Fidelity Mid-Cap Stock Fund

QUARTERLY FUND REVIEW | AS OF SEPTEMBER 30, 2023

Fidelity? Mid-Cap Stock Fund

Investment Approach

? Fidelity? Mid-Cap Stock Fund is a diversified domestic equity strategy focused on companies valued at $1 billion to $10 billion across the growth-to-value universe.

? Philosophically, we believe a company's stock price reflects the market's collective view of its future earnings power, but the collective view can be wrong.

? We believe bottom-up, fundamental analysis can identify those opportunities where our earnings forecasts deviate from consensus, and where the potential reward for being right is high.

? We look for investment opportunities in emerging growth stocks, where we have a differentiated view on the magnitude of the growth rate; compounders, where we have a differentiated view on the sustainability of the growth rate; and mean-reversion stocks, where we have a differentiated view on the timing, duration or magnitude of the cycle.

? In constructing the portfolio, we size positions by assessing our conviction in the differentiated view on future earnings power versus its potential payoff.

PERFORMANCE SUMMARY

Cumulative

3 Month

YTD

1 Year

Annualized

3 Year

5 Year

10 Year/ LOF1

Fidelity Mid-Cap Stock Fund Gross Expense Ratio: 0.85%2

-2.41% 1.74% 11.56% 13.81% 8.05% 9.40%

S&P MidCap 400 Index Morningstar Fund Mid-Cap Blend % Rank in Morningstar Category (1% = Best) # of Funds in Morningstar Category

-4.20% -3.89%

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4.27% 4.04%

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15.51% 14.02%

73% 419

12.05% 9.74%

9% 384

6.06% 5.67% 11%

357

8.94% 8.01% 12%

239

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 03/29/1994. 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): Nicola Stafford

Trading Symbol: FMCSX

Start Date: March 29, 1994

Size (in millions): $6,943.39

Morningstar Category: Fund Mid-Cap Blend Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. The securities of smaller, less well-known companies can be more volatile than those of larger companies. 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? Mid-Cap Stock Fund | AS OF SEPTEMBER 30, 2023

Performance Review

For the three months ending September 30, 2023, the fund returned -2.41%, outpacing the -4.20% result of the benchmark, the S&P MidCap 400? Index.

U.S. stocks, including mid-cap shares, declined in the third quarter, as the year-to-date rally sputtered amid a stalling pattern in disinflationary trends, soaring yields on longer-term government bonds and concern that the U.S. Federal Reserve will keep interest rates higher for longer than expected just months ago. These factors, among others, slowed the advance of a stock market powered by richly valued stocks in the information technology sector and seemed to lower the odds of an economic "soft landing." An uncertain global economic outlook and climbing oil prices added to the choppy backdrop for stocks and other higher-risk assets the past three months.

Against this dynamic backdrop, the S&P MidCap 400? Index rose 4.13% in July, driven by the shares of a narrow set of mega-cap companies concentrated in the tech and communication services sectors, largely due to exuberance related to artificial intelligence. After the Fed's quarter-percentage-point increase in late July brought interest rates to a 22-year high, the central bank said it was too soon to tell whether the hike would conclude its campaign to cool inflation. The asset class began a downtrend in August (-2.89%) that continued through September (-5.26%), hampered by a retreat in tech shares, which lost some of their appeal as yields on U.S.

Treasuries and other bonds rose meaningfully.

For the quarter, growth shares edged value, while large-cap stocks topped mid- and small-caps. By sector, communications services (-16%) lagged most. Meanwhile, three defensive-oriented groups within the index notably declined amid inflation and higher interest rates: utilities (-11%), real estate (-9%) and health care (-9%). Tech returned about -6% after leading the way in the first half of the year. In contrast, energy (+15%) rode a rally in oil prices, while financials eked out a slight gain to top the broader market.

We continued to focus on stocks with a market value in the range of $1 billion to $10 billion, investing in what we believe are fundamentally strong companies that are underappreciated by the market. Many of the fund's top relative contributors and detractors this quarter were not a part of the benchmark.

Market and security selection contributed to relative performance during Q3. In particular, the fund's overweight in energy helped most, as oil prices increased. This included the fund's top-two relative contributors: Imperial Oil and Hess. Shares of Imperial Oil ? a Calgary-based integrated oil & gas company ? gained more than 20% this period amid a 29% increase in the price of West Texas Intermediate crude oil. In late July, the energy producer reported Q2 earnings that were moderately ahead of consensus estimates. The solid quarterly results were driven by strong cash flow, good execution of its downstream operations and lower-than-expected costs. Imperial said it renewed its share-buyback program and declared a Q3 dividend of $0.50 per share.

Meanwhile, in late July, the New York-based oil & gas exploration & production firm Hess (+13%) reported stronger-than-expected quarterly financial results, driven by robust production volumes and free cash flow. Hess announced a new discovery of offshore oil on its Mississippi Canyon well, with new oil expected in mid-2024, and raised its full-year financial guidance.

Hess and Imperial were the fund's third- and fourth-largest holdings at the end of September.

Conversely, choices in consumer discretionary hurt, including our position in Tapestry (-33%). On August 10, the U.S. multinational luxury fashion company, which owns the Kate Spade and Coach brands, announced it was acquiring Capri Holdings, the parent company of Michael Kors and Versace. The acquisition, to be financed with more than $8 billion in new debt, was not wellreceived by the market, as investors were spooked by both the combined company's high debt load and the slowing of luxury goods spending in recent months, especially in the U.S.

It also hurt to own glass products manufacturer O-I Glass, as the stock declined roughly 22% during the third quarter.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

Imperial Oil Ltd.

Energy

1.41%

34

Hess Corp.

Energy

1.79%

29

Fabrinet

Information Technology

0.77%

24

Molina Healthcare, Inc. Health Care

1.78%

22

Vertiv Holdings Co.

Industrials

0.55%

22

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Average Relative Relative Contribution Weight (basis points)*

Tapestry, Inc.

Consumer Discretionary

0.60%

-20

O-I Glass, Inc.

Materials

0.97%

-18

Generac Holdings, Inc. Industrials

0.63%

-17

GFL Environmental, Inc. Industrials

1.06%

-17

Masimo Corp.

Health Care

0.26%

-16

* 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? Mid-Cap Stock Fund | AS OF SEPTEMBER 30, 2023

Outlook and Positioning

Over the past three months, the daily movement of the market felt like a tug of war between fear and optimism, driven by countervailing developments. Geopolitical unrest continues, hope for momentum on the back of China's reopening has waned, and inflation is moderating but remains high. After a swift and aggressive tightening cycle by the Federal Reserve, we are now contemplating the persistence of higher rates.

There has been relief, however, in the form of a surprisingly resilient U.S. consumer thus far and normalizing supply chains. Importantly, we are in the early phases of significant structural growth drivers, ranging from government-funded infrastructure investment and reshoring to potentially generational innovations across both health care and technology.

Looking forward, as we contemplate the impact of continued geopolitical risk and debate the likelihood (and magnitude) of a recession, we believe the ability to look out longer term is increasingly important to gain a differentiated view. The market is a discounting mechanism, and periods of uncertainty and volatility create opportunity for attractive investments over the long term.

Core to our investment process is a belief that the price paid for an asset matters and that valuation in the context of long-term earnings power is the best barometer of potential returns. Based on this, the fund has been flexible over time, investing across the style spectrum from rapidly growing secular disruptors to quality compounders and more-traditional cyclicals depending on where opportunities present themselves. At the end of September, we are seeing interesting dislocations emerging where the market is rushing to reward winners and punish losers based on both cyclical and

structural developments.

For instance, it has been a period of seismic innovation with the rise of ChatGPT propelling artificial intelligence to the forefront, while GLP-1 drugs are rapidly becoming blockbusters in the treatment of diabetes and obesity. We have seen a sharp and powerful rally in the direct producers of these technologies, yet select opportunities remain at reasonable valuation, such as Vertiv Holdings, a provider of power and cooling management for data centers, which we believe should benefit from this structural growth. Other opportunities include those where the market is assuming meaningful impairment to long-term growth. This spans a variety of businesses including business process outsourcer WNS Holdings and sleep apnea device company Inspire Medical Systems, the latter being a new fund holding this quarter.

During the pandemic we lightened our positions in several highquality companies that we believed hit extreme valuation. Since then, we have seen a downdraft in earnings (and stock prices) for several of these names as they lap not only tough comparisons but also face weakening end markets. This quarter we owned positions in bioprocessing company Repligen, Transunion credit bureau and generator manufacturer Generac Holdings ? each of which fits this description. We added Repligen to the fund during the past three months.

We are also looking for opportunities where demand is cyclically depressed and valuation is attractive. We believe auto component manufacturers, packaging, trucking and retail are all interesting within this lens.

At the end of September, the fund's largest relative sector overweights were energy and industrials. Meanwhile, the fund was most notably underweight in information technology, consumer discretionary and real estate.

MARKET-SEGMENT DIVERSIFICATION

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

Portfolio Weight

25.26%

15.22%

Index Weight

22.21%

14.86%

Relative Weight

Relative Change From Prior Quarter

3.05% -0.67%

0.36% -1.48%

11.15% 9.49% 7.53% 6.57%

14.48% 5.86% 8.35% 6.99%

-3.33% 3.63% -0.82% -0.42%

-0.62% -0.09% 1.59% -0.34%

6.39% 5.50% 4.74% 4.53%

10.61% 4.31% 3.37% 7.25%

-4.22% 1.19% 1.37% -2.72%

0.21% 0.30% -0.07% -0.70%

2.23% 0.00%

1.72% 0.00%

0.51% 0.00%

0.19% 0.00%

CHARACTERISTICS

Portfolio

Valuation

Price/Earnings Trailing

15.7x

Price/Earnings (IBES 1-Year Forecast)

13.0x

Price/Book

2.2x

Price/Cash Flow

10.0x

Return on Equity (5-Year Trailing)

12.1%

Growth

Sales/Share Growth 1-Year (Trailing)

15.7%

Earnings/Share Growth 1-Year (Trailing)

6.8%

Earnings/Share Growth 1-Year (IBES Forecast)

5.9%

Earnings/Share Growth 5-Year (Trailing)

16.2%

Size

Weighted Average Market Cap ($ Billions) 14.9

Weighted Median Market Cap ($ Billions)

9.7

Median Market Cap ($ Billions)

9.5

Index

16.3x 13.7x 2.2x 10.6x 12.4%

16.3% -7.2% 8.8% 16.3%

7.4 7.0 5.5

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

QUARTERLY FUND REVIEW: Fidelity? Mid-Cap Stock Fund | AS OF SEPTEMBER 30, 2023

LARGEST OVERWEIGHTS BY HOLDING

Holding

Molina Healthcare, Inc. Arch Capital Group Ltd. Hess Corp. Imperial Oil Ltd. Space Exploration Technologies Corp. Class C

Market Segment Health Care Financials Energy Energy

Industrials

Relative Weight 1.92% 1.80% 1.79% 1.66%

1.65%

LARGEST UNDERWEIGHTS BY HOLDING

Holding

Hubbell, Inc. Class B Jabil, Inc. Reliance Steel & Aluminum Co. Deckers Outdoor Corp. Carlisle Companies, Inc.

Market Segment Industrials Information Technology

Materials

Consumer Discretionary Industrials

Relative Weight -0.74% -0.74%

-0.68%

-0.59% -0.57%

10 LARGEST HOLDINGS

Holding Molina Healthcare, Inc. Arch Capital Group Ltd. Hess Corp. Imperial Oil Ltd. Space Exploration Technologies Corp. Class A Cheniere Energy, Inc. AECOM Performance Food Group Co. American Financial Group, Inc. Regal Rexnord Corp. 10 Largest Holdings as a % of Net Assets Total Number of Holdings

Market Segment Health Care Financials Energy Energy

Industrials

Energy Industrials Consumer Staples Financials Industrials

15.56%

158

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

88.39% 100.00% -11.61% -1.52%

International Equities

10.21% 0.00% 10.21% -0.15%

Developed Markets

9.04%

0.00%

9.04%

0.31%

Emerging Markets

1.17%

0.00%

1.17%

-0.46%

Tax-Advantaged Domiciles

0.00%

0.00%

0.00%

0.00%

Bonds

0.00%

0.00%

0.00%

0.00%

Cash & Net Other Assets 1.40%

0.00%

1.40%

1.67%

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 0.87

18.35% 0.66 4.79% 0.37 0.95

Index 1.00 20.47% 0.50

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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? Mid-Cap Stock Fund | AS OF SEPTEMBER 30, 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 MidCap 400 Index is a market-capitalization-weighted index of 400 mid cap stocks of U.S. companies chosen for market size, liquidity, and industry group representation.

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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