6,800 164,723 
Series H, 7.125% 122,975 2,828,425 
Series I, 7.15% 192,000 4,435,200 
Series J, 7.15% 193,800 4,439,958 
DDR Corp.:   
Series J, 6.50% 70,181 1,708,318 
Series K, 6.25% 25,489 619,383 
Digital Realty Trust, Inc.:   
Series C, 6.625% 16,000 422,080 
Series G, 5.875% 28,270 702,510 
Series H, 7.375% 10,000 262,800 
Farmland Partners, Inc. Series B, 6.00% 110,000 2,802,228 
General Growth Properties, Inc. Series A, 6.375% 34,690 870,025 
Gladstone Commercial Corp. Series D, 7.00% 101,200 2,580,600 
Gladstone Land Corp. Series A, 6.375% 11,000 282,921 
Global Medical REIT, Inc. Series A, 7.50% 22,800 557,232 
Global Net Lease, Inc. Series A, 7.25% 80,200 2,002,594 
Government Properties Income Trust 5.875% 37,500 948,375 
Hersha Hospitality Trust Series D, 6.50% 40,000 968,400 
Investors Real Estate Trust Series C, 6.625% 54,100 1,333,024 
iStar Financial, Inc.:   
Series D, 8.00% 25,742 649,471 
Series G, 7.65% 96,000 2,411,520 
Series I, 7.50% 26,900 672,500 
Jernigan Capital, Inc. Series B, 7.00% (b) 8,700 209,670 
Kimco Realty Corp. Series M, 5.25% 22,400 519,680 
LaSalle Hotel Properties:   
Series I, 6.375% 47,339 1,171,640 
Series J, 6.30% 40,000 975,200 
Monmouth Real Estate Investment Corp. Series C, 6.125% 40,400 988,588 
National Retail Properties, Inc. Series E, 5.70% 46,124 1,143,875 
National Storage Affiliates Trust Series A, 6.00% (b) 11,300 281,370 
Pebblebrook Hotel Trust:   
Series C, 6.50% 71,130 1,769,714 
Series D, 6.375% 50,000 1,240,000 
Pennsylvania (REIT):   
Series B, 7.375% 55,408 1,356,942 
Series C, 7.20% 9,000 212,490 
Series D, 6.875% 25,700 602,665 
Plymouth Industrial REIT, Inc. Series A, 7.50% 28,100 703,343 
Prologis, Inc. Series Q, 8.54% 15,800 1,094,774 
PS Business Parks, Inc. Series U, 5.75% 102,483 2,568,224 
Public Storage:   
Series F, 5.15% 28,000 664,440 
Series G, 5.05% 7,100 165,927 
Series Y, 6.375% 19,826 513,890 
RAIT Financial Trust:   
7.125% 82,863 1,963,024 
7.625% 46,080 937,728 
Rexford Industrial Realty, Inc.:   
Series A, 5.875% 25,000 590,750 
Series B, 5.875% (b) 49,100 1,144,030 
Sabra Health Care REIT, Inc. Series A, 7.125% 99,665 2,514,538 
Saul Centers, Inc.:   
Series C, 6.875% 69,596 1,749,650 
Series D, 6.125% (b) 15,000 370,008 
Sotherly Hotels, Inc.:   
Series B, 8.00% 12,000 302,039 
Series C, 7.875% 18,100 452,319 
Spirit Realty Capital, Inc. Series A, 6.00% 15,500 376,340 
Stag Industrial, Inc.:   
Series B, 6.625% 10,000 252,300 
Series C, 6.875% 17,000 433,532 
Summit Hotel Properties, Inc.:   
Series D, 6.45% 40,000 1,008,000 
Series E, 6.25% 32,000 798,400 
Sunstone Hotel Investors, Inc.:   
Series E, 6.95% 8,000 204,800 
Series F, 6.45% 16,000 405,120 
Taubman Centers, Inc. Series K, 6.25% 19,561 493,231 
UMH Properties, Inc.:   
Series B, 8.00% 150,700 4,120,138 
Series C, 6.75% 58,520 1,471,778 
Series D, 6.375% 19,700 478,907 
Urstadt Biddle Properties, Inc.:   
Series G, 6.75% 33,500 869,660 
Series H, 6.25% 48,000 1,192,800 
VEREIT, Inc. Series F, 6.70% 259,383 6,533,858 
WP Glimcher, Inc.:   
Series H, 7.50% 53,575 1,268,656 
Series I, 6.875% 10,483 246,020 
  101,257,758 
Real Estate Management & Development - 0.1%   
Landmark Infrastructure Partners LP Series B, 7.90% 20,800 516,880 
TOTAL REAL ESTATE  101,774,638 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
Brookfield Infrastructure Partners LP Series 5, 5.35% 30,700 642,204 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  186,002,397 
TOTAL PREFERRED STOCKS   
(Cost $201,758,599)  204,562,987 
 Principal Amount Value 
Corporate Bonds - 25.5%   
Convertible Bonds - 7.3%   
FINANCIALS - 5.7%   
Diversified Financial Services - 0.1%   
Granite Point Mortgage Trust, Inc. 5.625% 12/1/22 (c) 1,120,000 1,104,583 
Mortgage Real Estate Investment Trusts - 5.6%   
Arbor Realty Trust, Inc. 5.375% 11/15/20 700,000 700,622 
Blackstone Mortgage Trust, Inc. 4.375% 5/5/22 2,940,000 2,894,598 
Colony Financial, Inc.:   
3.875% 1/15/21 3,220,000 3,125,165 
5% 4/15/23 3,395,000 3,354,386 
IAS Operating Partnership LP 5% 3/15/18 (c) 8,460,000 8,460,000 
PennyMac Corp. 5.375% 5/1/20 6,884,000 6,747,298 
Redwood Trust, Inc. 4.625% 4/15/18 2,200,000 2,202,200 
Resource Capital Corp.:   
4.5% 8/15/22 870,000 840,540 
6% 12/1/18 1,110,000 1,122,488 
8% 1/15/20 1,810,000 1,891,450 
RWT Holdings, Inc. 5.625% 11/15/19 11,250,000 11,362,815 
Starwood Property Trust, Inc. 4.375% 4/1/23 2,680,000 2,692,864 
Two Harbors Investment Corp. 6.25% 1/15/22 780,000 791,845 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 3,570,000 3,492,610 
  49,678,881 
TOTAL FINANCIALS  50,783,464 
REAL ESTATE - 1.6%   
Equity Real Estate Investment Trusts (REITs) - 1.6%   
American Realty Capital Properties, Inc. 3.75% 12/15/20 8,660,000 8,780,062 
RAIT Financial Trust 4% 10/1/33 6,300,000 5,953,091 
  14,733,153 
TOTAL CONVERTIBLE BONDS  65,516,617 
Nonconvertible Bonds - 18.2%   
CONSUMER DISCRETIONARY - 4.6%   
Hotels, Restaurants & Leisure - 0.9%   
ESH Hospitality, Inc. 5.25% 5/1/25 (c) 3,460,000 3,485,950 
FelCor Lodging LP 6% 6/1/25 1,380,000 1,435,200 
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 6.125% 12/1/24 460,000 504,850 
Times Square Hotel Trust 8.528% 8/1/26 (c) 2,100,354 2,418,226 
  7,844,226 
Household Durables - 3.7%   
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.75% 8/1/25 (c) 1,435,000 1,438,588 
6.875% 2/15/21 (c) 2,669,000 2,709,035 
Beazer Homes U.S.A., Inc.:   
5.875% 10/15/27 (c) 1,280,000 1,276,800 
6.75% 3/15/25 1,035,000 1,086,750 
8.75% 3/15/22 1,330,000 1,453,025 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. 6.125% 7/1/22 (c) 1,060,000 1,102,082 
Brookfield Residential Properties, Inc.:   
6.375% 5/15/25 (c) 2,000,000 2,110,000 
6.5% 12/15/20 (c) 2,425,000 2,473,500 
CalAtlantic Group, Inc. 5.875% 11/15/24 315,000 343,350 
D.R. Horton, Inc.:   
4.375% 9/15/22 825,000 859,171 
5.75% 8/15/23 490,000 543,558 
KB Home 8% 3/15/20 2,395,000 2,613,544 
Lennar Corp. 4.5% 4/30/24 590,000 596,667 
M/I Homes, Inc.:   
5.625% 8/1/25 490,000 498,575 
6.75% 1/15/21 735,000 760,725 
Meritage Homes Corp.:   
5.125% 6/6/27 885,000 896,063 
6% 6/1/25 2,085,000 2,246,588 
7% 4/1/22 2,005,000 2,250,613 
7.15% 4/15/20 1,940,000 2,095,200 
New Home Co. LLC 7.25% 4/1/22 1,640,000 1,713,800 
Ryland Group, Inc. 6.625% 5/1/20 445,000 476,150 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (c) 760,000 811,300 
TRI Pointe Homes, Inc. 5.25% 6/1/27 875,000 883,750 
William Lyon Homes, Inc.:   
5.875% 1/31/25 455,000 465,238 
7% 8/15/22 1,245,000 1,288,575 
  32,992,647 
Media - 0.0%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. 5.625% 2/15/24 240,000 245,700 
TOTAL CONSUMER DISCRETIONARY  41,082,573 
CONSUMER STAPLES - 0.7%   
Food & Staples Retailing - 0.7%   
Albertsons Companies LLC/Safeway, Inc./New Albertson's, Inc./Albertson's LLC:   
5.75% 3/15/25 2,670,000 2,382,975 
6.625% 6/15/24 1,900,000 1,805,000 
Albertsons, Inc. 8.7% 5/1/30 845,000 792,188 
C&S Group Enterprises LLC 5.375% 7/15/22 (c) 1,280,000 1,196,800 
Cumberland Farms, Inc. 6.75% 5/1/25 (c) 365,000 389,638 
  6,566,601 
FINANCIALS - 0.6%   
Diversified Financial Services - 0.4%   
Brixmor Operating Partnership LP 3.85% 2/1/25 1,659,000 1,636,327 
Five Point Operation Co. LP 7.875% 11/15/25 (c) 1,125,000 1,147,500 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.875% 2/1/22 820,000 835,375 
6.25% 2/1/22 (c) 280,000 288,400 
  3,907,602 
Mortgage Real Estate Investment Trusts - 0.1%   
Starwood Property Trust, Inc. 4.75% 3/15/25 (c) 700,000 691,250 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC 8.375% 11/15/22 (c) 690,000 700,350 
TOTAL FINANCIALS  5,299,202 
HEALTH CARE - 1.1%   
Health Care Providers & Services - 1.1%   
QCP SNF West (REIT) LLC 8.125% 11/1/23 (c) 1,255,000 1,292,650 
Sabra Health Care LP/Sabra Capital Corp.:   
5.375% 6/1/23 4,040,000 4,130,900 
5.5% 2/1/21 4,450,000 4,566,813 
  9,990,363 
INDUSTRIALS - 0.1%   
Building Products - 0.1%   
Shea Homes Ltd. Partnership/Corp. 6.125% 4/1/25 (c) 650,000 677,625 
INFORMATION TECHNOLOGY - 0.1%   
Internet Software & Services - 0.1%   
CyrusOne LP/CyrusOne Finance Corp. 5% 3/15/24 615,000 627,300 
REAL ESTATE - 11.0%   
Equity Real Estate Investment Trusts (REITs) - 8.8%   
American Campus Communities Operating Partnership LP 4.125% 7/1/24 1,000,000 1,026,723 
American Homes 4 Rent 4.25% 2/15/28 2,000,000 1,988,840 
ARC Properties Operating Partnership LP 4.6% 2/6/24 1,640,000 1,699,299 
Care Capital Properties LP 5.125% 8/15/26 3,451,000 3,421,164 
CBL & Associates LP:   
4.6% 10/15/24 5,401,000 4,761,484 
5.25% 12/1/23 3,500,000 3,273,764 
5.95% 12/15/26 2,434,000 2,242,924 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 890,000 901,125 
CubeSmart LP 4.8% 7/15/22 1,000,000 1,057,083 
DCT Industrial Operating Partnership LP 4.5% 10/15/23 2,000,000 2,063,930 
DDR Corp.:   
3.625% 2/1/25 148,000 145,792 
4.625% 7/15/22 370,000 387,230 
Equinix, Inc. 5.375% 5/15/27 1,175,000 1,233,750 
HCP, Inc.:   
4% 6/1/25 2,000,000 2,034,503 
4.25% 11/15/23 1,185,000 1,231,733 
Health Care REIT, Inc.:   
4% 6/1/25 1,010,000 1,030,034 
4.125% 4/1/19 1,000,000 1,014,924 
Healthcare Realty Trust, Inc. 3.75% 4/15/23 967,000 974,734 
Highwoods/Forsyth LP 3.625% 1/15/23 393,000 392,834 
Hospitality Properties Trust 5% 8/15/22 823,000 869,165 
iStar Financial, Inc.:   
4.625% 9/15/20 1,140,000 1,154,250 
5% 7/1/19 4,235,000 4,253,528 
5.25% 9/15/22 715,000 713,213 
6% 4/1/22 1,490,000 1,523,525 
Lexington Corporate Properties Trust:   
4.25% 6/15/23 2,500,000 2,496,745 
4.4% 6/15/24 385,000 383,577 
MPT Operating Partnership LP/MPT Finance Corp.:   
5% 10/15/27 1,030,000 1,019,906 
5.25% 8/1/26 795,000 818,850 
6.375% 3/1/24 790,000 842,140 
National Retail Properties, Inc. 3.5% 10/15/27 579,000 558,286 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 579,000 580,145 
4.5% 4/1/27 455,000 436,357 
4.75% 1/15/28 1,479,000 1,437,194 
4.95% 4/1/24 627,000 645,322 
Potlatch Corp. 7.5% 11/1/19 811,000 871,825 
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20 811,000 887,812 
Regency Centers LP 3.6% 2/1/27 442,000 431,645 
SBA Communications Corp. 4% 10/1/22 (c) 425,000 418,625 
Select Income REIT:   
4.15% 2/1/22 1,992,000 1,991,048 
4.25% 5/15/24 890,000 872,634 
4.5% 2/1/25 3,457,000 3,424,007 
Senior Housing Properties Trust:   
3.25% 5/1/19 500,000 501,371 
4.75% 5/1/24 11,978,000 12,350,097 
6.75% 4/15/20 576,000 609,458 
6.75% 12/15/21 2,000,000 2,188,802 
VEREIT Operating Partnership LP 4.875% 6/1/26 2,055,000 2,131,298 
WP Carey, Inc.:   
4% 2/1/25 344,000 342,536 
4.25% 10/1/26 905,000 909,200 
4.6% 4/1/24 1,968,000 2,027,045 
  78,571,476 
Real Estate Management & Development - 2.2%   
Greystar Real Estate Partners 5.75% 12/1/25 (c) 985,000 1,012,088 
Host Hotels & Resorts LP 6% 10/1/21 485,000 527,278 
Howard Hughes Corp. 5.375% 3/15/25 (c) 2,930,000 2,959,300 
Hunt Companies, Inc. 9.625% 3/1/21 (c) 1,540,000 1,622,390 
Kennedy-Wilson, Inc. 5.875% 4/1/24 5,500,000 5,637,500 
Mattamy Group Corp.:   
6.5% 10/1/25 (c) 815,000 858,806 
6.875% 12/15/23 (c) 1,985,000 2,099,138 
Mid-America Apartments LP:   
3.75% 6/15/24 337,000 341,705 
4.3% 10/15/23 740,000 773,103 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625% 3/1/24 (c) 495,000 520,369 
Washington Prime Group LP 5.95% 8/15/24 3,590,000 3,643,370 
  19,995,047 
TOTAL REAL ESTATE  98,566,523 
TOTAL NONCONVERTIBLE BONDS  162,810,187 
TOTAL CORPORATE BONDS   
(Cost $219,295,600)  228,326,804 
Asset-Backed Securities - 3.5%   
American Homes 4 Rent:   
Series 2014-SFR3 Class E, 6.418% 12/17/36 (c) 1,740,000 1,950,813 
Series 2015-SFR1 Class E, 5.639% 4/17/52 (c) 1,354,586 1,460,011 
Series 2015-SFR2:   
Class E, 6.07% 10/17/45 (c) 1,624,000 1,795,549 
Class XS, 0% 10/17/45 (c)(d)(e)(f) 944,061 9 
Colony American Homes Series 2014-2A Class F, 1 month U.S. LIBOR + 3.350% 4.827% 7/17/31 (c)(d)(g) 786,614 789,114 
Colony Starwood Homes Series 2016-2A Class F, 1 month U.S. LIBOR + 4.150% 5.627% 12/17/33 (c)(d)(g) 1,500,000 1,555,315 
Conseco Finance Securitizations Corp.:   
Series 2002-1 Class M2, 9.546% 12/1/33 1,216,000 1,299,298 
Series 2002-2 Class M2, 9.163% 3/1/33 1,853,371 1,697,101 
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 442,179 452,958 
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.539% 5.0739% 7/17/34 (c)(d)(g) 1,099,000 1,123,392 
Home Partners of America Trust Series 2016-2 Class F, 1 month U.S. LIBOR + 5.250% 6.1595% 10/17/33 (c)(d)(g) 607,000 623,256 
Invitation Homes Trust:   
Series 2015-SFR2 Class E, 1 month U.S. LIBOR + 3.150% 4.6408% 6/17/32 (c)(d)(g) 450,000 453,522 
Series 2015-SFR3 Class F, 1 month U.S. LIBOR + 3.650% 6.2095% 8/17/32 (c)(d)(g) 2,000,000 2,031,938 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 3.000% 4.4908% 12/17/36 (c)(d)(g) 1,407,000 1,434,288 
Series 2018-SFR1 Class F, 1 month U.S. LIBOR + 3.100% 4.611% 3/17/37 (c)(d)(g)(h) 2,058,000 2,067,920 
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 2,665,189 1,860,638 
Progress Residential Trust:   
Series 2015-SFR3 Class F, 6.643% 11/12/32 (c) 588,000 618,852 
Series 2016-SFR1 Class F, 1 month U.S. LIBOR + 5.000% 6.4595% 9/17/33 (c)(d)(g) 1,541,000 1,589,039 
Series 2017-SFR1 Class F, 5.35% 8/17/34 (c) 526,000 536,849 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 2.750% 4.836% 12/17/34 (c)(g) 426,000 423,913 
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33 211,372 152,191 
Starwood Waypoint Homes Trust Series 2017-1:   
Class E, 1 month U.S. LIBOR + 2.600% 4.0908% 1/17/35 (c)(d)(g) 994,000 1,007,351 
Class F, 1 month U.S. LIBOR + 3.400% 4.8908% 1/17/35 (c)(d)(g) 2,132,000 2,131,994 
Tricon American Homes:   
Series 2017-SFR1 Class F, 5.151% 9/17/34 (c) 1,432,000 1,441,391 
Series 2017-SFR2 Class F, 5.16% 1/17/36 (c) 628,000 617,211 
Tricon American Homes Trust Series 2016-SFR1 Class F, 5.769% 11/17/33 (c) 456,000 470,233 
VB-S1 Issuer LLC Series 2016-1A Class F, 6.901% 6/15/46 (c) 1,453,000 1,478,451 
TOTAL ASSET-BACKED SECURITIES   
(Cost $29,931,473)  31,062,597 
Collateralized Mortgage Obligations - 0.4%   
Private Sponsor - 0.4%   
FREMF Mortgage Trust:   
Series 2010-K6 Class B, 5.3671% 12/25/46 (c)(d) 811,000 845,103 
Series 2010-K7 Class B, 5.6853% 4/25/20 (c)(d) 2,605,000 2,735,219 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   
(Cost $3,348,837)  3,580,322 
Commercial Mortgage Securities - 22.8%   
Aventura Mall Trust Series 2013-AVM Class E, 3.7427% 12/5/32 (c)(d) 2,000,000 2,008,403 
BANK Series 2017-BNK4 Class D, 3.357% 5/15/50 (c) 588,000 487,014 
Barclays Commercial Mortgage Securities LLC Series 2015-STP:   
Class E, 4.2844% 9/10/28 (c)(d) 1,626,000 1,566,188 
Class F, 4.4272% 9/10/28 (c)(d) 800,000 731,353 
BX Trust Series 2017-IMC Class F, 1 month U.S. LIBOR + 4.250% 5.8095% 10/15/32 (c)(d)(g) 2,119,000 2,129,578 
CCRESG Commercial Mortgage Trust Series 2016-HEAT:   
Class E, 5.4883% 4/10/29 (c)(d) 806,000 776,290 
Class F, 5.4883% 4/10/29 (c)(d) 1,890,000 1,792,224 
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (c) 2,188,000 1,813,099 
CGBAM Commercial Mortgage Trust Series 2015-SMRT:   
Class E, 3.7859% 4/10/28 (c)(d) 561,000 560,515 
Class F, 3.7859% 4/10/28 (c)(d) 1,882,000 1,861,034 
CGMS Commercial Mortgage Trust Series 2017-MDRB Class E, 1 month U.S. LIBOR + 3.872% 5.431% 7/15/30 (c)(d)(g) 1,154,000 1,148,638 
Chase Commercial Mortgage Securities Corp. Series 1998-1 Class H, 6.34% 5/18/30 (c) 124,607 127,044 
Citigroup Commercial Mortgage Trust:   
Series 2013-GC15 Class D, 5.0989% 9/10/46 (c)(d) 2,496,000 2,383,533 
Series 2015-SHP2 Class E, 1 month U.S. LIBOR + 4.100% 5.9095% 7/15/27 (c)(d)(g) 567,000 570,575 
Series 2016-C3 Class D, 3% 11/15/49 (c) 2,911,000 2,229,551 
Series 2016-SMPL Class E, 4.509% 9/10/31 (c) 299,000 298,903 
COMM Mortgage Trust:   
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (c) 2,000,000 1,506,349 
Series 2012-CR1:   
Class C, 5.3197% 5/15/45 (d) 3,000,000 3,131,506 
Class D, 5.3197% 5/15/45 (c)(d) 1,917,000 1,866,943 
Class G, 2.462% 5/15/45 (c) 399,000 241,289 
Series 2012-LC4:   
Class C, 5.6049% 12/10/44 (d) 780,000 799,943 
Class D, 5.6049% 12/10/44 (c)(d) 3,532,000 3,163,657 
Series 2013-CCRE6 Class E, 4.067% 3/10/46 (c)(d) 147,000 117,633 
Series 2013-CR10 Class D, 4.7886% 8/10/46 (c)(d) 1,756,000 1,534,660 
Series 2013-CR12 Class D, 5.0787% 10/10/46 (c)(d) 2,900,000 2,424,604 
Series 2013-CR6 Class F, 4.0668% 3/10/46 (c)(d) 1,459,000 933,756 
Series 2013-CR9 Class D, 4.2541% 7/10/45 (c)(d) 790,000 677,451 
Series 2013-LC6 Class D, 4.3076% 1/10/46 (c)(d) 2,732,000 2,545,468 
Series 2014-UBS2 Class D, 5.0146% 3/10/47 (c)(d) 537,000 455,434 
Series 2016-CD1 Class D, 2.7711% 8/10/49 (c)(d) 2,104,000 1,677,677 
Series 2017-CD4 Class D, 3.3% 5/10/50 (c) 450,000 372,973 
COMM Mortgage Trust pass-thru certificates Series 2005-LP5 Class F, 4.5975% 5/10/43 (c)(d) 1,924,053 1,917,361 
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2 Class D, 4.832% 8/15/45 (c)(d) 500,000 494,533 
Core Industrial Trust:   
Series 2015-TEXW Class F, 3.8487% 2/10/34 (c)(d) 2,067,000 2,007,944 
Series 2015-WEST Class F, 4.2268% 2/10/37 (c)(d) 2,496,000 2,397,079 
CSAIL Commercial Mortgage Trust:   
Series 2017-C8 Class D, 4.47% 6/15/50 (c) 752,000 672,003 
Series 2017-CX10 Class UESD, 4.2366% 11/15/27 (c)(d) 840,000 809,008 
Series 2017-CX9 Class D, 4.161% 9/15/50 (c) 432,000 376,294 
CSMC Trust:   
floater Series 2015-DEAL:   
Class E, 1 month U.S. LIBOR + 4.000% 5.559% 4/15/29 (c)(d)(g) 2,000,000 2,006,828 
Class F, 1 month U.S. LIBOR + 4.750% 6.309% 4/15/29 (c)(d)(g) 3,697,000 3,697,001 
Series 2016-MFF Class F, 1 month U.S. LIBOR + 7.250% 8.727% 11/15/33 (c)(d)(g) 2,700,000 2,729,239 
DBCCRE Mortgage Trust Series 2014-ARCP Class E, 4.9345% 1/10/34 (c)(d) 2,047,000 1,822,405 
DBUBS Mortgage Trust:   
Series 2011-LC1A:   
Class E, 5.6978% 11/10/46 (c)(d) 2,745,000 2,861,046 
Class G, 4.652% 11/10/46 (c) 2,640,000 2,324,776 
Series 2011-LC3A Class D, 5.3404% 8/10/44 (c)(d) 728,000 756,512 
Freddie Mac pass-thru certificates:   
Series K011 Class X3, 2.577% 12/25/43 (d)(e) 4,947,000 338,331 
Series K012 Class X3, 2.252% 1/25/41 (d)(e) 2,799,981 171,429 
Series K013 Class X3, 2.9089% 1/25/43 (d)(e) 4,806,000 377,916 
GAHR Commercial Mortgage Trust Series 2015-NRF:   
Class DFX, 3.3822% 12/15/34 (c)(d) 300,000 299,854 
Class EFX, 3.3822% 12/15/34 (c)(d) 2,947,000 2,917,258 
Class FFX, 3.3822% 12/15/34 (c)(d) 2,608,000 2,569,729 
Class GFX, 3.3822% 12/15/34 (c)(d) 2,333,000 2,286,509 
GMAC Commercial Mortgage Securities, Inc. Series 1997-C2 Class G, 6.75% 4/15/29 (d) 53,447 53,509 
GP Portfolio Trust Series 2014-GPP Class E, 1 month U.S. LIBOR + 4.100% 5.577% 2/15/27 (c)(d)(g) 1,615,000 1,588,835 
GS Mortgage Securities Trust:   
Series 2010-C2 Class D, 5.1827% 12/10/43 (c)(d) 2,000,000 2,020,846 
Series 2011-GC5:   
Class D, 5.3984% 8/10/44 (c)(d) 2,075,000 2,010,190 
Class E, 5.3984% 8/10/44 (c)(d) 756,000 613,050 
Class F, 4.5% 8/10/44 (c) 588,000 297,329 
Series 2012-GC6:   
Class C, 5.6521% 1/10/45 (c)(d) 2,400,000 2,498,267 
Class D, 5.6521% 1/10/45 (c)(d) 1,816,000 1,735,359 
Class E, 5% 1/10/45 (c)(d) 831,000 710,609 
Series 2012-GCJ7:   
Class C, 5.7014% 5/10/45 (d) 3,500,000 3,657,403 
Class D, 5.7014% 5/10/45 (c)(d) 3,425,000 3,326,063 
Class E, 5% 5/10/45 (c) 1,760,000 1,435,086 
Series 2012-GCJ9 Class D, 4.7478% 11/10/45 (c)(d) 1,507,000 1,449,213 
Series 2013-GC14 Class D, 4.7629% 8/10/46 (c)(d) 320,000 308,801 
Series 2013-GC16:   
Class D, 5.3271% 11/10/46 (c)(d) 3,250,000 3,088,942 
Class F, 3.5% 11/10/46 (c) 1,428,000 1,019,079 
Series 2014-NEW Class D, 3.79% 1/10/31 (c) 490,000 492,000 
Series 2016-GS3 Class D, 2.728% 10/10/49 (c) 602,000 471,890 
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (c) 5,523,000 5,416,406 
Series 2016-RENT:   
Class E, 4.0667% 2/10/29 (c)(d) 285,000 279,497 
Class F, 4.0667% 2/10/29 (c)(d) 3,110,000 2,890,416 
Hilton U.S.A. Trust:   
Series 2016-HHV Class F, 4.1935% 11/5/38 (c)(d) 1,460,000 1,282,037 
Series 2016-SFP Class F, 6.0801% 11/5/35 (c) 4,443,000 4,435,718 
IMT Trust Series 2017-APTS:   
Class EFX, 3.4966% 6/15/34 (c)(d) 1,589,000 1,505,592 
Class FFL, 1 month U.S. LIBOR + 2.850% 4.327% 6/15/34 (c)(d)(g) 664,000 666,486 
JPMBB Commercial Mortgage Securities Trust:   
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (c) 1,526,000 1,303,286 
Series 2014-C26 Class D, 3.9241% 1/15/48 (c)(d) 602,000 516,025 
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.4619% 12/15/49 (c) 1,809,000 1,481,064 
JPMDB Commercial Mortgage Securities Trust Series 2016-C4 Class D, 3.0956% 12/15/49 (c)(d) 1,308,000 1,051,862 
JPMorgan Chase Commercial Mortgage Securities Corp.:   
Series 2003-C1 Class F, 5.4826% 1/12/37 (c)(d) 563,438 583,070 
Series 2009-IWST Class D, 7.4453% 12/5/27 (c)(d) 2,779,000 2,973,354 
Series 2010-CNTR Class D, 6.1838% 8/5/32 (c)(d) 1,216,000 1,277,273 
Series 2012-CBX:   
Class C, 5.2137% 6/15/45 (d) 1,240,000 1,279,497 
Class E, 5.2137% 6/15/45 (c)(d) 865,000 851,384 
Class G 4% 6/15/45 (c) 805,000 446,092 
JPMorgan Chase Commercial Mortgage Securities Trust:   
Series 2005-LDP2 Class E, 4.981% 7/15/42 (d) 71,980 73,137 
Series 2011-C3:   
Class E, 5.6311% 2/15/46 (c)(d) 1,155,000 1,146,427 
Class H, 4.409% 2/15/46 (c)(d) 1,320,000 965,162 
Series 2011-C4 Class E, 5.5344% 7/15/46 (c)(d) 1,390,000 1,409,774 
Series 2013-LC11:   
Class D, 4.2027% 4/15/46 (d) 1,207,000 1,115,417 
Class F, 3.25% 4/15/46 (c)(d) 482,000 279,503 
Series 2015-UES Class F, 3.621% 9/5/32 (c)(d) 1,843,000 1,797,281 
Merrill Lynch Mortgage Trust Series 2006-C1 Class AJ, 5.5942% 5/12/39 (d) 431,766 435,077 
Morgan Stanley BAML Trust:   
Series 2012-C5 Class E, 4.6875% 8/15/45 (c)(d) 670,000 660,057 
Series 2012-C6 Class D, 4.5752% 11/15/45 (c)(d) 2,000,000 2,011,995 
Series 2013-C12 Class D, 4.7638% 10/15/46 (c)(d) 1,500,000 1,434,808 
Series 2013-C13:   
Class D, 4.8894% 11/15/46 (c)(d) 2,935,000 2,757,180 
Class E, 4.8894% 11/15/46 (c)(d) 621,000 492,385 
Series 2013-C7:   
Class D, 4.2503% 2/15/46 (c)(d) 998,000 909,411 
Class E, 4.2503% 2/15/46 (c)(d) 1,490,000 1,154,560 
Series 2013-C9 Class C, 4.047% 5/15/46 (d) 588,000 578,820 
Series 2016-C30 Class D, 3% 9/15/49 (c) 963,000 715,853 
Series 2016-C31 Class D, 3% 11/15/49 (c)(d) 1,500,000 1,080,609 
Series 2016-C32 Class D, 3.396% 12/15/49 (c) 1,071,000 798,126 
Morgan Stanley Capital I Trust:   
sequential payer Series 2012-C4 Class E, 5.4205% 3/15/45 (c)(d) 2,586,000 2,204,982 
Series 1997-RR Class F, 7.51% 4/30/39 (c)(d) 57,610 57,466 
Series 1998-CF1 Class G, 7.35% 7/15/32 (c) 730,200 709,317 
Series 2011-C2:   
Class D, 5.4831% 6/15/44 (c)(d) 1,586,000 1,571,025 
Class E, 5.4831% 6/15/44 (c)(d) 2,396,000 2,261,281 
Class F, 5.4831% 6/15/44 (c)(d) 1,467,000 1,243,568 
Class XB, 0.5345% 6/15/44 (c)(d)(e) 51,641,000 830,620 
Series 2011-C3:   
Class C, 5.1549% 7/15/49 (c)(d) 2,000,000 2,097,294 
Class E, 5.1549% 7/15/49 (c)(d) 255,000 247,565 
Class F, 5.1549% 7/15/49 (c)(d) 572,000 527,708 
Class G, 5.1549% 7/15/49 (c)(d) 715,000 598,809 
Series 2012-C4 Class D, 5.4205% 3/15/45 (c)(d) 1,640,000 1,567,009 
Series 2015-MS1 Class D, 4.0301% 5/15/48 (c)(d) 1,922,000 1,639,514 
Series 2015-UBS8 Class D, 3.18% 12/15/48 (c) 987,000 834,394 
Series 2016-BNK2 Class C, 3% 11/15/49 (c) 2,312,000 1,864,243 
Motel 6 Trust floater:   
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.927% 8.4035% 8/15/19 (c)(d)(g) 1,352,451 1,360,900 
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 5.727% 8/15/34 (c)(d)(g) 2,305,609 2,322,884 
MSCG Trust Series 2016-SNR:   
Class D, 6.55% 11/15/34 (c) 3,328,000 3,350,283 
Class E, 6.8087% 11/15/34 (c) 2,055,000 1,956,267 
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (c)(d) 1,000,000 931,190 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (c) 1,179,527 1,444,331 
UBS Commercial Mortgage Trust Series 2012-C1:   
Class D, 5.5454% 5/10/45 (c)(d) 645,000 641,696 
Class E, 5% 5/10/45 (c)(d) 1,165,000 986,714 
Class F, 5% 5/10/45 (c)(d) 399,000 271,612 
UBS-BAMLL Trust Series 12-WRM Class D, 4.238% 6/10/30 (c)(d) 1,460,000 1,421,689 
Wells Fargo Commercial Mortgage Trust:   
Series 2012-LC5:   
Class D, 4.7647% 10/15/45 (c)(d) 492,000 443,599 
Class E, 4.7647% 10/15/45 (c)(d) 1,298,000 1,047,172 
Series 2016-BNK1 Class D, 3% 8/15/49 (c) 1,260,000 1,013,978 
Series 2016-C35 Class D, 3.142% 7/15/48 (c) 3,317,000 2,382,156 
Series 2016-NXS6 Class D, 3.059% 11/15/49 (c) 906,000 683,142 
Series 2017-C38 Class D, 3% 7/15/50 (c)(d) 757,000 602,436 
WF-RBS Commercial Mortgage Trust:   
Series 2011-C3:   
Class C, 5.335% 3/15/44 (c) 2,100,000 2,179,415 
Class D, 5.6402% 3/15/44 (c)(d) 1,000,000 874,454 
Series 2011-C5:   
Class C, 5.6716% 11/15/44 (c)(d) 1,250,000 1,339,255 
Class E, 5.6716% 11/15/44 (c)(d) 693,000 698,900 
Class F, 5.25% 11/15/44 (c)(d) 2,000,000 1,734,498 
Class G, 5.25% 11/15/44 (c)(d) 1,000,000 811,460 
Series 2012-C10 Class E, 4.4476% 12/15/45 (c)(d) 910,000 686,526 
Series 2012-C7 Class D, 4.8255% 6/15/45 (c)(d) 620,000 534,323 
Series 2012-C8 Class E, 4.8935% 8/15/45 (c)(d) 524,000 502,343 
Series 2013-C16 Class D, 5.0286% 9/15/46 (c)(d) 673,000 637,013 
Series 2013-UBS1 Class D, 4.6237% 3/15/46 (c)(d) 859,000 794,960 
WFCG Commercial Mortgage Trust floater Series 2015-BXRP:   
Class F, 1 month U.S. LIBOR + 3.721% 5.1973% 11/15/29 (c)(d)(g) 952,061 953,599 
Class G, 1 month U.S. LIBOR + 3.001% 4.497% 11/15/29 (c)(d)(g) 1,614,085 1,593,166 
WP Glimcher Mall Trust Series 2015-WPG:   
Class PR1, 3.516% 6/5/35 (c)(d) 1,168,000 898,559 
Class PR2, 3.516% 6/5/35 (c)(d) 459,000 328,593 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $198,814,894)  204,279,360 
Bank Loan Obligations - 4.5%   
CONSUMER DISCRETIONARY - 0.7%   
Hotels, Restaurants & Leisure - 0.5%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.3235% 12/22/24(d)(g) 570,000 576,629 
ESH Hospitality, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.8235% 8/30/23 (d)(g) 794,973 801,499 
Four Seasons Holdings, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.500% 4.0735% 11/30/23 (d)(g) 534,600 539,390 
La Quinta Intermediate Holdings LLC Tranche B LN, term loan 3 month U.S. LIBOR + 2.750% 4.4702% 4/14/21 (d)(g) 1,982,605 1,988,811 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 3.250% 4.9997% 4/27/24 (d)(g) 746,948 751,848 
  4,658,177 
Multiline Retail - 0.2%   
JC Penney Corp., Inc. Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.7288% 6/23/23 (d)(g) 1,902,381 1,831,841 
TOTAL CONSUMER DISCRETIONARY  6,490,018 
CONSUMER STAPLES - 0.5%   
Food & Staples Retailing - 0.5%   
Albertson's LLC Tranche B, term loan:   
3 month U.S. LIBOR + 3.000% 4.4623% 6/22/23 (d)(g) 2,373,075 2,356,511 
3 month U.S. LIBOR + 3.000% 4.6746% 12/21/22 (d)(g) 2,107,407 2,094,468 
  4,450,979 
ENERGY - 0.7%   
Oil, Gas & Consumable Fuels - 0.7%   
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 7.4434% 12/19/20 (d)(g) 3,657,439 3,616,292 
Panda Temple Power, LLC term loan 3 month U.S. LIBOR + 6.000% 7.6934% 4/3/19 (d)(g) 1,477,556 1,348,270 
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.3235% 10/2/23 (d)(g) 1,702,241 1,724,591 
  6,689,153 
FINANCIALS - 0.3%   
Real Estate Management & Development - 0.2%   
DTZ U.S. Borrower LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.250% 4.8245% 11/4/21 (d)(g) 2,412,439 2,411,088 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.5595% 12/5/20(d)(g) 701,966 703,721 
TOTAL FINANCIALS  3,114,809 
HEALTH CARE - 0.2%   
Health Care Providers & Services - 0.2%   
Community Health Systems, Inc. Tranche H, term loan 3 month U.S. LIBOR + 3.000% 4.4788% 1/27/21 (d)(g) 1,602,478 1,571,342 
INFORMATION TECHNOLOGY - 0.1%   
Electronic Equipment & Components - 0.1%   
Compass Power Generation LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.3908% 12/20/24 (d)(g) 560,000 566,653 
REAL ESTATE - 1.2%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 3.2595% 2/6/22 (d)(g) 5,000,000 4,843,750 
iStar Financial, Inc. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.5572% 10/1/21 (d)(g) 1,239,170 1,253,111 
QCP SNF West (REIT) LLC Tranche B, term loan 3 month U.S. LIBOR + 5.250% 6.8235% 10/31/22 (d)(g) 1,197,900 1,210,634 
  7,307,495 
Real Estate Management & Development - 0.4%   
Capital Automotive LP Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.500% 4.0735% 3/24/24 (d)(g) 556,093 559,224 
Simply Storage Management LLC 8.2375% 9/6/21 (d)(f) 3,026,000 3,026,000 
  3,585,224 
TOTAL REAL ESTATE  10,892,719 
UTILITIES - 0.8%   
Electric Utilities - 0.3%   
Lightstone Holdco LLC:   
Tranche B, term loan 3 month U.S. LIBOR + 4.500% 6.0735% 1/30/24 (d)(g) 1,806,312 1,813,989 
Tranche C, term loan 3 month U.S. LIBOR + 4.500% 6.0735% 1/30/24 (d)(g) 114,696 115,183 
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.08% 12/2/21 (d)(g) 482,280 467,812 
  2,396,984 
Independent Power and Renewable Electricity Producers - 0.5%   
APLP Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 4.250% 5.0735% 4/13/23 (d)(g) 1,511,919 1,525,148 
Dynegy, Inc. Tranche C-2, term loan 3 month U.S. LIBOR + 2.750% 4.3112% 2/7/24 (d)(g) 281,347 284,034 
MRP Generation Holdings LLC Tranche B, term loan 3 month U.S. LIBOR + 7.000% 8.6934% 10/18/22 (d)(g) 2,591,581 2,500,876 
  4,310,058 
TOTAL UTILITIES  6,707,042 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $40,344,129)  40,482,715 
 Shares Value 
Money Market Funds - 5.8%   
Fidelity Cash Central Fund, 1.39% (i) 50,233,760 50,243,807 
Fidelity Securities Lending Cash Central Fund 1.40% (i)(j) 1,352,557 1,352,693 
TOTAL MONEY MARKET FUNDS   
(Cost $51,592,783)  51,596,500 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $857,268,536)  892,778,108 
NET OTHER ASSETS (LIABILITIES) - 0.3%  2,280,852 
NET ASSETS - 100%  $895,058,960 

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $264,713,101 or 29.6% of net assets.

 (d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (e) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

 (f) Level 3 security

 (g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (h) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (j) Investment made with cash collateral received from securities on loan.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $206,283 
Fidelity Securities Lending Cash Central Fund 2,009 
Total $208,292 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $2,582,320 $2,582,320 $-- $-- 
Financials 112,933,012 104,786,716 8,146,296 -- 
Real Estate 217,292,274 205,783,206 11,509,068 -- 
Utilities 642,204 642,204 -- -- 
Corporate Bonds 228,326,804 -- 228,326,804 -- 
Asset-Backed Securities 31,062,597 -- 31,062,588 9 
Collateralized Mortgage Obligations 3,580,322 -- 3,580,322 -- 
Commercial Mortgage Securities 204,279,360 -- 204,279,360 -- 
Bank Loan Obligations 40,482,715 -- 37,456,715 3,026,000 
Money Market Funds 51,596,500 51,596,500 -- -- 
Total Investments in Securities: $892,778,108 $365,390,946 $524,361,153 $3,026,009 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

Investments in Securities:  
Bank Loan Obligations  
Beginning Balance $10,051,425 
Net Realized Gain (Loss) on Investment Securities (6,195) 
Net Unrealized Gain (Loss) on Investment Securities 9,485 
Cost of Purchases -- 
Proceeds of Sales (2,275,425) 
Amortization/Accretion (3,290) 
Transfers into Level 3 -- 
Transfers out of Level 3 (4,750,000) 
Ending Balance $3,026,000 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $(256) 
Other Investments in Securities  
Beginning Balance $277,268 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (277,259) 
Ending Balance $9 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2018 $-- 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations 0.3% 
AAA,AA,A 3.1% 
BBB 14.2% 
BB 9.7% 
B 12.1% 
CCC,CC,C 1.5% 
Not Rated 15.8% 
Equities 37.2% 
Short-Term Investments and Net Other Assets 6.1% 
 100.0% 

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,354,704) — See accompanying schedule:
Unaffiliated issuers (cost $805,675,753) 		$841,181,608  
Fidelity Central Funds (cost $51,592,783) 51,596,500  
Total Investment in Securities (cost $857,268,536)  $892,778,108 
Cash  251,351 
Receivable for investments sold  5,585,459 
Receivable for fund shares sold  153,783 
Dividends receivable  331,188 
Interest receivable  4,652,857 
Distributions receivable from Fidelity Central Funds  53,480 
Other receivables  1,200 
Total assets  903,807,426 
Liabilities   
Payable for investments purchased   
Regular delivery $4,977,496  
Delayed delivery 2,058,000  
Payable for fund shares redeemed 352,501  
Other payables and accrued expenses 7,769  
Collateral on securities loaned 1,352,700  
Total liabilities  8,748,466 
Net Assets  $895,058,960 
Net Assets consist of:   
Paid in capital  $857,403,166 
Distributions in excess of net investment income  (1,334,907) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  3,481,148 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  35,509,553 
Net Assets  $895,058,960 
Series Real Estate Income:   
Net Asset Value, offering price and redemption price per share ($895,058,960 ÷ 83,058,601 shares)  $10.78 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $8,569,111 
Interest  14,916,079 
Income from Fidelity Central Funds  208,292 
Total income  23,693,482 
Expenses   
Custodian fees and expenses $7,890  
Independent trustees' fees and expenses 1,758  
Miscellaneous 1,307  
Total expenses before reductions 10,955  
Expense reductions (6,938) 4,017 
Net investment income (loss)  23,689,465 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 9,414,722  
Fidelity Central Funds 1,985  
Foreign currency transactions (479)  
Total net realized gain (loss)  9,416,228 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (32,366,269)  
Fidelity Central Funds (1,983)  
Assets and liabilities in foreign currencies (23)  
Total change in net unrealized appreciation (depreciation)  (32,368,275) 
Net gain (loss)  (22,952,047) 
Net increase (decrease) in net assets resulting from operations  $737,418 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $23,689,465 $43,527,164 
Net realized gain (loss) 9,416,228 9,060,937 
Change in net unrealized appreciation (depreciation) (32,368,275) (3,286,317) 
Net increase (decrease) in net assets resulting from operations 737,418 49,301,784 
Distributions to shareholders from net investment income (33,876,532) (41,562,413) 
Distributions to shareholders from net realized gain (12,651,932) (13,652,895) 
Total distributions (46,528,464) (55,215,308) 
Share transactions - net increase (decrease) 40,123,282 27,688,733 
Total increase (decrease) in net assets (5,667,764) 21,775,209 
Net Assets   
Beginning of period 900,726,724 878,951,515 
End of period $895,058,960 $900,726,724 
Other Information   
Undistributed net investment income end of period $– $8,852,160 
Distributions in excess of net investment income end of period $(1,334,907) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series Real Estate Income Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $11.34 $11.43 $11.13 $11.47 $11.41 $11.10 
Income from Investment Operations       
Net investment income (loss)A .29 .55 .52 .56 .58 .67 
Net realized and unrealized gain (loss) (.27) .06 .42 (.01) .31 .46 
Total from investment operations .02 .61 .94 .55 .89 1.13 
Distributions from net investment income (.42) (.52) (.53) (.61) (.59) (.66) 
Distributions from net realized gain (.16) (.18) (.11) (.29) (.24) (.16) 
Total distributions (.58) (.70) (.64) (.89)B (.83) (.82) 
Net asset value, end of period $10.78 $11.34 $11.43 $11.13 $11.47 $11.41 
Total ReturnC,D .12% 5.65% 8.93% 5.05% 8.33% 10.50% 
Ratios to Average Net AssetsE,F       
Expenses before reductions - %G,H .63% .77% .77% .77% .79% 
Expenses net of fee waivers, if any - %G,H .63% .77% .77% .77% .79% 
Expenses net of all reductions - %G,H .63% .77% .77% .77% .79% 
Net investment income (loss) 5.24%G 4.89% 4.81% 5.03% 5.15% 5.85% 
Supplemental Data       
Net assets, end of period (000 omitted) $895,058 $423,538 $411,102 $401,861 $409,084 $415,192 
Portfolio turnover rateI 28%G 24% 24% 19% 33% 25% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.89 per share is comprised of distributions from net investment income of $.606 and distributions from net realized gain of $.288 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount represents less than .005%.

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Series Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Series Real Estate Income.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and bank loan obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2018, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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 short-term capital gains, equity-debt classifications, certain conversion ratio adjustments, foreign currency transactions, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $49,358,501 
Gross unrealized depreciation (13,810,455) 
Net unrealized appreciation (depreciation) $35,548,046 
Tax cost $857,230,062 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $122,986,408 and $131,432,842, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $434 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,307 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $2,009. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,612 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $4,326.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Series Real Estate Income $33,876,532 $18,968,674 
Class F – 22,593,739 
Total $33,876,532 $41,562,413 
From net realized gain   
Series Real Estate Income $12,651,932 $6,354,281 
Class F – 7,298,614 
Total $12,651,932 $13,652,895 

10. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Series Real Estate Income     
Shares sold 45,851,946 2,702,003 $520,809,199 $30,208,172 
Reinvestment of distributions 4,218,210 2,298,349 46,528,464 25,322,955 
Shares redeemed (4,356,571) (3,627,301) (48,867,204) (40,432,699) 
Net increase (decrease) 45,713,585 1,373,051 $518,470,459 $15,098,428 
Class F     
Shares sold 191,320 3,810,903 $2,169,843 $42,458,442 
Reinvestment of distributions – 2,712,239 – 29,892,353 
Shares redeemed (42,260,435) (5,374,089) (480,517,020) (59,760,490) 
Net increase (decrease) (42,069,115) 1,149,053 $(478,347,177) $12,590,305 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Series Real Estate Income -%-C    
Actual  $1,000.00 $1,001.20 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period)

 C Amount represents less than .005%.

 D Amount represents less than $.005

 E 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SRE-SANN-0318
1.924313.106

Fidelity® Series Small Cap Opportunities Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
RingCentral, Inc. 1.1 
Primerica, Inc. 1.0 
Wintrust Financial Corp. 1.0 
EMCOR Group, Inc. 1.0 
Nektar Therapeutics 1.0 
EPAM Systems, Inc. 0.9 
WSFS Financial Corp. 0.9 
2U, Inc. 0.9 
Aspen Technology, Inc. 0.9 
BancFirst Corp. 0.8 
 9.5 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 17.9 
Financials 17.5 
Industrials 15.3 
Health Care 14.7 
Consumer Discretionary 12.0 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks and Equity Futures 98.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.9% 


 * Foreign investments - 9.2%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.0%   
Auto Components - 1.1%   
Fox Factory Holding Corp. (a) 365,400 $14,013,090 
Standard Motor Products, Inc. 532,534 25,508,379 
Visteon Corp. (a) 201,700 26,237,136 
  65,758,605 
Diversified Consumer Services - 0.4%   
Service Corp. International 662,000 26,460,140 
Hotels, Restaurants & Leisure - 2.3%   
Bluegreen Vacations Corp. 902,200 17,132,778 
Cedar Fair LP (depositary unit) 314,500 21,323,100 
Eldorado Resorts, Inc. (a) 875,900 30,262,345 
Marriott Vacations Worldwide Corp. 269,200 41,007,236 
Penn National Gaming, Inc. (a) 723,200 23,077,312 
  132,802,771 
Household Durables - 2.8%   
Cavco Industries, Inc. (a) 198,600 30,415,590 
Helen of Troy Ltd. (a) 277,100 25,811,865 
Taylor Morrison Home Corp. (a) 1,385,100 35,223,093 
TopBuild Corp. (a) 501,900 38,415,426 
TRI Pointe Homes, Inc. (a) 1,953,600 31,863,216 
  161,729,190 
Leisure Products - 0.5%   
Brunswick Corp. 291,300 18,287,814 
Johnson Outdoors, Inc. Class A 198,316 11,952,505 
  30,240,319 
Media - 0.8%   
Cinemark Holdings, Inc. 590,600 21,734,080 
Lions Gate Entertainment Corp. Class B (a) 856,300 27,401,600 
  49,135,680 
Multiline Retail - 0.6%   
Ollie's Bargain Outlet Holdings, Inc. (a) 606,500 33,691,075 
Specialty Retail - 1.5%   
Burlington Stores, Inc. (a) 225,100 27,396,921 
Murphy U.S.A., Inc. (a) 299,000 25,507,690 
The Children's Place Retail Stores, Inc. 244,300 36,596,140 
  89,500,751 
Textiles, Apparel & Luxury Goods - 2.0%   
Deckers Outdoor Corp. (a) 287,500 24,641,625 
Emerald Expositions Events, Inc. 857,100 18,496,218 
Steven Madden Ltd. (a) 800,739 36,994,142 
Wolverine World Wide, Inc. 1,045,600 34,327,048 
  114,459,033 
TOTAL CONSUMER DISCRETIONARY  703,777,564 
CONSUMER STAPLES - 2.5%   
Beverages - 0.2%   
Cott Corp. 678,900 11,310,474 
Food & Staples Retailing - 0.4%   
Performance Food Group Co. (a) 715,825 24,588,589 
Food Products - 1.3%   
Cranswick PLC 307,300 12,819,079 
Hostess Brands, Inc. Class A (a) 860,057 11,868,787 
Ingredion, Inc. 111,100 15,958,404 
J&J Snack Foods Corp. 117,825 16,311,693 
Lamb Weston Holdings, Inc. 258,900 15,171,540 
  72,129,503 
Household Products - 0.3%   
Central Garden & Pet Co. Class A (non-vtg.) (a) 493,800 18,626,136 
Personal Products - 0.3%   
Inter Parfums, Inc. 352,200 16,060,320 
TOTAL CONSUMER STAPLES  142,715,022 
ENERGY - 4.4%   
Energy Equipment & Services - 1.1%   
Archrock, Inc. 868,478 8,076,845 
Nabors Industries Ltd. 2,800,200 21,953,568 
Rowan Companies PLC (a) 1,287,960 18,958,771 
Total Energy Services, Inc. 1,491,277 16,610,158 
  65,599,342 
Oil, Gas & Consumable Fuels - 3.3%   
Boardwalk Pipeline Partners, LP 1,391,154 17,472,894 
Delek U.S. Holdings, Inc. 820,600 28,630,734 
Diamondback Energy, Inc. (a) 218,793 27,458,522 
Newfield Exploration Co. (a) 631,012 19,977,840 
PDC Energy, Inc. (a) 536,700 27,827,895 
Warrior Metropolitan Coal, Inc. (b) 1,209,400 33,826,918 
WPX Energy, Inc. (a) 2,589,810 38,147,901 
  193,342,704 
TOTAL ENERGY  258,942,046 
FINANCIALS - 17.5%   
Banks - 9.9%   
Associated Banc-Corp. 1,534,012 37,966,797 
BancFirst Corp. 890,786 49,661,320 
Banner Corp. 544,671 29,597,422 
Boston Private Financial Holdings, Inc. 1,336,359 20,579,929 
City Holding Co. 504,477 34,708,018 
Columbia Banking Systems, Inc. 1,089,466 46,934,195 
Community Bank System, Inc. 64,057 3,414,238 
Cullen/Frost Bankers, Inc. 447,160 47,582,296 
CVB Financial Corp. 1,459,700 34,156,980 
First Merchants Corp. 955,348 41,232,820 
Heartland Financial U.S.A., Inc. 268,087 14,248,824 
Independent Bank Corp., Massachusetts 522,679 37,293,147 
Stock Yards Bancorp, Inc. 898,834 32,313,082 
Tompkins Financial Corp. 454,599 37,445,320 
TowneBank 426,290 13,023,160 
Trico Bancshares 925,918 34,240,448 
WesBanco, Inc. 190,568 7,815,194 
Wintrust Financial Corp. 675,639 58,037,390 
  580,250,580 
Capital Markets - 1.1%   
Legg Mason, Inc. 454,613 19,375,606 
OM Asset Management Ltd. 2,617,008 46,818,273 
  66,193,879 
Diversified Financial Services - 0.9%   
Camping World Holdings, Inc. 450,700 20,168,825 
Cotiviti Holdings, Inc. (a) 887,400 31,059,000 
  51,227,825 
Insurance - 2.8%   
Employers Holdings, Inc. 805,870 34,168,888 
First American Financial Corp. 701,000 41,408,070 
James River Group Holdings Ltd. 837,673 31,831,574 
Primerica, Inc. 575,900 58,165,900 
  165,574,432 
Thrifts & Mortgage Finance - 2.8%   
Beneficial Bancorp, Inc. 1,951,555 31,712,769 
Meridian Bancorp, Inc. Maryland 1,631,700 33,368,265 
Washington Federal, Inc. 1,287,535 46,222,507 
WSFS Financial Corp. 1,029,553 52,610,158 
  163,913,699 
TOTAL FINANCIALS  1,027,160,415 
HEALTH CARE - 14.7%   
Biotechnology - 8.2%   
Abeona Therapeutics, Inc. (a)(b) 799,515 12,192,604 
ACADIA Pharmaceuticals, Inc. (a) 356,327 10,657,741 
Acorda Therapeutics, Inc. (a) 888,971 23,068,797 
Agios Pharmaceuticals, Inc. (a) 325,029 25,599,284 
Amarin Corp. PLC ADR (a)(b) 993,100 3,724,125 
AnaptysBio, Inc. 221,600 23,354,424 
Argenx SE ADR 135,700 10,527,606 
Ascendis Pharma A/S sponsored ADR (a) 678,748 34,595,786 
Atara Biotherapeutics, Inc. (a) 242,300 9,158,940 
Audentes Therapeutics, Inc. (a) 615,000 21,586,500 
BioMarin Pharmaceutical, Inc. (a) 148,044 13,358,010 
bluebird bio, Inc. (a) 232,956 47,732,684 
Cellectis SA sponsored ADR (a) 448,095 14,097,069 
Curis, Inc. (a) 1,376,096 849,189 
CytomX Therapeutics, Inc. (a) 289,700 7,749,475 
CytomX Therapeutics, Inc. (a)(c) 105,499 2,822,098 
FibroGen, Inc. (a) 394,400 23,092,120 
Five Prime Therapeutics, Inc. (a) 325,600 6,512,000 
Heron Therapeutics, Inc. (a) 531,800 11,513,470 
Insmed, Inc. (a) 833,882 21,213,958 
Intercept Pharmaceuticals, Inc. (a) 129,298 8,029,406 
Ionis Pharmaceuticals, Inc. (a) 275,872 14,488,797 
Kura Oncology, Inc. (a) 479,400 9,396,240 
La Jolla Pharmaceutical Co. (a) 563,300 19,298,658 
Mirati Therapeutics, Inc. (a) 511,800 13,255,620 
Neurocrine Biosciences, Inc. (a) 290,482 24,827,497 
Protagonist Therapeutics, Inc. (a) 562,600 12,861,036 
Sage Therapeutics, Inc. (a) 103,100 19,568,380 
Sienna Biopharmaceuticals, Inc. (b) 119,219 2,098,254 
Spark Therapeutics, Inc. (a) 381,100 21,360,655 
TESARO, Inc. (a) 183,500 12,378,910 
  480,969,333 
Health Care Equipment & Supplies - 3.3%   
Cantel Medical Corp. 443,700 49,219,641 
Integra LifeSciences Holdings Corp. (a) 518,436 27,300,840 
iRhythm Technologies, Inc. (a) 492,700 29,379,701 
Nanosonics Ltd. (a) 8,460,248 19,292,868 
Novocure Ltd. (a) 445,800 10,008,210 
Orthofix International NV (a) 138,738 7,969,111 
Steris PLC 297,200 27,021,424 
Wright Medical Group NV (a) 972,326 22,120,417 
  192,312,212 
Health Care Providers & Services - 0.9%   
G1 Therapeutics, Inc. 688,500 16,462,035 
NMC Health PLC 446,300 21,152,207 
Premier, Inc. (a) 542,400 17,600,880 
  55,215,122 
Life Sciences Tools & Services - 0.6%   
ICON PLC (a) 335,000 36,689,200 
Pharmaceuticals - 1.7%   
Clearside Biomedical, Inc. (a)(b) 185,296 1,204,424 
Innoviva, Inc. (a) 1,010,649 14,745,369 
Nektar Therapeutics (a) 670,100 56,027,061 
Prestige Brands Holdings, Inc. (a) 251,254 10,509,955 
Theravance Biopharma, Inc. (a)(b) 578,221 15,288,163 
  97,774,972 
TOTAL HEALTH CARE  862,960,839 
INDUSTRIALS - 15.3%   
Aerospace & Defense - 1.4%   
Moog, Inc. Class A (a) 512,015 46,112,071 
Teledyne Technologies, Inc. (a) 182,526 34,847,864 
  80,959,935 
Air Freight & Logistics - 0.5%   
Air Transport Services Group, Inc. (a) 1,239,109 30,804,250 
Airlines - 0.4%   
JetBlue Airways Corp. (a) 1,233,254 25,725,678 
Building Products - 1.1%   
Allegion PLC 288,645 24,855,221 
GCP Applied Technologies, Inc. (a) 440,000 14,696,000 
Simpson Manufacturing Co. Ltd. 462,507 27,167,661 
  66,718,882 
Commercial Services & Supplies - 1.8%   
Deluxe Corp. 552,371 41,024,594 
Interface, Inc. 1,551,670 38,714,167 
Matthews International Corp. Class A 401,856 22,503,936 
  102,242,697 
Construction & Engineering - 2.9%   
Comfort Systems U.S.A., Inc. 896,867 38,206,534 
EMCOR Group, Inc. 705,361 57,331,742 
KBR, Inc. 1,947,690 39,616,015 
Valmont Industries, Inc. 210,367 34,416,041 
  169,570,332 
Industrial Conglomerates - 0.8%   
ITT, Inc. 833,663 46,685,128 
Machinery - 2.4%   
AGCO Corp. 347,238 25,216,424 
Colfax Corp. (a) 424,500 16,988,490 
John Bean Technologies Corp. 273,100 31,065,125 
SPX Flow, Inc. (a) 736,709 34,161,196 
Standex International Corp. 296,560 31,123,972 
  138,555,207 
Road & Rail - 0.6%   
Landstar System, Inc. 328,700 36,502,135 
Trading Companies & Distributors - 3.4%   
Kaman Corp. 698,830 43,816,641 
MRC Global, Inc. (a) 1,769,276 31,811,582 
SiteOne Landscape Supply, Inc. (a) 501,400 38,186,624 
Titan Machinery, Inc. (a) 982,589 21,115,838 
Watsco, Inc. 179,531 32,277,878 
WESCO International, Inc. (a) 478,786 32,629,266 
  199,837,829 
TOTAL INDUSTRIALS  897,602,073 
INFORMATION TECHNOLOGY - 17.9%   
Communications Equipment - 0.1%   
CommScope Holding Co., Inc. (a) 115,200 4,450,176 
Electronic Equipment & Components - 3.2%   
ePlus, Inc. (a) 460,902 35,581,634 
Jabil, Inc. 203,261 5,168,927 
Orbotech Ltd. (a) 625,757 33,327,818 
Plexus Corp. (a) 621,296 37,122,436 
Tech Data Corp. (a) 423,396 42,453,917 
TTM Technologies, Inc. (a) 2,110,785 34,806,845 
  188,461,577 
Internet Software & Services - 3.0%   
2U, Inc. (a) 707,200 52,523,744 
Five9, Inc. (a) 1,431,700 37,238,517 
j2 Global, Inc. 563,200 45,050,368 
New Relic, Inc. (a) 343,700 20,529,201 
Web.com Group, Inc. (a) 981,068 22,809,831 
  178,151,661 
IT Services - 3.3%   
Amdocs Ltd. 176,300 12,058,920 
EPAM Systems, Inc. (a) 468,660 55,058,177 
Euronet Worldwide, Inc. (a) 479,282 44,990,201 
ExlService Holdings, Inc. (a) 607,221 36,888,676 
Maximus, Inc. 640,000 43,635,200 
  192,631,174 
Semiconductors & Semiconductor Equipment - 3.8%   
Diodes, Inc. (a) 1,090,000 30,727,100 
Entegris, Inc. 1,405,000 45,732,750 
Integrated Device Technology, Inc. (a) 1,482,100 44,314,790 
Nanometrics, Inc. (a) 1,009,247 24,999,048 
ON Semiconductor Corp. (a) 1,397,728 34,579,791 
Semtech Corp. (a) 1,100,200 39,387,160 
  219,740,639 
Software - 4.5%   
Aspen Technology, Inc.(a) 676,100 52,363,945 
Everbridge, Inc. (a) 480,356 15,505,892 
Paycom Software, Inc. (a)(b) 534,586 48,989,461 
Pegasystems, Inc. 644,226 32,758,892 
RealPage, Inc. (a) 952,300 47,376,925 
RingCentral, Inc. (a) 1,222,600 66,387,175 
  263,382,290 
TOTAL INFORMATION TECHNOLOGY  1,046,817,517 
MATERIALS - 3.6%   
Chemicals - 1.9%   
Chase Corp. 297,679 33,444,236 
Innospec, Inc. 549,710 39,469,178 
Trinseo SA 311,938 25,719,288 
Tronox Ltd. Class A 608,685 11,948,487 
  110,581,189 
Containers & Packaging - 1.0%   
Berry Global Group, Inc. (a) 396,660 23,478,305 
Owens-Illinois, Inc. (a) 609,800 14,159,556 
Sonoco Products Co. 433,560 23,546,644 
  61,184,505 
Metals & Mining - 0.7%   
B2Gold Corp. (a) 4,950,000 14,970,732 
Steel Dynamics, Inc. 570,500 25,900,700 
  40,871,432 
TOTAL MATERIALS  212,637,126 
REAL ESTATE - 6.3%   
Equity Real Estate Investment Trusts (REITs) - 5.8%   
Americold Realty Trust (a) 206,200 3,769,336 
CareTrust (REIT), Inc. 1,740,600 27,658,134 
CoreSite Realty Corp. 354,626 38,413,088 
Corporate Office Properties Trust (SBI) 923,200 25,203,360 
Equity Lifestyle Properties, Inc. 462,579 39,929,819 
Four Corners Property Trust, Inc. 1,556,161 36,725,400 
Healthcare Realty Trust, Inc. 1,110,661 33,175,444 
Mid-America Apartment Communities, Inc. 179,900 17,157,063 
Potlatch Corp. 783,500 41,447,150 
Store Capital Corp. 1,303,003 31,936,604 
Terreno Realty Corp. 1,250,200 44,507,120 
  339,922,518 
Real Estate Management & Development - 0.5%   
Realogy Holdings Corp. 975,200 26,827,752 
TOTAL REAL ESTATE  366,750,270 
TELECOMMUNICATION SERVICES - 0.2%   
Diversified Telecommunication Services - 0.2%   
Cogent Communications Group, Inc. 255,700 11,532,070 
UTILITIES - 2.9%   
Electric Utilities - 1.4%   
El Paso Electric Co. 385,080 20,101,176 
Hawaiian Electric Industries, Inc. 267,900 9,138,069 
IDACORP, Inc. 345,000 29,766,600 
Portland General Electric Co. 546,432 23,141,395 
  82,147,240 
Gas Utilities - 1.5%   
Atmos Energy Corp. 170,286 14,116,709 
New Jersey Resources Corp. 415,800 16,133,040 
South Jersey Industries, Inc. 285,570 8,407,181 
Southwest Gas Holdings, Inc. 385,700 28,379,806 
Spire, Inc. 340,508 22,643,782 
  89,680,518 
TOTAL UTILITIES  171,827,758 
TOTAL COMMON STOCKS   
(Cost $4,378,643,321)  5,702,722,700 
 Principal Amount Value 
U.S. Treasury Obligations - 0.0%   
U.S. Treasury Bills, yield at date of purchase 1.41% 4/19/18 to 5/3/18(d)   
(Cost $2,741,600) 2,750,000 2,741,695 
 Shares Value 
Money Market Funds - 4.2%   
Fidelity Cash Central Fund, 1.39% (e) 170,542,904 $170,577,012 
Fidelity Securities Lending Cash Central Fund 1.40% (e)(f) 73,679,559 73,686,927 
TOTAL MONEY MARKET FUNDS   
(Cost $244,263,737)  244,263,939 
TOTAL INVESTMENT IN SECURITIES - 101.5%   
(Cost $4,625,648,658)  5,949,728,334 
NET OTHER ASSETS (LIABILITIES) - (1.5)%  (87,124,861) 
NET ASSETS - 100%  $5,862,603,473 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini Russell 2000 Index Contracts (United States) 627 March 2018 $49,407,600 $702,983 $702,983 

The notional amount of futures purchased as a percentage of Net Assets is 0.8%

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,822,098 or 0.0% of net assets.

 (d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,741,695.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $969,836 
Fidelity Securities Lending Cash Central Fund 230,288 
Total $1,200,124 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Genocea Biosciences, Inc. $10,048,028 $882,133 $2,775,210 $-- $(13,180,336) $5,025,385 $-- 
Titan Machinery, Inc. 28,873,357 -- 11,585,432 -- (244,452) 4,072,365 -- 
Total $38,921,385 $882,133 $14,360,642 $-- $(13,424,788) $9,097,750 $-- 

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $703,777,564 $703,777,564 $-- $-- 
Consumer Staples 142,715,022 142,715,022 -- -- 
Energy 258,942,046 258,942,046 -- -- 
Financials 1,027,160,415 1,027,160,415 -- -- 
Health Care 862,960,839 862,960,839 -- -- 
Industrials 897,602,073 897,602,073 -- -- 
Information Technology 1,046,817,517 1,046,817,517 -- -- 
Materials 212,637,126 212,637,126 -- -- 
Real Estate 366,750,270 366,750,270 -- -- 
Telecommunication Services 11,532,070 11,532,070 -- -- 
Utilities 171,827,758 171,827,758 -- -- 
U.S. Government and Government Agency Obligations 2,741,695 -- 2,741,695 -- 
Money Market Funds 244,263,939 244,263,939 -- -- 
Total Investments in Securities: $5,949,728,334 $5,946,986,639 $2,741,695 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $702,983 $702,983 $-- $-- 
Total Assets $702,983 $702,983 $-- $-- 
Total Derivative Instruments: $702,983 $702,983 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2018. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $702,983 $0 
Total Equity Risk 702,983 0 
Total Value of Derivatives $702,983 $0 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $72,514,743) — See accompanying schedule:
Unaffiliated issuers (cost $4,381,384,921) 		$5,705,464,395  
Fidelity Central Funds (cost $244,263,737) 244,263,939  
Total Investment in Securities (cost $4,625,648,658)  $5,949,728,334 
Cash  39,611 
Receivable for investments sold  27,176,717 
Receivable for fund shares sold  15,830,227 
Dividends receivable  762,509 
Distributions receivable from Fidelity Central Funds  234,814 
Other receivables  166,688 
Total assets  5,993,938,900 
Liabilities   
Payable for investments purchased $21,369,587  
Payable for fund shares redeemed 35,778,318  
Payable for daily variation margin on futures contracts 471,591  
Other payables and accrued expenses 36,152  
Collateral on securities loaned 73,679,779  
Total liabilities  131,335,427 
Net Assets  $5,862,603,473 
Net Assets consist of:   
Paid in capital  $4,470,682,413 
Distributions in excess of net investment income  (3,774,712) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  70,866,085 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,324,829,687 
Net Assets  $5,862,603,473 
Series Small Cap Opportunities:   
Net Asset Value, offering price and redemption price per share ($5,862,603,473 ÷ 404,637,483 shares)  $14.49 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $22,912,631 
Special dividends  9,429,852 
Interest  9,081 
Income from Fidelity Central Funds  1,200,124 
Total income  33,551,688 
Expenses   
Custodian fees and expenses $52,043  
Independent trustees' fees and expenses 10,806  
Miscellaneous 8,003  
Total expenses  70,852 
Net investment income (loss)  33,480,836 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 250,777,904  
Fidelity Central Funds 2,184  
Other affiliated issuers (13,424,788)  
Foreign currency transactions 37,863  
Futures contracts 390,682  
Total net realized gain (loss)  237,783,845 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 379,443,232  
Fidelity Central Funds (1,146)  
Other affiliated issuers 9,097,750  
Assets and liabilities in foreign currencies 26,497  
Futures contracts 911,407  
Total change in net unrealized appreciation (depreciation)  389,477,740 
Net gain (loss)  627,261,585 
Net increase (decrease) in net assets resulting from operations  $660,742,421 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $33,480,836 $26,872,072 
Net realized gain (loss) 237,783,845 491,017,804 
Change in net unrealized appreciation (depreciation) 389,477,740 109,661,042 
Net increase (decrease) in net assets resulting from operations 660,742,421 627,550,918 
Distributions to shareholders from net investment income (45,798,335) (30,906,540) 
Distributions to shareholders from net realized gain (554,772,271) (11,331,615) 
Total distributions (600,570,606) (42,238,155) 
Share transactions - net increase (decrease) 344,282,526 (483,035,407) 
Total increase (decrease) in net assets 404,454,341 102,277,356 
Net Assets   
Beginning of period 5,458,149,132 5,355,871,776 
End of period $5,862,603,473 $5,458,149,132 
Other Information   
Undistributed net investment income end of period $– $8,542,787 
Distributions in excess of net investment income end of period $(3,774,712) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Series Small Cap Opportunities Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $14.42 $12.94 $13.83 $12.96 $13.55 $10.93 
Income from Investment Operations       
Net investment income (loss)A .08B .06 .06 .05 .02 .04 
Net realized and unrealized gain (loss) 1.55 1.52 (.22) 1.53 .77 3.20 
Total from investment operations 1.63 1.58 (.16) 1.58 .79 3.24 
Distributions from net investment income (.12) (.07) (.05) (.04) –C (.05) 
Distributions from net realized gain (1.45) (.03) (.68) (.66) (1.38) (.57) 
Total distributions (1.56)D (.10) (.73) (.71)E (1.38) (.62) 
Net asset value, end of period $14.49 $14.42 $12.94 $13.83 $12.96 $13.55 
Total ReturnF,G 12.32% 12.22% (.94)% 12.66% 6.29% 30.91% 
Ratios to Average Net AssetsH,I       
Expenses before reductions - %J,K .66% .85% .77% .82% .98% 
Expenses net of fee waivers, if any - %J,K .66% .85% .76% .82% .98% 
Expenses net of all reductions - %J,K .65% .84% .76% .82% .96% 
Net investment income (loss) 1.02%B,J .42% .46% .41% .19% .30% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,862,603 $2,509,347 $2,433,489 $2,647,013 $2,425,973 $1,602,664 
Portfolio turnover rateL 51%J 58% 58% 59% 90%M 77% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been .86%.

 C Amount represents less than $.005 per share.

 D Total distributions of $1.56 per share is comprised of distributions from net investment income of $.117 and distributions from net realized gain of $1.447 per share.

 E Total distributions of $.71 per share is comprised of distributions from net investment income of $.042 and distributions from net realized gain of $.664 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 J Annualized

 K Amount represents less than $.005%.

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Series Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager and FMR investment professionals. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Effective August 28, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were exchanged for shares of Series Small Cap Opportunities.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures and options transactions, foreign currency transactions, market discount, partnerships, capital loss carryforwards, losses deferred due to wash sales, and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $1,437,456,950 
Gross unrealized depreciation (115,523,021) 
Net unrealized appreciation (depreciation) $1,321,933,929 
Tax cost $4,628,497,388 

The Fund elected to defer to its next fiscal year approximately $3,837,797 of capital losses recognized during the period November 1, 2016 to July 31, 2017.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,399,760,596 and $1,589,702,400, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $87,040 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the fund for certain losses in the amount of $24,460.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $8,003 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $742,720. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $230,288, including $7,422 from securities loaned to FCM.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Series Small Cap Opportunities $45,798,335 $11,794,933 
Class F – 19,111,607 
Total $45,798,335 $30,906,540 
From net realized gain   
Series Small Cap Opportunities $554,772,271 $5,126,926 
Class F – 6,204,689 
Total $554,772,271 $11,331,615 

10. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Series Small Cap Opportunities     
Shares sold 225,175,552 21,828,308 $3,169,725,682 $305,846,494 
Reinvestment of distributions 44,122,337 1,235,622 600,570,606 16,921,859 
Shares redeemed (38,715,259) (37,107,686) (549,436,454) (511,729,842) 
Net increase (decrease) 230,582,630 (14,043,756) $3,220,859,834 $(188,961,489) 
Class F     
Shares sold 1,009,181 26,592,990 $14,321,228 $372,355,351 
Reinvestment of distributions – 1,845,956 – 25,316,296 
Shares redeemed (204,251,733) (49,600,408) (2,890,898,536) (691,745,565) 
Net increase (decrease) (203,242,552) (21,161,462) $(2,876,577,308) $(294,073,918) 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Series Small Cap Opportunities - %C    
Actual  $1,000.00 $1,123.20 $--D 
Hypothetical-E  $1,000.00 $1,025.21 $--D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C Amounts represent less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SMO-SANN-0318
1.839810.110

Fidelity Advisor® Small Cap Growth Fund -
Class A, Class M, Class C, Class I and Class Z



Semi-Annual Report

January 31, 2018

Class A, Class M, Class C, Class I and Class Z are classes of Fidelity® Small Cap Growth Fund



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
2U, Inc. 3.1 
Grand Canyon Education, Inc. 2.1 
Stamps.com, Inc. 1.7 
Nektar Therapeutics 1.5 
Insulet Corp. 1.4 
Vail Resorts, Inc. 1.3 
Eagle Materials, Inc. 1.3 
GrubHub, Inc. 1.3 
Cavco Industries, Inc. 1.2 
SiteOne Landscape Supply, Inc. 1.2 
 16.1 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 22.6 
Health Care 21.1 
Industrials 20.9 
Consumer Discretionary 15.1 
Financials 7.4 

Asset Allocation (% of fund's net assets)

As of January 31, 2018 * 
   Stocks/ETFs 97.6% 
   Convertible Securities 0.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.8% 


 * Foreign investments - 8.8%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%   
 Shares Value 
CONSUMER DISCRETIONARY - 15.1%   
Diversified Consumer Services - 2.4%   
Bright Horizons Family Solutions, Inc. (a) 133,514 $13,111,075 
Grand Canyon Education, Inc. (a) 977,240 90,873,548 
  103,984,623 
Hotels, Restaurants & Leisure - 5.8%   
Boyd Gaming Corp. 748,885 29,558,491 
Cedar Fair LP (depositary unit) 621,517 42,138,853 
Churchill Downs, Inc. 102,431 26,529,629 
Dunkin' Brands Group, Inc. 317,751 20,542,602 
Marriott Vacations Worldwide Corp. 143,975 21,931,712 
Texas Roadhouse, Inc. Class A 370,898 21,779,131 
U.S. Foods Holding Corp. (a) 883,090 28,373,682 
Vail Resorts, Inc. 261,098 57,065,579 
  247,919,679 
Household Durables - 3.1%   
Cavco Industries, Inc. (a) 338,670 51,867,311 
LGI Homes, Inc. (a)(b) 411,604 27,857,359 
SodaStream International Ltd. (a) 346,413 27,238,454 
Taylor Morrison Home Corp. (a) 1,068,151 27,163,080 
  134,126,204 
Internet & Direct Marketing Retail - 0.3%   
Gaia, Inc. Class A (a) 966,461 11,549,209 
Media - 0.7%   
Cinemark Holdings, Inc. 783,916 28,848,109 
Multiline Retail - 0.4%   
Ollie's Bargain Outlet Holdings, Inc. (a) 308,870 17,157,729 
Specialty Retail - 1.4%   
Michaels Companies, Inc. (a) 977,592 26,267,897 
The Children's Place Retail Stores, Inc. 227,433 34,069,463 
  60,337,360 
Textiles, Apparel & Luxury Goods - 1.0%   
Carter's, Inc. 163,020 19,611,306 
Columbia Sportswear Co. 184,222 13,755,857 
Emerald Expositions Events, Inc. 4,638 100,088 
PetIQ, Inc. Class A (b) 351,080 8,425,920 
  41,893,171 
TOTAL CONSUMER DISCRETIONARY  645,816,084 
CONSUMER STAPLES - 3.2%   
Food & Staples Retailing - 0.6%   
Performance Food Group Co. (a) 776,022 26,656,356 
Food Products - 1.0%   
Nomad Foods Ltd. (a) 1,226,500 20,899,560 
Post Holdings, Inc. (a) 307,587 23,275,108 
  44,174,668 
Household Products - 1.0%   
Central Garden & Pet Co. (a) 432,220 16,938,702 
Central Garden & Pet Co. Class A (non-vtg.) (a) 651,335 24,568,356 
  41,507,058 
Personal Products - 0.6%   
Herbalife Ltd. (a)(b) 304,070 25,234,769 
TOTAL CONSUMER STAPLES  137,572,851 
FINANCIALS - 7.4%   
Banks - 1.2%   
First Citizen Bancshares, Inc. 91,874 39,084,118 
Prosperity Bancshares, Inc. 156,507 11,863,231 
  50,947,349 
Capital Markets - 3.3%   
Apollo Global Management LLC Class A 1,213,768 43,392,206 
CBOE Holdings, Inc. 208,906 28,074,877 
Eaton Vance Corp. (non-vtg.) 339,461 19,620,846 
Lazard Ltd. Class A 371,433 21,754,831 
MSCI, Inc. 213,985 29,793,132 
  142,635,892 
Diversified Financial Services - 0.6%   
Cotiviti Holdings, Inc. (a) 740,854 25,929,890 
Insurance - 0.7%   
Enstar Group Ltd. (a) 147,626 30,647,158 
Thrifts & Mortgage Finance - 1.6%   
Essent Group Ltd. (a) 904,751 42,089,017 
Meridian Bancorp, Inc. Maryland 1,168,408 23,893,944 
  65,982,961 
TOTAL FINANCIALS  316,143,250 
HEALTH CARE - 21.1%   
Biotechnology - 8.6%   
Acceleron Pharma, Inc. (a) 337,426 14,006,553 
Achaogen, Inc. (a)(b) 527,940 5,791,502 
Acorda Therapeutics, Inc. (a) 402,517 10,445,316 
Adamas Pharmaceuticals, Inc. (a) 306,303 11,590,506 
Alder Biopharmaceuticals, Inc. (a) 780,275 11,040,891 
Amarin Corp. PLC ADR (a)(b) 959,765 3,599,119 
AnaptysBio, Inc. 252,684 26,630,367 
Arena Pharmaceuticals, Inc. (a) 69,766 2,610,644 
Argenx SE ADR 200,769 15,575,659 
Ascendis Pharma A/S sponsored ADR (a) 442,761 22,567,528 
Audentes Therapeutics, Inc. (a) 540,670 18,977,517 
Blueprint Medicines Corp. (a) 335,316 26,372,603 
Curis, Inc. (a) 728,321 449,447 
Dyax Corp. rights 12/31/19 (a)(c) 380,400 1,297,164 
Epizyme, Inc. (a) 478,205 7,723,011 
Fate Therapeutics, Inc. (a)(b) 1,331,543 12,170,303 
FibroGen, Inc. (a) 318,146 18,627,448 
Five Prime Therapeutics, Inc. (a) 147,626 2,952,520 
Global Blood Therapeutics, Inc. (a) 405,529 23,480,129 
Heron Therapeutics, Inc. (a) 318,046 6,885,696 
Insmed, Inc. (a) 30,593 778,286 
Intercept Pharmaceuticals, Inc. (a) 30,393 1,887,405 
Kura Oncology, Inc. (a) 511,846 10,032,182 
Ligand Pharmaceuticals, Inc. Class B (a) 98,878 15,585,150 
Loxo Oncology, Inc. (a) 272,344 27,634,746 
Madrigal Pharmaceuticals, Inc. (a) 53,781 7,982,176 
Mirati Therapeutics, Inc. (a) 15,639 405,050 
Sarepta Therapeutics, Inc. (a) 439,794 28,824,099 
Stemline Therapeutics, Inc. (a) 766,000 12,217,700 
TESARO, Inc. (a) 81,510 5,498,665 
Ultragenyx Pharmaceutical, Inc. (a) 275,389 14,692,003 
Zai Lab Ltd. ADR 26,348 710,342 
  369,041,727 
Health Care Equipment & Supplies - 4.9%   
Cantel Medical Corp. 329,293 36,528,472 
ICU Medical, Inc. (a) 103,417 23,677,322 
Inogen, Inc. (a) 119,403 14,548,062 
Insulet Corp. (a) 761,220 58,256,167 
iRhythm Technologies, Inc. (a) 312,225 18,617,977 
Novocure Ltd. (a)(b) 1,106,404 24,838,770 
Quanterix Corp. (a) 723,677 15,059,718 
Tactile Systems Technology, Inc. (a)(b) 249,249 7,858,821 
Wright Medical Group NV (a) 536,969 12,216,045 
  211,601,354 
Health Care Providers & Services - 2.5%   
G1 Therapeutics, Inc. 502,579 12,016,664 
LHC Group, Inc. (a) 221,656 13,919,997 
Magellan Health Services, Inc. (a) 139,817 13,925,773 
Molina Healthcare, Inc. (a) 285,581 26,090,680 
Premier, Inc. (a) 550,880 17,876,056 
Tivity Health, Inc. (a) 612,015 23,715,581 
  107,544,751 
Health Care Technology - 0.3%   
athenahealth, Inc. (a) 83,187 10,424,163 
HTG Molecular Diagnostics (a) 821,300 2,932,041 
  13,356,204 
Life Sciences Tools & Services - 0.8%   
ICON PLC (a) 311,830 34,151,622 
Pharmaceuticals - 4.0%   
Aclaris Therapeutics, Inc. (a) 377,185 8,343,332 
Aerie Pharmaceuticals, Inc. (a) 315,086 17,282,467 
Akcea Therapeutics, Inc. (b) 537,018 11,626,440 
Avexis, Inc. (a) 192,173 23,777,565 
Catalent, Inc. (a) 516,592 24,042,192 
Nektar Therapeutics (a) 768,826 64,281,542 
SCYNEXIS, Inc. warrants 6/21/21 (a) 168,750 67,080 
The Medicines Company (a) 345,292 11,439,524 
Theravance Biopharma, Inc. (a) 284,009 7,509,198 
Zogenix, Inc. (a) 59,208 2,152,211 
  170,521,551 
TOTAL HEALTH CARE  906,217,209 
INDUSTRIALS - 20.9%   
Aerospace & Defense - 3.1%   
BWX Technologies, Inc. 740,201 46,958,351 
Elbit Systems Ltd. 77,563 11,618,162 
HEICO Corp. Class A 699,795 46,081,501 
Teledyne Technologies, Inc. (a) 152,656 29,145,084 
  133,803,098 
Air Freight & Logistics - 0.4%   
Atlas Air Worldwide Holdings, Inc. (a) 301,173 16,956,040 
Airlines - 1.8%   
Allegiant Travel Co. 189,745 30,216,891 
SkyWest, Inc. 874,767 48,768,260 
  78,985,151 
Commercial Services & Supplies - 2.4%   
Copart, Inc. (a) 892,268 39,322,251 
Healthcare Services Group, Inc. 293,969 16,221,209 
The Brink's Co. 286,071 23,858,321 
Viad Corp. 423,483 24,053,834 
  103,455,615 
Construction & Engineering - 3.5%   
Dycom Industries, Inc. (a) 311,402 36,343,727 
EMCOR Group, Inc. 403,805 32,821,270 
Fluor Corp. 122,780 7,452,746 
Jacobs Engineering Group, Inc. 345,381 23,990,164 
KBR, Inc. 2,385,587 48,522,840 
  149,130,747 
Electrical Equipment - 1.2%   
Generac Holdings, Inc. (a) 1,008,611 49,351,336 
Industrial Conglomerates - 1.1%   
ITT, Inc. 832,270 46,607,120 
Machinery - 3.5%   
AGCO Corp. 278,377 20,215,738 
Allison Transmission Holdings, Inc. 746,256 33,014,365 
John Bean Technologies Corp. 218,228 24,823,435 
Oshkosh Corp. 271,667 24,645,630 
WABCO Holdings, Inc. (a) 316,073 48,798,510 
  151,497,678 
Professional Services - 1.9%   
Exponent, Inc. 506,678 37,570,174 
On Assignment, Inc. (a) 575,008 44,028,363 
  81,598,537 
Road & Rail - 0.3%   
Marten Transport Ltd. 519,608 12,054,906 
Trading Companies & Distributors - 1.7%   
SiteOne Landscape Supply, Inc. (a) 649,711 49,481,990 
Univar, Inc. (a) 729,346 21,778,272 
  71,260,262 
TOTAL INDUSTRIALS  894,700,490 
INFORMATION TECHNOLOGY - 22.0%   
Electronic Equipment & Components - 2.2%   
Dolby Laboratories, Inc. Class A 315,065 20,271,282 
FLIR Systems, Inc. 279,364 14,306,230 
II-VI, Inc. (a) 383,718 16,365,573 
Novanta, Inc. (a) 731,314 42,343,081 
  93,286,166 
Internet Software & Services - 10.0%   
2U, Inc. (a)(b) 1,776,201 131,918,442 
Alarm.com Holdings, Inc. (a)(b) 236,536 9,078,252 
ANGI Homeservices, Inc. Class A (a) 37,400 499,664 
Five9, Inc. (a) 419,885 10,921,209 
GoDaddy, Inc. (a) 614,483 33,937,896 
Gogo, Inc. (a)(b) 1,496,839 14,429,528 
GrubHub, Inc. (a)(b) 757,667 54,741,441 
Instructure, Inc. (a) 757,878 27,207,820 
MINDBODY, Inc. (a) 735,970 25,869,346 
New Relic, Inc. (a) 293,673 17,541,088 
Okta, Inc. 634,515 18,686,467 
Stamps.com, Inc. (a) 361,343 73,659,771 
Yext, Inc. (b) 1,055,189 12,715,027 
  431,205,951 
IT Services - 3.0%   
EPAM Systems, Inc. (a) 342,026 40,181,214 
Genpact Ltd. 855,855 29,047,719 
Interxion Holding N.V. (a) 218,182 13,690,921 
Leidos Holdings, Inc. 712,472 47,450,635 
  130,370,489 
Semiconductors & Semiconductor Equipment - 1.9%   
Entegris, Inc. 1,507,737 49,076,839 
Integrated Device Technology, Inc. (a) 450,030 13,455,897 
PDF Solutions, Inc. (a)(b) 1,282,462 17,544,080 
  80,076,816 
Software - 4.9%   
Everbridge, Inc. (a) 1,101,578 35,558,938 
HubSpot, Inc. (a) 361,580 35,091,339 
Paycom Software, Inc. (a)(b) 317,416 29,088,002 
Proofpoint, Inc. (a) 211,176 21,544,176 
PROS Holdings, Inc. (a) 807,222 23,441,727 
RingCentral, Inc. (a) 501,394 27,225,694 
Take-Two Interactive Software, Inc. (a) 155,618 19,712,132 
Workiva, Inc. (a) 830,308 18,515,868 
  210,177,876 
TOTAL INFORMATION TECHNOLOGY  945,117,298 
MATERIALS - 4.7%   
Chemicals - 1.3%   
Orion Engineered Carbons SA 258,037 7,599,190 
The Chemours Co. LLC 920,509 47,516,675 
  55,115,865 
Construction Materials - 2.1%   
Eagle Materials, Inc. 507,073 56,817,530 
Summit Materials, Inc. 1,020,348 32,600,119 
  89,417,649 
Containers & Packaging - 1.0%   
Avery Dennison Corp. 240,090 29,454,241 
Berry Global Group, Inc. (a) 259,134 15,338,141 
  44,792,382 
Paper & Forest Products - 0.3%   
Neenah, Inc. 142,594 12,904,757 
Quintis Ltd. (a)(b)(c) 11,285,501 91 
  12,904,848 
TOTAL MATERIALS  202,230,744 
REAL ESTATE - 1.6%   
Equity Real Estate Investment Trusts (REITs) - 1.5%   
Hudson Pacific Properties, Inc. 440,312 14,076,775 
Rexford Industrial Realty, Inc. 557,248 16,544,693 
Store Capital Corp. 599,483 14,693,328 
Terreno Realty Corp. 499,323 17,775,899 
  63,090,695 
Real Estate Management & Development - 0.1%   
Redfin Corp. (b) 272,074 5,523,102 
TOTAL REAL ESTATE  68,613,797 
UTILITIES - 0.4%   
Independent Power and Renewable Electricity Producers - 0.4%   
NRG Yield, Inc. Class C 424,720 8,027,208 
Ormat Technologies, Inc. 143,975 10,089,768 
  18,116,976 
TOTAL COMMON STOCKS   
(Cost $3,179,702,843)  4,134,528,699 
Convertible Preferred Stocks - 0.6%   
INFORMATION TECHNOLOGY - 0.6%   
Software - 0.6%   
Compass, Inc. Series E (c)(d)   
(Cost $23,873,990) 353,803 23,873,990 
Investment Companies - 1.2%   
iShares Russell 2000 Growth Index ETF (b)   
(Cost $52,104,926) 274,947 53,270,981 
Money Market Funds - 4.4%   
Fidelity Cash Central Fund, 1.39% (e) 41,501,974 41,510,274 
Fidelity Securities Lending Cash Central Fund 1.40% (e)(f) 146,663,188 146,677,854 
TOTAL MONEY MARKET FUNDS   
(Cost $188,186,232)  188,188,128 
TOTAL INVESTMENT IN SECURITIES - 102.6%   
(Cost $3,443,867,991)  4,399,861,798 
NET OTHER ASSETS (LIABILITIES) - (2.6)%  (110,946,196) 
NET ASSETS - 100%  $4,288,915,602 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Level 3 security

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,873,990 or 0.6% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Compass, Inc. Series E 11/3/17 $23,873,990 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $348,711 
Fidelity Securities Lending Cash Central Fund 2,047,153 
Total $2,395,864 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $645,816,084 $645,816,084 $-- $-- 
Consumer Staples 137,572,851 137,572,851 -- -- 
Financials 316,143,250 316,143,250 -- -- 
Health Care 906,217,209 904,852,965 67,080 1,297,164 
Industrials 894,700,490 894,700,490 -- -- 
Information Technology 968,991,288 945,117,298 -- 23,873,990 
Materials 202,230,744 202,230,653 -- 91 
Real Estate 68,613,797 68,613,797 -- -- 
Utilities 18,116,976 18,116,976 -- -- 
Investment Companies 53,270,981 53,270,981 -- -- 
Money Market Funds 188,188,128 188,188,128 -- -- 
Total Investments in Securities: $4,399,861,798 $4,374,623,473 $67,080 $25,171,245 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $141,522,088) — See accompanying schedule:
Unaffiliated issuers (cost $3,255,681,759) 		$4,211,673,670  
Fidelity Central Funds (cost $188,186,232) 188,188,128  
Total Investment in Securities (cost $3,443,867,991)  $4,399,861,798 
Receivable for investments sold  64,126,011 
Receivable for fund shares sold  20,272,955 
Dividends receivable  261,718 
Distributions receivable from Fidelity Central Funds  689,923 
Prepaid expenses  4,643 
Other receivables  268,735 
Total assets  4,485,485,783 
Liabilities   
Payable for investments purchased $37,808,829  
Payable for fund shares redeemed 8,404,131  
Accrued management fee 2,775,993  
Distribution and service plan fees payable 197,050  
Other affiliated payables 659,351  
Other payables and accrued expenses 51,789  
Collateral on securities loaned 146,673,038  
Total liabilities  196,570,181 
Net Assets  $4,288,915,602 
Net Assets consist of:   
Paid in capital  $3,263,369,715 
Accumulated net investment loss  (10,920,531) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  80,472,667 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  955,993,751 
Net Assets  $4,288,915,602 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($288,597,752 ÷ 11,474,627 shares)  $25.15 
Maximum offering price per share (100/94.25 of $25.15)  $26.68 
Class M:   
Net Asset Value and redemption price per share ($77,453,004 ÷ 3,174,999 shares)  $24.39 
Maximum offering price per share (100/96.50 of $24.39)  $25.27 
Class C:   
Net Asset Value and offering price per share ($134,257,465 ÷ 5,942,941 shares)(a)  $22.59 
Small Cap Growth:   
Net Asset Value, offering price and redemption price per share ($3,060,377,068 ÷ 116,992,660 shares)  $26.16 
Class I:   
Net Asset Value, offering price and redemption price per share ($647,824,294 ÷ 24,699,352 shares)  $26.23 
Class Z:   
Net Asset Value, offering price and redemption price per share ($80,406,019 ÷ 3,062,875 shares)  $26.25 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $7,605,095 
Income from Fidelity Central Funds (including $2,047,153 from security lending)  2,395,864 
Total income  10,000,959 
Expenses   
Management fee   
Basic fee $12,449,521  
Performance adjustment 2,107,938  
Transfer agent fees 3,252,086  
Distribution and service plan fees 1,041,894  
Accounting and security lending fees 526,637  
Custodian fees and expenses 37,424  
Independent trustees' fees and expenses 6,655  
Registration fees 169,941  
Audit 35,980  
Legal 8,231  
Interest 540  
Miscellaneous 11,271  
Total expenses before reductions 19,648,118  
Expense reductions (203,530) 19,444,588 
Net investment income (loss)  (9,443,629) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 128,118,719  
Redemption in-kind with affiliated entities 22,403,452  
Fidelity Central Funds 10,320  
Foreign currency transactions 65  
Total net realized gain (loss)  150,532,556 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 461,147,731  
Fidelity Central Funds (7,842)  
Assets and liabilities in foreign currencies 33  
Total change in net unrealized appreciation (depreciation)  461,139,922 
Net gain (loss)  611,672,478 
Net increase (decrease) in net assets resulting from operations  $602,228,849 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(9,443,629) $(11,864,179) 
Net realized gain (loss) 150,532,556 284,698,299 
Change in net unrealized appreciation (depreciation) 461,139,922 228,635,188 
Net increase (decrease) in net assets resulting from operations 602,228,849 501,469,308 
Distributions to shareholders from net investment income (6,004) – 
Distributions to shareholders from net realized gain (236,656,527) (17,131,591) 
Total distributions (236,662,531) (17,131,591) 
Share transactions - net increase (decrease) 792,276,615 597,965,658 
Redemption fees 224,512 418,601 
Total increase (decrease) in net assets 1,158,067,445 1,082,721,976 
Net Assets   
Beginning of period 3,130,848,157 2,048,126,181 
End of period $4,288,915,602 $3,130,848,157 
Other Information   
Accumulated net investment loss end of period $(10,920,531) $(1,470,898) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Small Cap Growth Fund Class A

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $22.99 $19.17 $20.55 $17.99 $19.66 $15.87 
Income from Investment Operations       
Net investment income (loss)A (.09) (.14) (.10) (.13) (.12) (.04) 
Net realized and unrealized gain (loss) 3.93 4.12 (.51) 4.23 1.69 4.87 
Total from investment operations 3.84 3.98 (.61) 4.10 1.57 4.83 
Distributions from net investment income –B – – – – – 
Distributions from net realized gain (1.68) (.16) (.78) (1.54) (3.24) (1.04) 
Total distributions (1.68) (.16) (.78) (1.54) (3.24) (1.04) 
Redemption fees added to paid in capitalA –B –B .01 –B –B –B 
Net asset value, end of period $25.15 $22.99 $19.17 $20.55 $17.99 $19.66 
Total ReturnC,D,E 17.70% 20.90% (2.85)% 24.46% 8.58% 32.20% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.32%H 1.35% 1.37% 1.21% 1.22% 1.24% 
Expenses net of fee waivers, if any 1.32%H 1.35% 1.37% 1.21% 1.22% 1.24% 
Expenses net of all reductions 1.31%H 1.34% 1.36% 1.20% 1.22% 1.22% 
Net investment income (loss) (.75)%H (.66)% (.58)% (.67)% (.62)% (.26)% 
Supplemental Data       
Net assets, end of period (000 omitted) $288,598 $218,905 $176,988 $123,370 $88,822 $74,978 
Portfolio turnover rateI 97%H,J 140%J 143% 156% 148%J 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Growth Fund Class M

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $22.35 $18.69 $20.08 $17.66 $19.38 $15.68 
Income from Investment Operations       
Net investment income (loss)A (.12) (.19) (.15) (.17) (.16) (.09) 
Net realized and unrealized gain (loss) 3.81 4.01 (.50) 4.13 1.66 4.82 
Total from investment operations 3.69 3.82 (.65) 3.96 1.50 4.73 
Distributions from net investment income –B – – – – – 
Distributions from net realized gain (1.65) (.16) (.75) (1.54) (3.22) (1.03) 
Total distributions (1.65) (.16) (.75) (1.54) (3.22) (1.03) 
Redemption fees added to paid in capitalA –B –B .01 –B –B –B 
Net asset value, end of period $24.39 $22.35 $18.69 $20.08 $17.66 $19.38 
Total ReturnC,D,E 17.55% 20.57% (3.14)% 24.10% 8.30% 31.87% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.59%H 1.62% 1.66% 1.49% 1.50% 1.49% 
Expenses net of fee waivers, if any 1.59%H 1.62% 1.66% 1.48% 1.50% 1.49% 
Expenses net of all reductions 1.58%H 1.61% 1.64% 1.47% 1.49% 1.48% 
Net investment income (loss) (1.02)%H (.94)% (.87)% (.95)% (.90)% (.52)% 
Supplemental Data       
Net assets, end of period (000 omitted) $77,453 $64,034 $53,447 $52,667 $42,586 $34,686 
Portfolio turnover rateI 97%H,J 140%J 143% 156% 148%J 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Growth Fund Class C

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $20.83 $17.52 $18.90 $16.78 $18.62 $15.16 
Income from Investment Operations       
Net investment income (loss)A (.16) (.27) (.22) (.25) (.25) (.16) 
Net realized and unrealized gain (loss) 3.54 3.74 (.48) 3.91 1.59 4.64 
Total from investment operations 3.38 3.47 (.70) 3.66 1.34 4.48 
Distributions from net investment income –B – – – – – 
Distributions from net realized gain (1.62) (.16) (.69) (1.54) (3.18) (1.02) 
Total distributions (1.62) (.16) (.69) (1.54) (3.18) (1.02) 
Redemption fees added to paid in capitalA –B –B .01 –B –B –B 
Net asset value, end of period $22.59 $20.83 $17.52 $18.90 $16.78 $18.62 
Total ReturnC,D,E 17.28% 19.95% (3.64)% 23.53% 7.70% 31.32% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.08%H 2.11% 2.16% 2.00% 2.01% 1.99% 
Expenses net of fee waivers, if any 2.08%H 2.11% 2.16% 2.00% 2.00% 1.99% 
Expenses net of all reductions 2.07%H 2.10% 2.14% 1.99% 2.00% 1.97% 
Net investment income (loss) (1.51)%H (1.43)% (1.37)% (1.46)% (1.41)% (1.01)% 
Supplemental Data       
Net assets, end of period (000 omitted) $134,257 $102,669 $73,731 $55,671 $42,215 $32,756 
Portfolio turnover rateI 97%H,J 140%J 143% 156% 148%J 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $23.84 $19.82 $21.20 $18.45 $20.07 $16.14 
Income from Investment Operations       
Net investment income (loss)A (.06) (.09) (.06) (.07) (.06) .01 
Net realized and unrealized gain (loss) 4.08 4.27 (.52) 4.36 1.71 4.98 
Total from investment operations 4.02 4.18 (.58) 4.29 1.65 4.99 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (1.70) (.16) (.81) (1.54) (3.27) (1.06) 
Total distributions (1.70) (.16) (.81) (1.54) (3.27) (1.06) 
Redemption fees added to paid in capitalA –B –B .01 –B –B –B 
Net asset value, end of period $26.16 $23.84 $19.82 $21.20 $18.45 $20.07 
Total ReturnC,D 17.86% 21.22% (2.63)% 24.91% 8.87% 32.74% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.03%G 1.08% 1.12% .91% .91% .90% 
Expenses net of fee waivers, if any 1.03%G 1.08% 1.12% .91% .90% .90% 
Expenses net of all reductions 1.02%G 1.07% 1.11% .90% .90% .88% 
Net investment income (loss) (.46)%G (.40)% (.33)% (.37)% (.31)% .08% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,060,377 $2,336,762 $1,580,264 $1,345,684 $1,069,105 $1,315,659 
Portfolio turnover rateH 97%G,I 140%I 143% 156% 148%I 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Growth Fund Class I

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $23.90 $19.86 $21.24 $18.49 $20.10 $16.17 
Income from Investment Operations       
Net investment income (loss)A (.06) (.08) (.05) (.07) (.06) .01 
Net realized and unrealized gain (loss) 4.09 4.28 (.53) 4.36 1.72 4.98 
Total from investment operations 4.03 4.20 (.58) 4.29 1.66 4.99 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (1.70) (.16) (.81) (1.54) (3.27) (1.06) 
Total distributions (1.70) (.16) (.81) (1.54) (3.27) (1.06) 
Redemption fees added to paid in capitalA –B –B .01 –B –B –B 
Net asset value, end of period $26.23 $23.90 $19.86 $21.24 $18.49 $20.10 
Total ReturnC,D 17.86% 21.28% (2.62)% 24.85% 8.89% 32.65% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.04%G 1.06% 1.09% .93% .92% .92% 
Expenses net of fee waivers, if any 1.04%G 1.06% 1.09% .93% .92% .92% 
Expenses net of all reductions 1.03%G 1.05% 1.07% .91% .92% .91% 
Net investment income (loss) (.47)%G (.38)% (.30)% (.39)% (.32)% .06% 
Supplemental Data       
Net assets, end of period (000 omitted) $647,824 $390,032 $163,696 $97,897 $51,607 $51,158 
Portfolio turnover rateH 97%G,I 140%I 143% 156% 148%I 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Growth Fund Class Z

 Six months ended (Unaudited) January 31, Years endedJuly 31, 
 2018 2017 A 
Selected Per–Share Data   
Net asset value, beginning of period $23.91 $21.39 
Income from Investment Operations   
Net investment income (loss)B (.04) (.05) 
Net realized and unrealized gain (loss) 4.10 2.57 
Total from investment operations 4.06 2.52 
Distributions from net investment income – – 
Distributions from net realized gain (1.72) – 
Total distributions (1.72) – 
Redemption fees added to paid in capitalB –C –C 
Net asset value, end of period $26.25 $23.91 
Total ReturnD,E 17.96% 11.78% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .90%H .90%H 
Expenses net of fee waivers, if any .90%H .90%H 
Expenses net of all reductions .89%H .89%H 
Net investment income (loss) (.33)%H (.44)%H 
Supplemental Data   
Net assets, end of period (000 omitted) $80,406 $18,447 
Portfolio turnover rateI 97%H,J 140%J 

 A For the period February 1, 2017 (commencement of sale of shares) to July 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Small Cap Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

Effective the close of business on February 2, 2018, the Fund is closed to new accounts with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE) normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, net operating losses and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $1,030,995,492 
Gross unrealized depreciation (80,247,531) 
Net unrealized appreciation (depreciation) $950,747,961 
Tax cost $3,449,113,837 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $2,301,747,934 and $1,725,480,215, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of 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 .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $309,241 $19,573 
Class M .25% .25% 173,298 – 
Class C .75% .25% 559,355 124,146 
   $1,041,894 $143,719 

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 $90,920 
Class M 7,517 
Class C(a) 5,309 
 $103,746 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $265,040 .21 
Class M 81,427 .24 
Class C 124,409 .22 
Small Cap Growth 2,314,162 .18 
Class I 457,833 .19 
Class Z 9,215 .05 
 $3,252,086  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $98,708 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $14,409,000 1.35% $540 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Redemptions In-Kind. During the period, 2,773,352 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $71,556,855. The net realized gain of $22,403,452 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 3,120,161 shares of the Fund held by an affiliated entity were redeemed in kind for investments and cash with a value of $74,384,639. The Fund had a net realized gain of $18,817,235 on investments delivered through in-kind redemptions. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,426.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4,912 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,312,920. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $272,689 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $184,436 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $180.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $18,914.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Class A $3,381 $– 
Class M 405 – 
Class C 2,218 – 
Total $6,004 $– 
From net realized gain   
Class A $16,631,386 $1,450,853 
Class M 4,794,976 443,203 
Class C 8,082,834 670,953 
Small Cap Growth 173,515,868 13,079,834 
Class I 31,458,120 1,486,748 
Class Z 2,173,343 – 
Total $236,656,527 $17,131,591 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017(a) Six months ended January 31, 2018 Year ended July 31, 2017(a) 
Class A     
Shares sold 2,344,945 5,020,720 $55,394,857 $104,451,830 
Reinvestment of distributions 737,094 72,980 16,518,353 1,418,726 
Shares redeemed (1,129,437) (4,804,338) (26,486,558) (100,455,311) 
Net increase (decrease) 1,952,602 289,362 $45,426,652 $5,415,245 
Class M     
Shares sold 374,411 722,906 $8,592,461 $14,585,563 
Reinvestment of distributions 219,933 23,093 4,778,389 437,379 
Shares redeemed (284,031) (740,353) (6,501,677) (14,879,815) 
Net increase (decrease) 310,313 5,646 $6,869,173 $143,127 
Class C     
Shares sold 1,220,212 1,684,413 $26,241,918 $31,979,652 
Reinvestment of distributions 394,045 36,440 7,927,935 645,354 
Shares redeemed (599,347) (1,001,342) (12,675,017) (18,971,580) 
Net increase (decrease) 1,014,910 719,511 $21,494,836 $13,653,426 
Small Cap Growth     
Shares sold 25,985,323 46,489,671 $641,481,629 $1,008,614,407 
Reinvestment of distributions 7,124,341 624,373 166,042,299 12,562,394 
Shares redeemed (14,155,124)(b) (28,815,440)(c) (351,142,494)(b) (638,181,914)(c) 
Net increase (decrease) 18,954,540 18,298,604 $456,381,434 $382,994,887 
Class I     
Shares sold 10,305,574 11,204,169 $253,796,032 $245,745,969 
Reinvestment of distributions 1,279,506 68,251 29,928,913 1,376,613 
Shares redeemed (3,208,040) (3,191,470) (78,648,710) (69,277,095) 
Net increase (decrease) 8,377,040 8,080,950 $205,076,235 $177,845,487 
Class Z     
Shares sold 2,445,240 782,917 $60,882,488 $18,185,267 
Reinvestment of distributions 72,161 – 1,697,869 – 
Shares redeemed (225,926) (11,517) (5,552,072) (271,781) 
Net increase (decrease) 2,291,475 771,400 $57,028,285 $17,913,486 

 (a) Share transactions for Class Z are for the period February 1, 2017 (commencement of sale of shares) to July 31, 2017.

 (b) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).

 (c) Amount includes in-kind redemptions (see the Prior Year Redemptions In-Kind note for additional details).


11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Class A 1.32%    
Actual  $1,000.00 $1,177.00 $7.24 
Hypothetical-C  $1,000.00 $1,018.55 $6.72 
Class M 1.59%    
Actual  $1,000.00 $1,175.50 $8.72 
Hypothetical-C  $1,000.00 $1,017.19 $8.08 
Class C 2.08%    
Actual  $1,000.00 $1,172.80 $11.39 
Hypothetical-C  $1,000.00 $1,014.72 $10.56 
Small Cap Growth 1.03%    
Actual  $1,000.00 $1,178.60 $5.66 
Hypothetical-C  $1,000.00 $1,020.01 $5.24 
Class I 1.04%    
Actual  $1,000.00 $1,178.60 $5.71 
Hypothetical-C  $1,000.00 $1,019.96 $5.30 
Class Z .90%    
Actual  $1,000.00 $1,179.60 $4.94 
Hypothetical-C  $1,000.00 $1,020.67 $4.58 
     
     
     
     
     
     

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses.






Fidelity Investments

ASCP-SANN-0318
1.803717.114

Fidelity® Small Cap Growth Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
2U, Inc. 3.1 
Grand Canyon Education, Inc. 2.1 
Stamps.com, Inc. 1.7 
Nektar Therapeutics 1.5 
Insulet Corp. 1.4 
Vail Resorts, Inc. 1.3 
Eagle Materials, Inc. 1.3 
GrubHub, Inc. 1.3 
Cavco Industries, Inc. 1.2 
SiteOne Landscape Supply, Inc. 1.2 
 16.1 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 22.6 
Health Care 21.1 
Industrials 20.9 
Consumer Discretionary 15.1 
Financials 7.4 

Asset Allocation (% of fund's net assets)

As of January 31, 2018 * 
   Stocks/ETFs 97.6% 
   Convertible Securities 0.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.8% 


 * Foreign investments - 8.8%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%   
 Shares Value 
CONSUMER DISCRETIONARY - 15.1%   
Diversified Consumer Services - 2.4%   
Bright Horizons Family Solutions, Inc. (a) 133,514 $13,111,075 
Grand Canyon Education, Inc. (a) 977,240 90,873,548 
  103,984,623 
Hotels, Restaurants & Leisure - 5.8%   
Boyd Gaming Corp. 748,885 29,558,491 
Cedar Fair LP (depositary unit) 621,517 42,138,853 
Churchill Downs, Inc. 102,431 26,529,629 
Dunkin' Brands Group, Inc. 317,751 20,542,602 
Marriott Vacations Worldwide Corp. 143,975 21,931,712 
Texas Roadhouse, Inc. Class A 370,898 21,779,131 
U.S. Foods Holding Corp. (a) 883,090 28,373,682 
Vail Resorts, Inc. 261,098 57,065,579 
  247,919,679 
Household Durables - 3.1%   
Cavco Industries, Inc. (a) 338,670 51,867,311 
LGI Homes, Inc. (a)(b) 411,604 27,857,359 
SodaStream International Ltd. (a) 346,413 27,238,454 
Taylor Morrison Home Corp. (a) 1,068,151 27,163,080 
  134,126,204 
Internet & Direct Marketing Retail - 0.3%   
Gaia, Inc. Class A (a) 966,461 11,549,209 
Media - 0.7%   
Cinemark Holdings, Inc. 783,916 28,848,109 
Multiline Retail - 0.4%   
Ollie's Bargain Outlet Holdings, Inc. (a) 308,870 17,157,729 
Specialty Retail - 1.4%   
Michaels Companies, Inc. (a) 977,592 26,267,897 
The Children's Place Retail Stores, Inc. 227,433 34,069,463 
  60,337,360 
Textiles, Apparel & Luxury Goods - 1.0%   
Carter's, Inc. 163,020 19,611,306 
Columbia Sportswear Co. 184,222 13,755,857 
Emerald Expositions Events, Inc. 4,638 100,088 
PetIQ, Inc. Class A (b) 351,080 8,425,920 
  41,893,171 
TOTAL CONSUMER DISCRETIONARY  645,816,084 
CONSUMER STAPLES - 3.2%   
Food & Staples Retailing - 0.6%   
Performance Food Group Co. (a) 776,022 26,656,356 
Food Products - 1.0%   
Nomad Foods Ltd. (a) 1,226,500 20,899,560 
Post Holdings, Inc. (a) 307,587 23,275,108 
  44,174,668 
Household Products - 1.0%   
Central Garden & Pet Co. (a) 432,220 16,938,702 
Central Garden & Pet Co. Class A (non-vtg.) (a) 651,335 24,568,356 
  41,507,058 
Personal Products - 0.6%   
Herbalife Ltd. (a)(b) 304,070 25,234,769 
TOTAL CONSUMER STAPLES  137,572,851 
FINANCIALS - 7.4%   
Banks - 1.2%   
First Citizen Bancshares, Inc. 91,874 39,084,118 
Prosperity Bancshares, Inc. 156,507 11,863,231 
  50,947,349 
Capital Markets - 3.3%   
Apollo Global Management LLC Class A 1,213,768 43,392,206 
CBOE Holdings, Inc. 208,906 28,074,877 
Eaton Vance Corp. (non-vtg.) 339,461 19,620,846 
Lazard Ltd. Class A 371,433 21,754,831 
MSCI, Inc. 213,985 29,793,132 
  142,635,892 
Diversified Financial Services - 0.6%   
Cotiviti Holdings, Inc. (a) 740,854 25,929,890 
Insurance - 0.7%   
Enstar Group Ltd. (a) 147,626 30,647,158 
Thrifts & Mortgage Finance - 1.6%   
Essent Group Ltd. (a) 904,751 42,089,017 
Meridian Bancorp, Inc. Maryland 1,168,408 23,893,944 
  65,982,961 
TOTAL FINANCIALS  316,143,250 
HEALTH CARE - 21.1%   
Biotechnology - 8.6%   
Acceleron Pharma, Inc. (a) 337,426 14,006,553 
Achaogen, Inc. (a)(b) 527,940 5,791,502 
Acorda Therapeutics, Inc. (a) 402,517 10,445,316 
Adamas Pharmaceuticals, Inc. (a) 306,303 11,590,506 
Alder Biopharmaceuticals, Inc. (a) 780,275 11,040,891 
Amarin Corp. PLC ADR (a)(b) 959,765 3,599,119 
AnaptysBio, Inc. 252,684 26,630,367 
Arena Pharmaceuticals, Inc. (a) 69,766 2,610,644 
Argenx SE ADR 200,769 15,575,659 
Ascendis Pharma A/S sponsored ADR (a) 442,761 22,567,528 
Audentes Therapeutics, Inc. (a) 540,670 18,977,517 
Blueprint Medicines Corp. (a) 335,316 26,372,603 
Curis, Inc. (a) 728,321 449,447 
Dyax Corp. rights 12/31/19 (a)(c) 380,400 1,297,164 
Epizyme, Inc. (a) 478,205 7,723,011 
Fate Therapeutics, Inc. (a)(b) 1,331,543 12,170,303 
FibroGen, Inc. (a) 318,146 18,627,448 
Five Prime Therapeutics, Inc. (a) 147,626 2,952,520 
Global Blood Therapeutics, Inc. (a) 405,529 23,480,129 
Heron Therapeutics, Inc. (a) 318,046 6,885,696 
Insmed, Inc. (a) 30,593 778,286 
Intercept Pharmaceuticals, Inc. (a) 30,393 1,887,405 
Kura Oncology, Inc. (a) 511,846 10,032,182 
Ligand Pharmaceuticals, Inc. Class B (a) 98,878 15,585,150 
Loxo Oncology, Inc. (a) 272,344 27,634,746 
Madrigal Pharmaceuticals, Inc. (a) 53,781 7,982,176 
Mirati Therapeutics, Inc. (a) 15,639 405,050 
Sarepta Therapeutics, Inc. (a) 439,794 28,824,099 
Stemline Therapeutics, Inc. (a) 766,000 12,217,700 
TESARO, Inc. (a) 81,510 5,498,665 
Ultragenyx Pharmaceutical, Inc. (a) 275,389 14,692,003 
Zai Lab Ltd. ADR 26,348 710,342 
  369,041,727 
Health Care Equipment & Supplies - 4.9%   
Cantel Medical Corp. 329,293 36,528,472 
ICU Medical, Inc. (a) 103,417 23,677,322 
Inogen, Inc. (a) 119,403 14,548,062 
Insulet Corp. (a) 761,220 58,256,167 
iRhythm Technologies, Inc. (a) 312,225 18,617,977 
Novocure Ltd. (a)(b) 1,106,404 24,838,770 
Quanterix Corp. (a) 723,677 15,059,718 
Tactile Systems Technology, Inc. (a)(b) 249,249 7,858,821 
Wright Medical Group NV (a) 536,969 12,216,045 
  211,601,354 
Health Care Providers & Services - 2.5%   
G1 Therapeutics, Inc. 502,579 12,016,664 
LHC Group, Inc. (a) 221,656 13,919,997 
Magellan Health Services, Inc. (a) 139,817 13,925,773 
Molina Healthcare, Inc. (a) 285,581 26,090,680 
Premier, Inc. (a) 550,880 17,876,056 
Tivity Health, Inc. (a) 612,015 23,715,581 
  107,544,751 
Health Care Technology - 0.3%   
athenahealth, Inc. (a) 83,187 10,424,163 
HTG Molecular Diagnostics (a) 821,300 2,932,041 
  13,356,204 
Life Sciences Tools & Services - 0.8%   
ICON PLC (a) 311,830 34,151,622 
Pharmaceuticals - 4.0%   
Aclaris Therapeutics, Inc. (a) 377,185 8,343,332 
Aerie Pharmaceuticals, Inc. (a) 315,086 17,282,467 
Akcea Therapeutics, Inc. (b) 537,018 11,626,440 
Avexis, Inc. (a) 192,173 23,777,565 
Catalent, Inc. (a) 516,592 24,042,192 
Nektar Therapeutics (a) 768,826 64,281,542 
SCYNEXIS, Inc. warrants 6/21/21 (a) 168,750 67,080 
The Medicines Company (a) 345,292 11,439,524 
Theravance Biopharma, Inc. (a) 284,009 7,509,198 
Zogenix, Inc. (a) 59,208 2,152,211 
  170,521,551 
TOTAL HEALTH CARE  906,217,209 
INDUSTRIALS - 20.9%   
Aerospace & Defense - 3.1%   
BWX Technologies, Inc. 740,201 46,958,351 
Elbit Systems Ltd. 77,563 11,618,162 
HEICO Corp. Class A 699,795 46,081,501 
Teledyne Technologies, Inc. (a) 152,656 29,145,084 
  133,803,098 
Air Freight & Logistics - 0.4%   
Atlas Air Worldwide Holdings, Inc. (a) 301,173 16,956,040 
Airlines - 1.8%   
Allegiant Travel Co. 189,745 30,216,891 
SkyWest, Inc. 874,767 48,768,260 
  78,985,151 
Commercial Services & Supplies - 2.4%   
Copart, Inc. (a) 892,268 39,322,251 
Healthcare Services Group, Inc. 293,969 16,221,209 
The Brink's Co. 286,071 23,858,321 
Viad Corp. 423,483 24,053,834 
  103,455,615 
Construction & Engineering - 3.5%   
Dycom Industries, Inc. (a) 311,402 36,343,727 
EMCOR Group, Inc. 403,805 32,821,270 
Fluor Corp. 122,780 7,452,746 
Jacobs Engineering Group, Inc. 345,381 23,990,164 
KBR, Inc. 2,385,587 48,522,840 
  149,130,747 
Electrical Equipment - 1.2%   
Generac Holdings, Inc. (a) 1,008,611 49,351,336 
Industrial Conglomerates - 1.1%   
ITT, Inc. 832,270 46,607,120 
Machinery - 3.5%   
AGCO Corp. 278,377 20,215,738 
Allison Transmission Holdings, Inc. 746,256 33,014,365 
John Bean Technologies Corp. 218,228 24,823,435 
Oshkosh Corp. 271,667 24,645,630 
WABCO Holdings, Inc. (a) 316,073 48,798,510 
  151,497,678 
Professional Services - 1.9%   
Exponent, Inc. 506,678 37,570,174 
On Assignment, Inc. (a) 575,008 44,028,363 
  81,598,537 
Road & Rail - 0.3%   
Marten Transport Ltd. 519,608 12,054,906 
Trading Companies & Distributors - 1.7%   
SiteOne Landscape Supply, Inc. (a) 649,711 49,481,990 
Univar, Inc. (a) 729,346 21,778,272 
  71,260,262 
TOTAL INDUSTRIALS  894,700,490 
INFORMATION TECHNOLOGY - 22.0%   
Electronic Equipment & Components - 2.2%   
Dolby Laboratories, Inc. Class A 315,065 20,271,282 
FLIR Systems, Inc. 279,364 14,306,230 
II-VI, Inc. (a) 383,718 16,365,573 
Novanta, Inc. (a) 731,314 42,343,081 
  93,286,166 
Internet Software & Services - 10.0%   
2U, Inc. (a)(b) 1,776,201 131,918,442 
Alarm.com Holdings, Inc. (a)(b) 236,536 9,078,252 
ANGI Homeservices, Inc. Class A (a) 37,400 499,664 
Five9, Inc. (a) 419,885 10,921,209 
GoDaddy, Inc. (a) 614,483 33,937,896 
Gogo, Inc. (a)(b) 1,496,839 14,429,528 
GrubHub, Inc. (a)(b) 757,667 54,741,441 
Instructure, Inc. (a) 757,878 27,207,820 
MINDBODY, Inc. (a) 735,970 25,869,346 
New Relic, Inc. (a) 293,673 17,541,088 
Okta, Inc. 634,515 18,686,467 
Stamps.com, Inc. (a) 361,343 73,659,771 
Yext, Inc. (b) 1,055,189 12,715,027 
  431,205,951 
IT Services - 3.0%   
EPAM Systems, Inc. (a) 342,026 40,181,214 
Genpact Ltd. 855,855 29,047,719 
Interxion Holding N.V. (a) 218,182 13,690,921 
Leidos Holdings, Inc. 712,472 47,450,635 
  130,370,489 
Semiconductors & Semiconductor Equipment - 1.9%   
Entegris, Inc. 1,507,737 49,076,839 
Integrated Device Technology, Inc. (a) 450,030 13,455,897 
PDF Solutions, Inc. (a)(b) 1,282,462 17,544,080 
  80,076,816 
Software - 4.9%   
Everbridge, Inc. (a) 1,101,578 35,558,938 
HubSpot, Inc. (a) 361,580 35,091,339 
Paycom Software, Inc. (a)(b) 317,416 29,088,002 
Proofpoint, Inc. (a) 211,176 21,544,176 
PROS Holdings, Inc. (a) 807,222 23,441,727 
RingCentral, Inc. (a) 501,394 27,225,694 
Take-Two Interactive Software, Inc. (a) 155,618 19,712,132 
Workiva, Inc. (a) 830,308 18,515,868 
  210,177,876 
TOTAL INFORMATION TECHNOLOGY  945,117,298 
MATERIALS - 4.7%   
Chemicals - 1.3%   
Orion Engineered Carbons SA 258,037 7,599,190 
The Chemours Co. LLC 920,509 47,516,675 
  55,115,865 
Construction Materials - 2.1%   
Eagle Materials, Inc. 507,073 56,817,530 
Summit Materials, Inc. 1,020,348 32,600,119 
  89,417,649 
Containers & Packaging - 1.0%   
Avery Dennison Corp. 240,090 29,454,241 
Berry Global Group, Inc. (a) 259,134 15,338,141 
  44,792,382 
Paper & Forest Products - 0.3%   
Neenah, Inc. 142,594 12,904,757 
Quintis Ltd. (a)(b)(c) 11,285,501 91 
  12,904,848 
TOTAL MATERIALS  202,230,744 
REAL ESTATE - 1.6%   
Equity Real Estate Investment Trusts (REITs) - 1.5%   
Hudson Pacific Properties, Inc. 440,312 14,076,775 
Rexford Industrial Realty, Inc. 557,248 16,544,693 
Store Capital Corp. 599,483 14,693,328 
Terreno Realty Corp. 499,323 17,775,899 
  63,090,695 
Real Estate Management & Development - 0.1%   
Redfin Corp. (b) 272,074 5,523,102 
TOTAL REAL ESTATE  68,613,797 
UTILITIES - 0.4%   
Independent Power and Renewable Electricity Producers - 0.4%   
NRG Yield, Inc. Class C 424,720 8,027,208 
Ormat Technologies, Inc. 143,975 10,089,768 
  18,116,976 
TOTAL COMMON STOCKS   
(Cost $3,179,702,843)  4,134,528,699 
Convertible Preferred Stocks - 0.6%   
INFORMATION TECHNOLOGY - 0.6%   
Software - 0.6%   
Compass, Inc. Series E (c)(d)   
(Cost $23,873,990) 353,803 23,873,990 
Investment Companies - 1.2%   
iShares Russell 2000 Growth Index ETF (b)   
(Cost $52,104,926) 274,947 53,270,981 
Money Market Funds - 4.4%   
Fidelity Cash Central Fund, 1.39% (e) 41,501,974 41,510,274 
Fidelity Securities Lending Cash Central Fund 1.40% (e)(f) 146,663,188 146,677,854 
TOTAL MONEY MARKET FUNDS   
(Cost $188,186,232)  188,188,128 
TOTAL INVESTMENT IN SECURITIES - 102.6%   
(Cost $3,443,867,991)  4,399,861,798 
NET OTHER ASSETS (LIABILITIES) - (2.6)%  (110,946,196) 
NET ASSETS - 100%  $4,288,915,602 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Level 3 security

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,873,990 or 0.6% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Compass, Inc. Series E 11/3/17 $23,873,990 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $348,711 
Fidelity Securities Lending Cash Central Fund 2,047,153 
Total $2,395,864 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $645,816,084 $645,816,084 $-- $-- 
Consumer Staples 137,572,851 137,572,851 -- -- 
Financials 316,143,250 316,143,250 -- -- 
Health Care 906,217,209 904,852,965 67,080 1,297,164 
Industrials 894,700,490 894,700,490 -- -- 
Information Technology 968,991,288 945,117,298 -- 23,873,990 
Materials 202,230,744 202,230,653 -- 91 
Real Estate 68,613,797 68,613,797 -- -- 
Utilities 18,116,976 18,116,976 -- -- 
Investment Companies 53,270,981 53,270,981 -- -- 
Money Market Funds 188,188,128 188,188,128 -- -- 
Total Investments in Securities: $4,399,861,798 $4,374,623,473 $67,080 $25,171,245 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $141,522,088) — See accompanying schedule:
Unaffiliated issuers (cost $3,255,681,759) 		$4,211,673,670  
Fidelity Central Funds (cost $188,186,232) 188,188,128  
Total Investment in Securities (cost $3,443,867,991)  $4,399,861,798 
Receivable for investments sold  64,126,011 
Receivable for fund shares sold  20,272,955 
Dividends receivable  261,718 
Distributions receivable from Fidelity Central Funds  689,923 
Prepaid expenses  4,643 
Other receivables  268,735 
Total assets  4,485,485,783 
Liabilities   
Payable for investments purchased $37,808,829  
Payable for fund shares redeemed 8,404,131  
Accrued management fee 2,775,993  
Distribution and service plan fees payable 197,050  
Other affiliated payables 659,351  
Other payables and accrued expenses 51,789  
Collateral on securities loaned 146,673,038  
Total liabilities  196,570,181 
Net Assets  $4,288,915,602 
Net Assets consist of:   
Paid in capital  $3,263,369,715 
Accumulated net investment loss  (10,920,531) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  80,472,667 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  955,993,751 
Net Assets  $4,288,915,602 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($288,597,752 ÷ 11,474,627 shares)  $25.15 
Maximum offering price per share (100/94.25 of $25.15)  $26.68 
Class M:   
Net Asset Value and redemption price per share ($77,453,004 ÷ 3,174,999 shares)  $24.39 
Maximum offering price per share (100/96.50 of $24.39)  $25.27 
Class C:   
Net Asset Value and offering price per share ($134,257,465 ÷ 5,942,941 shares)(a)  $22.59 
Small Cap Growth:   
Net Asset Value, offering price and redemption price per share ($3,060,377,068 ÷ 116,992,660 shares)  $26.16 
Class I:   
Net Asset Value, offering price and redemption price per share ($647,824,294 ÷ 24,699,352 shares)  $26.23 
Class Z:   
Net Asset Value, offering price and redemption price per share ($80,406,019 ÷ 3,062,875 shares)  $26.25 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $7,605,095 
Income from Fidelity Central Funds (including $2,047,153 from security lending)  2,395,864 
Total income  10,000,959 
Expenses   
Management fee   
Basic fee $12,449,521  
Performance adjustment 2,107,938  
Transfer agent fees 3,252,086  
Distribution and service plan fees 1,041,894  
Accounting and security lending fees 526,637  
Custodian fees and expenses 37,424  
Independent trustees' fees and expenses 6,655  
Registration fees 169,941  
Audit 35,980  
Legal 8,231  
Interest 540  
Miscellaneous 11,271  
Total expenses before reductions 19,648,118  
Expense reductions (203,530) 19,444,588 
Net investment income (loss)  (9,443,629) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 128,118,719  
Redemption in-kind with affiliated entities 22,403,452  
Fidelity Central Funds 10,320  
Foreign currency transactions 65  
Total net realized gain (loss)  150,532,556 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 461,147,731  
Fidelity Central Funds (7,842)  
Assets and liabilities in foreign currencies 33  
Total change in net unrealized appreciation (depreciation)  461,139,922 
Net gain (loss)  611,672,478 
Net increase (decrease) in net assets resulting from operations  $602,228,849 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(9,443,629) $(11,864,179) 
Net realized gain (loss) 150,532,556 284,698,299 
Change in net unrealized appreciation (depreciation) 461,139,922 228,635,188 
Net increase (decrease) in net assets resulting from operations 602,228,849 501,469,308 
Distributions to shareholders from net investment income (6,004) – 
Distributions to shareholders from net realized gain (236,656,527) (17,131,591) 
Total distributions (236,662,531) (17,131,591) 
Share transactions - net increase (decrease) 792,276,615 597,965,658 
Redemption fees 224,512 418,601 
Total increase (decrease) in net assets 1,158,067,445 1,082,721,976 
Net Assets   
Beginning of period 3,130,848,157 2,048,126,181 
End of period $4,288,915,602 $3,130,848,157 
Other Information   
Accumulated net investment loss end of period $(10,920,531) $(1,470,898) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Small Cap Growth Fund Class A

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $22.99 $19.17 $20.55 $17.99 $19.66 $15.87 
Income from Investment Operations       
Net investment income (loss)A (.09) (.14) (.10) (.13) (.12) (.04) 
Net realized and unrealized gain (loss) 3.93 4.12 (.51) 4.23 1.69 4.87 
Total from investment operations 3.84 3.98 (.61) 4.10 1.57 4.83 
Distributions from net investment income –B – – – – – 
Distributions from net realized gain (1.68) (.16) (.78) (1.54) (3.24) (1.04) 
Total distributions (1.68) (.16) (.78) (1.54) (3.24) (1.04) 
Redemption fees added to paid in capitalA –B –B .01 –B –B –B 
Net asset value, end of period $25.15 $22.99 $19.17 $20.55 $17.99 $19.66 
Total ReturnC,D,E 17.70% 20.90% (2.85)% 24.46% 8.58% 32.20% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.32%H 1.35% 1.37% 1.21% 1.22% 1.24% 
Expenses net of fee waivers, if any 1.32%H 1.35% 1.37% 1.21% 1.22% 1.24% 
Expenses net of all reductions 1.31%H 1.34% 1.36% 1.20% 1.22% 1.22% 
Net investment income (loss) (.75)%H (.66)% (.58)% (.67)% (.62)% (.26)% 
Supplemental Data       
Net assets, end of period (000 omitted) $288,598 $218,905 $176,988 $123,370 $88,822 $74,978 
Portfolio turnover rateI 97%H,J 140%J 143% 156% 148%J 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Growth Fund Class M

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $22.35 $18.69 $20.08 $17.66 $19.38 $15.68 
Income from Investment Operations       
Net investment income (loss)A (.12) (.19) (.15) (.17) (.16) (.09) 
Net realized and unrealized gain (loss) 3.81 4.01 (.50) 4.13 1.66 4.82 
Total from investment operations 3.69 3.82 (.65) 3.96 1.50 4.73 
Distributions from net investment income –B – – – – – 
Distributions from net realized gain (1.65) (.16) (.75) (1.54) (3.22) (1.03) 
Total distributions (1.65) (.16) (.75) (1.54) (3.22) (1.03) 
Redemption fees added to paid in capitalA –B –B .01 –B –B –B 
Net asset value, end of period $24.39 $22.35 $18.69 $20.08 $17.66 $19.38 
Total ReturnC,D,E 17.55% 20.57% (3.14)% 24.10% 8.30% 31.87% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.59%H 1.62% 1.66% 1.49% 1.50% 1.49% 
Expenses net of fee waivers, if any 1.59%H 1.62% 1.66% 1.48% 1.50% 1.49% 
Expenses net of all reductions 1.58%H 1.61% 1.64% 1.47% 1.49% 1.48% 
Net investment income (loss) (1.02)%H (.94)% (.87)% (.95)% (.90)% (.52)% 
Supplemental Data       
Net assets, end of period (000 omitted) $77,453 $64,034 $53,447 $52,667 $42,586 $34,686 
Portfolio turnover rateI 97%H,J 140%J 143% 156% 148%J 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Growth Fund Class C

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $20.83 $17.52 $18.90 $16.78 $18.62 $15.16 
Income from Investment Operations       
Net investment income (loss)A (.16) (.27) (.22) (.25) (.25) (.16) 
Net realized and unrealized gain (loss) 3.54 3.74 (.48) 3.91 1.59 4.64 
Total from investment operations 3.38 3.47 (.70) 3.66 1.34 4.48 
Distributions from net investment income –B – – – – – 
Distributions from net realized gain (1.62) (.16) (.69) (1.54) (3.18) (1.02) 
Total distributions (1.62) (.16) (.69) (1.54) (3.18) (1.02) 
Redemption fees added to paid in capitalA –B –B .01 –B –B –B 
Net asset value, end of period $22.59 $20.83 $17.52 $18.90 $16.78 $18.62 
Total ReturnC,D,E 17.28% 19.95% (3.64)% 23.53% 7.70% 31.32% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.08%H 2.11% 2.16% 2.00% 2.01% 1.99% 
Expenses net of fee waivers, if any 2.08%H 2.11% 2.16% 2.00% 2.00% 1.99% 
Expenses net of all reductions 2.07%H 2.10% 2.14% 1.99% 2.00% 1.97% 
Net investment income (loss) (1.51)%H (1.43)% (1.37)% (1.46)% (1.41)% (1.01)% 
Supplemental Data       
Net assets, end of period (000 omitted) $134,257 $102,669 $73,731 $55,671 $42,215 $32,756 
Portfolio turnover rateI 97%H,J 140%J 143% 156% 148%J 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $23.84 $19.82 $21.20 $18.45 $20.07 $16.14 
Income from Investment Operations       
Net investment income (loss)A (.06) (.09) (.06) (.07) (.06) .01 
Net realized and unrealized gain (loss) 4.08 4.27 (.52) 4.36 1.71 4.98 
Total from investment operations 4.02 4.18 (.58) 4.29 1.65 4.99 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (1.70) (.16) (.81) (1.54) (3.27) (1.06) 
Total distributions (1.70) (.16) (.81) (1.54) (3.27) (1.06) 
Redemption fees added to paid in capitalA –B –B .01 –B –B –B 
Net asset value, end of period $26.16 $23.84 $19.82 $21.20 $18.45 $20.07 
Total ReturnC,D 17.86% 21.22% (2.63)% 24.91% 8.87% 32.74% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.03%G 1.08% 1.12% .91% .91% .90% 
Expenses net of fee waivers, if any 1.03%G 1.08% 1.12% .91% .90% .90% 
Expenses net of all reductions 1.02%G 1.07% 1.11% .90% .90% .88% 
Net investment income (loss) (.46)%G (.40)% (.33)% (.37)% (.31)% .08% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,060,377 $2,336,762 $1,580,264 $1,345,684 $1,069,105 $1,315,659 
Portfolio turnover rateH 97%G,I 140%I 143% 156% 148%I 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Growth Fund Class I

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $23.90 $19.86 $21.24 $18.49 $20.10 $16.17 
Income from Investment Operations       
Net investment income (loss)A (.06) (.08) (.05) (.07) (.06) .01 
Net realized and unrealized gain (loss) 4.09 4.28 (.53) 4.36 1.72 4.98 
Total from investment operations 4.03 4.20 (.58) 4.29 1.66 4.99 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (1.70) (.16) (.81) (1.54) (3.27) (1.06) 
Total distributions (1.70) (.16) (.81) (1.54) (3.27) (1.06) 
Redemption fees added to paid in capitalA –B –B .01 –B –B –B 
Net asset value, end of period $26.23 $23.90 $19.86 $21.24 $18.49 $20.10 
Total ReturnC,D 17.86% 21.28% (2.62)% 24.85% 8.89% 32.65% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.04%G 1.06% 1.09% .93% .92% .92% 
Expenses net of fee waivers, if any 1.04%G 1.06% 1.09% .93% .92% .92% 
Expenses net of all reductions 1.03%G 1.05% 1.07% .91% .92% .91% 
Net investment income (loss) (.47)%G (.38)% (.30)% (.39)% (.32)% .06% 
Supplemental Data       
Net assets, end of period (000 omitted) $647,824 $390,032 $163,696 $97,897 $51,607 $51,158 
Portfolio turnover rateH 97%G,I 140%I 143% 156% 148%I 142% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 G Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 I Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Growth Fund Class Z

 Six months ended (Unaudited) January 31, Years endedJuly 31, 
 2018 2017 A 
Selected Per–Share Data   
Net asset value, beginning of period $23.91 $21.39 
Income from Investment Operations   
Net investment income (loss)B (.04) (.05) 
Net realized and unrealized gain (loss) 4.10 2.57 
Total from investment operations 4.06 2.52 
Distributions from net investment income – – 
Distributions from net realized gain (1.72) – 
Total distributions (1.72) – 
Redemption fees added to paid in capitalB –C –C 
Net asset value, end of period $26.25 $23.91 
Total ReturnD,E 17.96% 11.78% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .90%H .90%H 
Expenses net of fee waivers, if any .90%H .90%H 
Expenses net of all reductions .89%H .89%H 
Net investment income (loss) (.33)%H (.44)%H 
Supplemental Data   
Net assets, end of period (000 omitted) $80,406 $18,447 
Portfolio turnover rateI 97%H,J 140%J 

 A For the period February 1, 2017 (commencement of sale of shares) to July 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Small Cap Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

Effective the close of business on February 2, 2018, the Fund is closed to new accounts with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE) normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, net operating losses and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $1,030,995,492 
Gross unrealized depreciation (80,247,531) 
Net unrealized appreciation (depreciation) $950,747,961 
Tax cost $3,449,113,837 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $2,301,747,934 and $1,725,480,215, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of 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 .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $309,241 $19,573 
Class M .25% .25% 173,298 – 
Class C .75% .25% 559,355 124,146 
   $1,041,894 $143,719 

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 $90,920 
Class M 7,517 
Class C(a) 5,309 
 $103,746 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $265,040 .21 
Class M 81,427 .24 
Class C 124,409 .22 
Small Cap Growth 2,314,162 .18 
Class I 457,833 .19 
Class Z 9,215 .05 
 $3,252,086  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $98,708 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $14,409,000 1.35% $540 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Redemptions In-Kind. During the period, 2,773,352 shares of the Fund held by an affiliated entity were redeemed in-kind for investments and cash with a value of $71,556,855. The net realized gain of $22,403,452 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Redemptions In-Kind. During the prior period, 3,120,161 shares of the Fund held by an affiliated entity were redeemed in kind for investments and cash with a value of $74,384,639. The Fund had a net realized gain of $18,817,235 on investments delivered through in-kind redemptions. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,426.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $4,912 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $2,312,920. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $272,689 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $184,436 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $180.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $18,914.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Class A $3,381 $– 
Class M 405 – 
Class C 2,218 – 
Total $6,004 $– 
From net realized gain   
Class A $16,631,386 $1,450,853 
Class M 4,794,976 443,203 
Class C 8,082,834 670,953 
Small Cap Growth 173,515,868 13,079,834 
Class I 31,458,120 1,486,748 
Class Z 2,173,343 – 
Total $236,656,527 $17,131,591 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017(a) Six months ended January 31, 2018 Year ended July 31, 2017(a) 
Class A     
Shares sold 2,344,945 5,020,720 $55,394,857 $104,451,830 
Reinvestment of distributions 737,094 72,980 16,518,353 1,418,726 
Shares redeemed (1,129,437) (4,804,338) (26,486,558) (100,455,311) 
Net increase (decrease) 1,952,602 289,362 $45,426,652 $5,415,245 
Class M     
Shares sold 374,411 722,906 $8,592,461 $14,585,563 
Reinvestment of distributions 219,933 23,093 4,778,389 437,379 
Shares redeemed (284,031) (740,353) (6,501,677) (14,879,815) 
Net increase (decrease) 310,313 5,646 $6,869,173 $143,127 
Class C     
Shares sold 1,220,212 1,684,413 $26,241,918 $31,979,652 
Reinvestment of distributions 394,045 36,440 7,927,935 645,354 
Shares redeemed (599,347) (1,001,342) (12,675,017) (18,971,580) 
Net increase (decrease) 1,014,910 719,511 $21,494,836 $13,653,426 
Small Cap Growth     
Shares sold 25,985,323 46,489,671 $641,481,629 $1,008,614,407 
Reinvestment of distributions 7,124,341 624,373 166,042,299 12,562,394 
Shares redeemed (14,155,124)(b) (28,815,440)(c) (351,142,494)(b) (638,181,914)(c) 
Net increase (decrease) 18,954,540 18,298,604 $456,381,434 $382,994,887 
Class I     
Shares sold 10,305,574 11,204,169 $253,796,032 $245,745,969 
Reinvestment of distributions 1,279,506 68,251 29,928,913 1,376,613 
Shares redeemed (3,208,040) (3,191,470) (78,648,710) (69,277,095) 
Net increase (decrease) 8,377,040 8,080,950 $205,076,235 $177,845,487 
Class Z     
Shares sold 2,445,240 782,917 $60,882,488 $18,185,267 
Reinvestment of distributions 72,161 – 1,697,869 – 
Shares redeemed (225,926) (11,517) (5,552,072) (271,781) 
Net increase (decrease) 2,291,475 771,400 $57,028,285 $17,913,486 

 (a) Share transactions for Class Z are for the period February 1, 2017 (commencement of sale of shares) to July 31, 2017.

 (b) Amount includes in-kind redemptions (see the Redemptions In-Kind note for additional details).

 (c) Amount includes in-kind redemptions (see the Prior Year Redemptions In-Kind note for additional details).


11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Class A 1.32%    
Actual  $1,000.00 $1,177.00 $7.24 
Hypothetical-C  $1,000.00 $1,018.55 $6.72 
Class M 1.59%    
Actual  $1,000.00 $1,175.50 $8.72 
Hypothetical-C  $1,000.00 $1,017.19 $8.08 
Class C 2.08%    
Actual  $1,000.00 $1,172.80 $11.39 
Hypothetical-C  $1,000.00 $1,014.72 $10.56 
Small Cap Growth 1.03%    
Actual  $1,000.00 $1,178.60 $5.66 
Hypothetical-C  $1,000.00 $1,020.01 $5.24 
Class I 1.04%    
Actual  $1,000.00 $1,178.60 $5.71 
Hypothetical-C  $1,000.00 $1,019.96 $5.30 
Class Z .90%    
Actual  $1,000.00 $1,179.60 $4.94 
Hypothetical-C  $1,000.00 $1,020.67 $4.58 
     
     
     
     
     
     

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses.






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SCP-SANN-0318
1.803700.113

Fidelity® Small Cap Growth K6 Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
2U, Inc. 3.1 
Grand Canyon Education, Inc. 2.2 
Stamps.com, Inc. 1.8 
Nektar Therapeutics 1.5 
Vail Resorts, Inc. 1.4 
Eagle Materials, Inc. 1.3 
GrubHub, Inc. 1.3 
Insulet Corp. 1.3 
Cavco Industries, Inc. 1.2 
SiteOne Landscape Supply, Inc. 1.2 
 16.3 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Information Technology 22.6 
Industrials 21.1 
Health Care 20.6 
Consumer Discretionary 15.3 
Financials 7.5 

Asset Allocation (% of fund's net assets)

As of January 31, 2018 * 
   Stocks/ETFs 97.8% 
   Convertible Securities 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.9% 


 * Foreign investments - 8.5%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%   
 Shares Value 
CONSUMER DISCRETIONARY - 15.3%   
Diversified Consumer Services - 2.5%   
Bright Horizons Family Solutions, Inc. (a) 10,097 $991,525 
Grand Canyon Education, Inc. (a) 74,738 6,949,887 
  7,941,412 
Hotels, Restaurants & Leisure - 5.9%   
Boyd Gaming Corp. 56,900 2,245,843 
Cedar Fair LP (depositary unit) 47,155 3,197,109 
Churchill Downs, Inc. 7,818 2,024,862 
Dunkin' Brands Group, Inc. 24,149 1,561,233 
Marriott Vacations Worldwide Corp. 10,891 1,659,026 
Texas Roadhouse, Inc. Class A 28,132 1,651,911 
U.S. Foods Holding Corp. (a) 67,099 2,155,891 
Vail Resorts, Inc. 19,857 4,339,946 
  18,835,821 
Household Durables - 3.2%   
Cavco Industries, Inc. (a) 25,768 3,946,369 
LGI Homes, Inc. (a) 31,635 2,141,057 
SodaStream International Ltd. (a) 26,304 2,068,284 
Taylor Morrison Home Corp. (a) 81,149 2,063,619 
  10,219,329 
Internet & Direct Marketing Retail - 0.2%   
Gaia, Inc. Class A (a) 73,393 877,046 
Media - 0.7%   
Cinemark Holdings, Inc. 59,597 2,193,170 
Multiline Retail - 0.4%   
Ollie's Bargain Outlet Holdings, Inc. (a) 23,449 1,302,592 
Specialty Retail - 1.4%   
Michaels Companies, Inc. (a) 74,305 1,996,575 
The Children's Place Retail Stores, Inc. 17,084 2,559,183 
  4,555,758 
Textiles, Apparel & Luxury Goods - 1.0%   
Carter's, Inc. 12,380 1,489,314 
Columbia Sportswear Co. 13,963 1,042,617 
Emerald Expositions Events, Inc. 362 7,812 
PetIQ, Inc. Class A (b) 24,543 589,032 
  3,128,775 
TOTAL CONSUMER DISCRETIONARY  49,053,903 
CONSUMER STAPLES - 3.1%   
Food & Staples Retailing - 0.6%   
Performance Food Group Co. (a) 59,007 2,026,890 
Food Products - 0.9%   
Nomad Foods Ltd. (a) 71,000 1,209,840 
Post Holdings, Inc. (a) 23,418 1,772,040 
  2,981,880 
Household Products - 1.0%   
Central Garden & Pet Co. (a) 32,799 1,285,393 
Central Garden & Pet Co. Class A (non-vtg.) (a) 49,975 1,885,057 
  3,170,450 
Personal Products - 0.6%   
Herbalife Ltd. (a) 23,119 1,918,646 
TOTAL CONSUMER STAPLES  10,097,866 
FINANCIALS - 7.5%   
Banks - 1.2%   
First Citizen Bancshares, Inc. 6,887 2,929,799 
Prosperity Bancshares, Inc. 11,543 874,959 
  3,804,758 
Capital Markets - 3.4%   
Apollo Global Management LLC Class A 92,256 3,298,152 
CBOE Holdings, Inc. 15,872 2,133,038 
Eaton Vance Corp. (non-vtg.) 25,839 1,493,494 
Lazard Ltd. Class A 28,267 1,655,598 
MSCI, Inc. 16,281 2,266,804 
  10,847,086 
Diversified Financial Services - 0.6%   
Cotiviti Holdings, Inc. (a) 56,302 1,970,570 
Insurance - 0.7%   
Enstar Group Ltd. (a) 11,229 2,331,140 
Thrifts & Mortgage Finance - 1.6%   
Essent Group Ltd. (a) 68,698 3,195,831 
Meridian Bancorp, Inc. Maryland 88,737 1,814,672 
  5,010,503 
TOTAL FINANCIALS  23,964,057 
HEALTH CARE - 20.6%   
Biotechnology - 8.2%   
Acceleron Pharma, Inc. (a) 25,674 1,065,728 
Achaogen, Inc. (a)(b) 37,476 411,112 
Acorda Therapeutics, Inc. (a) 30,560 793,032 
Adamas Pharmaceuticals, Inc. (a) 23,297 881,558 
Alder Biopharmaceuticals, Inc. (a) 53,890 762,544 
Amarin Corp. PLC ADR (a) 68,149 255,559 
AnaptysBio, Inc. 19,216 2,025,174 
Arena Pharmaceuticals, Inc. (a) 5,200 194,584 
Argenx SE ADR 15,059 1,168,277 
Ascendis Pharma A/S sponsored ADR (a) 19,622 1,000,133 
Audentes Therapeutics, Inc. (a) 37,277 1,308,423 
Blueprint Medicines Corp. (a) 23,740 1,867,151 
Epizyme, Inc. (a) 32,856 530,624 
Fate Therapeutics, Inc. (a)(b) 95,807 875,676 
FibroGen, Inc. (a) 24,140 1,413,397 
Five Prime Therapeutics, Inc. (a) 6,174 123,480 
Global Blood Therapeutics, Inc. (a) 30,797 1,783,146 
Heron Therapeutics, Inc. (a) 13,353 289,092 
Insmed, Inc. (a) 3,507 89,218 
Intercept Pharmaceuticals, Inc. (a) 1,207 74,955 
Kura Oncology, Inc. (a)(b) 38,600 756,560 
Ligand Pharmaceuticals, Inc. Class B (a) 7,486 1,179,943 
Loxo Oncology, Inc. (a) 20,472 2,077,294 
Madrigal Pharmaceuticals, Inc. (a) 3,819 566,816 
Mirati Therapeutics, Inc. (a) 1,100 28,490 
Sarepta Therapeutics, Inc. (a) 33,306 2,182,875 
Stemline Therapeutics, Inc. (a) 57,600 918,720 
TESARO, Inc. (a) 6,049 408,066 
Ultragenyx Pharmaceutical, Inc. (a) 20,264 1,081,084 
Zai Lab Ltd. ADR 1,752 47,234 
  26,159,945 
Health Care Equipment & Supplies - 4.9%   
Cantel Medical Corp. 25,009 2,774,248 
ICU Medical, Inc. (a) 7,883 1,804,813 
Inogen, Inc. (a) 9,052 1,102,896 
Insulet Corp. (a) 54,166 4,145,324 
iRhythm Technologies, Inc. (a) 23,731 1,415,080 
Novocure Ltd. (a) 77,231 1,733,836 
Quanterix Corp. (a) 57,996 1,206,897 
Tactile Systems Technology, Inc. (a)(b) 18,958 597,746 
Wright Medical Group NV (a) 40,776 927,654 
  15,708,494 
Health Care Providers & Services - 2.6%   
G1 Therapeutics, Inc. 38,156 912,310 
LHC Group, Inc. (a) 16,871 1,059,499 
Magellan Health Services, Inc. (a) 11,970 1,192,212 
Molina Healthcare, Inc. (a) 21,719 1,984,248 
Premier, Inc. (a) 41,905 1,359,817 
Tivity Health, Inc. (a) 46,480 1,801,100 
  8,309,186 
Health Care Technology - 0.3%   
athenahealth, Inc. (a) 6,165 772,536 
HTG Molecular Diagnostics (a) 47,300 168,861 
  941,397 
Life Sciences Tools & Services - 0.8%   
ICON PLC (a) 23,704 2,596,062 
Pharmaceuticals - 3.8%   
Aclaris Therapeutics, Inc. (a) 27,206 601,797 
Aerie Pharmaceuticals, Inc. (a) 23,989 1,315,797 
Akcea Therapeutics, Inc. (b) 38,079 824,410 
Avexis, Inc. (a) 14,627 1,809,799 
Catalent, Inc. (a) 39,222 1,825,392 
Nektar Therapeutics (a) 57,943 4,844,614 
The Medicines Company (a) 12,661 419,459 
Theravance Biopharma, Inc. (a) 11,898 314,583 
Zogenix, Inc. (a) 4,092 148,744 
  12,104,595 
TOTAL HEALTH CARE  65,819,679 
INDUSTRIALS - 21.1%   
Aerospace & Defense - 3.2%   
BWX Technologies, Inc. 56,281 3,570,467 
Elbit Systems Ltd. 5,906 884,660 
HEICO Corp. Class A 52,516 3,458,179 
Teledyne Technologies, Inc. (a) 11,483 2,192,334 
  10,105,640 
Air Freight & Logistics - 0.4%   
Atlas Air Worldwide Holdings, Inc. (a) 22,862 1,287,131 
Airlines - 1.8%   
Allegiant Travel Co. 12,555 1,999,384 
SkyWest, Inc. 65,644 3,659,653 
  5,659,037 
Commercial Services & Supplies - 2.4%   
Copart, Inc. (a) 67,795 2,987,726 
Healthcare Services Group, Inc. 22,288 1,229,852 
The Brink's Co. 21,222 1,769,915 
Viad Corp. 32,126 1,824,757 
  7,812,250 
Construction & Engineering - 3.6%   
Dycom Industries, Inc. (a) 23,664 2,761,825 
EMCOR Group, Inc. 30,677 2,493,427 
Fluor Corp. 12,465 756,626 
Jacobs Engineering Group, Inc. 26,219 1,821,172 
KBR, Inc. 181,247 3,686,564 
  11,519,614 
Electrical Equipment - 1.2%   
Generac Holdings, Inc. (a) 76,634 3,749,702 
Industrial Conglomerates - 1.1%   
ITT, Inc. 63,237 3,541,272 
Machinery - 3.5%   
AGCO Corp. 21,184 1,538,382 
Allison Transmission Holdings, Inc. 52,250 2,311,540 
John Bean Technologies Corp. 16,582 1,886,203 
Oshkosh Corp. 20,602 1,869,013 
WABCO Holdings, Inc. (a) 24,043 3,711,999 
  11,317,137 
Professional Services - 1.9%   
Exponent, Inc. 38,118 2,826,450 
On Assignment, Inc. (a) 43,611 3,339,294 
  6,165,744 
Road & Rail - 0.3%   
Marten Transport Ltd. 39,449 915,217 
Trading Companies & Distributors - 1.7%   
SiteOne Landscape Supply, Inc. (a) 49,390 3,761,542 
Univar, Inc. (a) 55,397 1,654,154 
  5,415,696 
TOTAL INDUSTRIALS  67,488,440 
INFORMATION TECHNOLOGY - 22.3%   
Electronic Equipment & Components - 2.2%   
Dolby Laboratories, Inc. Class A 23,635 1,520,676 
FLIR Systems, Inc. 21,188 1,085,037 
II-VI, Inc. (a) 29,132 1,242,480 
Novanta, Inc. (a) 55,539 3,215,708 
  7,063,901 
Internet Software & Services - 10.2%   
2U, Inc. (a) 134,944 10,022,285 
Alarm.com Holdings, Inc. (a) 17,385 667,236 
ANGI Homeservices, Inc. Class A (a) 9,000 120,240 
Five9, Inc. (a) 30,604 796,010 
GoDaddy, Inc. (a) 46,662 2,577,142 
Gogo, Inc. (a)(b) 113,699 1,096,058 
GrubHub, Inc. (a)(b) 57,588 4,160,733 
Instructure, Inc. (a) 57,582 2,067,194 
MINDBODY, Inc. (a)(b) 52,162 1,833,494 
New Relic, Inc. (a) 22,327 1,333,592 
Okta, Inc. 48,190 1,419,196 
Stamps.com, Inc. (a) 27,448 5,595,275 
Yext, Inc. 80,178 966,145 
  32,654,600 
IT Services - 3.1%   
EPAM Systems, Inc. (a) 25,999 3,054,363 
Genpact Ltd. 65,045 2,207,627 
Interxion Holding N.V. (a) 16,618 1,042,780 
Leidos Holdings, Inc. 54,121 3,604,459 
  9,909,229 
Semiconductors & Semiconductor Equipment - 1.9%   
Entegris, Inc. 114,550 3,728,603 
Integrated Device Technology, Inc. (a) 34,138 1,020,726 
PDF Solutions, Inc. (a) 97,451 1,333,130 
  6,082,459 
Software - 4.9%   
Everbridge, Inc. (a) 83,737 2,703,030 
HubSpot, Inc. (a) 23,927 2,322,115 
Paycom Software, Inc. (a) 24,090 2,207,608 
Proofpoint, Inc. (a) 16,069 1,639,359 
PROS Holdings, Inc. (a) 61,365 1,782,040 
RingCentral, Inc. (a) 38,136 2,070,785 
Take-Two Interactive Software, Inc. (a) 11,819 1,497,113 
Workiva, Inc. (a) 63,129 1,407,777 
  15,629,827 
TOTAL INFORMATION TECHNOLOGY  71,340,016 
MATERIALS - 4.8%   
Chemicals - 1.3%   
Orion Engineered Carbons SA 21,010 618,745 
The Chemours Co. LLC 69,967 3,611,697 
  4,230,442 
Construction Materials - 2.1%   
Eagle Materials, Inc. 38,529 4,317,174 
Summit Materials, Inc. 77,478 2,475,422 
  6,792,596 
Containers & Packaging - 1.1%   
Avery Dennison Corp. 18,289 2,243,695 
Berry Global Group, Inc. (a) 19,665 1,163,971 
  3,407,666 
Paper & Forest Products - 0.3%   
Neenah, Inc. 10,799 977,310 
Quintis Ltd. (a)(c) 473,487 4 
  977,314 
TOTAL MATERIALS  15,408,018 
REAL ESTATE - 1.6%   
Equity Real Estate Investment Trusts (REITs) - 1.5%   
Hudson Pacific Properties, Inc. 33,436 1,068,949 
Rexford Industrial Realty, Inc. 42,302 1,255,946 
Store Capital Corp. 45,543 1,116,259 
Terreno Realty Corp. 37,890 1,348,884 
  4,790,038 
Real Estate Management & Development - 0.1%   
Redfin Corp. 20,717 420,555 
TOTAL REAL ESTATE  5,210,593 
UTILITIES - 0.4%   
Independent Power and Renewable Electricity Producers - 0.4%   
NRG Yield, Inc. Class C 30,202 570,818 
Ormat Technologies, Inc. 10,191 714,185 
  1,285,003 
TOTAL COMMON STOCKS   
(Cost $279,035,378)  309,667,575 
Convertible Preferred Stocks - 0.3%   
INFORMATION TECHNOLOGY - 0.3%   
Software - 0.3%   
Compass, Inc. Series E (c)(d)   
(Cost $1,124,254) 16,661 1,124,254 
Investment Companies - 1.1%   
iShares Russell 2000 Growth Index ETF   
(Cost $3,471,520) 17,953 3,478,394 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund, 1.39% (e) 2,780,438 2,780,994 
Fidelity Securities Lending Cash Central Fund 1.40% (e)(f) 4,121,658 4,122,070 
TOTAL MONEY MARKET FUNDS   
(Cost $6,903,064)  6,903,064 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $290,534,216)  321,173,287 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (973,875) 
NET ASSETS - 100%  $320,199,412 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Level 3 security

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,124,254 or 0.4% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Compass, Inc. Series E 11/3/17 $1,124,254 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $34,049 
Fidelity Securities Lending Cash Central Fund 50,961 
Total $85,010 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $49,053,903 $49,053,903 $-- $-- 
Consumer Staples 10,097,866 10,097,866 -- -- 
Financials 23,964,057 23,964,057 -- -- 
Health Care 65,819,679 65,819,679 -- -- 
Industrials 67,488,440 67,488,440 -- -- 
Information Technology 72,464,270 71,340,016 -- 1,124,254 
Materials 15,408,018 15,408,014 -- 4 
Real Estate 5,210,593 5,210,593 -- -- 
Utilities 1,285,003 1,285,003 -- -- 
Investment Companies 3,478,394 3,478,394 -- -- 
Money Market Funds 6,903,064 6,903,064 -- -- 
Total Investments in Securities: $321,173,287 $320,049,029 $-- $1,124,258 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $3,904,730) — See accompanying schedule:
Unaffiliated issuers (cost $283,631,152) 		$314,270,223  
Fidelity Central Funds (cost $6,903,064) 6,903,064  
Total Investment in Securities (cost $290,534,216)  $321,173,287 
Cash  479,597 
Receivable for investments sold  4,917,499 
Receivable for fund shares sold  611,583 
Dividends receivable  20,263 
Distributions receivable from Fidelity Central Funds  37,046 
Other receivables  4,231 
Total assets  327,243,506 
Liabilities   
Payable for investments purchased $2,614,452  
Payable for fund shares redeemed 174,880  
Accrued management fee 132,537  
Collateral on securities loaned 4,122,225  
Total liabilities  7,044,094 
Net Assets  $320,199,412 
Net Assets consist of:   
Paid in capital  $289,647,067 
Accumulated net investment loss  (96,115) 
Accumulated undistributed net realized gain (loss) on investments  9,389 
Net unrealized appreciation (depreciation) on investments  30,639,071 
Net Assets, for 26,094,785 shares outstanding  $320,199,412 
Net Asset Value, offering price and redemption price per share ($320,199,412 ÷ 26,094,785 shares)  $12.27 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $389,109 
Income from Fidelity Central Funds (including $50,961 from security lending)  85,010 
Total income  474,119 
Expenses   
Management fee $541,304  
Independent trustees' fees and expenses 249  
Total expenses before reductions 541,553  
Expense reductions (7,827) 533,726 
Net investment income (loss)  (59,607) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 174,577  
Fidelity Central Funds (155)  
Total net realized gain (loss)  174,422 
Change in net unrealized appreciation (depreciation) on investment securities  30,696,004 
Net gain (loss)  30,870,426 
Net increase (decrease) in net assets resulting from operations  $30,810,819 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) For the period
May 25, 2017 (commencement of operations) to July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(59,607) $(1,752) 
Net realized gain (loss) 174,422 905 
Change in net unrealized appreciation (depreciation) 30,696,004 (56,933) 
Net increase (decrease) in net assets resulting from operations 30,810,819 (57,780) 
Distributions to shareholders from net investment income (36,508) – 
Distributions to shareholders from net realized gain (164,284) – 
Total distributions (200,792) – 
Share transactions   
Proceeds from sales of shares 242,376,922 74,935,286 
Reinvestment of distributions 200,792 – 
Cost of shares redeemed (27,809,091) (56,744) 
Net increase (decrease) in net assets resulting from share transactions 214,768,623 74,878,542 
Total increase (decrease) in net assets 245,378,650 74,820,762 
Net Assets   
Beginning of period 74,820,762 – 
End of period $320,199,412 $74,820,762 
Other Information   
Accumulated net investment loss end of period $(96,115) $– 
Shares   
Sold 21,345,903 7,186,659 
Issued in reinvestment of distributions 17,629 – 
Redeemed (2,449,960) (5,446) 
Net increase (decrease) 18,913,572 7,181,213 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Small Cap Growth K6 Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31, 
 2018 2017 A 
Selected Per–Share Data   
Net asset value, beginning of period $10.42 $10.00 
Income from Investment Operations   
Net investment income (loss)B –C (.01) 
Net realized and unrealized gain (loss) 1.86 .43 
Total from investment operations 1.86 .42 
Distributions from net investment income –C – 
Distributions from net realized gain (.01) – 
Total distributions (.01) – 
Net asset value, end of period $12.27 $10.42 
Total ReturnD,E 17.87% 4.20% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .60%H .60%H 
Expenses net of fee waivers, if any .60%H .60%H 
Expenses net of all reductions .60%H .60%H 
Net investment income (loss) (.07)%H (.45)%H 
Supplemental Data   
Net assets, end of period (000 omitted) $320,199 $74,821 
Portfolio turnover rateI 117%H,J 79%J,K 

 A For the period May 25, 2017 (commencement of operations) to July 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J Portfolio turnover rate excludes securities received or delivered in-kind.

 K Amount not annualized.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Small Cap Growth K6 Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

Effective the close of business on February 2, 2018, the Fund is closed to new accounts with certain exceptions.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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, 2018 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, net operating losses, passive foreign investment companies (PFIC), 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 $34,819,817 
Gross unrealized depreciation (4,627,283) 
Net unrealized appreciation (depreciation) $30,192,534 
Tax cost $290,980,753 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $236,736,870 and $95,566,323, respectively.

Exchanges In-Kind. During the period, unaffiliated entities completed exchanges in-kind with the Fund. The unaffiliated entities delivered investments and cash valued at $71,556,855 in exchange for 5,936,847 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $8,604 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Prior Fiscal Year Exchanges In-Kind. During the prior period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash valued at $74,384,639 in exchange for 7,131,797 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

6. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $660,085. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds, and includes $1,082 from securities loaned to FCM.

7. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $7,384 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $443.

8. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Actual .60% $1,000.00 $1,178.70 $3.29 
Hypothetical-C  $1,000.00 $1,022.18 $3.06 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SCPK6-SANN-0318
1.9884010.100

Fidelity Advisor® Small Cap Value Fund -
Class A, Class M, Class C and Class I



Semi-Annual Report

January 31, 2018

Class A, Class M, Class C and Class I are classes of Fidelity® Small Cap Value Fund



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
LivaNova PLC 3.5 
Tech Data Corp. 3.3 
Moog, Inc. Class A 3.1 
Cullen/Frost Bankers, Inc. 3.0 
Genesee & Wyoming, Inc. Class A 3.0 
First American Financial Corp. 2.9 
CVB Financial Corp. 2.9 
BOK Financial Corp. 2.7 
Store Capital Corp. 2.6 
Science Applications International Corp. 2.6 
 29.6 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Financials 32.4 
Industrials 15.6 
Consumer Discretionary 12.6 
Information Technology 12.4 
Health Care 6.7 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 97.5% 
   Bonds 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.2% 


 * Foreign investments - 15.4%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.6%   
Auto Components - 1.1%   
Standard Motor Products, Inc. 795,092 $38,084,907 
Diversified Consumer Services - 2.9%   
Grand Canyon Education, Inc. (a) 595,927 55,415,252 
Strayer Education, Inc. 527,400 48,773,952 
  104,189,204 
Hotels, Restaurants & Leisure - 2.3%   
Cedar Fair LP (depositary unit) 1,223,500 82,953,300 
Household Durables - 4.3%   
CalAtlantic Group, Inc. 790,800 44,387,604 
LGI Homes, Inc. (a)(b) 586,300 39,680,784 
Meritage Homes Corp. (a) 1,413,578 67,074,276 
  151,142,664 
Specialty Retail - 2.0%   
Aaron's, Inc. Class A 1,706,100 69,762,429 
TOTAL CONSUMER DISCRETIONARY  446,132,504 
CONSUMER STAPLES - 1.3%   
Food & Staples Retailing - 1.2%   
United Natural Foods, Inc. (a) 855,000 40,698,000 
Food Products - 0.1%   
Nomad Foods Ltd. (a) 220,725 3,761,154 
TOTAL CONSUMER STAPLES  44,459,154 
ENERGY - 3.8%   
Energy Equipment & Services - 2.1%   
ShawCor Ltd. Class A 3,200,400 72,230,166 
Oil, Gas & Consumable Fuels - 1.7%   
LINN Energy, Inc. (b) 1,551,900 61,300,050 
TOTAL ENERGY  133,530,216 
FINANCIALS - 32.4%   
Banks - 19.4%   
Associated Banc-Corp. 2,650,000 65,587,500 
Banner Corp. 388,900 21,132,826 
BOK Financial Corp. 1,000,000 96,690,000 
Cullen/Frost Bankers, Inc. 1,000,000 106,410,000 
CVB Financial Corp. 4,359,300 102,007,620 
First Citizen Bancshares, Inc. 140,370 59,714,802 
First Citizen Bancshares, Inc. Class A 180,954 76,979,641 
Hilltop Holdings, Inc. 820,700 21,494,133 
Popular, Inc. 1,105,800 44,939,712 
UMB Financial Corp. 1,200,000 91,416,000 
  686,372,234 
Capital Markets - 3.1%   
Federated Investors, Inc. Class B (non-vtg.) 1,730,900 60,027,612 
OM Asset Management Ltd. 2,895,301 51,796,935 
  111,824,547 
Insurance - 8.2%   
Argo Group International Holdings, Ltd. 628,500 38,527,050 
Enstar Group Ltd. (a) 281,000 58,335,600 
First American Financial Corp. 1,750,900 103,425,663 
ProAssurance Corp. 1,633,300 89,341,510 
  289,629,823 
Thrifts & Mortgage Finance - 1.7%   
Beneficial Bancorp, Inc. 864,286 14,044,648 
Washington Federal, Inc. 1,250,000 44,875,000 
  58,919,648 
TOTAL FINANCIALS  1,146,746,252 
HEALTH CARE - 6.7%   
Health Care Equipment & Supplies - 3.5%   
LivaNova PLC (a) 1,470,651 125,814,193 
Health Care Providers & Services - 1.1%   
Civitas Solutions, Inc. (a)(c) 2,038,502 35,775,710 
Envision Healthcare Corp. (a) 45,500 1,637,545 
  37,413,255 
Health Care Technology - 1.0%   
Cegedim SA (a) 694,196 35,595,604 
Pharmaceuticals - 1.1%   
Innoviva, Inc. (a) 2,771,053 40,429,663 
TOTAL HEALTH CARE  239,252,715 
INDUSTRIALS - 15.3%   
Aerospace & Defense - 3.1%   
Moog, Inc. Class A (a) 1,222,900 110,134,374 
Airlines - 0.3%   
Allegiant Travel Co. 77,400 12,325,950 
Electrical Equipment - 4.8%   
AZZ, Inc. 500,000 22,750,000 
Melrose Industries PLC 21,916,049 70,450,025 
Regal Beloit Corp. 1,005,368 78,318,167 
  171,518,192 
Machinery - 1.7%   
Mueller Industries, Inc. 1,772,458 58,650,635 
Road & Rail - 3.0%   
Genesee & Wyoming, Inc. Class A (a) 1,317,600 105,210,360 
Trading Companies & Distributors - 2.4%   
WESCO International, Inc. (a) 1,241,700 84,621,855 
TOTAL INDUSTRIALS  542,461,366 
INFORMATION TECHNOLOGY - 12.4%   
Electronic Equipment & Components - 5.0%   
SYNNEX Corp. 500,000 61,365,000 
Tech Data Corp. (a) 1,143,200 114,628,664 
  175,993,664 
Internet Software & Services - 3.4%   
Cimpress NV (a)(b) 325,100 41,420,991 
comScore, Inc. (a) 47,500 1,075,875 
j2 Global, Inc. 1,000,000 79,990,000 
  122,486,866 
IT Services - 3.0%   
Presidio, Inc. 835,100 15,290,681 
Science Applications International Corp. 1,195,497 91,634,845 
  106,925,526 
Technology Hardware, Storage & Peripherals - 1.0%   
Super Micro Computer, Inc. (a) 1,500,000 34,237,500 
TOTAL INFORMATION TECHNOLOGY  439,643,556 
MATERIALS - 4.4%   
Containers & Packaging - 2.5%   
Silgan Holdings, Inc. 3,000,000 89,670,000 
Metals & Mining - 1.9%   
Compass Minerals International, Inc. (b) 917,800 66,907,620 
TOTAL MATERIALS  156,577,620 
REAL ESTATE - 4.9%   
Equity Real Estate Investment Trusts (REITs) - 4.9%   
CareTrust (REIT), Inc. 593,600 9,432,304 
Potlatch Corp. 369,199 19,530,627 
Sabra Health Care REIT, Inc. 2,854,100 51,659,210 
Store Capital Corp. 3,809,300 93,365,943 
  173,988,084 
TELECOMMUNICATION SERVICES - 0.0%   
Diversified Telecommunication Services - 0.0%   
Com Hem Holding AB 14,758 256,583 
UTILITIES - 3.7%   
Electric Utilities - 3.6%   
El Paso Electric Co. 1,211,100 63,219,420 
IDACORP, Inc. 743,900 64,183,692 
  127,403,112 
Independent Power and Renewable Electricity Producers - 0.1%   
NRG Yield, Inc. Class C 264,000 4,989,600 
TOTAL UTILITIES  132,392,712 
TOTAL COMMON STOCKS   
(Cost $2,515,025,135)  3,455,440,762 
 Principal Amount Value 
Nonconvertible Bonds - 0.3%   
INDUSTRIALS - 0.3%   
Machinery - 0.3%   
Mueller Industries, Inc. 6% 3/1/27
(Cost $10,499,000) 		10,499,000 10,761,476 
 Shares Value 
Money Market Funds - 4.8%   
Fidelity Cash Central Fund, 1.39% (d) 84,052,240 84,069,051 
Fidelity Securities Lending Cash Central Fund 1.40% (d)(e) 85,672,827 85,681,394 
TOTAL MONEY MARKET FUNDS   
(Cost $169,747,390)  169,750,445 
TOTAL INVESTMENT IN SECURITIES - 102.6%   
(Cost $2,695,271,525)  3,635,952,683 
NET OTHER ASSETS (LIABILITIES) - (2.6)%  (91,058,781) 
NET ASSETS - 100%  $3,544,893,902 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $333,090 
Fidelity Securities Lending Cash Central Fund 166,293 
Total $499,383 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Civitas Solutions, Inc. $44,625,000 $-- $8,124,718 $-- $167,218 $(891,790) $35,775,710 
Total $44,625,000 $-- $8,124,718 $-- $167,218 $(891,790) $35,775,710 

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $446,132,504 $446,132,504 $-- $-- 
Consumer Staples 44,459,154 44,459,154 -- -- 
Energy 133,530,216 133,530,216 -- -- 
Financials 1,146,746,252 1,146,746,252 -- -- 
Health Care 239,252,715 239,252,715 -- -- 
Industrials 542,461,366 542,461,366 -- -- 
Information Technology 439,643,556 439,643,556 -- -- 
Materials 156,577,620 156,577,620 -- -- 
Real Estate 173,988,084 173,988,084 -- -- 
Telecommunication Services 256,583 256,583 -- -- 
Utilities 132,392,712 132,392,712 -- -- 
Corporate Bonds 10,761,476 -- 10,761,476 -- 
Money Market Funds 169,750,445 169,750,445 -- -- 
Total Investments in Securities: $3,635,952,683 $3,625,191,207 $10,761,476 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 84.6% 
United Kingdom 6.9% 
Bermuda 2.8% 
Canada 2.1% 
Puerto Rico 1.3% 
Netherlands 1.2% 
France 1.0% 
Others (Individually Less Than 1%) 0.1% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $83,056,452) — See accompanying schedule:
Unaffiliated issuers (cost $2,491,391,256) 		$3,430,426,528  
Fidelity Central Funds (cost $169,747,390) 169,750,445  
Other affiliated issuers (cost $34,132,879) 35,775,710  
Total Investment in Securities (cost $2,695,271,525)  $3,635,952,683 
Cash  2 
Receivable for investments sold  12,906,594 
Receivable for fund shares sold  2,171,417 
Interest receivable  262,475 
Distributions receivable from Fidelity Central Funds  97,575 
Prepaid expenses  4,901 
Other receivables  20,680 
Total assets  3,651,416,327 
Liabilities   
Payable for investments purchased $13,977,121  
Payable for fund shares redeemed 3,981,880  
Accrued management fee 2,128,129  
Distribution and service plan fees payable 112,284  
Other affiliated payables 619,285  
Other payables and accrued expenses 35,801  
Collateral on securities loaned 85,667,925  
Total liabilities  106,522,425 
Net Assets  $3,544,893,902 
Net Assets consist of:   
Paid in capital  $2,516,931,999 
Distributions in excess of net investment income  (433,539) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  87,714,296 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  940,681,146 
Net Assets  $3,544,893,902 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($176,337,170 ÷ 8,701,146 shares)  $20.27 
Maximum offering price per share (100/94.25 of $20.27)  $21.51 
Class M:   
Net Asset Value and redemption price per share ($76,256,612 ÷ 3,850,821 shares)  $19.80 
Maximum offering price per share (100/96.50 of $19.80)  $20.52 
Class C:   
Net Asset Value and offering price per share ($49,835,724 ÷ 2,692,255 shares)(a)  $18.51 
Small Cap Value:   
Net Asset Value, offering price and redemption price per share ($2,771,576,169 ÷ 134,377,639 shares)  $20.63 
Class I:   
Net Asset Value, offering price and redemption price per share ($470,888,227 ÷ 22,824,925 shares)  $20.63 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $23,468,962 
Special dividends  6,923,500 
Interest  314,970 
Income from Fidelity Central Funds  499,383 
Total income  31,206,815 
Expenses   
Management fee   
Basic fee $12,049,438  
Performance adjustment 643,254  
Transfer agent fees 3,214,745  
Distribution and service plan fees 668,244  
Accounting and security lending fees 513,763  
Custodian fees and expenses 23,018  
Independent trustees' fees and expenses 6,722  
Registration fees 86,578  
Audit 33,908  
Legal 6,268  
Interest 656  
Miscellaneous 11,295  
Total expenses before reductions 17,257,889  
Expense reductions (61,383) 17,196,506 
Net investment income (loss)  14,010,309 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 128,701,046  
Fidelity Central Funds (332)  
Other affiliated issuers 167,218  
Foreign currency transactions (91,524)  
Total net realized gain (loss)  128,776,408 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 204,984,699  
Fidelity Central Funds (1,053)  
Other affiliated issuers (891,790)  
Assets and liabilities in foreign currencies (26)  
Total change in net unrealized appreciation (depreciation)  204,091,830 
Net gain (loss)  332,868,238 
Net increase (decrease) in net assets resulting from operations  $346,878,547 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $14,010,309 $44,455,877 
Net realized gain (loss) 128,776,408 78,723,874 
Change in net unrealized appreciation (depreciation) 204,091,830 334,723,173 
Net increase (decrease) in net assets resulting from operations 346,878,547 457,902,924 
Distributions to shareholders from net investment income (37,440,446) (25,276,323) 
Distributions to shareholders from net realized gain (91,158,962) (209,689,485) 
Total distributions (128,599,408) (234,965,808) 
Share transactions - net increase (decrease) (93,433,237) (12,022,135) 
Redemption fees 89,025 469,836 
Total increase (decrease) in net assets 124,934,927 211,384,817 
Net Assets   
Beginning of period 3,419,958,975 3,208,574,158 
End of period $3,544,893,902 $3,419,958,975 
Other Information   
Undistributed net investment income end of period $– $22,996,598 
Distributions in excess of net investment income end of period $(433,539) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Small Cap Value Fund Class A

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $19.05 $17.92 $19.14 $19.29 $19.96 $14.86 
Income from Investment Operations       
Net investment income (loss)A .06B .20C .07 .10D .03 .07 
Net realized and unrealized gain (loss) 1.85 2.23 .56 2.01 1.24 5.57 
Total from investment operations 1.91 2.43 .63 2.11 1.27 5.64 
Distributions from net investment income (.17) (.10) (.11) (.02) (.01) (.07) 
Distributions from net realized gain (.52) (1.20) (1.75) (2.25) (1.93) (.47) 
Total distributions (.69) (1.30) (1.85)E (2.26)F (1.94) (.54) 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $20.27 $19.05 $17.92 $19.14 $19.29 $19.96 
Total ReturnH,I,J 10.32% 14.61% 4.07% 11.86% 6.83% 39.09% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.22%M 1.24% 1.41% 1.42% 1.36% 1.36% 
Expenses net of fee waivers, if any 1.22%M 1.24% 1.41% 1.39% 1.35% 1.36% 
Expenses net of all reductions 1.22%M 1.24% 1.41% 1.39% 1.34% 1.36% 
Net investment income (loss) .58%B,M 1.10%C .43% .52%D .13% .41% 
Supplemental Data       
Net assets, end of period (000 omitted) $176,337 $184,306 $218,364 $235,844 $258,183 $275,265 
Portfolio turnover rateN 13%M 26% 33% 34% 26%O 29% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been .18%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .61%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .26%.

 E Total distributions of $1.85 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $1.747 per share.

 F Total distributions of $2.26 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $2.248 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Total returns do not include the effect of the sales charges.

 K Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 O Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Value Fund Class M

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.61 $17.54 $18.78 $18.98 $19.70 $14.70 
Income from Investment Operations       
Net investment income (loss)A .03B .15C .03 .05D (.02) .03 
Net realized and unrealized gain (loss) 1.80 2.18 .54 1.98 1.23 5.50 
Total from investment operations 1.83 2.33 .57 2.03 1.21 5.53 
Distributions from net investment income (.13) (.07) (.06) – – (.06) 
Distributions from net realized gain (.52) (1.20) (1.75) (2.23) (1.93) (.47) 
Total distributions (.64)E (1.26)F (1.81) (2.23) (1.93) (.53) 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $19.80 $18.61 $17.54 $18.78 $18.98 $19.70 
Total ReturnH,I,J 10.16% 14.35% 3.76% 11.58% 6.58% 38.70% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.46%M 1.49% 1.66% 1.67% 1.61% 1.60% 
Expenses net of fee waivers, if any 1.46%M 1.49% 1.66% 1.64% 1.59% 1.60% 
Expenses net of all reductions 1.46%M 1.49% 1.65% 1.63% 1.59% 1.59% 
Net investment income (loss) .34%B,M .86%C .19% .27%D (.11)% .18% 
Supplemental Data       
Net assets, end of period (000 omitted) $76,257 $78,852 $82,337 $91,716 $100,975 $107,444 
Portfolio turnover rateN 13%M 26% 33% 34% 26%O 29% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been (.06)%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .36%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .01%.

 E Total distributions of $.64 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.519 per share.

 F Total distributions of $1.26 per share is comprised of distributions from net investment income of $.067 and distributions from net realized gain of $1.195 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Total returns do not include the effect of the sales charges.

 K Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 O Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Value Fund Class C

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $17.39 $16.52 $17.82 $18.19 $19.06 $14.28 
Income from Investment Operations       
Net investment income (loss)A (.02)B .06C (.05) (.04)D (.12) (.06) 
Net realized and unrealized gain (loss) 1.69 2.04 .50 1.90 1.18 5.34 
Total from investment operations 1.67 2.10 .45 1.86 1.06 5.28 
Distributions from net investment income (.03) (.04) – – – (.03) 
Distributions from net realized gain (.52) (1.20) (1.75) (2.23) (1.93) (.47) 
Total distributions (.55) (1.23)E (1.75) (2.23) (1.93) (.50) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $18.51 $17.39 $16.52 $17.82 $18.19 $19.06 
Total ReturnG,H,I 9.90% 13.79% 3.20% 11.05% 5.97% 38.00% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 1.97%L 2.00% 2.18% 2.19% 2.12% 2.13% 
Expenses net of fee waivers, if any 1.97%L 2.00% 2.17% 2.16% 2.11% 2.13% 
Expenses net of all reductions 1.97%L 2.00% 2.17% 2.15% 2.10% 2.12% 
Net investment income (loss) (.18)%B,L .35%C (.33)% (.25)%D (.63)% (.35)% 
Supplemental Data       
Net assets, end of period (000 omitted) $49,836 $52,227 $57,231 $64,928 $70,541 $76,018 
Portfolio turnover rateM 13%L 26% 33% 34% 26%N 29% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been (.57) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.15) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.51) %.

 E Total distributions of $1.23 per share is comprised of distributions from net investment income of $.036 and distributions from net realized gain of $1.195 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the contingent deferred sales charge.

 J Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Value Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $19.41 $18.22 $19.45 $19.57 $20.22 $15.05 
Income from Investment Operations       
Net investment income (loss)A .08B .25C .12 .15D .08 .12 
Net realized and unrealized gain (loss) 1.88 2.28 .55 2.05 1.26 5.63 
Total from investment operations 1.96 2.53 .67 2.20 1.34 5.75 
Distributions from net investment income (.22) (.15) (.15) (.07) (.06) (.11) 
Distributions from net realized gain (.52) (1.20) (1.75) (2.25) (1.93) (.47) 
Total distributions (.74) (1.34)E (1.90) (2.32) (1.99) (.58) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $20.63 $19.41 $18.22 $19.45 $19.57 $20.22 
Total ReturnG,H 10.45% 14.99% 4.23% 12.18% 7.12% 39.45% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .95%K .99% 1.18% 1.15% 1.08% 1.07% 
Expenses net of fee waivers, if any .95%K .99% 1.18% 1.12% 1.06% 1.07% 
Expenses net of all reductions .95%K .99% 1.17% 1.12% 1.06% 1.06% 
Net investment income (loss) .84%B,K 1.36%C .67% .78%D .41% .71% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,771,576 $2,637,843 $2,460,714 $2,036,157 $2,060,546 $2,672,854 
Portfolio turnover rateL 13%K 26% 33% 34% 26%M 29% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been .45%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .86%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .53%.

 E Total distributions of $1.34 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $1.195 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Value Fund Class I

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $19.41 $18.23 $19.45 $19.57 $20.23 $15.05 
Income from Investment Operations       
Net investment income (loss)A .08B .25C .12 .15D .08 .12 
Net realized and unrealized gain (loss) 1.88 2.28 .56 2.05 1.25 5.65 
Total from investment operations 1.96 2.53 .68 2.20 1.33 5.77 
Distributions from net investment income (.22) (.15) (.16) (.07) (.06) (.12) 
Distributions from net realized gain (.52) (1.20) (1.75) (2.25) (1.93) (.47) 
Total distributions (.74) (1.35) (1.90)E (2.32) (1.99) (.59) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $20.63 $19.41 $18.23 $19.45 $19.57 $20.23 
Total ReturnG,H 10.45% 14.96% 4.31% 12.17% 7.08% 39.54% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .95%K .98% 1.14% 1.15% 1.09% 1.07% 
Expenses net of fee waivers, if any .95%K .97% 1.14% 1.12% 1.07% 1.07% 
Expenses net of all reductions .95%K .97% 1.14% 1.12% 1.07% 1.06% 
Net investment income (loss) .85%B,K 1.37%C .70% .79%D .40% .70% 
Supplemental Data       
Net assets, end of period (000 omitted) $470,888 $466,730 $389,928 $376,817 $342,500 $359,582 
Portfolio turnover rateL 13%K 26% 33% 34% 26%M 29% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been .45%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .88%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .53%.

 E Total distributions of $1.90 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $1.747 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Small Cap Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Value, and Class I shares, each of which has equal rights as to assets and voting privileges. The Fund is closed to new accounts with certain exceptions. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

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 $1,010,449,027 
Gross unrealized depreciation (69,801,094) 
Net unrealized appreciation (depreciation) $940,647,933 
Tax cost $2,695,304,750 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $216,422,628 and $442,311,309, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Small Cap Value as compared to its benchmark index, the Russell 2000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $222,174 $601 
Class M .25% .25% 195,014 – 
Class C .75% .25% 251,056 1,854 
   $668,244 $2,455 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $1,756 
Class M 966 
Class C(a) 458 
 $3,180 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $177,768 .20 
Class M 75,338 .19 
Class C 51,234 .20 
Small Cap Value 2,484,063 .18 
Class I 426,342 .18 
 $3,214,745  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $7,954 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $2,933,500 1.34% $656 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5,005 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $166,293. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $42,424 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,250.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $17,709.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Class A $1,524,301 $1,211,951 
Class M 515,970 315,712 
Class C 97,347 123,016 
Small Cap Value 30,080,250 20,285,848 
Class I 5,222,578 3,339,796 
Total $37,440,446 $25,276,323 
From net realized gain   
Class A $4,758,897 $14,206,153 
Class M 2,138,544 5,563,443 
Class C 1,473,571 4,084,634 
Small Cap Value 70,617,740 160,012,743 
Class I 12,170,210 25,822,512 
Total $91,158,962 $209,689,485 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Class A     
Shares sold 375,841 1,506,738 $7,314,233 $27,403,663 
Reinvestment of distributions 330,015 903,681 6,184,384 15,154,493 
Shares redeemed (1,678,874) (4,924,614) (32,538,492) (89,702,542) 
Net increase (decrease) (973,018) (2,514,195) $(19,039,875) $(47,144,386) 
Class M     
Shares sold 139,331 678,291 $2,668,683 $12,111,422 
Reinvestment of distributions 144,050 354,357 2,638,888 5,809,028 
Shares redeemed (669,063) (1,490,409) (12,863,004) (26,553,974) 
Net increase (decrease) (385,682) (457,761) $(7,555,433) $(8,633,524) 
Class C     
Shares sold 41,242 191,618 $733,554 $3,203,223 
Reinvestment of distributions 85,987 251,057 1,473,685 3,851,053 
Shares redeemed (437,714) (903,381) (7,715,938) (15,005,685) 
Net increase (decrease) (310,485) (460,706) $(5,508,699) $(7,951,409) 
Small Cap Value     
Shares sold 9,755,002 31,283,294 $192,845,450 $582,054,205 
Reinvestment of distributions 4,774,546 10,073,160 90,647,306 172,025,201 
Shares redeemed (16,081,568) (40,448,579) (319,343,340) (750,552,096) 
Net increase (decrease) (1,552,020) 907,875 $(35,850,584) $3,527,310 
Class I     
Shares sold 2,449,544 6,859,852 $48,576,744 $128,013,262 
Reinvestment of distributions 785,425 1,477,352 14,952,988 25,225,719 
Shares redeemed (4,454,255) (5,680,327) (89,008,378) (105,059,107) 
Net increase (decrease) (1,219,286) 2,656,877 $(25,478,646) $48,179,874 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, Strategic Advisers Small-Mid Cap Fund was the owner of record of approximately 11% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Class A 1.22%    
Actual  $1,000.00 $1,103.20 $6.47 
Hypothetical-C  $1,000.00 $1,019.06 $6.21 
Class M 1.46%    
Actual  $1,000.00 $1,101.60 $7.73 
Hypothetical-C  $1,000.00 $1,017.85 $7.43 
Class C 1.97%    
Actual  $1,000.00 $1,099.00 $10.42 
Hypothetical-C  $1,000.00 $1,015.27 $10.01 
Small Cap Value .95%    
Actual  $1,000.00 $1,104.50 $5.04 
Hypothetical-C  $1,000.00 $1,020.42 $4.84 
Class I .95%    
Actual  $1,000.00 $1,104.50 $5.04 
Hypothetical-C  $1,000.00 $1,020.42 $4.84 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ASCV-SANN-0318
1.803738.114

Fidelity® Small Cap Value Fund



Semi-Annual Report

January 31, 2018



Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2018

 % of fund's net assets 
LivaNova PLC 3.5 
Tech Data Corp. 3.3 
Moog, Inc. Class A 3.1 
Cullen/Frost Bankers, Inc. 3.0 
Genesee & Wyoming, Inc. Class A 3.0 
First American Financial Corp. 2.9 
CVB Financial Corp. 2.9 
BOK Financial Corp. 2.7 
Store Capital Corp. 2.6 
Science Applications International Corp. 2.6 
 29.6 

Top Five Market Sectors as of January 31, 2018

 % of fund's net assets 
Financials 32.4 
Industrials 15.6 
Consumer Discretionary 12.6 
Information Technology 12.4 
Health Care 6.7 

Asset Allocation (% of fund's net assets)

As of January 31, 2018* 
   Stocks 97.5% 
   Bonds 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.2% 


 * Foreign investments - 15.4%


Schedule of Investments January 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%   
 Shares Value 
CONSUMER DISCRETIONARY - 12.6%   
Auto Components - 1.1%   
Standard Motor Products, Inc. 795,092 $38,084,907 
Diversified Consumer Services - 2.9%   
Grand Canyon Education, Inc. (a) 595,927 55,415,252 
Strayer Education, Inc. 527,400 48,773,952 
  104,189,204 
Hotels, Restaurants & Leisure - 2.3%   
Cedar Fair LP (depositary unit) 1,223,500 82,953,300 
Household Durables - 4.3%   
CalAtlantic Group, Inc. 790,800 44,387,604 
LGI Homes, Inc. (a)(b) 586,300 39,680,784 
Meritage Homes Corp. (a) 1,413,578 67,074,276 
  151,142,664 
Specialty Retail - 2.0%   
Aaron's, Inc. Class A 1,706,100 69,762,429 
TOTAL CONSUMER DISCRETIONARY  446,132,504 
CONSUMER STAPLES - 1.3%   
Food & Staples Retailing - 1.2%   
United Natural Foods, Inc. (a) 855,000 40,698,000 
Food Products - 0.1%   
Nomad Foods Ltd. (a) 220,725 3,761,154 
TOTAL CONSUMER STAPLES  44,459,154 
ENERGY - 3.8%   
Energy Equipment & Services - 2.1%   
ShawCor Ltd. Class A 3,200,400 72,230,166 
Oil, Gas & Consumable Fuels - 1.7%   
LINN Energy, Inc. (b) 1,551,900 61,300,050 
TOTAL ENERGY  133,530,216 
FINANCIALS - 32.4%   
Banks - 19.4%   
Associated Banc-Corp. 2,650,000 65,587,500 
Banner Corp. 388,900 21,132,826 
BOK Financial Corp. 1,000,000 96,690,000 
Cullen/Frost Bankers, Inc. 1,000,000 106,410,000 
CVB Financial Corp. 4,359,300 102,007,620 
First Citizen Bancshares, Inc. 140,370 59,714,802 
First Citizen Bancshares, Inc. Class A 180,954 76,979,641 
Hilltop Holdings, Inc. 820,700 21,494,133 
Popular, Inc. 1,105,800 44,939,712 
UMB Financial Corp. 1,200,000 91,416,000 
  686,372,234 
Capital Markets - 3.1%   
Federated Investors, Inc. Class B (non-vtg.) 1,730,900 60,027,612 
OM Asset Management Ltd. 2,895,301 51,796,935 
  111,824,547 
Insurance - 8.2%   
Argo Group International Holdings, Ltd. 628,500 38,527,050 
Enstar Group Ltd. (a) 281,000 58,335,600 
First American Financial Corp. 1,750,900 103,425,663 
ProAssurance Corp. 1,633,300 89,341,510 
  289,629,823 
Thrifts & Mortgage Finance - 1.7%   
Beneficial Bancorp, Inc. 864,286 14,044,648 
Washington Federal, Inc. 1,250,000 44,875,000 
  58,919,648 
TOTAL FINANCIALS  1,146,746,252 
HEALTH CARE - 6.7%   
Health Care Equipment & Supplies - 3.5%   
LivaNova PLC (a) 1,470,651 125,814,193 
Health Care Providers & Services - 1.1%   
Civitas Solutions, Inc. (a)(c) 2,038,502 35,775,710 
Envision Healthcare Corp. (a) 45,500 1,637,545 
  37,413,255 
Health Care Technology - 1.0%   
Cegedim SA (a) 694,196 35,595,604 
Pharmaceuticals - 1.1%   
Innoviva, Inc. (a) 2,771,053 40,429,663 
TOTAL HEALTH CARE  239,252,715 
INDUSTRIALS - 15.3%   
Aerospace & Defense - 3.1%   
Moog, Inc. Class A (a) 1,222,900 110,134,374 
Airlines - 0.3%   
Allegiant Travel Co. 77,400 12,325,950 
Electrical Equipment - 4.8%   
AZZ, Inc. 500,000 22,750,000 
Melrose Industries PLC 21,916,049 70,450,025 
Regal Beloit Corp. 1,005,368 78,318,167 
  171,518,192 
Machinery - 1.7%   
Mueller Industries, Inc. 1,772,458 58,650,635 
Road & Rail - 3.0%   
Genesee & Wyoming, Inc. Class A (a) 1,317,600 105,210,360 
Trading Companies & Distributors - 2.4%   
WESCO International, Inc. (a) 1,241,700 84,621,855 
TOTAL INDUSTRIALS  542,461,366 
INFORMATION TECHNOLOGY - 12.4%   
Electronic Equipment & Components - 5.0%   
SYNNEX Corp. 500,000 61,365,000 
Tech Data Corp. (a) 1,143,200 114,628,664 
  175,993,664 
Internet Software & Services - 3.4%   
Cimpress NV (a)(b) 325,100 41,420,991 
comScore, Inc. (a) 47,500 1,075,875 
j2 Global, Inc. 1,000,000 79,990,000 
  122,486,866 
IT Services - 3.0%   
Presidio, Inc. 835,100 15,290,681 
Science Applications International Corp. 1,195,497 91,634,845 
  106,925,526 
Technology Hardware, Storage & Peripherals - 1.0%   
Super Micro Computer, Inc. (a) 1,500,000 34,237,500 
TOTAL INFORMATION TECHNOLOGY  439,643,556 
MATERIALS - 4.4%   
Containers & Packaging - 2.5%   
Silgan Holdings, Inc. 3,000,000 89,670,000 
Metals & Mining - 1.9%   
Compass Minerals International, Inc. (b) 917,800 66,907,620 
TOTAL MATERIALS  156,577,620 
REAL ESTATE - 4.9%   
Equity Real Estate Investment Trusts (REITs) - 4.9%   
CareTrust (REIT), Inc. 593,600 9,432,304 
Potlatch Corp. 369,199 19,530,627 
Sabra Health Care REIT, Inc. 2,854,100 51,659,210 
Store Capital Corp. 3,809,300 93,365,943 
  173,988,084 
TELECOMMUNICATION SERVICES - 0.0%   
Diversified Telecommunication Services - 0.0%   
Com Hem Holding AB 14,758 256,583 
UTILITIES - 3.7%   
Electric Utilities - 3.6%   
El Paso Electric Co. 1,211,100 63,219,420 
IDACORP, Inc. 743,900 64,183,692 
  127,403,112 
Independent Power and Renewable Electricity Producers - 0.1%   
NRG Yield, Inc. Class C 264,000 4,989,600 
TOTAL UTILITIES  132,392,712 
TOTAL COMMON STOCKS   
(Cost $2,515,025,135)  3,455,440,762 
 Principal Amount Value 
Nonconvertible Bonds - 0.3%   
INDUSTRIALS - 0.3%   
Machinery - 0.3%   
Mueller Industries, Inc. 6% 3/1/27
(Cost $10,499,000) 		10,499,000 10,761,476 
 Shares Value 
Money Market Funds - 4.8%   
Fidelity Cash Central Fund, 1.39% (d) 84,052,240 84,069,051 
Fidelity Securities Lending Cash Central Fund 1.40% (d)(e) 85,672,827 85,681,394 
TOTAL MONEY MARKET FUNDS   
(Cost $169,747,390)  169,750,445 
TOTAL INVESTMENT IN SECURITIES - 102.6%   
(Cost $2,695,271,525)  3,635,952,683 
NET OTHER ASSETS (LIABILITIES) - (2.6)%  (91,058,781) 
NET ASSETS - 100%  $3,544,893,902 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $333,090 
Fidelity Securities Lending Cash Central Fund 166,293 
Total $499,383 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Civitas Solutions, Inc. $44,625,000 $-- $8,124,718 $-- $167,218 $(891,790) $35,775,710 
Total $44,625,000 $-- $8,124,718 $-- $167,218 $(891,790) $35,775,710 

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2018, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $446,132,504 $446,132,504 $-- $-- 
Consumer Staples 44,459,154 44,459,154 -- -- 
Energy 133,530,216 133,530,216 -- -- 
Financials 1,146,746,252 1,146,746,252 -- -- 
Health Care 239,252,715 239,252,715 -- -- 
Industrials 542,461,366 542,461,366 -- -- 
Information Technology 439,643,556 439,643,556 -- -- 
Materials 156,577,620 156,577,620 -- -- 
Real Estate 173,988,084 173,988,084 -- -- 
Telecommunication Services 256,583 256,583 -- -- 
Utilities 132,392,712 132,392,712 -- -- 
Corporate Bonds 10,761,476 -- 10,761,476 -- 
Money Market Funds 169,750,445 169,750,445 -- -- 
Total Investments in Securities: $3,635,952,683 $3,625,191,207 $10,761,476 $-- 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 84.6% 
United Kingdom 6.9% 
Bermuda 2.8% 
Canada 2.1% 
Puerto Rico 1.3% 
Netherlands 1.2% 
France 1.0% 
Others (Individually Less Than 1%) 0.1% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  January 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $83,056,452) — See accompanying schedule:
Unaffiliated issuers (cost $2,491,391,256) 		$3,430,426,528  
Fidelity Central Funds (cost $169,747,390) 169,750,445  
Other affiliated issuers (cost $34,132,879) 35,775,710  
Total Investment in Securities (cost $2,695,271,525)  $3,635,952,683 
Cash  2 
Receivable for investments sold  12,906,594 
Receivable for fund shares sold  2,171,417 
Interest receivable  262,475 
Distributions receivable from Fidelity Central Funds  97,575 
Prepaid expenses  4,901 
Other receivables  20,680 
Total assets  3,651,416,327 
Liabilities   
Payable for investments purchased $13,977,121  
Payable for fund shares redeemed 3,981,880  
Accrued management fee 2,128,129  
Distribution and service plan fees payable 112,284  
Other affiliated payables 619,285  
Other payables and accrued expenses 35,801  
Collateral on securities loaned 85,667,925  
Total liabilities  106,522,425 
Net Assets  $3,544,893,902 
Net Assets consist of:   
Paid in capital  $2,516,931,999 
Distributions in excess of net investment income  (433,539) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  87,714,296 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  940,681,146 
Net Assets  $3,544,893,902 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($176,337,170 ÷ 8,701,146 shares)  $20.27 
Maximum offering price per share (100/94.25 of $20.27)  $21.51 
Class M:   
Net Asset Value and redemption price per share ($76,256,612 ÷ 3,850,821 shares)  $19.80 
Maximum offering price per share (100/96.50 of $19.80)  $20.52 
Class C:   
Net Asset Value and offering price per share ($49,835,724 ÷ 2,692,255 shares)(a)  $18.51 
Small Cap Value:   
Net Asset Value, offering price and redemption price per share ($2,771,576,169 ÷ 134,377,639 shares)  $20.63 
Class I:   
Net Asset Value, offering price and redemption price per share ($470,888,227 ÷ 22,824,925 shares)  $20.63 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.


See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended January 31, 2018 (Unaudited) 
Investment Income   
Dividends  $23,468,962 
Special dividends  6,923,500 
Interest  314,970 
Income from Fidelity Central Funds  499,383 
Total income  31,206,815 
Expenses   
Management fee   
Basic fee $12,049,438  
Performance adjustment 643,254  
Transfer agent fees 3,214,745  
Distribution and service plan fees 668,244  
Accounting and security lending fees 513,763  
Custodian fees and expenses 23,018  
Independent trustees' fees and expenses 6,722  
Registration fees 86,578  
Audit 33,908  
Legal 6,268  
Interest 656  
Miscellaneous 11,295  
Total expenses before reductions 17,257,889  
Expense reductions (61,383) 17,196,506 
Net investment income (loss)  14,010,309 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 128,701,046  
Fidelity Central Funds (332)  
Other affiliated issuers 167,218  
Foreign currency transactions (91,524)  
Total net realized gain (loss)  128,776,408 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 204,984,699  
Fidelity Central Funds (1,053)  
Other affiliated issuers (891,790)  
Assets and liabilities in foreign currencies (26)  
Total change in net unrealized appreciation (depreciation)  204,091,830 
Net gain (loss)  332,868,238 
Net increase (decrease) in net assets resulting from operations  $346,878,547 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended January 31, 2018 (Unaudited) Year ended July 31, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $14,010,309 $44,455,877 
Net realized gain (loss) 128,776,408 78,723,874 
Change in net unrealized appreciation (depreciation) 204,091,830 334,723,173 
Net increase (decrease) in net assets resulting from operations 346,878,547 457,902,924 
Distributions to shareholders from net investment income (37,440,446) (25,276,323) 
Distributions to shareholders from net realized gain (91,158,962) (209,689,485) 
Total distributions (128,599,408) (234,965,808) 
Share transactions - net increase (decrease) (93,433,237) (12,022,135) 
Redemption fees 89,025 469,836 
Total increase (decrease) in net assets 124,934,927 211,384,817 
Net Assets   
Beginning of period 3,419,958,975 3,208,574,158 
End of period $3,544,893,902 $3,419,958,975 
Other Information   
Undistributed net investment income end of period $– $22,996,598 
Distributions in excess of net investment income end of period $(433,539) $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Small Cap Value Fund Class A

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $19.05 $17.92 $19.14 $19.29 $19.96 $14.86 
Income from Investment Operations       
Net investment income (loss)A .06B .20C .07 .10D .03 .07 
Net realized and unrealized gain (loss) 1.85 2.23 .56 2.01 1.24 5.57 
Total from investment operations 1.91 2.43 .63 2.11 1.27 5.64 
Distributions from net investment income (.17) (.10) (.11) (.02) (.01) (.07) 
Distributions from net realized gain (.52) (1.20) (1.75) (2.25) (1.93) (.47) 
Total distributions (.69) (1.30) (1.85)E (2.26)F (1.94) (.54) 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $20.27 $19.05 $17.92 $19.14 $19.29 $19.96 
Total ReturnH,I,J 10.32% 14.61% 4.07% 11.86% 6.83% 39.09% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.22%M 1.24% 1.41% 1.42% 1.36% 1.36% 
Expenses net of fee waivers, if any 1.22%M 1.24% 1.41% 1.39% 1.35% 1.36% 
Expenses net of all reductions 1.22%M 1.24% 1.41% 1.39% 1.34% 1.36% 
Net investment income (loss) .58%B,M 1.10%C .43% .52%D .13% .41% 
Supplemental Data       
Net assets, end of period (000 omitted) $176,337 $184,306 $218,364 $235,844 $258,183 $275,265 
Portfolio turnover rateN 13%M 26% 33% 34% 26%O 29% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been .18%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .61%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .26%.

 E Total distributions of $1.85 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $1.747 per share.

 F Total distributions of $2.26 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $2.248 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Total returns do not include the effect of the sales charges.

 K Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 O Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Value Fund Class M

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $18.61 $17.54 $18.78 $18.98 $19.70 $14.70 
Income from Investment Operations       
Net investment income (loss)A .03B .15C .03 .05D (.02) .03 
Net realized and unrealized gain (loss) 1.80 2.18 .54 1.98 1.23 5.50 
Total from investment operations 1.83 2.33 .57 2.03 1.21 5.53 
Distributions from net investment income (.13) (.07) (.06) – – (.06) 
Distributions from net realized gain (.52) (1.20) (1.75) (2.23) (1.93) (.47) 
Total distributions (.64)E (1.26)F (1.81) (2.23) (1.93) (.53) 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $19.80 $18.61 $17.54 $18.78 $18.98 $19.70 
Total ReturnH,I,J 10.16% 14.35% 3.76% 11.58% 6.58% 38.70% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.46%M 1.49% 1.66% 1.67% 1.61% 1.60% 
Expenses net of fee waivers, if any 1.46%M 1.49% 1.66% 1.64% 1.59% 1.60% 
Expenses net of all reductions 1.46%M 1.49% 1.65% 1.63% 1.59% 1.59% 
Net investment income (loss) .34%B,M .86%C .19% .27%D (.11)% .18% 
Supplemental Data       
Net assets, end of period (000 omitted) $76,257 $78,852 $82,337 $91,716 $100,975 $107,444 
Portfolio turnover rateN 13%M 26% 33% 34% 26%O 29% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been (.06)%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .36%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .01%.

 E Total distributions of $.64 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.519 per share.

 F Total distributions of $1.26 per share is comprised of distributions from net investment income of $.067 and distributions from net realized gain of $1.195 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Total returns do not include the effect of the sales charges.

 K Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 L Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 O Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Value Fund Class C

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $17.39 $16.52 $17.82 $18.19 $19.06 $14.28 
Income from Investment Operations       
Net investment income (loss)A (.02)B .06C (.05) (.04)D (.12) (.06) 
Net realized and unrealized gain (loss) 1.69 2.04 .50 1.90 1.18 5.34 
Total from investment operations 1.67 2.10 .45 1.86 1.06 5.28 
Distributions from net investment income (.03) (.04) – – – (.03) 
Distributions from net realized gain (.52) (1.20) (1.75) (2.23) (1.93) (.47) 
Total distributions (.55) (1.23)E (1.75) (2.23) (1.93) (.50) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $18.51 $17.39 $16.52 $17.82 $18.19 $19.06 
Total ReturnG,H,I 9.90% 13.79% 3.20% 11.05% 5.97% 38.00% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 1.97%L 2.00% 2.18% 2.19% 2.12% 2.13% 
Expenses net of fee waivers, if any 1.97%L 2.00% 2.17% 2.16% 2.11% 2.13% 
Expenses net of all reductions 1.97%L 2.00% 2.17% 2.15% 2.10% 2.12% 
Net investment income (loss) (.18)%B,L .35%C (.33)% (.25)%D (.63)% (.35)% 
Supplemental Data       
Net assets, end of period (000 omitted) $49,836 $52,227 $57,231 $64,928 $70,541 $76,018 
Portfolio turnover rateM 13%L 26% 33% 34% 26%N 29% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been (.57) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.15) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.51) %.

 E Total distributions of $1.23 per share is comprised of distributions from net investment income of $.036 and distributions from net realized gain of $1.195 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the contingent deferred sales charge.

 J Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Value Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $19.41 $18.22 $19.45 $19.57 $20.22 $15.05 
Income from Investment Operations       
Net investment income (loss)A .08B .25C .12 .15D .08 .12 
Net realized and unrealized gain (loss) 1.88 2.28 .55 2.05 1.26 5.63 
Total from investment operations 1.96 2.53 .67 2.20 1.34 5.75 
Distributions from net investment income (.22) (.15) (.15) (.07) (.06) (.11) 
Distributions from net realized gain (.52) (1.20) (1.75) (2.25) (1.93) (.47) 
Total distributions (.74) (1.34)E (1.90) (2.32) (1.99) (.58) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $20.63 $19.41 $18.22 $19.45 $19.57 $20.22 
Total ReturnG,H 10.45% 14.99% 4.23% 12.18% 7.12% 39.45% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .95%K .99% 1.18% 1.15% 1.08% 1.07% 
Expenses net of fee waivers, if any .95%K .99% 1.18% 1.12% 1.06% 1.07% 
Expenses net of all reductions .95%K .99% 1.17% 1.12% 1.06% 1.06% 
Net investment income (loss) .84%B,K 1.36%C .67% .78%D .41% .71% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,771,576 $2,637,843 $2,460,714 $2,036,157 $2,060,546 $2,672,854 
Portfolio turnover rateL 13%K 26% 33% 34% 26%M 29% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been .45%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .86%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .53%.

 E Total distributions of $1.34 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $1.195 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Fidelity Small Cap Value Fund Class I

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2018 2017 2016 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $19.41 $18.23 $19.45 $19.57 $20.23 $15.05 
Income from Investment Operations       
Net investment income (loss)A .08B .25C .12 .15D .08 .12 
Net realized and unrealized gain (loss) 1.88 2.28 .56 2.05 1.25 5.65 
Total from investment operations 1.96 2.53 .68 2.20 1.33 5.77 
Distributions from net investment income (.22) (.15) (.16) (.07) (.06) (.12) 
Distributions from net realized gain (.52) (1.20) (1.75) (2.25) (1.93) (.47) 
Total distributions (.74) (1.35) (1.90)E (2.32) (1.99) (.59) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $20.63 $19.41 $18.23 $19.45 $19.57 $20.23 
Total ReturnG,H 10.45% 14.96% 4.31% 12.17% 7.08% 39.54% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .95%K .98% 1.14% 1.15% 1.09% 1.07% 
Expenses net of fee waivers, if any .95%K .97% 1.14% 1.12% 1.07% 1.07% 
Expenses net of all reductions .95%K .97% 1.14% 1.12% 1.07% 1.06% 
Net investment income (loss) .85%B,K 1.37%C .70% .79%D .40% .70% 
Supplemental Data       
Net assets, end of period (000 omitted) $470,888 $466,730 $389,928 $376,817 $342,500 $359,582 
Portfolio turnover rateL 13%K 26% 33% 34% 26%M 29% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. This dividend is not annualized in the ratio of net investment income (loss) to average net assets. Excluding this dividend the ratio would have been .45%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .88%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .53%.

 E Total distributions of $1.90 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $1.747 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 K Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2018

1. Organization.

Fidelity Small Cap Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Value, and Class I shares, each of which has equal rights as to assets and voting privileges. The Fund is closed to new accounts with certain exceptions. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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, 2018 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and includes proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

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 $1,010,449,027 
Gross unrealized depreciation (69,801,094) 
Net unrealized appreciation (depreciation) $940,647,933 
Tax cost $2,695,304,750 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital. In November 2017, the Board of Trustees approved the elimination of these redemption fees effective December 18, 2017.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $216,422,628 and $442,311,309, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .24% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Small Cap Value as compared to its benchmark index, the Russell 2000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .73% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (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% $222,174 $601 
Class M .25% .25% 195,014 – 
Class C .75% .25% 251,056 1,854 
   $668,244 $2,455 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $1,756 
Class M 966 
Class C(a) 458 
 $3,180 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets(a) 
Class A $177,768 .20 
Class M 75,338 .19 
Class C 51,234 .20 
Small Cap Value 2,484,063 .18 
Class I 426,342 .18 
 $3,214,745  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $7,954 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $2,933,500 1.34% $656 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5,005 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $166,293. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $42,424 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,250.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $17,709.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2018 		Year ended
July 31, 2017 
From net investment income   
Class A $1,524,301 $1,211,951 
Class M 515,970 315,712 
Class C 97,347 123,016 
Small Cap Value 30,080,250 20,285,848 
Class I 5,222,578 3,339,796 
Total $37,440,446 $25,276,323 
From net realized gain   
Class A $4,758,897 $14,206,153 
Class M 2,138,544 5,563,443 
Class C 1,473,571 4,084,634 
Small Cap Value 70,617,740 160,012,743 
Class I 12,170,210 25,822,512 
Total $91,158,962 $209,689,485 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2018 Year ended July 31, 2017 Six months ended January 31, 2018 Year ended July 31, 2017 
Class A     
Shares sold 375,841 1,506,738 $7,314,233 $27,403,663 
Reinvestment of distributions 330,015 903,681 6,184,384 15,154,493 
Shares redeemed (1,678,874) (4,924,614) (32,538,492) (89,702,542) 
Net increase (decrease) (973,018) (2,514,195) $(19,039,875) $(47,144,386) 
Class M     
Shares sold 139,331 678,291 $2,668,683 $12,111,422 
Reinvestment of distributions 144,050 354,357 2,638,888 5,809,028 
Shares redeemed (669,063) (1,490,409) (12,863,004) (26,553,974) 
Net increase (decrease) (385,682) (457,761) $(7,555,433) $(8,633,524) 
Class C     
Shares sold 41,242 191,618 $733,554 $3,203,223 
Reinvestment of distributions 85,987 251,057 1,473,685 3,851,053 
Shares redeemed (437,714) (903,381) (7,715,938) (15,005,685) 
Net increase (decrease) (310,485) (460,706) $(5,508,699) $(7,951,409) 
Small Cap Value     
Shares sold 9,755,002 31,283,294 $192,845,450 $582,054,205 
Reinvestment of distributions 4,774,546 10,073,160 90,647,306 172,025,201 
Shares redeemed (16,081,568) (40,448,579) (319,343,340) (750,552,096) 
Net increase (decrease) (1,552,020) 907,875 $(35,850,584) $3,527,310 
Class I     
Shares sold 2,449,544 6,859,852 $48,576,744 $128,013,262 
Reinvestment of distributions 785,425 1,477,352 14,952,988 25,225,719 
Shares redeemed (4,454,255) (5,680,327) (89,008,378) (105,059,107) 
Net increase (decrease) (1,219,286) 2,656,877 $(25,478,646) $48,179,874 

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

At the end of the period, Strategic Advisers Small-Mid Cap Fund was the owner of record of approximately 11% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2017 to January 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2017 		Ending
Account Value
January 31, 2018 		Expenses Paid
During Period-B
August 1, 2017
to January 31, 2018 
Class A 1.22%    
Actual  $1,000.00 $1,103.20 $6.47 
Hypothetical-C  $1,000.00 $1,019.06 $6.21 
Class M 1.46%    
Actual  $1,000.00 $1,101.60 $7.73 
Hypothetical-C  $1,000.00 $1,017.85 $7.43 
Class C 1.97%    
Actual  $1,000.00 $1,099.00 $10.42 
Hypothetical-C  $1,000.00 $1,015.27 $10.01 
Small Cap Value .95%    
Actual  $1,000.00 $1,104.50 $5.04 
Hypothetical-C  $1,000.00 $1,020.42 $4.84 
Class I .95%    
Actual  $1,000.00 $1,104.50 $5.04 
Hypothetical-C  $1,000.00 $1,020.42 $4.84 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SCV-SANN-0318
1.803709.113

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Securities Fund’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Securities Fund’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that



material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.



Item 12.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Securities Fund



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

March 26, 2018


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

March 26, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

March 26, 2018