Fidelity Mid-Cap Stock Fund

Fidelity Mid-Cap Stock Fund Key Takeaways The fund's share classes returned about -3% for the 12 months ending April 30, 2016, underperforming the benchmark S&P MidCap 400 Index. Security and market selection hindered the fund's performance versus its benchmark. Positioning in energy and financials was detrimental, as were choices among industrials names. Stock picking in several areas including health care, consumer discretionary, materials and information technology contributed to results. An average cash position of about 7% also helped performance in a down market. At period end, Portfolio Manager John Roth remains selective and optimistic. He is evaluating select opportunities in areas such as energy, financials, consumer discretionary and biotech, using his bottom-up fundamental approach. MARKET RECAP The S&P 500 index gained 1.21% for the 12 months ending April 30, 2016. Largely range-bound until mid-august, U.S. stocks suffered a steep, latesummer decline on concern about an economic slowdown in China. The market recovered in October, lifted by the U.S. Federal Reserve's decision to delay raising near-term interest rates until mid-december, as well as a rate cut in China and economic stimulus in Europe. But continued oil-price weakness and U.S.-dollar strength pushed the S&P 500 to its worst January since 2009, followed by a volatile but ultimately flattish February, then a sharp rebound in March driven by U.S. jobs gains and perceived softening in the Fed's rate-tightening posture. April brought minimal change. For the full period, growth-oriented and larger-cap stocks fared better overall than value and smaller-cap complements. Performance was split, as five of 10 S&P 500 sectors gained ground, with a wide gap separating leaders from laggards. Investor demand for more-stable and higher-yielding investments boosted traditionally defensive, dividend-rich groups such as utilities (+14%), telecommunication services (+10%) and consumer staples (+11%) the latter also buoyed by rising wages and low inflation. Meanwhile, energy (-14%) foundered amid commodity weakness that also hurt materials (-4%). Not FDIC Insured May Lose Value No Bank Guarantee

Q&A An interview with Portfolio Manager John Roth Fund Facts Trading Symbol: John Roth Portfolio Manager FMCSX Start Date: March 29, 1994 Size (in millions): $7,133.48 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 is often 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 growth stocks where we have a differentiated view on the magnitude or sustainability of the growth rate; cyclical stocks, based on differing expectations for the timing, duration or magnitude of the cycle; and intrinsicvalue stocks, where we have a contrary assessment of the underlying asset value. In constructing the portfolio, we size positions by assessing our conviction in the differentiated view on future earnings power versus its potential payoff. Q: John, how did the fund perform for the 12 months ending April 30, 2016 It was a challenging year for the fund's share classes, which lagged the benchmark in a slightly declining market. Sector positioning and, to a lesser extent, security selection weighed on relative performance. On a more positive note, the fund's share classes easily outpaced the peer group average. Q: Would you please discuss your investment philosophy and how you manage the portfolio Within my universe of stocks in the $1 billion to $10 billion market-cap range, I focus on situations where I have a more positive view versus consensus of a company's future fundamentals. I believe these types of stocks should outperform the fund's benchmark over time. As a result, the expected earnings growth of the fund's holdings tends to be higher than that of the index average. My goal is to create attractive risk-adjusted returns over the long term. I try to do this by emphasizing a large number of modestly sized active positions, rarely taking a single holding above 2% of the fund's assets. I believe this helps mitigate company-specific risk and helps to avoid some common behavioral pitfalls that can undermine performance. The benchmark represents only about 20% of the fund's investment universe, so it should come as no surprise that many of the most influential investments in the fund are non-index holdings. Q: What factors influenced the fund's relative performance the most the past year Stock picking within financials and industrials was detrimental, as was an overweighting in the badly lagging energy sector. I'll talk more about the fund's energy investments immediately following this Q&A session. Among individual names, United Rentals was the fund's biggest relative detractor. I've been bullish on United for some time now, and the stock was the fund's secondlargest holding the past year. The firm has been consolidating and growing equipment rental, which is a 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

fragmented business. However, the slowdown in the energy sector hampered shares of the construction and equipment rental firm. The stock was hurt by concerns that the company's rental rates would continue to fall into 2016. In July, the company announced downward revisions to its fiscal 2015 earnings guidance, which pushed the stock down about 14% in a single day. The stock also was weighed down in January when United announced disappointing fourth-quarter financial results and worsethan-anticipated 2016 guidance. Despite its poor performance this period, we remained optimistic about United's longer-term prospects. Q: What else disappointed Several stocks of companies with exposure to capital markets performed poorly. Included was private-equity firm KKR, which returned -37% for the fund this period. Investors were concerned about the company's high debt and questioned its ability to reinvest and create value at this point in the economic cycle. While I slightly reduced our position in KKR the past year, the fund still held a stake at period end, as I continued to think the stock eventually could benefit from higher investor sentiment. The fund also held a stake in e-commerce and payment solutions provider First Data a KKR-owned business that underwent its initial public offering (IPO) in October 2015. I thought First Data had a compelling "self-help" story. The firm has used its cash flow since its IPO to restructure, and has lowered its interest rate and paid down debt. The stock plummeted in February, just ahead of its fourth-quarter earnings announcement. First Data reported that it missed earnings estimates and incurred a loss, due partly to expenses incurred around its IPO. The fund's position in First Data returned -30% for the year; however, we remained confident in the firm's growth prospects, so we added to the fund's stake on weakness. Q: Where did you find positive results Stock picking in several areas including health care, consumer discretionary, materials and information technology lifted relative performance. The fund also held an average cash position of about 7% this period, which was a plus in a slightly declining market. This was a result of pulling back in market segments where we'd lost conviction. We've been selectively redeploying these assets into what we believe are better longer-term opportunities. Among individual stocks, not owning solar and wind technology firm SunEdison was the biggest contributor, as the index component lost nearly all its value the past year and was in bankruptcy protection at period end. Investors eschewed the stock due to volatility in the broader energy sector that contributed to its balance sheet erosion, as well as a slowdown in emerging markets earlier in the period, where the firm had big plans to expand. Constellation Brands, a company I think has a solid business that continued to grow over the past year, was another name that helped fund performance. Constellation produces and distributes wine, beer and spirits under such brands as Corona, Clos du Bois and Svedka. The stock rose in April after the firm reported better-than-expected fourth-quarter financial results. In addition, the firm raised its dividend, announced the $285 million purchase of several luxury brands from The Prisoner Wine Company, and revealed that it was evaluating the spin-off of part of its Canadian wine business. While Constellation remained an important holding at period end, I pared our stake to take some profit. Elsewhere, a position in Luxembourg-based Eurofins Scientific the fund's largest holding the past year was another positive. I liked the firm's growth-throughacquisition business strategy and its high-return business that has few competitors. The firm provides testing and support services to various industries, including pharmaceuticals, food, environmental and consumer products, as well as to governments. The stock performed well this period, as it was boosted in October after the firm announced a new set of mid-term financial objectives, including an increase in expected revenue, which excited investors. Shares rallied again that same month when the firm embarked on a deal with Rubicon Genomics to distribute all of Rubicon's products, including prep kits to enable liquid biopsies in the U.S. and Canada. Q: John, what is your outlook at period end During the past year, we saw significant sell-offs in the materials and energy sectors as well as in biotech stocks. We also witnessed a winnowing of the top tier of market outperformers, as fewer stocks were able to shrug off economic headwinds from slackening demand in emerging markets and a fluctuating U.S. dollar. Despite these challenges, I remain selective and optimistic, and continue to believe in our bottom-up stock-picking strategy. Some areas within consumer discretionary appear interesting to me namely housing and automotive, as the U.S. consumer appears to be spending on durables. However, I think a few areas of that sector, such as the retail space, are less attractive. I'm also keeping an eye on biotech stocks, where an industry correction combined with concerns surrounding drug pricing could eventually create some opportunities. Solid loan growth and credit quality in the financials sector also may generate compelling prospects, especially as interest rates inch up. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

LARGEST CONTRIBUTORS VS. BENCHMARK John Roth on the fund's energy holdings: "Energy was by far the fund's largest sector overweighting versus the benchmark at period end. It created a big performance drag the past year. Yet as of the end of April, I continue to think the fund is well-positioned to benefit from an eventual rebound in energy prices. "Energy markets remain in a period of selfcorrection. Capital rapidly is being withdrawn from the industry, energy firms are cutting spending and rig counts are falling. I think faster declines in production should help rebalance the market. "Oil prices have been rising since February. Over time, I think supply is likely to decline and prices should adjust even higher. In my experience, buying a cyclical commodity when supply is declining and sentiment is low can yield good relative performance. "Within the sector I have diversified the fund's energy exposure across a basket of energy services names and U.S.-based exploration & production (E&P) firms, as well as some MLPs (master limited partnerships). "Included were some of the fund's biggest individual detractors the past year, including liquefied natural gas shipping company Golar LNG, and E&P firms Cobalt International Energy, Antero Resources and Cabot Oil & Gas. "Although my thesis did not pan out this period, I continue to hold each of these stocks at period end and remain positive on the fund's energy stance." Holding SunEdison, Inc. Constellation Brands, Inc. Class A (sub. vtg.) Market Segment Information Technology Average Relative Relative Contribution (basis points)* -0.21% 48 Consumer Staples 1.30% 46 Eurofins Scientific SA Health Care 1.59% 41 Community Health Systems, Inc. Health Care -0.11% 39 Cytec Industries, Inc. Materials 0.71% 39 * 1 basis point = 0.01%. LARGEST DETRACTORS VS. BENCHMARK Holding Market Segment Average Relative Relative Contribution (basis points)* United Rentals, Inc. Industrials 1.35% -50 KKR & Co. LP Financials 1.00% -42 HeartWare International, Inc. First Data Corp. Class A Health Care 0.49% -37 Information Technology 0.84% -34 Golar LNG Ltd. Energy 0.55% -33 * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class Portfolio Portfolio Six Months Ago Domestic Equities 84.52% 85.28% International Equities 9.08% 7.87% Developed Markets 7.63% 6.40% Emerging Markets 1.45% 1.29% Tax-Advantaged Domiciles 0.00% 0.18% Bonds 0.11% 0.00% Cash & Net Other Assets 6.29% 6.85% 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 Information section of this Q&A.

MARKET-SEGMENT DIVERSIFICATION 10 LARGEST HOLDINGS Market Segment Portfolio Portfolio Six Months Ago Financials 18.78% 20.23% Information Technology 16.76% 17.27% Industrials 13.27% 14.62% Consumer Discretionary 13.10% 12.37% Energy 10.77% 7.43% Health Care 10.05% 9.55% Utilities 4.89% 3.09% Consumer Staples 3.24% 5.03% Materials 2.74% 3.56% Telecommunication Services 0.00% 0.00% Other 0.00% 0.00% Holding Market Segment Portfolio Portfolio Six Months Ago Eurofins Scientific SA Health Care 1.78% 1.65% Boston Scientific Corp. Health Care 1.47% 0.80% United Rentals, Inc. Industrials 1.36% 1.44% NVR, Inc. Consumer Discretionary 1.28% 1.20% Williams Partners LP Energy 1.28% 0.24% Atmos Energy Corp. Utilities 1.25% 0.79% ARAMARK Holdings Corp. Consumer Discretionary 1.24% 1.14% First American Financial Corp. Financials 1.23% 1.24% The Williams Companies, Inc. Energy 1.21% -- Pool Corp. Consumer Discretionary 1.20% 1.21% 10 Largest Holdings as a % of Net Assets 13.30% 13.78% Total Number of Holdings 164 164 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 April 30, 2016 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity Mid-Cap Stock Fund Gross Expense Ratio: 0.76% 2 0.12% 4.09% -3.44% 9.41% 8.87% 6.26% S&P MidCap 400 Index 2.04% 5.06% -0.94% 9.67% 9.20% 7.76% Morningstar Mid-Cap Growth -3.04% -1.27% -6.38% 8.40% 7.03% 6.03% % Rank in Morningstar Category (1% = Best) -- -- 28% 37% 22% 44% # of Funds in Morningstar Category -- -- 720 641 573 426 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 prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. This fund has a short term trading fee 0.75% for shares held less than 30 days. 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 Information section of this Q&A.

Definitions and Important Information FUND RISKS 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 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. 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. 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. Should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION 2016 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 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 6

Manager Facts John Roth is a portfolio manager at Fidelity Management & Research Company (FMRCo), 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, he manages Fidelity New Millennium Fund and Fidelity Mid-Cap Stock Fund, and co-manages Fidelity Advisor New Insights Fund. Prior to assuming his current co-management responsibilities in 2013, and his management duties for Fidelity Mid-Cap Stock Fund in 2011, John was a co-manager of Fidelity Balanced Fund, Fidelity Advisor Balanced Fund and Fidelity Series All-Sector Equity Fund from 2008 to 2011. He also managed the consumer discretionary sub-portfolio of VIP Contrafund from 2007 to 2011. Previously, John held various other roles at Fidelity, including that of consumer sector leader/portfolio manager of Select Consumer Discretionary Portfolio, VIP Consumer Discretionary Portfolio and Fidelity Advisor Consumer Discretionary Fund from 2004 to 2006, portfolio manager of Select Chemicals Portfolio from 2002 to 2004 and Select Utilities Portfolio from 1999 to 2002, and equity analyst starting in 1999. Before joining Fidelity full-time in 1999, John worked as an equity trader at Tucker Anthony from 1992 to 1997. He has been in the investments industry since 1992. John earned his bachelor of arts degree in economics from Colby College and his master of business administration degree from the MIT Sloan School of Management. He is also a Chartered Financial Analyst (CFA) charterholder. 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PERFORMANCE SUMMARY: Quarter ending June 30, 2016 1 3 Annualized 5 10 / LOF 1 Fidelity Mid-Cap Stock Fund Gross Expense Ratio: 0.73% 2-2.28% 9.35% 9.86% 6.90% 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 prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. This fund has a short term trading fee 0.75% for shares held less than 30 days. 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. 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. Information 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 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2016 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 706110.4.0 Diversification does not ensure a profit or guarantee against a loss.