Fidelity Large Cap Stock Fund

QUARTERLY FUND REVIEW | AS OF MARCH 31, 2023

Fidelity? Large Cap Stock Fund

Investment Approach

? Fidelity? Large Cap Stock Fund is a diversified domestic equity strategy with a large-cap core orientation.

? Our investment approach is to find companies that we believe have attractive earnings and dividend yield potential over the next two to three years, and where our view is different from market consensus.

? We believe securities can become mispriced relative to their true long-term value when investors become increasingly focused on the short term, and our process seeks to exploit these discrepancies to drive performance.

? We strive to uncover these companies through in-depth 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 Large Cap Stock Fund Gross Expense Ratio: 0.54%2

6.55% 6.55% -1.99% 21.47% 10.56% 11.51%

S&P 500 Index Morningstar Fund Large Value % Rank in Morningstar Category (1% = Best) # of Funds in Morningstar Category

7.50% 0.87%

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7.50% 0.87%

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-7.73% -5.10%

12% 1,239

18.60% 18.93%

22% 1,155

11.19% 7.78%

6% 1,103

12.24% 9.12%

4% 821

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 06/22/1995. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the

most recent fiscal year, or estimated amounts for the current fiscal year in the case of a newly launched fund. 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): Matt Fruhan

Trading Symbol: FLCSX

Start Date: June 22, 1995

Size (in millions): $2,937.61

Morningstar Category: Fund Large Value Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks

Not FDIC Insured ? May Lose Value ? No Bank Guarantee

QUARTERLY FUND REVIEW: Fidelity? Large Cap Stock Fund | AS OF MARCH 31, 2023

Performance Review

For the quarter, the fund gained 6.55%, trailing the 7.50% advance of the benchmark, the S&P 500? index.

U.S. equities rose even as financial markets digested multiple crosscurrents. These included stress in the U.S. and European banking systems, signs of consistent pressure on core inflation, falling energy prices, and a Federal Reserve intent on pulling off a delicate balancing act of containing inflation and cooling economic growth while also weighing risk to the financial system.

The encouraging quarterly upturn followed a year in which the S&P 500? returned -18.11% ? its lowest calendar-year result since 2008 and first retreat since 2018 ? amid a multitude of risk factors that challenged the global economy. However, asset prices around the world staged a broad rally in the fourth quarter of 2022, as slowing inflation raised hopes at the end of a tumultuous year.

Since March 2022, the Fed has hiked its benchmark interest rate nine times, by 4.75 percentage points ? the fastest-ever pace of monetary tightening ? while also shrinking its massive asset portfolio. But following the emergence of a banking crisis, the Fed was forced to weigh risk to the financial system if it continued to hike aggressively. Indeed, by mid-March Treasury yields were plunging, and the Fed backed off with a hike of 25 basis points (0.25%) on March 22, rather than the 50-basis-point move that was all but certain just a few days before. The announcement came along with a signal that banking-related turmoil might end the central bank's rate-hiking campaign sooner than seemed likely only a couple of weeks earlier.

Against this dynamic backdrop the past three months, the fund's performance versus the benchmark was hampered by large underweights in the strong information technology and consumer discretionary sectors, as well as notable overweights in energy and financials. This sector positioning derived from our bottom-up approach to analyzing and choosing securities.

Within tech, the biggest individual relative detractors were significant underweights in Nvidia (+90%) and Apple (+27%). In consumer discretionary, meanwhile, it hurt to avoid benchmark component Tesla (+68%).

Shares of Nvidia gained because the maker of graphics chips used in video games, cloud computing and artificial intelligence reported better-than-expected financial results for the three months ending January 29. Meanwhile, the stock of personal electronics giant Apple rose despite disappointing quarterly financial results that reflected a "difficult macroeconomic environment" and a notable easing of pandemic-driven demand. Shares of Tesla advanced in late January, when the maker of electric vehicles announced Q4 financial results that came in ahead of consensus estimates, including record revenue of $24 billion, partially driven by greater demand following late-2022 vehicle price cuts that continued into early 2023. We limited exposure to all three these of stocks because we saw significantly better risk/reward elsewhere in the market.

Another notable detractor was an overweight in Wells Fargo (-9%), as worries about the banking industry following the collapse of Silicon Valley Bank on March 10 weighed on the company's shares. However, Wells Fargo's status as a "GSIB" ? global systemically important bank ? helped ensure that its stock declined less than many other banking names amid the drawdown. We've maintained a large overweight in Wells Fargo, the fund's fourth-largest holding on March 31, because, in our opinion, it remains an undervalued franchise with significant earnings opportunity.

In contrast, stock selection in industrials was the primary contributor for the quarter, led by General Electric (+47%), the fund's top holding. GE stock was boosted by the industrial conglomerate's late-January announcement that strong demand for jet engines and power equipment drove its positive Q4 financial results. Revenue at GE Aerospace, the firm's jet engine business, grew by 25%. Notably, GE began the year by splitting off its health care unit into a stock that became GE Healthcare Technologies (+35%), another contributor to the fund's relative performance this quarter.

Lastly, relative performance benefited from the fund's lack of exposure to weak-performing benchmark component Pfizer. The pharmaceutical giant saw its shares return about -20% the past three months, as demand for COVID-related treatments continued to meaningfully diminish and management offered downbeat financial guidance. Earnings for the final three months of 2022 were stronger than analysts had projected, but the company called 2023 "a transition year in the U.S." Pfizer expects sales of its COVID-19 vaccines to fall to $13.5 billion in 2023, versus $37.8 billion in 2022, while its PaxlovidTM antiviral pill is expected to decrease by roughly $11 billion in year-over-year sales.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

General Electric Co.

Industrials

5.51%

188

GE HealthCare Technologies, Inc.

Health Care

1.26%

33

Pfizer, Inc.

Health Care

-0.73%

24

Charles Schwab Corp. Financials

-0.34%

18

Chevron Corp.

Energy

-0.90%

16

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

NVIDIA Corp.

Information Technology

-1.34%

-80

Wells Fargo & Co.

Financials

4.78%

-79

Apple, Inc.

Information Technology

-3.52%

-64

Tesla, Inc.

Consumer Discretionary

-1.38%

-63

Exxon Mobil Corp.

Energy

6.22%

-46

* 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? Large Cap Stock Fund | AS OF MARCH 31, 2023

Outlook and Positioning

Our investment philosophy and process is based on the idea that stock prices follow changes in long-term earnings estimates. Because long-term earnings are inherently less predictable than short-term earnings, the market is prone to overreact to changes in the latter, leading securities to become mispriced relative to their intrinsic, or true, value. We believe that by combining exhaustive investment research with patience and discipline, an investor has the opportunity to take advantage of this market inefficiency. A stock with a lower valuation may outperform or underperform at different points in each market cycle, but this characteristic has historically led to outperformance over longer stretches. This close attention to valuation is one way we manage portfolio risk.

As of March 31, the fund's three primary sector overweights were led by energy, which represented about 12% of assets. For several years, we've overweighted energy because we believed a decade's worth of underinvestment would lead to a long-term supply/demand imbalance. As the world seeks to transition from fossil fuels to green energy, it's disincentivized exploration for and the production of fossil fuels. We believe the transition to cleaner energy will take a long time, as there's simply not enough energy available to meet demand at the prices the world has grown accustomed to. The war in Ukraine has only exacerbated this supply/demand imbalance. Plus, as the Fed raised interest rates to battle inflation, it became costlier to finance new capital-intensive energy-exploration efforts. As of March 31, most of our exposure to the energy sector came from an investment in Exxon Mobil, the fund's largest holding at quarter end. Our enthusiasm for Exxon Mobil reflects the company's superior production growth, favorable cost control, robust free cash flow and strong balance sheet.

Our second-largest overweight was in the industrials sector, which represented 16% of the portfolio as of March 31.

Here, the largest allocation was to the commercial aerospace industry. In our view, we believe the continued recovery of spending on travel, after several years of depressed demand due to the pandemic, could boost prospects for companies tied to the aerospace business.

The fund remained overweight financials, which made up 17% of fund assets as of March 31. Our bank investments have been focused on the largest providers, as we believe scale matters in this industry when it comes to managing costs and investing for the long term. After several months of trimming exposure to financials, we added to our bank allocation in Q1, as turmoil in the industry left several large-cap stocks we liked attractively valued. If the stocks in the sector do regain their momentum, we'd expect to continue to gradually reduce the fund's overweight here, given our belief that many of the companies' earnings drivers have played out.

Looking ahead, if the Fed succeeds in achieving a soft economic landing, or we find ourselves in an inflationary or even a stagflationary period, we think the fund has an opportunity to do well. If, however, we see a deep recession and return to a lowerinterest-rate environment, we think growth stocks would benefit and the fund's exposure to cyclical stocks might pose a greater challenge for relative performance.

As of quarter end, we're paying close attention to this latter possibility and thinking intently about ways to potentially mute the fund's downside risk. One way we've tried to achieve this goal is by owning particularly high-quality cyclical names with "self-help" opportunities ? meaning they have the ability to generate improved performance through their own management, rather than merely depending on external factors to shape their results. Whatever happens next in the market, we plan to continue to focus on bottom-up research, analyzing individual companies' earnings and seeking to find stocks with growth prospects that differ meaningfully from the consensus opinion.

MARKET-SEGMENT DIVERSIFICATION

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

Portfolio Weight

16.90%

Index Weight

12.91%

Relative Weight

Relative Change From Prior Quarter

3.99%

0.04%

16.05% 15.86% 13.33% 12.30%

26.08% 8.66% 14.20% 4.61%

-10.03% 7.20% -0.87% 7.69%

-1.58% 0.68% 1.14% -1.20%

8.52% 4.72%

8.11% 7.23%

0.41% -2.51%

0.09% -0.00%

3.85% 3.12% 0.87% 0.62% 0.00%

10.13% 2.64% 2.56% 2.86% 0.00%

-6.28% 0.48% -1.69% -2.24% 0.00%

-0.10% 0.15% 0.14% 0.29% 0.00%

CHARACTERISTICS

Portfolio

Valuation

Price/Earnings Trailing

16.4x

Price/Earnings (IBES 1-Year Forecast)

14.7x

Price/Book Price/Cash Flow Return on Equity (5-Year Trailing) Growth

2.8x 11.5x 13.6%

Sales/Share Growth 1-Year (Trailing) Earnings/Share Growth 1-Year (Trailing)

16.4% 15.7%

Earnings/Share Growth 1-Year (IBES Forecast)

Earnings/Share Growth 5-Year (Trailing)

Size

5.2% 15.0%

Weighted Average Market Cap ($ Billions) 413.8

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

126.9 49.2

Index

21.5x 18.4x 4.1x 15.1x 17.8%

13.3% -11.7% 4.8% 18.3%

537.8 166.6 30.3

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

QUARTERLY FUND REVIEW: Fidelity? Large Cap Stock Fund | AS OF MARCH 31, 2023

LARGEST OVERWEIGHTS BY HOLDING

Holding Exxon Mobil Corp. General Electric Co. Wells Fargo & Co. Bank of America Corp. Hess Corp.

Market Segment Energy Industrials Financials Financials Energy

Relative Weight

6.18% 6.09% 4.47% 1.95% 1.87%

LARGEST UNDERWEIGHTS BY HOLDING

Holding

Apple, Inc. , Inc. NVIDIA Corp. Tesla, Inc. Berkshire Hathaway, Inc. Class B

Market Segment Information Technology Consumer Discretionary Information Technology Consumer Discretionary

Financials

Relative Weight -3.81% -2.47% -1.69% -1.62%

-1.62%

10 LARGEST HOLDINGS

Holding Exxon Mobil Corp. Microsoft Corp. General Electric Co. Wells Fargo & Co. Apple, Inc. Bank of America Corp. The Boeing Co. Hess Corp. Comcast Corp. Class A Bristol-Myers Squibb Co. 10 Largest Holdings as a % of Net Assets Total Number of Holdings

Market Segment Energy Information Technology Industrials Financials Information Technology Financials Industrials Energy Communication Services Health Care

39.20%

175

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

87.56% 100.00% -12.44% 0.19%

International Equities

8.56%

0.00%

8.56%

-0.57%

Developed Markets

8.03%

0.00%

8.03%

-0.77%

Emerging Markets

0.53%

0.00%

0.53%

0.20%

Tax-Advantaged Domiciles

0.00%

0.00%

0.00%

0.00%

Bonds

0.00%

0.00%

0.00%

0.00%

Cash & Net Other Assets 3.88%

0.00%

3.88%

0.38%

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 0.96

20.00% 1.03 7.98% 0.36 0.84

Index 1.00 19.23% 0.92

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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? Large Cap Stock Fund | AS OF MARCH 31, 2023

Definitions and Important Information

Information provided in, and presentation of, this document are for informational and educational purposes only and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Fidelity does not provide legal or tax advice.

Before making any investment decisions, you should consult with your own professional advisers and take into account all of the particular facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials because they have a financial interest in them, 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 Trailing measures the growth in reported earnings per share over trailing one- and five-year periods.

Earnings-Per-Share Growth (IBES 1-Year Forecast) measures the growth in reported earnings per share as estimated by Wall Street analysts.

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.

S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

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 ? 2023 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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