SUPPLEMENT TO THE FIDELITY OTC PORTFOLIO SEPTEMBER 29, 1999 PROSPECTUS
SHAREHOLDER MEETING. On or about June 14, 2000, a meeting of
the shareholders of Fidelity OTC Portfolio will be held to vote on
various proposals. Shareholders of record on April 18, 2000 are
entitled to vote at the meeting. Included are proposals to revise the
fund's management fee to provide for lower fees when FMR's assets
under management exceed $210 billion, to revise the performance
adjustment calculation by rounding the performance of both the fund
and the comparative index to the nearest 0.01%, rather than the
nearest 1.00%, and to allow FMR and the trust, on behalf of the fund,
to modify the management contract subject to the requirements of the
Investment Company Act of 1940.
Also included are proposals to change the fund from a diversified
to a non-diversified fund (which would allow the fund to invest over
5% of its assets in a larger number of issuers) and to adopt a policy
that would require the fund to invest at least 25% of its total assets
in the technology sector. These proposals recognize that a relatively
small number of companies and industries, including those in the
technology sector, represent a large portion of the OTC market. For
example, as of January 31, 2000, Microsoft, Cisco Systems, and Intel
accounted for approximately 10.0%, 7.4%, and 6.6%, respectively, of
the NASDAQ Composite Index, an index of stocks traded in the OTC
market. If FMR invests a significant percentage of the fund's assets
in a single issuer, the fund's performance would be closely tied to
the market value of that issuer, and could be more volatile than the
performance of more diversified funds. Similarly, if FMR invests a
significant percentage of the fund's assets in a single industry the
fund's return could depend heavily on that industry's performance.
A proxy statement containing important information about the
proposals is scheduled to be mailed to shareholders of record on or
about April 18, 2000. You will be able to obtain a proxy statement at
that time for free at the Securities and Exchange Commission website
or by calling Fidelity at 1-800-544-8888 to request a free copy. The
proxy statement will be provided in connection with a solicitation of
proxies made on behalf of the Board of Trustees of Fidelity Securities
Fund to be used at the June 2000 shareholder meeting. Additional
information about the fund and the Board of Trustees is contained in
the fund's Statement of Additional Information (SAI). You can obtain a
copy of the SAI by calling 1-800-544-8544.
The following information replaces similar information found in the
"Fund Management" section on page 21.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for the fund. FMR Far East was
organized in 1986 to provide investment research and advice to FMR.
Currently, FMR Far East provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for the fund.
The following information supplements the information found in the
"Fund Management" section on page 21.
(small solid bullet) Fidelity Investments Japan Ltd. (FIJ), in Tokyo,
Japan, serves as a sub-adviser for the fund. As of September 28, 1999,
FIJ had approximately $16.3 billion in discretionary assets under
management. Currently, FIJ provides investment research and advice on
issuers based outside the United States for the fund.
The following information replaces similar information found in the
"Fund Management" section on page 21.
Jason Weiner is vice president and manager of OTC Portfolio, which he
has managed since February 2000. Previously, he managed other Fidelity
funds. Since joining Fidelity in 1991, Mr. Weiner has worked as an
analyst and manager.
The following information replaces similar information found in the
"Fund Management" section on page 22.
FMR pays FMR U.K. and FMR Far East for providing sub-advisory
services. FMR Far East pays FIJ for providing sub-advisory services.
