(PUB) Investing 2016

23

March 2016

Morningstar FundInvestor

Data through February 29, 2016 FINRA members: For internal or institutional use only. Fidelity® Growth & Income

Ticker FGRIX

Yield 2.2%

Total Assets $5,817 mil

Mstar Category Large Blend

Benchmark 1: Russell 1000 TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 02-23-16 ´

Investment Style Equity

Historical Profile Return Risk Rating Below Avg Above Avg QQ Below Avg

7 7 4 4 4 4 4 1

15.0 20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

10.0

∞ Positive ¶ Neutral ∞ Positive ∞ Positive ∞ Positive

Performance

5.0

People Parent

Performance Quartile (within Category)

) ) ) ) * * & * ( ( ) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 02-16 31.15 27.28 13.17 16.06 18.30 18.24 21.26 27.86 30.21 28.92 26.93 10.71 0.74 -50.89 23.05 14.57 1.39 19.10 33.40 10.38 -2.28 -6.88 -4.75 -5.03 -13.29 -5.38 -1.52 -0.11 2.68 0.29 -2.85 -3.20 -1.47 -5.08 -4.75 -13.89 -3.42 -0.49 -0.72 3.10 1.02 -3.30 -3.66 -1.79 0.86 1.05 1.08 0.88 0.57 1.65 2.33 2.11 1.88 1.96 0.00 9.86 -0.30 -51.97 22.16 14.00 -0.26 16.78 31.30 8.51 -4.24 -6.88 0.27 0.31 0.29 0.12 0.09 0.30 0.42 0.45 0.52 0.59 0.00 6.08 3.81 0.03 0.01 0.00 0.01 0.03 0.01 0.00 0.01 0.00 0.69 0.68 0.68 0.78 0.75 0.72 0.71 0.68 0.65 0.64 . 0.94 0.84 1.29 1.07 0.63 1.09 1.95 2.04 1.86 1.83 . 89 89 97 78 37 27 8 32 66 67 76

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 02-29-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

4.54 -0.07 -13.97 12.82 1.39 13.43 -3.31 7.55 0.96 19.10 10.58 4.49 5.62 9.30 33.40 1.18 5.11 0.50 3.27 10.38 0.36 1.39 -9.36 5.94 -2.28

.

120

52

52

122

98

129

62

49

41

35

30,214 19,209 6,241 6,244 5,612 4,698 4,949 6,471 6,699 5,562 5,086

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 01-31-16 Total Stocks: 180 Share change since 12-31-15

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets -14.07 3.97 -5.71 3.57 -7.64 3.56 -7.65 2.95 -25.61 2.75 1.94 2.51 -6.06 2.33 3.15 2.31 -24.83 2.29 8.81 1.94 0.40 1.88 -7.81 1.86 2.57 1.86 2.75 1.73 — 1.67 — 1.56 — 1.55 -6.47 1.51 -17.45 1.43 1.14 1.41

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Y JPMorgan Chase & Co Y General Electric Co

Finan Svcs

1 Yr 3 Yr 5 Yr

-11.09

3 Mo 6 Mo

-9.19 -2.07 -2.60 -5.16 -3.13 -4.24 -11.09 -3.88 -4.90 7.96 -2.47 -2.79 9.02 -0.90 -1.12 2.10 -4.39 -4.34 1.90 -3.42 -2.96

79 9,081 74 9,484 73 8,891 69 12,583 41 15,398 98 12,313 99 13,269

Industrl

+Avg QQQ Avg QQQ

7.96 9.02 2.10 9.39

Avg Avg

T Microsoft Corp

Technology Technology Finan Svcs Cnsmr Def Hlth Care Finan Svcs Cnsmr Def Cnsmr Def Technology Technology Comm Svcs Energy Technology Hlth Care Finan Svcs Finan Svcs Hlth Care

1 Yr

Y Apple Inc

Low +Avg Q

10 Yr Incept

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

T Bank of America Corporati

Y Procter & Gamble Co

T Chevron Corp

Other Measures

Standard Index

Best Fit Index

T Johnson & Johnson

Alpha

-3.2 1.07

-3.1 1.06

Y Citigroup Inc Y Target Corp Y Coca-Cola Co

Beta

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

R-Squared

96

96

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

7.33 8.43 1.15

44 23 98

0.58 0.54 0.94

16 20 55

Standard Deviation

11.99

Alphabet Inc A

Mean

7.96 0.69

T Qualcomm Inc

Sharpe Ratio

Comcast Corp Class A

Potential Capital Gain Exposure: -42% of assets

T GlaxoSmithKline PLC ADR

Morningstar's Take by Andrew Daniels 02-23-16 Fidelity Growth & Income has many positive attributes but has posted subpar returns in recent years. Despite the underperformance, this fund has a lot going for it, including low fees, a distinct process focused on dividends and growth, and a talented and experienced portfolio manager surrounded with a proven fundamental analyst team. These strengths justify the fund’s Morningstar Analyst Rating of Bronze. Unlike many growth and income stock funds, this fund has been around for years and takes a measured approach. Manager Matt Fruhan seeks a competitive total return with earnings growth and dividend yield in excess of the S&P 500’s and beta roughly in line with the benchmark. The resulting portfolio holds mostly dividend- paying firms where short-term Wall Street consensus earnings estimates are more pessimistic than Fruhan’s long-term forecasts. Fruhan avoids such firms as utilities and real estate investment trusts that pay out so much cash that they have little left over to fund future growth. This strategy is similar to Fruhan’s approach at Silver- rated Fidelity Large Cap Stock FLCSX, which has outperformed 85% of its large-blend peers over the past

Y Alphabet Inc C

Teva Pharmaceutical Indus

10 years. But here he diversifies across a larger number of firms, seeks a higher dividend yield, and maintains a lower tracking error relative to the benchmark. Fruhan is no rookie. He has only been at the helm of this fund since February 2011, but he’s been with Fidelity since 1995. Although the fund outperformed the benchmark and peers between 2011 and 2013, it struggled in 2014 and 2015. While Fruhan considers stocks with growth potential, the fund has a clear value- tilt, which has been out of favor in recent years. That, along with bad bets such as overweighting the financials and energy sectors and omitting top benchmark performers that don’t pay dividends--such as Facebook FB and Amazon.com AMZN--has contributed to the underperformance. Fruhan is sticking to his knitting, though, and despite lagging the S&P 500 during his tenure, the fund has easily outperformed the typical fund in the large-blend Morningstar Category.

Y Visa Inc Class A T State Street Corp

Y United Parcel Service Inc

Industrl

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 56.6 Large 27.5 Mid 14.1 Small 1.7 Micro 0.2 Avg $mil: 66,196

Value Blend Growth

Large Mid Small

31.83 0.98 2.76 0.95 5.65 0.46 23.34 1.68 0.08 0.02 44.92 1.13 3.12 0.71 9.96 1.60 14.38 1.24 17.46 0.99 23.24 0.84 9.88 1.00 12.72 0.88 0.64 0.19

Value Measures

Rel Category

Price/Earnings 14.77

0.90 0.82 1.14 0.88 1.43 0.91 0.48 0.01 -0.43 0.34

Price/Book Price/Sales

1.90 1.74

Price/Cash Flow 8.10 Dividend Yield % 3.30

Growth Measures

% Rel Category

Long-Term Erngs 8.95

Book Value

2.23 0.02 -2.22

Composition - Net

Sales

Cash 0.0 Stocks 98.7 Bonds 0.1 Other 1.2 Foreign 9.8 (% of Stock)

Address:

Fidelity Securities Fund

Minimum Purchase: Min Auto Inv Plan:

$2500

Add: — IRA: $2500

Cash Flow

Boston, MA 02109

— Add: —

Historical Erngs 2.02

800-544-8544

Sales Fees:

No-load

Web Address:

advisor.fidelity.com

Management Fee:

0.20%

Profitability

%

Inception:

12-30-85

Actual Fees:

Mgt:0.45% Dist:—

Return on Equity Return on Assets

19.96

Advisor:

Fidelity Management & Research Company FMR Investment Management (U.K.) Limited

Expense Projections: Income Distribution:

3Yr:$214 5Yr:$373 10Yr:$835

6.00

Subadvisor:

Quarterly

Net Margin

14.87

A

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©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, email reprints@morningstar.com