Fidelity Fund. Investment Approach QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 FUND INFORMATION PERFORMANCE SUMMARY

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1 QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Fund 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. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Fidelity Fund Gross Expense Ratio: 0.52% % 23.82% 23.82% 10.28% 14.32% 6.77% S&P 500 Index 6.64% 21.83% 21.83% 11.41% 15.79% 8.50% Morningstar Fund Large Growth 6.44% 27.67% 27.67% 11.06% 15.29% 8.31% % Rank in Morningstar Category (1% = Best) % 66% 70% 83% # of Funds in Morningstar Category ,363 1,216 1, FUND INFORMATION Manager(s): Jean Park Trading Symbol: FFIDX Start Date: April 30, 1930 Size (in millions): $4, Morningstar Category: Fund Large Growth 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. 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/30/ This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent 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. For definitions and other important information, please see the Definitions and Important Information section of this Fund Review. Not FDIC Insured May Lose Value No Bank Guarantee

2 Performance Review For the quarter, the fund's Retail Class shares gained 6.82%, edging the 6.64% result of the benchmark S&P 500 index. Versus the benchmark, stock selection was helpful, particularly in the financials, consumer staples and energy sectors. Positioning in utilities also helped. Conversely, notable relative detractors included positioning in health care and picks in materials. At the stock level, avoiding two weak-performing benchmark components, General Electric and Merck, aided our performance versus the S&P 500. Shares of General Electric returned roughly -27%, as the industrial conglomerate cut its dividend for the first time since 2009 and reported its largest quarterly earnings miss in roughly 17 years. The company attributed its struggles to lackluster performance in its oil-and-gas and electric powerrelated businesses. Shares of Merck, one of the world's largest pharmaceutical firms, returned about -11% the past three months. During its quarterly earnings call in October, Merck announced that, due to regulatory issues, it had pulled its European application for Keytruda as a first-line immunotherapy treatment for lung cancer. Keytruda accounts for about 10% of Merck's revenue, and investors considered foregoing Europe a significant setback; the stock lost more than 10% of its value over the next couple of days. Elsewhere, outsized exposure to Bank of America was a good call. Among the fund's largest holdings, Bank of America saw its shares rise 17% for the quarter, driven partly by expectations that future earnings would benefit as a result of the new federal tax bill, as well as higher policy interest rates. In October, the company reported better-than-expected revenue, earnings and customer deposits, largely due to its consumer banking operation. The bank also reported continued growth in loans and higherthan-expected net interest income, and that it was not seeing weakness in its mortgage or credit card businesses. LARGEST CONTRIBUTORS VS. BENCHMARK Average Contribution (basis points)* General Electric Co. Industrials -0.78% 33 Bank of America Corp. Financials 2.06% 20 Merck & Co., Inc. Health Care -0.71% 15 Wal-Mart Stores, Inc. Consumer Staples 0.85% 14 JPMorgan Chase & Co. Financials 2.25% 13 * 1 basis point = 0.01%. In consumer staples, overweighting Wal-Mart Stores also lifted our relative result. The stock rose 27% for the quarter, rising sharply and reaching an all-time high in mid-november after the retailer announced quarterly revenue and earnings that beat Wall Street estimates. The firm also raised its forecast for the holiday season, further boosting its shares. Wal-Mart executives specifically cited what it considered a strong return on its big bet on digital sales at Jet.com, ModCloth, Bonobos and Moosejaw, among other shopping sites owned by Wal-Mart, rose 50% in the U.S. for the third quarter, according to the company. Conversely, the fund's three biggest detractors came from the health care sector: Celgene, Amgen and Gilead Sciences. Shortly after hitting an all-time high, shares of biopharmaceutical firm Celgene (-28%) took an October tumble amid a flurry of negative news. First came the announcement that the company would cease trials for mongersen, its candidate compound to treat Crohn's disease, for which Celgene paid $710 million in Next came management's downward earnings guidance, given disappointing sales of its psoriasis drug Otezla. These events were followed by worries over other of Celgene's pipeline prospects and the potential for a reshuffling of executives. The stock of multinational biopharmaceutical firm Amgen returned -6% the past three months. Revenue for the third quarter was down slightly year over year amid a bevy of new and prospective generic-drug competitors, even as Amgen reported favorable results in late-stage trials for its Kyprolis blood-cancer drug, among others. Like many other biotechs, Gilead Sciences saw its stock retreat this quarter, returning -11%. Though the firm faced no particular news or event, continued erosion in sales of its hepatitis C drug Harvoni weighed on Gilead's stock price. Revenue from the medication has been declining because, unlike many drugs, Harvoni can in most cases cure a patient usually after just a few months' treatment. LARGEST DETRACTORS VS. BENCHMARK Average Contribution (basis points)* Celgene Corp. Health Care 0.73% -38 Amgen, Inc. Health Care 1.75% -24 Gilead Sciences, Inc. Health Care 0.65% -13 Intel Corp. Information Technology -0.92% -13 Boston Scientific Corp. Health Care 0.52% -12 * 1 basis point = 0.01%. 2 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

3 Outlook and Positioning The fund focuses on quality, growth at a reasonable price and tax efficiency. For valuation purposes, in addition to looking at priceearnings ratios, we rely extensively on free-cash-flow (FCF) yields. In our view, FCF is more reliable and less subject to manipulation than earnings, therefore providing a clearer and more-accurate way to compare the appeal of various investment choices. We aim to optimize the probability of upside return while focusing on downside-risk protection, and we believe we can accomplish this through individual security selection. Thus, the fund seeks to outperform the benchmark mainly through stock picking, while maintaining a more or less neutral sector allocation compared with the benchmark. In determining sector weightings, we look at the FCF yield of each sector and combine that with sector fundamentals and companylevel inputs. This quarter, we maintained the fund's larger-than-index allocations to health care and information technology, which we believe to be attractive on the basis of FCF yield. These represented the fund's two largest year-end sector overweightings, whereas energy and consumer discretionary were its biggest underweightings. Among individual holdings as of December 31, Apple was the largest absolute holding, and also a notable overweighting. Other top holdings included software maker Microsoft, Google parent Alphabet and social-media firm Facebook. to the benchmark, several banks were among the fund's largest positions, including JPMorgan Chase, Bank of America and Citigroup. Conversely, significant underweightings included insurancefocused conglomerate Berkshire Hathaway, energy giant Exxon Mobil, and communications providers AT&T and Verizon Communications. We chose to avoid each of these benchmark components based on our view that they were trading at expensive valuations this quarter. At year-end, we remain cautiously optimistic and see plenty of opportunities in attractively priced names. Under the current U.S. administration, we believe government stimulus or tax reform could improve cash flows for many firms. Overall, we are seeing more widespread opportunities for companies to grow their earnings, whether it is through organic growth, stimulus or tax reform. In positioning the fund, we continue to look for companies that fit our investment process and could benefit in this environment. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter Information Technology 28.79% 23.76% 5.03% 0.47% Health Care 18.98% 13.84% 5.14% 0.12% Financials 17.74% 14.78% 2.96% 0.65% Consumer Discretionary 9.59% 12.20% -2.61% 0.18% Industrials 7.95% 10.26% -2.31% -0.90% Consumer Staples 6.63% 8.20% -1.57% 0.03% Energy 2.69% 6.07% -3.38% 0.44% Materials 2.52% 3.00% -0.48% -0.16% Utilities 1.13% 2.93% -1.80% 0.25% Real Estate 0.95% 2.89% -1.94% 0.32% Telecommunication Services 0.62% 2.06% -1.44% 0.12% Other 0.00% 0.00% 0.00% 0.00% CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 21.8x 22.5x Price/Earnings (IBES 1-Year Forecast) 18.7x 18.5x Price/Book 3.8x 3.3x Price/Cash Flow 15.5x 14.4x Return on Equity (5-Year Trailing) 13.7% 14.6% Growth Sales/Share Growth 1-Year (Trailing) 10.0% 6.9% Earnings/Share Growth 1-Year (Trailing) 19.2% 8.3% Earnings/Share Growth 1-Year (IBES Forecast) 19.7% 21.9% Earnings/Share Growth 5-Year (Trailing) 15.9% 11.2% Size ed Average Market Cap ($ Billions) ed Median Market Cap ($ Billions) Median Market Cap ($ Billions) For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

4 LARGEST OVERWEIGHTS BY HOLDING JPMorgan Chase & Co. Financials 2.42% Bank of America Corp. Financials 2.20% Raytheon Co. Industrials 1.79% Alphabet, Inc. Class A 1.76% Amgen, Inc. Health Care 1.71% LARGEST UNDERWEIGHTS BY HOLDING Berkshire Hathaway, Inc. Class B Financials -1.67% Exxon Mobil Corp. Energy -1.55% AT&T, Inc. Telecommunication Services -1.05% Chevron Corp. Energy -1.04% Procter & Gamble Co. Consumer Staples -1.03% 10 LARGEST HOLDINGS Apple, Inc. Microsoft Corp. JPMorgan Chase & Co. Alphabet, Inc. Class A Bank of America Corp. Facebook, Inc. Class A Amazon.com, Inc. UnitedHealth Group, Inc. Citigroup, Inc. Amgen, Inc. 10 Largest s as a % of Net Assets Total Number of s 86 Financials Financials Consumer Discretionary Health Care Financials Health Care 34.46% 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. s do not include money market investments. ASSET ALLOCATION Asset Class Portfolio Index Change From Prior Quarter Domestic Equities 95.45% 99.03% -3.58% -0.29% International Equities 2.15% 0.97% 1.18% 0.34% Developed Markets 1.71% 0.76% 0.95% 0.28% Emerging Markets 0.44% 0.21% 0.23% 0.06% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 2.40% 0.00% 2.40% -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 Portfolio Index Beta Standard Deviation 10.17% 10.07% Sharpe Ratio Tracking Error 2.95% -- Information Ratio R-Squared For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

5 Definitions and Important Information 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. 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. ed Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark. ed Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark. RANKING INFORMATION 2018 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. Multiple share classes of a fund have a common portfolio but impose different expense structures. RELATIVE WEIGHTS 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 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 7/1/17, Jean Park became sole portfolio manager of the fund and of the lead, equity, bond, and high yield subportfolios. 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. 5

6 3-YEAR RISK/RETURN STATISTICS Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index. Information Ratio measures a fund's active return (fund's average monthly return minus the benchmark's average monthly return) in relation to the volatility of its active returns. R-Squared measures how a fund's performance correlates with a benchmark index's performance and shows what portion of it can be explained by the performance of the overall market/index. R- Squared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates that annualized alpha and beta are not reliable performance statistics. Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bill rate. Standard Deviation is a statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time. Tracking Error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, creating an unexpected profit or loss. 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. Diversification does not ensure a profit or guarantee against a loss. 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