Fidelity Convertible Securities Fund

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Fidelity Convertible Securities Fund
PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021

Fidelity® Convertible Securities
Fund

Key Takeaways                                                                  MARKET RECAP

• For the semiannual reporting period ending May 31, 2021, the fund's          For the six months ending May 31, 2021,
  Retail Class shares gained 13.35%, topping the 11.05% advance of the         the ICE BofA® All US Convertibles Index
  benchmark ICE BofA® All US Convertibles Index and the 8.78% result           rose 11.05%, benefiting from a rally in
                                                                               stocks and continued low interest rates.
  of the peer group average.
                                                                               The prospect of a surge in economic
                                                                               growth following widespread COVID-19
• Throughout the past six months, Portfolio Manager Adam Kramer                vaccinations, the U.S. Federal Reserve's
  maintained his focus on capital preservation, capital appreciation and       pledge to hold interest rates near zero
  his strict risk parameters. He followed the same repeatable investment       until the economy recovered and trillions
  process, which includes limiting the fund's underweighting in equity-        of dollars in federal stimulus aided both
  sensitive benchmark components.                                              stocks and equity-sensitive convertible
                                                                               securities. Among the biggest gainers in
• The fund's non-benchmark stake in equities provided the biggest              the first half of the period were securities
  relative contribution the past six months, followed by the fund's            issued by growth companies. In March, a
  investments in convertible bonds and convertible preferred stock.            lot of these companies took advantage of
                                                                               their share-price strength and issued new
• Overweightings in the market-leading materials and energy sectors            convertible securities. Many of these new
  aided relative performance, as did positioning in financials and             issues had no coupons (or stated interest
                                                                               rates) and an elevated conversion
  security selection in consumer discretionary and information
                                                                               premium, making them less attractive to
  technology.
                                                                               investors. In April and May, as value
                                                                               stocks took the lead, very few new
• Top individual contributors were convertible preferred stock issued by       convertible issues came to market.
  ArcelorMittal, a Luxembourg-based steel company, convertible bonds           Demand for converts outstripped supply
  issued by software & services company MicroStrategy, and shares of           throughout the six months, especially as
  oil tanker company DHT Holdings.                                             the equity-sensitive convertible bonds of
                                                                               electric-car company Tesla – previously a
• By asset class, a modest cash position and security selection in utilities   large index component – mostly left the
  and real estate nicked relative performance.                                 convertibles index. Tesla's departure
                                                                               lowered the index's overall equity
• Among noteworthy individual detractors versus the benchmark were             sensitivity and concentration. By sector,
  shares of Score Media and Gaming and the untimely purchase of                energy (+43%) and materials (+41%) –
  convertible bonds issued by American Airlines.                               two of the smallest allocations in the
                                                                               index this period – outperformed,
                                                                               whereas utilities (+2%) and health care
• As of May 31, Adam remains optimistic about long-term prospects for          (+5%) lagged. For the period, converts
  the convertible securities market, despite near-term valuations that         underperformed large-cap stocks (+17%),
  have not been particularly attractive to him.                                but handily outpaced taxable investment-
                                                                               grade bonds (-2%) and high-yield (+4%)
                                                                               debt.

     Not FDIC Insured • May Lose Value • No Bank Guarantee
PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021

                                                                              Q&A
                                                                              An interview with Portfolio Manager
                                                                              Adam Kramer
                            Adam Kramer                                       Q: Adam, how did the fund perform for the six
                           Portfolio Manager                                  months ending May 31, 2021฀
                                                                              The fund's Retail Class shares gained 13.35%, topping the
   Fund Facts                                                                 11.05% advance of the benchmark, the ICE BofA® All US
   Trading Symbol:                    FCVSX                                   Convertibles Index, and the 8.78% result of the peer average.
                                                                              Looking a bit longer term, the fund gained 46.67% for the
   Start Date:                        January 05, 1987
                                                                              trailing 12 months, lagging the benchmark and outpacing the
   Size (in millions):                $2,157.17                               peer group average.

                                                                              Q: What helped the fund's performance versus
                                                                              its benchmark the past six months฀
    Investment Approach                                                       I followed the same repeatable investment process, which
                                                                              focuses on both capital preservation and capital
    • Fidelity® Convertible Securities Fund is a convertible
                                                                              appreciation, and maintained strict risk parameters. This
      bond strategy focused on investing primarily in the
                                                                              included limiting our underweightings in equity-sensitive
      convertible and preferred securities of speculative and
                                                                              benchmark components, which I believe aided security
      investment-grade issuers.
                                                                              selection this period, especially in the information
    • We apply an opportunistic investment approach, which                    technology and consumer discretionary sectors. Security
      results in a concentrated portfolio and allows the                      selection and an underweighting in financials also helped.
      portfolio manager to adjust the fund's risk profile
      depending on market conditions.                                         To help limit risk, I trimmed the fund's exposure to equity-
                                                                              sensitive, high-growth convertible securities in February and
    • In managing the fund, we seek to find both value and                    March because I thought their valuations reflected too much
      income while considering three key risks: credit risk,
                                                                              good news. Plus, I wanted to keep up with the benchmark,
      equity risk and interest rate risk.
                                                                              which went from 66% to 62% equity sensitivity. I reinvested
    • We strive to uncover these companies through in-depth                   some of the proceeds in value-oriented issues, including in
      fundamental credit analysis of the entire capital                       energy and materials. Our overweightings in these two
      structure, working in concert with Fidelity's high-income               sectors helped our relative result, given that they were by far
      and global research teams.                                              the best performers in the benchmark the past six months.
                                                                              Lastly, this period I boosted our non-benchmark stake in
                                                                              equities because I didn't think a lot of the convertibles
                                                                              coming to market this spring were attractive. The fund's
                                                                              exposure to equities – about 18% of assets on May 31 – rose
                                                                              roughly 30% for the period, trouncing the benchmark and
                                                                              helping relative performance. Our investments in convertible
                                                                              bonds (+12%) and convertible preferred stocks (+9%) also
                                                                              bested those in the benchmark.

                                                                              Q: Which investments helped most฀
                                                                              The top relative contributor was a non-benchmark position in
                                                                              convertible preferred stock issued by Luxembourg-based
                                                                              ArcelorMittal (+72%), one of the largest steel companies in
                                                                              the world. This period, the company reduced debt and

2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021

started to return money to shareholders in the form of an                     Q: Which other securities detracted฀
increased dividend. The combination of improved
fundamentals and a favorable security structure, which                        A small non-benchmark position in equity-sensitive
included participation in the dividend increase, aided the                    convertible bonds issued by semiconductor company
return of the convertible issues.                                             Advanced Micro Devices (-13%) hurt, as demand for
                                                                              semiconductors handily exceeded supply and investors
In tech, it helped to overweight convertible bonds issued in                  worried about how long it would take to ramp up capacity.
December by software company MicroStrategy, which used                        Although AMD left the benchmark this period, I kept our
the proceeds to purchase bitcoin. I thought the converts                      stake because I believe supply will catch up to demand.
could help me minimize downside capture, given that this is
a well-established company with no debt and a sticky                          Another disappointment came from overweighting equity-
customer base. They also had optionality to participate if                    sensitive convertible bonds issued by LivePerson (-4%), a
bitcoin prices went up. In fact, bitcoin went from about                      maker of customer service software. These converts
$20,000 to $65,000 at one point during the period, driving a                  retreated because investors were selling growth stocks.
57% return for the fund's holdings in MicroStrategy.
                                                                              Q: Did you make any significant changes to
Q: What else stood out as a contributor฀                                      sector allocation this period฀
A long-held equity position in oil tanker company DHT                         Our position in consumer discretionary decreased from
Holdings rose 27% this period, as investors looked ahead to                   about 18% of assets to 12%, partly because I reduced our
better production boosting tanker volume.                                     exposure to convertible bonds issued by Tesla as they left
                                                                              the benchmark. I also trimmed information technology,
Also in energy, convertible bonds issued by natural gas
                                                                              which went from roughly 32% of assets to about 26%, as part
producer Antero Resources helped our relative result, as
                                                                              of my risk-management effort. Conversely, I boosted our
demand outstripped supply and natural gas prices moved
                                                                              stakes in materials, where I added to steel and gold;
higher. The Antero converts, which were highly equity
                                                                              industrials, increasing exposure to clean energy companies
sensitive, gained 184% this period.
                                                                              and infrastructure-related businesses; and financials, mainly
Elsewhere, shares of Genius Sports (+22%) aided relative                      focusing on securities issued by banking companies.
performance. Originally a special purpose acquisition
company, or SPAC, Genius provides sports data to online                       Q: What's your outlook as of May 31, Adam฀
gaming sites. A merger, conversion to a corporation with a
listing on the New York Stock Exchange, and strong interest                   I remain optimistic. Convertible securities continue to offer
in online gaming amid the pandemic helped boost our non-                      investors lower equity sensitivity than the stock market, less
benchmark position in the shares the past six months.                         sensitivity to interest rate changes than the bond market,
                                                                              attractive yields and a natural de-risking mechanism as issues
                                                                              leave the benchmark. Plus, demand for converts continues to
Q: Conversely, what notably detracted฀
                                                                              exceed supply. However, given uncertainty about the
Security selection in the utilities and real estate sectors and a             outlook for cost inflation, I'm looking for issuers with pricing
small cash position nicked relative performance.                              power and the ability to cut costs.

The largest individual relative detractor was an out-of-                      I like to say that one-third of the convertible market is "lions,"
benchmark position in the stock of Score Media and Gaming                     or issues that double or triple in value, and two-thirds
(-38%), a popular online sports news site in Canada. I added                  consists of "house cats" that sit around and give you joy but
this stock to the portfolio last fall, when it became evident                 don't do much. The secret to success, as I see it, is to find the
that single-event sports betting might be legalized in                        lions by being selective among the kittens, or new issues.
Canada. Shortly after the purchase, however, the timetable                    You want to buy the lions when they're kittens and no one is
for the legislation was pushed out, pressuring the stock's                    paying attention to them.
return.
                                                                              As of period end, everyone is chasing after the kittens. The
An underweighting and the untimely purchase of convertible                    kennel (or market) knows that and is raising the price of the
bonds issued by American Airlines (+8%) detracted. I largely                  kittens, thereby making kitten selection (or new issue
avoided American Airlines because it had a lot of debt on its                 selection) more important than it was. You could buy a
balance sheet and I thought there were better alternatives                    basket of kittens a year ago, and know that roughly one-third
elsewhere. I also knew everything had to work perfectly for                   would become lions. It's hard to say that today, largely
the stock to rally, and wanted to limit portfolio risk. The fund              because it has become harder to find attractively valued
missed much of the upside that came when COVID-19                             converts. However, I'm expecting valuations within the
vaccine news boosted prospects for travel.                                    convertibles market to come down later this year, which
                                                                              could help in the hunt for future lions. ■

3 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021

                                                                              LARGEST HOLDINGS BY ISSUER

                                                                                                                                             Portfolio
     Portfolio Manager Adam Kramer on                                         Issuer
                                                                                                                           Portfolio
                                                                                                                           Weight
                                                                                                                                            Weight Six
                                                                                                                                            Months Ago
     prospects in the energy sector:                                          DISH NETWORK CORP                            2.95%                  --
                                                                              DHT HOLDINGS INC                             2.16%                2.43%
     "Energy was the top sector in the convertible
                                                                              NEXTERA ENERGY INC                           2.03%                2.89%
     securities market the past six months. Nonetheless, I
     think there are opportunities in the sector, on both                     DANAHER CORP                                 1.57%                  --
     the clean and 'dirty' energy sides.                                      SNAP INC                                     1.56%                  --

     "In keeping with the growing interest in going                           Five Largest Issuers as a % of Net
                                                                                                                           10.27%               18.49%
                                                                              Assets
     green, companies focused on clean and/or
     renewable energy have come to market with new                            Total Number of Holdings                     366                   391
     convertible issues in 2021, but not all have come                        The five largest issuers are as of the end of the reporting period, and
     with attractive terms. For example, some high-                           may not be representative of the fund's current or future investments.
     growth, solar-energy companies with equity-                              Holdings do not include money market investments.
     sensitive convertibles had a lot of good news priced
     into their valuations. However, if you're selective
     and flexible, there are still opportunities out there.                   10 LARGEST HOLDINGS
     "Among the fund's largest positions are mandatory
     preferred convertible stocks issued by NextEra                                                                                              Portfolio
     Energy, a leading producer worldwide of renewable                                                                                          Weight Six
                                                                                                                                       Portfolio Months
     energy, and AES, a utility that is converting to clean
                                                                              Holding                        Market Segment             Weight     Ago
     energy. The fund also owns convertible bonds
                                                                              DHT Holdings, Inc.             Energy                     2.16%      2.43%
     issued by engineering and construction company
     KBR, which designs clean energy plants.                                                                 Communication
                                                                              T-Mobile U.S., Inc. 5.25%                                 1.55%      2.33%
                                                                                                             Services
     "Within the 'dirty' energy segment of traditional oil                    ViacomCBS, Inc. Series A       Communication
     and gas exploration and production companies,                                                                                      1.44%          --
                                                                              5.75%                          Services
     many convertible securities are selling at a big
                                                                              DISH Network Corp. 3.375% Communication
     discount, partly because investors are so focused on                                                                               1.42%      1.49%
                                                                              8/15/26                   Services
     green energy. There could be upside for many of
                                                                              Broadcom, Inc. Series A,       Information
     these issues because demand is coming back faster                        8.00%                          Technology
                                                                                                                                        1.24%      2.30%
     than supply, supporting higher commodity prices.
                                                                              Wheaton Precious Metals
     Plus, it will take time to transition to clean energy.                   Corp.
                                                                                                             Materials                  1.20%          --

     "Among the fund's 'dirty' energy holdings are                                                           Consumer
                                                                              Tesla, Inc. 2% 5/15/24                                    1.18%      6.35%
     convertible bonds issued by natural gas exploration                                                     Discretionary
     and production companies Antero Resources and                                                           Communication
                                                                              Twitter, Inc. 0.25% 6/15/24                               1.17%      0.24%
     Pioneer Natural Resources.                                                                              Services
                                                                              Newmont Corp.                  Materials                  1.15%          --
     "Lastly, I see opportunity in master limited
     partnerships (MLPs), which are North American                            NextEra Energy, Inc. 4.872% Utilities                     1.11%      1.55%
     pipeline companies that transport oil and gas. Their                     10 Largest Holdings as a % of Net Assets                 13.60%     21.44%
     valuations have not gone up nearly as much as high-                      Total Number of Holdings                                   366           391
     yield debt or convertible bonds in the energy sector.
     Plus, some MLPs offer big dividend yields.                               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.
     Enterprise Product Partners is one such example. Its                     Holdings do not include money market investments.
     most recent dividend yield was 7.5%."

4 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021

ASSET ALLOCATION

                                                                                                                                          Relative Change
                                                                                                                                          From Six Months
Asset Class                                                             Portfolio Weight       Index Weight         Relative Weight              Ago
Equities                                                                     18.30%                0.00%                 18.30%                 6.76%
Convertible Bonds                                                            62.98%                81.59%                -18.61%                -5.54%
Convertible Preferred Stock                                                  16.16%                18.37%                 -2.21%                -2.88%
Bonds                                                                        1.54%                 0.04%                  1.50%                 0.91%
Cash & Net Other Assets                                                      1.02%                 0.00%                  1.02%                 0.75%
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.

MARKET-SEGMENT DIVERSIFICATION

                                                                                                                                          Relative Change
                                                                                                                                          From Six Months
Market Segment                                                          Portfolio Weight       Index Weight         Relative Weight              Ago
Information Technology                                                       26.27%                29.73%                 -3.46%                -3.80%
Communication Services                                                       17.45%                12.46%                 4.99%                 3.72%
Consumer Discretionary                                                       12.01%                14.92%                 -2.91%                -3.57%
Health Care                                                                  11.38%                17.11%                 -5.73%                -2.65%
Industrials                                                                  8.21%                 6.63%                  1.58%                 2.37%
Materials                                                                    5.49%                 1.23%                  4.26%                 2.68%
Utilities                                                                    5.29%                 6.03%                  -0.74%                -1.76%
Energy                                                                       4.56%                 1.91%                  2.65%                 -0.68%
Financials                                                                   4.10%                 6.97%                  -2.87%                2.05%
Real Estate                                                                  1.83%                 2.07%                  -0.24%                0.53%
Consumer Staples                                                             0.86%                 0.90%                  -0.04%                -0.53%
Other                                                                        0.00%                 0.00%                  0.00%                 0.00%

5 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021

CREDIT-QUALITY DIVERSIFICATION

                                                                                                                                             Relative Change
                                                                                                                                             From Six Months
Credit Quality                                                          Portfolio Weight        Index Weight        Relative Weight                 Ago
U.S. Government                                                                0.00%               0.00%                    0.00%                 0.00%
AAA                                                                            0.00%               0.00%                    0.00%                 0.00%
AA                                                                             0.00%               0.00%                    0.00%                 0.00%
A                                                                              1.06%               0.96%                    0.10%                -0.07%
BBB                                                                            5.90%               11.55%                  -5.65%                -2.27%
BB                                                                             4.54%               5.19%                   -0.65%                -0.90%
B                                                                              4.80%               3.90%                    0.90%                 0.14%
CCC & Below                                                                    0.82%               0.47%                    0.35%                 0.22%
Short-Term Rated                                                               0.00%               0.00%                    0.00%                 0.00%
Not Rated/Not Available                                                        81.86%              77.93%                   3.93%                 2.10%
Cash & Net Other Assets                                                        1.02%               0.00%                    1.02%                 0.78%
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.

Credit ratings for a rated issuer or security are categorized using Moody's Investors Service (Moody's). If Moody's does not publish a rating for a security
or issuer, then the Standard & Poor's Ratings Services (S&P) rating is used. When S&P and Moody's provide different ratings for the same issuer or
security, the Moody's rating is used. Securities that are not rated by these NRSROs (e.g. equity securities) are categorized as Not Rated. All U.S.
government securities are included in the U.S. Government category. The table information is based on the combined investments of the fund and its
pro-rata share of any investments in other Fidelity funds.

FISCAL PERFORMANCE SUMMARY:                                                  Cumulative                                    Annualized

Periods ending May 31, 2021                                            6                              1               3               5            10 Year/
                                                                     Month              YTD          Year            Year            Year           LOF1
Fidelity Convertible Securities Fund
                                                                     13.35%             5.89%       46.67%         22.40%           17.53%         10.52%
 Gross Expense Ratio: 0.63%2
ICE BofA All US Convertibles Index                                   11.05%             3.74%       48.08%         20.92%           18.26%         12.31%
Morningstar Fund Convertibles                                        8.78%              2.71%       38.79%         18.03%           15.88%         10.24%
% Rank in Morningstar Category (1% = Best)                              --                --         29%             18%             40%             41%
# of Funds in Morningstar Category                                      --                --          76              72                70           53
1 Lifeof Fund (LOF) if performance is less than 10 years. Fund inception date: 01/05/1987.
2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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 fidelity.com/performance,
institutional.fidelity.com, or 401k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendar-
quarter performance.

6 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021

Definitions and Important Information                                         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 top-
Information provided in this document is for informational and
                                                                              performing fund in a category will always receive a rank of 1%. %
educational purposes only. To the extent any investment information
                                                                              Rank in Morningstar Category is based on total returns which
in this material is deemed to be a recommendation, it is not meant to
                                                                              include reinvested dividends and capital gains, if any, and exclude
be impartial investment advice or advice in a fiduciary capacity and is
                                                                              sales charges. Multiple share classes of a fund have a common
not intended to be used as a primary basis for you or your client's
                                                                              portfolio but impose different expense structures.
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.

FUND RISKS
Stock markets, especially foreign markets, are volatile and can
decline significantly in response to adverse issuer, political,
regulatory, market, or economic developments. Fixed income
investments entail interest rate risk (as interest rates rise bond prices
usually fall), the risk of issuer default, issuer credit risk and inflation
risk. Lower-quality bonds can be more volatile and have greater risk
of default than higher-quality bonds. Foreign securities are subject to
interest rate, currency exchange rate, economic, and political risks.

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.

ICE BofA All U.S. Convertibles Index is a market-capitalization-
weighted index of domestic U.S. corporate convertible securities
including mandatory convertible preferreds.

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
© 2021 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

7 |
PORTFOLIO MANAGER Q&A | AS OF MAY 31, 2021

Manager Facts
Adam Kramer is a portfolio manager in the Fixed Income
division at Fidelity Investments. Fidelity Investments is a leading
provider of investment management, retirement planning,
portfolio guidance, brokerage, benefits outsourcing, and other
financial products and services to institutions, financial
intermediaries, and individuals.

In this role, he manages several multi-asset income funds:
Fidelity and Advisor Convertible Securities Funds, Fidelity and
Advisor Multi-Asset Income Funds, and Fidelity's Strategic Fund
lineup—Fidelity and Advisor Strategic Dividend & Income
Funds, Fidelity and Advisor Strategic Real Return Funds, Fidelity
and Advisor Strategic Income Funds, and Fidelity VIP Strategic
Income Portfolio. Additionally, he manages Fidelity Advisor
Equity Income Fund. He also manages opportunistic high-yield
bond strategies for institutional investors as well as a high
income fund available exclusively to Canadian investors.

Prior to assuming his current responsibilities, Mr. Kramer worked
as a portfolio assistant on Fidelity Leveraged Company Stock
Fund, Fidelity Convertible Securities Fund, and Fidelity Advisor
High Income Advantage Fund. He began working at Fidelity in
2000 as a research analyst and has since covered a variety of
industries.

Prior to joining Fidelity, Mr. Kramer worked for RSM Richter in
Montreal as a chartered accountant and auditor. He has been in
the financial industry since 1994.

Mr. Kramer earned his bachelor of commerce degree in
accounting and a graduate diploma in public accountancy from
McGill University. He also earned his master of business
administration degree from Cornell University. Mr. Kramer is a
Chartered Professional Accountant (CPA) and was awarded a
Chartered Accountant (CA) designation.

8 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.
PERFORMANCE SUMMARY:                                                                                    Annualized

Quarter ending September 30, 2021                                              1                 3                     5                 10 Year/
                                                                              Year              Year                  Year                 LOF1
Fidelity Convertible Securities Fund
                                                                          28.46%               21.97%                16.44%               13.10%
 Gross Expense Ratio: 0.63%2
1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 01/05/1987.
2  This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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 fidelity.com/performance,
institutional.fidelity.com, or 401k.com. 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.

Before investing in any mutual fund, please carefully consider                 Information included on this page is as of the most recent calendar
the investment objectives, risks, charges, and expenses. For                   quarter.
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