Fidelity Fund MARKET RECAP. Key Takeaways

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1 Fidelity Fund Key Takeaways For the fiscal year ending June 30, 2017, the fund's share classes returned about 14%, trailing the 17.90% return of the benchmark S&P 500 index. Against the backdrop of a robust rally following the U.S. presidential election last November, high-quality growth stocks trading at reasonable prices the type generally favored by Lead Portfolio Manager John Avery struggled to keep pace. Stock picking in health care, financials and materials detracted from results versus the benchmark, as did an overweighting in the weak-performing energy sector. Conversely, stock choices and an underweighting in telecommunication services, along with an overweighting in information technology, lifted relative performance. On April 10, 2017, Jean Park became Co-Manager of the fund, joining Lead Manager John Avery until July 1, 2017, when she became sole Portfolio Manager. Jean is cautiously optimistic about the stock market and sees plenty of opportunities in attractively priced names. MARKET RECAP The U.S. equity bellwether S&P 500 index gained 17.90% for the year ending June 30, 2017, rising sharply following the November election and continuing to gain ground through the end of February on optimism for President Trump's pro-business agenda. Equity markets leveled off, however, as the fledgling administration faced the first test of its domestic agenda. Stocks reacted with uncertainty to efforts by Congress in March to repeal and replace the Affordable Care Act, and then turned upward through June 30. Sector-wise, financials (+38%) fared best, riding an uptick in bond yields and a surge in bank shares, particularly post-election. technology (+34%) also did quite well, as a handful of major index constituents posted stellar returns. Industrials (+22%) and materials (+19%) were driven by a call for increased infrastructure spending and a rise in related commodity prices, respectively. Consumer discretionary (+17%) roughly index-performed, buoyed by e- commerce giants Amazon.com and Netflix. Conversely, telecommunication services (-12%) and real estate (0%) struggled amid an improved backdrop for riskier assets that curbed demand for dividend-rich sectors, as well as the likelihood of additional interest rate hikes later in Energy (-4%) lagged due to low oil prices. Not FDIC Insured May Lose Value No Bank Guarantee

2 Q&A An interview with Portfolio Manager Jean Park Fund Facts Trading Symbol: Jean Park Portfolio Manager FFIDX Start Date: April 30, 1930 Size (in millions): $4, Investment Approach Fidelity Fund is a diversified domestic equity strategy with a large-cap core orientation. Our guiding philosophy is that stocks of high-quality companies that exhibit persistent growth and generate positive free cash flow, when purchased at reasonable prices, can outperform the market over time. We believe differences often exist between a stock's price and its true value because the market incorrectly forecasts the sustainability and/or magnitude of future growth. We look to uncover these opportunities through in-depth bottom-up, fundamental analysis, working in concert with Fidelity's global research team. Q: Jean, how did the fund perform for the fiscal year ending June 30, 2017 The fund's share classes returned about 14%, trailing the 17.90% gain of the benchmark S&P 500 index. The fund lagged its peer group average by an even wider margin. Against the backdrop of a robust rally in share prices following the U.S. presidential election last November, the fund's positioning in high-quality growth stocks trading at reasonable prices struggled to keep pace. Q: What were some factors that particularly hampered performance versus the benchmark Stock picking in health care, financials and materials detracted from relative performance, as did an overweighting in the weak-performing energy sector. Energy names accounted for three of the fund's six largest relative detractors this past year, starting with exploration & production (E&P) firm Anadarko Petroleum. The stock did well for the first six months of the period amid rising crude oil prices and optimism that OPEC (the Organization of the Petroleum Exporting Countries) might be able to rein in production enough to support a further oil-price advance. Oil's price peaked on the first trading day of the new year, however, and lost considerable ground thereafter, with our position in Anadarko returning -12% for the 12-month reporting period. Troubles for the oil and gas E&P company extended beyond energy-price weakness, though. For one thing, the firm reported higher-than-expected first-quarter losses. More importantly, safety concerns following two unrelated fatal accidents involving Anadarko assets in Colorado along with follow-on inspections and investigations led to numerous analyst downgrades that further pressured the stock. Devon Energy, primarily an E&P company that also has some pipeline assets, and energy-services provider Schlumberger also were noteworthy detractors. Both stocks were sold from the fund by period end. In health care, our early-period overweighting in pharmaceutical giant Bristol-Myers Squibb hurt us. The stock retreated sharply in August of 2016 after the firm's 2 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

3 immunotherapy product Opdivo failed as a first-line treatment for lung cancer. Sales of Opdivo had been growing rapidly in recent quarters, and the firm anticipated the drug would be a big contributor to its future growth. This stock was sold from the fund by period end. Q: What about positives Stock picks and an underweighting in telecommunication services, along with an overweighting in information technology, lifted relative results. At the stock level, avoiding two weak-performing index names proved helpful: Exxon Mobil and Verizon Communications, our two largest relative contributors. What's more, a token position in General Electric which we ultimately sold also helped, as this stock finished the period with a negative return. Among stocks we overweighted, software developer Adobe Systems stood out. Our position here gained 47% this period, driven by a combination of market optimism and expectations for continued growth of its Creative Cloud platform, which includes its Photoshop digital-editing software. Adobe's stock price reached a series of all-time highs in 2017 amid consistently better-than-expected quarterly earnings aided by solid growth in subscriptionbased software revenue. Vail Resorts also outperformed, primarily in the first half of Our non-benchmark stake here returned 49% for the year, reflecting investors' optimism about a series of strategic acquisitions the company made under the leadership of respected CEO Robert Katz. I considerably pared back the position this period. Q: Would you tell us about your investment philosophy and some changes you made Sure. After joining the fund in April, I began repositioning the portfolio to reflect my focus on quality, on growth at a reasonable price also known as GARP and on tax efficiency, the last of which I discuss in more detail later in this update. For valuation purposes, in addition to looking at priceearnings ratios, I rely extensively on analysis of FCF (free cash flow) yields. In my view, free cash flow is more reliable and less subject to manipulation than earnings and therefore provides a clearer and more accurate way to compare the attractiveness of various investment choices. In determining sector weightings, I look at the FCF yield of each sector and combine that with sector fundamentals and company-level inputs. As a result of this analysis, I significantly reduced the fund's energy stake, shifting from a large overweighting to a similarly large underweighting by the end of the period. Likewise, I took down the fund's materials component from a substantial overweighting to a roughly neutral exposure. Both of these sectors were more expensive than the S&P 500, based on FCF yield. By the same token, I boosted the allocation to health care which I determined to be one of the least-expensive sectors on the basis of FCF yield from an underweighting to an overweighting. I also increased our stake in consumer staples to a more modest underweighting. Existing overweightings in information technology and financials remained largely intact and, in fact, I added a bit to technology. Both sectors were cheaper than the benchmark, according to my FCF-yield analysis. was the fund's largest sector overweighting by June 30, while energy was its biggest underweighting. Among individual names, Apple was the fund's largest holding on an absolute basis at period end. Microsoft was in second place, and Alphabet (Google) was fourth. Facebook, in sixth position, rounded out the technology holdings among the fund's 10 largest positions. Significant underweightings at period end included integrated energy provider Exxon Mobil, diversified conglomerate Berkshire Hathaway and industrial conglomerate General Electric. Two telecommunication services giants, AT&T and Verizon Communications, also were among our 10 largest underweightings. Q: What is your outlook as of June 30 I'm cautiously optimistic about the stock market and see plenty of opportunities in attractively priced names. With recently elected U.S. leadership, I'm hopeful we could see government stimulus or tax reforms that could improve cash flows for many firms. Overall, I'm seeing more-widespread opportunities for companies to increase their earnings, whether through organic growth, stimulus or tax reform. In positioning the fund, I'm looking for companies that fit my investment process and that I think can benefit in this environment. 3 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

4 LARGEST CONTRIBUTORS VS. BENCHMARK Jean Park on the importance of a tax-efficient portfolio: "While Fidelity Fund is not specifically designed as a tax-efficient investment vehicle, I am very aware of how tax efficiency can benefit shareholders. "Each week, I receive a tax/loss report for the fund. It tells me how long I've held positions, which have produced a gain, and how close those gains are to being deemed 'long-term,' a designation that makes them taxable at a much lower rate than short-term gains. "I take this information into consideration when I prepare to sell stocks, and I try to hang on to positions until any related profits can be classified as long-term gains for tax purposes. Most of my position sales fall into this category. "The turnover rate of Fidelity Growth Strategies Fund a diversified fund that I've managed since 2013 has been relatively low, frequently less than 50% over any given 12-month period. That compares to industry estimates of between 80% and 100% for the average actively managed fund. This approach allows me to accrue so-called capital-loss carryforwards that later can be used to offset gains for tax purposes. "Even though I buy with the intention of holding stocks longer term, I'll sell earlier when I think it's in the best interests of the fund's shareholders. Trying to be smart about taxes is one of the many strategies I employ on behalf of shareholders as I attempt to outperform over a full market cycle." Holding Market Segment Average Relative Relative Contribution (basis points)* Exxon Mobil Corp. Energy -1.82% 60 Verizon Communications, Inc. Telecommunicatio n Services -1.05% 42 General Electric Co. Industrials -1.32% 42 Adobe Systems, Inc. Vail Resorts, Inc. * 1 basis point = 0.01%. Consumer Discretionary LARGEST DETRACTORS VS. BENCHMARK Holding Market Segment 1.30% % 31 Average Relative Relative Contribution (basis points)* Anadarko Petroleum Corp. Energy 0.91% -54 Devon Energy Corp. Energy 0.40% -34 Allergan PLC Health Care 0.55% -32 Bristol-Myers Squibb Co. Health Care -0.10% -29 NVIDIA Corp. * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class -0.26% -27 Portfolio Portfolio Six Months Ago Domestic Equities 98.01% 96.13% International Equities 1.06% 2.07% Developed Markets 0.71% 1.74% Emerging Markets 0.35% 0.33% Tax-Advantaged Domiciles 0.00% 0.00% Bonds 0.00% 0.00% Cash & Net Other Assets 0.93% 1.80% 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. 4 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

5 MARKET-SEGMENT DIVERSIFICATION 10 LARGEST HOLDINGS Market Segment Portfolio Portfolio Six Months Ago 26.97% 19.57% Financials 17.25% 19.70% Health Care 17.19% 11.21% Consumer Discretionary 10.15% 12.84% Industrials 9.90% 8.75% Consumer Staples 8.24% 3.90% Materials 2.88% 7.15% Energy 2.19% 11.10% Multi Sector 1.45% 0.65% Real Estate 1.19% 2.18% Utilities 1.04% 0.29% Telecommunication Services 0.61% 0.86% Other 0.00% 0.00% Holding Apple, Inc. Microsoft Corp. Market Segment Portfolio Portfolio Six Months Ago 5.90% 4.32% 3.67% 3.14% JPMorgan Chase & Co. Financials 3.59% 3.07% Alphabet, Inc. Class A 3.55% 2.01% Bank of America Corp. Financials 3.22% 2.89% Facebook, Inc. Class A Amazon.com, Inc. Consumer Discretionary 2.68% 1.29% 2.57% 1.90% Amgen, Inc. Health Care 2.43% 1.85% UnitedHealth Group, Inc. Health Care 2.08% 1.10% Citigroup, Inc. Financials 2.07% 1.64% 10 Largest Holdings as a % of Net Assets 31.77% 26.85% Total Number of Holdings 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. FISCAL PERFORMANCE SUMMARY: Periods ending June 30, Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity Fund Gross Expense Ratio: 0.52% % 9.16% 14.34% 7.81% 12.62% 6.17% S&P 500 Index 9.34% 9.34% 17.90% 9.61% 14.63% 7.18% Morningstar Fund Large Growth 14.14% 14.14% 20.02% 8.80% 13.87% 7.51% % Rank in Morningstar Category (1% = Best) % 69% 77% 81% # of Funds in Morningstar Category ,424 1,277 1, Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/30/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, advisor.fidelity.com, or 401k.com. 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 5 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

6 Definitions and Important FUND RISKS 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. 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. 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. Effective 4/10/17, Jean Park was added as co-portfolio manager and John Avery transitioned to lead portfolio manager of the fund. Effective 7/1/17, Jean Park became sole portfolio manager of the fund and of the lead, equity, bond, and high yield subportfolios. Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. 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. Should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION 2017 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 top-performing 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. RELATIVE WEIGHTS 6

7 Manager Facts Jean Park is a portfolio manager at Fidelity Management & Research Company (FMR Co.), the investment advisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Ms. Park manages Fidelity Growth Strategies Fund and Fidelity Fund. Prior to assuming her current responsibilities, Ms. Park managed Select Leisure Portfolio and served as an equity research analyst on the Consumer team and on the Financials team. Before joining Fidelity in 2006, Ms. Park was an associate and an analyst at Goldman Sachs Asset Management, and an intern at JP Morgan. She has been in the investments industry since Ms. Park earned her bachelor of arts degree, magna cum laude, in economics from Harvard University and her master of business administration degree, with honors, in finance from the Wharton School at the University of Pennsylvania. She is also a CFA charterholder and a member of CFA Society Boston. 7 For definitions, fund risks and other important information, please see the Definitions and Important section of this Q&A.

8 PERFORMANCE SUMMARY: Quarter ending September 30, Annualized 5 10 / LOF 1 Fidelity Fund Gross Expense Ratio: 0.52% % 9.80% 12.73% 6.33% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/30/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. 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 fidelity.com/performance, institutional.fidelity.com, or 401k.com. 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. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee Diversification does not ensure a profit or guarantee against a loss.