Fidelity OTC Portfolio

QUARTERLY FUND REVIEW | AS OF SEPTEMBER 30, 2020

Fidelity? OTC Portfolio

Investment Approach

? Fidelity? OTC Portfolio invests primarily in dynamic growth companies listed on the Nasdaq stock exchange.

? Our investment approach focuses on companies we believe have above-average earnings growth potential with sustainable business models, for which the market has mispriced the rate and/or durability of growth.

? In particular, we look for events that might provide a business catalyst ? such as product cycles, a change in management and turnaround situations ? that could add to a stock's true value. We believe finding companies with a competitive advantage, pricing power and strong management teams will deliver superior earnings over the long term.

? We look to exploit inappropriate valuations in the market through bottom-up, fundamental analysis, working in concert with Fidelity's global research team.

PERFORMANCE SUMMARY

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

Fidelity OTC Portfolio Gross Expense Ratio: 0.87%2

14.04% 29.10% 46.36% 22.63% 23.01% 19.48%

NASDAQ Composite Index Morningstar Fund Large Growth % Rank in Morningstar Category (1% = Best) # of Funds in Morningstar Category

11.24% 11.54%

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25.33% 20.64%

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40.96% 32.13%

14% 1,328

21.05% 18.22%

17% 1,229

20.63% 16.99%

7% 1,095

18.12% 15.01%

4% 813

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/31/1984. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the

most recent fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit performance, institutional., or . Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

For definitions and other important information, please see the Definitions and Important Information section of this Fund Review.

FUND INFORMATION

Manager(s): Christopher Lin

Trading Symbol: FOCPX

Start Date: December 31, 1984

Size (in millions): $24,870.98

Morningstar Category: Fund Large Growth Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, and competition from new markets, and general economic conditions. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. The fund may have additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers.

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? OTC Portfolio | AS OF SEPTEMBER 30, 2020

Performance Review

For the three months ending September 30, 2020, the fund's Retail Class shares gained 14.04%, comfortably ahead of the 11.24% advance of the benchmark, the Nasdaq Composite Index?.

The Nasdaq Composite Index? rose steadily in July and August, reaching an all-time high on September 2 before cooling off to end the third quarter. The abundant provision of liquidity from central banks and sustained progress on economic reopening underpinned a continued rally in riskier assets, extending a broad-based recovery from a steep, brief decline from late February through March 23. After a historically sharp and short-lived recession during the spring, most major economies are now in early-cycle recovery.

Against this backdrop, stock selection in information technology and energy, along with a meaningful overweighting in the strongperforming consumer discretionary sector, notably contributed for the quarter. Overall, we added value in 10 of 11 market sectors, and the only detractor, industrials, had a negligible impact.

Shares of Tesla, the fund's top individual relative contributor for the quarter, gained about 97% for the fund the past three months, as the maker of electric vehicles reported surprisingly strong financial results for the second quarter, overcoming coronavirus-related stoppages and other challenges with parts, supply chains and production. The company topped expectations for revenue and earnings, marking a fourth straight quarter of profits, and announced that it will build its next factory near Austin, Texas.

An out-of-benchmark position in Reliance Industries advanced about 35% for the period. In late July, the India-based conglomerate reported upbeat second-quarter earnings, fueled largely by its Jio telecommunications unit, which saw higher revenue per user and increased subscriber growth.

These gains more than offset weakness in the company's refining, petrochemicals and retail businesses.

We'll also mention , another non-benchmark stake that worked in the fund's favor. These shares rose 34% for the period, as the customer relationship management (CRM) software provider reported a jump in quarterly revenue, largely driven by continued demand for software subscriptions and support.

Earnings handily beat the consensus expectation. also raised guidance for its revenue, adjusted earnings and operating cash flow for 2021. Lastly, shares of replaced Exxon Mobil in the Dow Jones Industrial Average, effective August 31.

Negligible exposure to benchmark component Intel further lifted our relative result. The company's shares returned -13% for the third quarter, falling sharply in late July after CEO Bob Swan announced a six-month delay in delivering the semiconductor company's nextgeneration 7-nanometer computer processors. Intel had expected to roll out the new chips in 2021.

Rival Advanced Micro Devices already is selling its 7-nanometer Ryzen 4000 processors.

That said, underweighting shares of Advanced Micro Devices (AMD), which rose 56% for the quarter and seemingly benefited from Intel's struggles, hurt fund performance on a relative basis.

Elsewhere, not owning Zoom Video Communications (+85%) detracted more than any other individual stock decision. Zoom has been one of the market's favorites since the start of the coronavirus pandemic, given the massive shift to videoconferencing and away from in-person meetings.

We thought the market understood Zoom's story and we found its shares expensive. In the short term, though, this view hurt the fund's relative result.

An overweighted stake in data storage company Western Digital, which returned -22% for the fund, also detracted. The company's quarterly earnings, reported in August, disappointed and management provided pessimistic guidance compared with analysts' expectations.

Lastly, overweighting biotech firm Neurocrine Biosciences weighed on the fund's relative performance.

This company's stock returned -21% the past three months amid concerns that COVID-19 would hamper strong prescription trends for the company's lead commercial asset, Ingrezza?. In early August, the company announced quarterly revenue and earnings that exceeded expectations but increased expenses and R&D costs in its

financial guidance for 2020.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Relative Average Contribution Relative (basis Weight points)*

Tesla, Inc.

Consumer Discretionary

0.66%

52

Reliance Industries Ltd. Energy

2.16%

43

Intel Corp.

Information Technology

-1.34%

40

Cisco Systems, Inc.

Information Technology

-1.10%

34

Twitter, Inc.

Communication Services

1.00%

32

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Relative Average Contribution Relative (basis Weight points)*

Zoom Video Communications, Inc. Class A

Information Technology

-0.33%

-21

Western Digital Corp.

Information Technology

0.27%

-18

Advanced Micro Devices, Information

Inc.

Technology

-0.32%

-16

Alphabet, Inc. Class A

Communication Services

1.72%

-15

Signature Bank

Financials

0.31%

-12

* 1 basis point = 0.01%.

2 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? OTC Portfolio | AS OF SEPTEMBER 30, 2020

Outlook and Positioning

The stock market's performance seems likely to depend on the trajectory of the COVID-19 pandemic.

As we seek more clarity in this regard, we're still looking for new opportunities and trying to avoid pitfalls.

We're keeping an eye on technology stocks, especially the shares of companies involved in helping with digital transformation. The valuations of many of these stocks have risen considerably ? and, in some cases, justifiably. In other cases, though, we're seeing signs of irrational exuberance.

We're also mindful of the need to distinguish between temporary growth and durable growth. Some companies have enjoyed revenue expansion as a result of pandemic-related demand that we think appears short term in nature. We're focused on finding durable sources of growth at a reasonable price.

As the world tries to recover from the pandemic, we remain focused on finding companies we believe can control their own destiny and grow regardless of the market environment.

As of September 30, we invested about 23% of the fund's assets in the consumer discretionary sector, which was notably more than the benchmark position. Within this sector, fund positions included athletic apparel maker Lululemon Athletica, coffee chain Starbucks and homebuilder Lennar.

The fund also held more than the benchmark in the communication services sector, where significant fund positions at period end included Alphabet, Facebook and China's Tencent Holdings, the latter an out-of-benchmark holding.

Conversely, we held few energy names other than our large nonbenchmark position in India-based Reliance Industries. Reliance is much more than an energy stock, in our view. This company refines oil, although most of its recent growth has been generated by its Jio wireless services business. Reliance also operates a retail business that was doing well before the pandemic and could rebound when COVID-19 subsides.

The fund also maintains an underweighted position in health care, information technology and consumer staples.

Among individual stocks, the fund did not own shares of benchmark positions Intel or Comcast at period end, an maintained an underweighted stake in Netflix.

Looking ahead, we continue to leverage our stability and vast resources ? especially our technology, our research expertise across asset classes and our relationships with corporations and other entities ? to closely monitor the pandemic, gain insight into market dynamics as they evolve, and choose securities we think have the potential to outperform over time.

Thank you for your confidence in Fidelity's investment-management capabilities.

MARKET-SEGMENT DIVERSIFICATION

Market Segment Information Technology Consumer Discretionary Communication Services Health Care Industrials Financials Energy Consumer Staples Materials Real Estate Utilities Other

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

40.83% 42.88% -2.05%

1.99%

22.55% 17.00% 5.55% -0.42%

18.79% 6.72% 2.70% 2.70% 2.37% 2.20% 0.62% 0.55% 0.00% 0.00%

16.43% 10.58% 3.38% 3.82% 0.20% 3.88% 0.26% 1.02% 0.55% 0.00%

2.36% -3.86% -0.68% -1.12% 2.17% -1.68% 0.36% -0.47% -0.55% 0.00%

0.25% -1.69% -0.31% -0.13% 0.59% -0.45% 0.02% 0.42% 0.07% 0.00%

CHARACTERISTICS

Portfolio

Valuation

Price/Earnings Trailing

49.1x

Price/Earnings (IBES 1-Year Forecast) Price/Book Price/Cash Flow Return on Equity (5-Year Trailing) Growth

34.1x 7.5x 24.9x 14.1%

Sales/Share Growth 1-Year (Trailing)

13.3%

Earnings/Share Growth 1-Year (Trailing) -20.2%

Earnings/Share Growth 1-Year (IBES Forecast)

Earnings/Share Growth 5-Year (Trailing)

32.9% 21.5%

Size

Weighted Average Market Cap ($ Billions) 735.7

Weighted Median Market Cap ($ Billions) Median Market Cap ($ Billions)

339.5 30.1

Index

41.0x 30.9x 6.0x 21.8x 15.4%

13.0% -14.4% 27.4% 22.6%

662.0 211.3

0.3

3 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? OTC Portfolio | AS OF SEPTEMBER 30, 2020

LARGEST OVERWEIGHTS BY HOLDING

Holding

Reliance Industries Ltd. Alphabet, Inc. Class A Facebook, Inc. Class A Tencent Holdings Ltd. sponsored ADR lululemon athletica, Inc.

Market Segment Energy Communication Services Communication Services

Communication Services

Consumer Discretionary

Relative Weight 2.36% 1.62% 1.33%

1.28%

1.16%

LARGEST UNDERWEIGHTS BY HOLDING

Holding Intel Corp. Comcast Corp. Class A Netflix, Inc. Cisco Systems, Inc. PepsiCo, Inc.

Market Segment Information Technology Communication Services Communication Services Information Technology Consumer Staples

Relative Weight

-1.29% -1.24% -1.21% -0.97% -0.90%

10 LARGEST HOLDINGS

Holding

Market Segment

Apple, Inc. Microsoft Corp. , Inc. Facebook, Inc. Class A

Information Technology Information Technology Consumer Discretionary Communication Services

Alphabet, Inc. Class A

Communication Services

Tesla, Inc.

Consumer Discretionary

NVIDIA Corp.

Information Technology

Alphabet, Inc. Class C Reliance Industries Ltd. Starbucks Corp. 10 Largest Holdings as a % of Net Assets

Communication Services Energy Consumer Discretionary

52.19%

Total Number of Holdings

174

The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

ASSET ALLOCATION

Asset Class

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

Domestic Equities

89.40% 96.29% -6.89% -0.70%

International Equities

10.62% 3.71%

6.91%

1.04%

Developed Markets

2.96%

1.83%

1.13% -0.86%

Emerging Markets

7.66%

1.87%

5.79%

1.90%

Tax-Advantaged Domiciles

0.00%

0.01%

-0.01%

0.00%

Bonds

0.00%

0.00%

0.00%

0.00%

Cash & Net Other Assets -0.02% 0.00% -0.02% -0.34%

Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

3-YEAR RISK/RETURN STATISTICS

Beta Standard Deviation Sharpe Ratio Tracking Error Information Ratio R-Squared

Portfolio 1.03

20.88% 1.01 3.00% 0.53 0.98

Index 1.00 19.99% 0.97

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4 | For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

QUARTERLY FUND REVIEW: Fidelity? OTC Portfolio | AS OF SEPTEMBER 30, 2020

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

CHARACTERISTICS Earnings-Per-Share Growth measures the growth in reported earnings per share over the specified past time period.

Median Market Cap identifies the median market capitalization of the portfolio or benchmark as determined by the underlying security market caps.

Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital.

Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share.

Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings.

Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share.

Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth.

Sales-Per-Share Growth measures the growth in reported sales over the specified past time period.

Weighted Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark.

Weighted Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark.

IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

NASDAQ Composite Index is a market-capitalization-weighted index that is designed to represent the performance of NASDAQ stocks.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION ? 2020 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The topperforming fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures.

RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary.

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