Fidelity Large Cap Stock Fund

QUARTERLY FUND REVIEW | AS OF SEPTEMBER 30, 2020

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: 0.47%2

4.08% -8.46% 2.46% 5.05% 9.67% 11.66%

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

8.93% 8.06%

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5.57% 2.30%

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15.15% 10.70%

86% 1,370

12.28% 9.55% 90% 1,229

14.15% 11.77%

84% 1,066

13.74% 11.96%

67% 819

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. 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): $2,318.02

Morningstar Category: Fund Large Blend 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 SEPTEMBER 30, 2020

Performance Review

For the quarter, the fund gained 4.08%, lagging the 8.93% advance of benchmark S&P 500? index.

The U.S. equity bellwether S&P 500? index gained 8.93% for the three months ending September 30, 2020, rising steadily and reaching an all-time high on September 2 before cooling off to end the third quarter. The abundant provision of liquidity from central banks and sustained progress on economic reopening underpinned a continued rally in riskier assets, extending a broad-based recovery from a steep, brief decline from late February through March 23.

Recent market strength has been supported by massive monetary stimulus, resilient corporate earnings, near-term potential for a vaccine breakthrough and traction on a broader economic reopening. However, there are also concerns about election uncertainty, the inability of Congress to reach a deal on additional fiscal stimulus, peak monetary policy, high-frequency indicators that suggest the U.S. economic recovery is stalling, a second wave of coronavirus cases, and stretched valuations and crowded positioning in big tech.

Security selection and sector positioning combined to weigh on the fund's performance relative to the benchmark this quarter. Stock picking in health care and financials were particularly big challenges.

Within the former category, the fund struggled with an out-ofbenchmark investment in pharmaceutical and life sciences company Bayer, which returned about -15% for the quarter. As of September 30, we believe there is a disconnect between the company's stock price and underlying value, with Bayer shares trading at a discount due to overhang from the firm's glysophate-related lawsuits. We are hopeful that Bayer may settle this litigation sooner rather than later, and that this overhang may dissipate, restoring the company's valuation to a more-deserved level.

Within financials, an overweight in bank stock Wells Fargo (-8%), one of our largest holdings on September 30, detracted. This and other banks saw their share prices fall along with interest rates, whose drop tends to correlate to lower yields from lending activity. As of quarter end, we continued to overweight Wells Fargo, as we

believed the company's otherwise strong long-term earnings power and deposit-cost advantages were being undervalued.

The fund's energy-sector overweight was another challenge for relative performance, given that the sector, which produced a double-digit decline, was the market's worst-performing group by far. Here, our biggest detractor was an overweight in integrated energy giant Exxon Mobil (-22%). Energy stocks were hampered by a steep drop in the price of oil, as demand declined precipitously and more quickly than supply could adjust to balance the market. Exxon remained one of the fund's largest positions at quarter end.

Versus the benchmark, another notable relative detractor was General Electric (-9%), our second-largest holding on September 30. The industrial conglomerate reported in late July that its quarterly earnings reflected a bigger-than-expected impact related to the coronavirus pandemic, especially at its once-powerful aviation division. This business, which primarily manufactures and services aircraft engines, saw its profit margin turn negative for the quarter, while orders tumbled 56% year over year. We continued to maintain a large overweight, as we see significant upside if a vaccine insulates parts of the global population from COVID-19, easing fears about air travel. We will be keeping a close eye on this position ? the fund's second-largest ? however, to make sure the reality for the company continues to match our expectations.

On the positive side, two logistics and delivery companies added value: United Parcel Service (+50%), one of the fund's largest holdings this period, and FedEx (+80%). Both companies enjoyed strong financial results due to a surge in online shopping amid the coronavirus pandemic. Another relative contributor was Qualcomm (+30%), a communications semiconductor company with a substantial business that involves licensing its intellectual property. During the period, Qualcomm, a large fund holding on September 30, reported favorable quarterly financial results and projected strong future financial performance. In addition to benefiting from global growth in 5G phones, the company announced in late July that it favorably settled a significant licensing dispute with Chinese telecommunications company Huawei. This deal was on the heels of another settlement last year with Apple. The combination of good operating results and multiple settlements with large handset manufacturers significantly boosted the stock's price.

LARGEST CONTRIBUTORS VS. BENCHMARK

Holding

Market Segment

Relative Average Contribution Relative (basis Weight points)*

United Parcel Service, Inc. Class B

Industrials

1.88%

63

Qualcomm, Inc.

Information Technology

2.06%

38

FedEx Corp.

Industrials

0.66%

34

Comcast Corp. Class A

Communication Services

3.15%

29

Intel Corp.

Information Technology

-0.76%

21

* 1 basis point = 0.01%.

LARGEST DETRACTORS VS. BENCHMARK

Holding

Market Segment

Relative Average Contribution Relative (basis Weight points)*

Exxon Mobil Corp.

Energy

2.75%

-95

General Electric Co.

Industrials

4.30%

-81

Bayer AG

Health Care

1.66%

-46

Apple, Inc.

Information Technology

-2.62%

-42

Wells Fargo & Co.

Financials

2.37%

-41

* 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 SEPTEMBER 30, 2020

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 estimates are inherently less predictable than short-term earnings estimates, 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. Also, we are very strict about not paying more for stocks than we believe they're worth.

Stocks with lower valuations 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. With the fund's management approach, one invariably faces periods when the market is working against you and individual investments may struggle. But we believe that following a disciplined and patient strategy provides opportunities to move past the market's shortterm thinking to capture long-term value.

At quarter end, we had four primary sector overweights, led by industrials, which finished September at about 14% of assets, slightly above at the end of June. Much of this overweight came from our large stake in General Electric, at roughly 4% of the fund.

Another overweight was in health care, which finished September at about 18% of assets, a modest reduction from three months earlier. Many stocks in the sector had sold off in 2019, due to investors' apparent concern about how potential shifts in health care policy could affect company earnings. We saw these concerns as likely overstated and took advantage of unusually low valuations to build positions in high-quality firms with strong upside.

We kept the fund's sizable overweights in financials and energy, which finished the quarter at about 15% and 6% of net assets, respectively. In financials, we have prioritized large banks that we believe could weather a challenging business environment, while avoiding the cheapest but most vulnerable institutions.

In energy, we continued to emphasize high-quality integrated energy firms. We believe lower demand in the sector may be temporary, but factors pressuring supply are not. If market conditions evolve and we see better upside in other cyclical industries, we will not hesitate to reduce the fund's longtime energy overweight in favor of other market areas. For now, though, we are still seeing a desirable risk/reward trade-off here.

Our largest quarter-end underweights were in information technology and consumer discretionary, which represented about 21% and 6% of the portfolio, respectively, on September 30. As long as valuations strike us as unrealistic, we are comfortable maintaining an underweight in both areas.

In this highly uncertain market environment, our approach is to seek to capitalize upon any episodes of severe market volatility to reposition the portfolio for an eventual economic recovery. This entails adding exposure to high-quality growth companies ? provided their valuations depart from what we view as speculative territory at this point ? and to cyclical companies with good upside, while reducing exposure to slower-growth, more-defensive companies with less upside, in our view.

In short, we are looking past the market's short-term thinking and to the long term, staying humble about the current lack of certainty in the marketplace and remaining flexible and willing to adapt to fastevolving conditions.

MARKET-SEGMENT DIVERSIFICATION

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

Portfolio Weight

Index Weight

Relative Weight

Relative Change From Prior Quarter

20.78% 18.44% 14.95% 13.57%

28.15% 14.23% 9.67% 8.29%

-7.37% 4.21% 5.28% 5.28%

-0.29% -1.16% 0.38% 0.89%

8.69% 6.76% 6.24%

10.80% 7.02% 2.06%

-2.11% -0.26% 4.18%

0.70% -0.76% -0.30%

5.57% 2.21% 0.44% 0.39% 0.00%

11.55% 2.62% 2.64% 2.97% 0.00%

-5.98% -0.41% -2.20% -2.58% 0.00%

-0.13% 0.15% 0.19% 0.37% 0.00%

CHARACTERISTICS

Portfolio

Valuation

Price/Earnings Trailing

24.6x

Price/Earnings (IBES 1-Year Forecast)

16.7x

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

2.2x 9.6x 11.4%

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

6.5% -40.9%

Earnings/Share Growth 1-Year (IBES Forecast)

Earnings/Share Growth 5-Year (Trailing)

Size

13.5% 9.9%

Weighted Average Market Cap ($ Billions) 299.3

Weighted Median Market Cap ($ Billions) 93.7

Median Market Cap ($ Billions)

31.6

Index

26.0x 21.6x 3.9x 14.6x 15.6%

8.8% -21.6% 10.1% 15.0%

450.4 152.7 22.9

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 SEPTEMBER 30, 2020

LARGEST OVERWEIGHTS BY HOLDING

Holding General Electric Co. Comcast Corp. Class A Altria Group, Inc. Wells Fargo & Co. Exxon Mobil Corp.

Market Segment Industrials Communication Services Consumer Staples Financials Energy

Relative Weight

4.24% 3.27% 2.96% 2.41% 2.40%

LARGEST UNDERWEIGHTS BY HOLDING

Holding

, Inc. Apple, Inc. Alphabet, Inc. Class A Facebook, Inc. Class A Berkshire Hathaway, Inc. Class B

Market Segment Consumer Discretionary Information Technology Communication Services Communication Services

Financials

Relative Weight -4.81% -2.84% -2.67% -2.26%

-1.51%

10 LARGEST HOLDINGS

Holding Microsoft Corp. General Electric Co. Comcast Corp. Class A Apple, Inc. Altria Group, Inc. Bank of America Corp. Exxon Mobil Corp. Wells Fargo & Co. Qualcomm, Inc. United Parcel Service, Inc. Class B 10 Largest Holdings as a % of Net Assets Total Number of Holdings

Market Segment Information Technology Industrials Communication Services Information Technology Consumer Staples Financials Energy Financials Information Technology Industrials

36.69%

174

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

87.66% 100.00% -12.34% 0.32%

International Equities

10.38% 0.00% 10.38% -0.27%

Developed Markets

10.28% 0.00% 10.28% -0.37%

Emerging Markets

0.10%

0.00%

0.10%

0.10%

Tax-Advantaged Domiciles

0.00%

0.00%

0.00%

0.00%

Bonds

0.13%

0.00%

0.13%

0.00%

Cash & Net Other Assets 1.83%

0.00%

1.83% -0.05%

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 1.04

19.01% 0.18 4.41% -1.64 0.95

Index 1.00 17.74% 0.60

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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 SEPTEMBER 30, 2020

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's 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.

CHARACTERISTICS Earnings-Per-Share Growth measures the growth in reported earnings per share over the specified past time period.

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 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 ? 2020 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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