Fidelity U.S. Focused Stock Fund

Semi-Annual Management Report of Fund PerformanceDecember 31, 2020

Fidelity U.S. Focused Stock Fund

Caution Regarding Forward-looking Statements

Certain portions of this report, including, but not limited to, “Results of Operations” and “Recent Developments”, may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof.

In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date.

Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking state-ments made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.

It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

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Semi-Annual Management Report of Fund Performance as at December 31, 2020Fidelity U.S. Focused Stock FundThis semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at www.fidelity.ca or SEDAR at www.sedar.com.

Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund PerformanceResults of Operations:Fidelity U.S. Focused Stock Fund (Fund), Series B, returned 14.2%, after fees and expenses, for the six-month period ended December 31, 2020. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. During the review period, U.S. equities, as represented by the S&P 500 Index, returned 14.3% (in Canadian dollar terms).

Market overview:

U.S. equities registered solid gains over the review period. A combination of U.S. central bank and government stimulus measures, advances in vaccines and treatments for COVID-19 and optimism about economic recovery supported investor sentiment. In addition to policy measures announced earlier, the U.S. Federal Reserve confirmed a lower-for-longer interest rate scenario at its December policy meeting, and officially moved to an average inflation-targeting framework. Toward the end of the review period, renewed social restrictions intended to slow a resurgence in new COVID-19 infections contributed to market uncertainty. Large-cap information technology stocks contributed to gains, as investors favoured these stocks for what many believed were resilient earnings and a sustainable growth outlook. In December, the approval of fresh U.S. fiscal stimulus measures by U.S. Congress, and a vaccine-led economic recovery, further encouraged a market rally toward the end of the period.

Factors affecting performance:

The Fund underperformed its benchmark, the S&P 500 Index, after fees and expenses. However, it outperformed before fees and expenses, primarily due to exposure to certain stocks in the information technology sector, where investments in U.S.-based software firm Square Inc. and U.S.-based semiconductor firm Nvidia contributed to relative returns. In addition, exposure to certain stocks in the consumer staples sector, such as U.S.-based personal products firm Estée Lauder Co., along with a lack of exposure to U.S.-based beverage firm PepsiCo, contributed to relative returns.

In contrast, investments in certain stocks in the financials sector, such as U.S.-based diversified financials firms S&P Global and Moody’s Corp., detracted from relative returns. Investments in certain stocks in the health care sector, such as U.S.-based health care services firm Humana and U.S.-based pharmaceuticals firm Horizon Therapeutics, also detracted from relative returns. At the end of the review period, the Fund had no exposure to Moody’s Corp. or Horizon Therapeutics.

Portfolio changes:

During the review period, the Fund’s exposure to the consumer discretionary and communication services sectors was increased. In the consumer discretionary sector, the portfolio manager initiated a position in U.S.-based casino and hotel company Caesars Entertainment. In the communication services sector, exposure was increased to U.S.-based social media firm Facebook. The portfolio manager believes that these companies have attractive future growth potential.

In contrast, exposure to the health care and information technology sectors was decreased. In the health care sector, the portfolio manager exited a position in France-based pharmaceuticals firm Sanofi. In the information technology sector, a position in U.S.-based payment processing firm Visa was exited, given better opportunities elsewhere in portfolio manager’s view.

Recent DevelopmentsAs the trajectory of global rates of COVID-19 infection remains uncertain, and the timeframe and speed of governmental easing of social distancing measures and travel restrictions unclear, it is not possible to predict the further impact of the COVID-19 pandemic on global capital markets. The prospectus has been updated to include additional risk factor disclosure regarding the possible risks arising from the COVID-19 pandemic.

Portfolio manager Stephen DuFour notes that markets have experienced heightened volatility over the review period as the impacts of COVID-19 were being priced in. As in past periods of volatility over his 30 years of investment experience, Mr. DuFour has taken advantage of this period to upgrade the portfolio. Mr. DuFour manages a concentrated portfolio by investing in companies he believes will, over time, offer growth at reasonable prices. He seeks investments he believes will grow earnings materially faster than the market and that are still trading at attractive valuations. Sector and industry positioning are a result of Mr. DuFour’s best fundamental ideas rather than top-down sector calls. Mr. DuFour has an optimistic long-term view on U.S. markets, as new technologies continue to emerge, and disruption in various industries may continue to enable him to find great opportunities. He believes that with higher uncertainty and volatility in the market, it is becoming increasingly important to use thorough, fundamental, bottom-up stock selection. In his opinion, the future market environment will truly be a stock-picker’s market.

Related Party TransactionsManager and Portfolio Adviser

The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection of companies collectively known as Fidelity Investments.

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Management Discussion of Fund Performance – continued

Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day–to–day operations, bookkeeping, record–keeping and other administrative services for the Fund.

Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including Fidelity Management & Research Company LLC, to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements.

The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $4,376,000 for the period ended December 31, 2020.

Administration Fee

Fidelity charges the Fund a fixed administration fee in place of certain variable expenses. Fidelity, in turn, pays all of the operating expenses of the Fund, other than certain specified fund costs (e.g. the fees and expenses of the Independent Review Committee, taxes, brokerage commissions and interest charges). The Fund pays an annual rate, which is calculated on a tiered basis, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity administration fees of $452,000 for the period ended December 31, 2020.

Brokerage Commissions

The Fund may place a portion of its portfolio transactions with brokerage firms which are affiliates of Fidelity, provided it determines that these affiliates’ trade execution abilities and costs are comparable to those of non–affiliated, qualified brokerage firms, on an execution–only basis. Commissions paid to brokerage firms that are affiliates of Fidelity Investments were $20,000 for the period ended December 31, 2020. Fidelity receives standing instructions from the IRC in respect of policies and procedures governing best execution of transactions with affiliates, which includes brokers affiliated to Fidelity Investments, at least once per year.

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Financial Highlights

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the period end of the years shown. This information is derived from the Fund’s audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund’s annual or semi-annual financial statements.

Fidelity U.S. Focused Stock Fund Series A

Six-months ended December 31, Periods ended June 30,

2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 62.37 $ 51.88 $ 46.36 $ 35.79 $ 31.79 $ 31.76Increase (decrease) from operations: Total revenue .24 .57 .51 .39 .42 .58Total expenses (excluding distributions) (.90) (1.48) (1.31) (1.09) (.96) (.91)Realized gains (losses) 6.12 5.28 6.53 4.60 3.55 2.33Unrealized gains (losses) 3.08 5.95 (.41) 6.61 1.20 1.19Total increase (decrease) from operationsB 8.54 10.32 5.32 10.51 4.20 .02Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 71.15 $ 62.37 $ 51.88 $ 46.36 $ 35.79 $ 31.79Ratios and Supplemental Data Net asset value (000s) D $ 68,617 $ 52,131 $ 42,358 $ 33,945 $ 30,764 $ 39,295Securities outstandingD 966,450 835,881 815,299 731,308 859,185 1,235,795Management expense ratio E,F 2.50% 2.49% 2.50% 2.51% 2.55% 2.56%Management expense ratio before waivers or absorptions E,F 2.56% 2.56% 2.57% 2.58% 2.58% 2.60%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 71.1518 $ 62.3696 $ 51.8902 $ 46.3617 $ 35.7894 $ 31.7849

Fidelity U.S. Focused Stock Fund Series B


2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 64.55 $ 53.59 $ 47.78 $ 36.81 $ 32.62 $ 32.52Increase (decrease) from operations: Total revenue .25 .59 .52 .41 .43 .59Total expenses (excluding distributions) (.86) (1.40) (1.24) (1.03) (.90) (.85)Realized gains (losses) 6.35 5.39 6.73 4.74 3.58 2.33Unrealized gains (losses) 3.33 6.46 (.26) 6.81 1.23 (2.12)Total increase (decrease) from operationsB 9.07 11.04 5.75 10.93 4.34 (.06)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 73.72 $ 64.55 $ 53.59 $ 47.78 $ 36.81 $ 32.62Ratios and Supplemental Data Net asset value (000s) D $ 234,675 $ 190,004 $ 148,838 $ 129,542 $ 100,309 $ 112,172Securities outstandingD 3,186,073 2,954,337 2,777,303 2,714,943 2,724,756 3,437,338Management expense ratio E,F 2.30% 2.29% 2.29% 2.29% 2.34% 2.34%Management expense ratio before waivers or absorptions E,F 2.36% 2.35% 2.35% 2.35% 2.36% 2.37%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 73.7158 $ 64.5505 $ 53.5962 $ 47.7874 $ 36.8092 $ 32.6178

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Financial Highlights – continued

Fidelity U.S. Focused Stock Fund Series F


2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 80.71 $ 66.25 $ 58.41 $ 44.49 $ 38.96 $ 38.40Increase (decrease) from operations: Total revenue .31 .75 .65 .50 .52 .70Total expenses (excluding distributions) (.57) (.95) (.83) (.69) (.60) (.57)Realized gains (losses) 7.96 6.71 8.08 5.73 4.34 3.04Unrealized gains (losses) 3.89 8.19 (.04) 8.04 1.30 (2.35)Total increase (decrease) from operationsB 11.59 14.70 7.86 13.58 5.56 .83Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 92.69 $ 80.71 $ 66.25 $ 58.41 $ 44.49 $ 38.96Ratios and Supplemental Data Net asset value (000s) D $ 67,504 $ 50,785 $ 31,404 $ 18,125 $ 13,023 $ 13,943Securities outstandingD 727,194 629,717 474,824 311,051 292,723 357,935Management expense ratio E,F 1.15% 1.15% 1.15% 1.16% 1.18% 1.18%Management expense ratio before waivers or absorptions E,F 1.18% 1.18% 1.18% 1.19% 1.20% 1.21%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 92.6924 $ 80.7070 $ 66.2547 $ 58.4125 $ 44.4892 $ 38.9637

Fidelity U.S. Focused Stock Fund Series F5


2020 2020 2019I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 25.82 $ 22.21 $ 20.00Increase (decrease) from operations: Total revenue .10 .25 .12Total expenses (excluding distributions) (.16) (.30) (.17)Realized gains (losses) 2.35 2.62 .91Unrealized gains (losses) 1.05 5.07 .12Total increase (decrease) from operationsB 3.34 7.64 .98Distributions: From net investment income (excluding dividends) – – –From dividends – – –From capital gains – – –Return of capital (.59) (1.09) (.58)Total distributionsB,C (.59) (1.09) (.58)Net assets, end of periodB $ 29.05 $ 25.82 $ 22.21Ratios and Supplemental Data Net asset value (000s) D $ 547 $ 213 $ 67Securities outstandingD 18,813 8,249 3,013Management expense ratio E,J 1.11% 1.12% 1.19%Management expense ratio before waivers or absorptions E,J 1.13% 1.15% 1.22%Trading expense ratioG .04% .06% .06%Portfolio turnover rateH 62.87% 166.11% 172.03%Net asset value per security, end of period $ 29.0543 $ 25.8239 $ 22.2085

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Fidelity U.S. Focused Stock Fund Series F8


2020 2020 2019I

The Series’ Net Assets per Security A Net assets, beginning of period B $ 24.79 $ 21.85 $ 20.00Increase (decrease) from operations: Total revenue .09 .24 .13Total expenses (excluding distributions) (.17) (.31) (.16)Realized gains (losses) 2.35 2.27 .82Unrealized gains (losses) 1.10 3.06 2.45Total increase (decrease) from operationsB 3.37 5.26 3.24Distributions: From net investment income (excluding dividends) – – –From dividends – – –From capital gains – – –Return of capital (.80) (1.60) (.93)Total distributionsB,C (.80) (1.60) (.93)Net assets, end of periodB $ 27.64 $ 24.79 $ 21.85Ratios and Supplemental Data Net asset value (000s) D $ 663 $ 433 $ 226Securities outstandingD 24,001 17,462 10,366Management expense ratio E,J 1.17% 1.16% 1.17%Management expense ratio before waivers or absorptions E,J 1.19% 1.19% 1.19%Trading expense ratioG .04% .06% .06%Portfolio turnover rateH 62.87% 166.11% 172.03%Net asset value per security, end of period $ 27.6395 $ 24.7922 $ 21.8498

Fidelity U.S. Focused Stock Fund Series O


2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 99.13 $ 80.70 $ 70.67 $ 53.60 $ 46.65 $ 45.92Increase (decrease) from operations: Total revenue .38 .90 .78 .60 .63 .81Total expenses (excluding distributions) (.07) (.17) (.14) (.11) (.13) (.12)Realized gains (losses) 9.78 8.43 10.50 6.83 5.32 3.22Unrealized gains (losses) 4.99 9.93 (2.19) 10.02 1.71 (2.45)Total increase (decrease) from operationsB 15.08 19.09 8.95 17.34 7.53 1.47Distributions: From net investment income (excluding dividends) (.30) (.27) (.33) (.43) (.22) (.53)From dividends – – – (.03) (.04) –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C (.30) (.27) (.33) (.46) (.26) (.53)Net assets, end of periodB $ 114.22 $ 99.13 $ 80.70 $ 70.67 $ 53.60 $ 46.65Ratios and Supplemental Data Net asset value (000s) D $ 1,317,675 $ 997,738 $ 832,688 $ 765,532 $ 516,273 $ 552,663Securities outstandingD 11,549,523 10,055,810 10,312,925 10,832,830 9,610,879 11,830,187Management expense ratio –% –% –% —% —% —%Management expense ratio before waivers or absorptions —% —% —% —% —% —%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 114.2210 $ 99.1341 $ 80.6973 $ 70.6695 $ 53.6031 $ 46.6492

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Fidelity U.S. Focused Stock Fund Series T5


2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 27.36 $ 23.82 $ 22.22 $ 17.91 $ 16.60 $ 17.32Increase (decrease) from operations: Total revenue .10 .26 .24 .19 .22 .31Total expenses (excluding distributions) (.39) (.67) (.62) (.54) (.50) (.49)Realized gains (losses) 2.57 2.49 3.11 2.23 2.01 1.17Unrealized gains (losses) 1.48 1.79 (.57) 3.48 .19 (.84)Total increase (decrease) from operationsB 3.76 3.87 2.16 5.36 1.92 .14Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital (.63) (1.12) (.99) (.87) (.74) (.74)Total distributionsB,C (.63) (1.12) (.99) (.87) (.74) (.74)Net assets, end of periodB $ 30.56 $ 27.36 $ 23.82 $ 22.22 $ 17.91 $ 16.60Ratios and Supplemental Data Net asset value (000s) D $ 1,287 $ 858 $ 888 $ 529 $ 625 $ 330Securities outstandingD 42,160 30,862 37,338 23,837 34,940 19,909Management expense ratio E,F 2.50% 2.51% 2.52% 2.53% 2.59% 2.59%Management expense ratio before waivers or absorptions E,F 2.57% 2.58% 2.59% 2.60% 2.62% 2.64%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 30.5641 $ 27.3625 $ 23.8226 $ 22.2234 $ 17.9071 $ 16.5960

Fidelity U.S. Focused Stock Fund Series T8


2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 13.61 $ 12.10 $ 11.60 $ 9.60 $ 9.12 $ 9.76Increase (decrease) from operations: Total revenue .05 .13 .13 .10 .12 .17Total expenses (excluding distributions) (.19) (.33) (.32) (.29) (.27) (.27)Realized gains (losses) 1.32 1.14 1.46 1.22 .99 .65Unrealized gains (losses) .71 2.28 (.17) 1.77 .30 (.55)Total increase (decrease) from operationsB 1.89 3.22 1.10 2.80 1.14 –Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital (.42) (.84) (.84) (.74) (.65) (.65)Total distributionsB,C (.42) (.84) (.84) (.74) (.65) (.65)Net assets, end of periodB $ 15.09 $ 13.61 $ 12.10 $ 11.60 $ 9.60 $ 9.12Ratios and Supplemental Data Net asset value (000s) D $ 2,880 $ 2,323 $ 1,890 $ 748 $ 572 $ 622Securities outstandingD 191,035 170,911 156,389 64,580 59,699 68,348Management expense ratio E,F 2.44% 2.45% 2.49% 2.51% 2.56% 2.56%Management expense ratio before waivers or absorptions E,F 2.50% 2.52% 2.55% 2.57% 2.59% 2.61%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 15.0905 $ 13.6053 $ 12.1029 $ 11.6044 $ 9.5974 $ 9.1235

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Fidelity U.S. Focused Stock Fund Series S5


2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 28.31 $ 24.59 $ 22.89 $ 18.41 $ 17.02 $ 17.72Increase (decrease) from operations: Total revenue .11 .27 .25 .20 .22 .33Total expenses (excluding distributions) (.37) (.64) (.59) (.52) (.47) (.47)Realized gains (losses) 2.80 2.42 2.97 2.34 1.84 1.24Unrealized gains (losses) 1.62 2.58 .22 3.33 .50 (1.06)Total increase (decrease) from operationsB 4.16 4.63 2.85 5.35 2.09 .05Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital (.65) (1.16) (1.02) (.89) (.76) (.76)Total distributionsB,C (.65) (1.16) (1.02) (.89) (.76) (.76)Net assets, end of periodB $ 31.65 $ 28.31 $ 24.59 $ 22.89 $ 18.41 $ 17.02Ratios and Supplemental Data Net asset value (000s) D $ 1,581 $ 1,348 $ 1,097 $ 494 $ 417 $ 320Securities outstandingD 50,038 47,706 44,476 21,637 22,721 18,876Management expense ratio E,F 2.30% 2.31% 2.33% 2.34% 2.37% 2.38%Management expense ratio before waivers or absorptions E,F 2.36% 2.37% 2.39% 2.40% 2.40% 2.41%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 31.6532 $ 28.3071 $ 24.5935 $ 22.8971 $ 18.4083 $ 17.0203

Fidelity U.S. Focused Stock Fund Series S8


2020 2020 2019 2018 2017 2016The Series’ Net Assets per Security A Net assets, beginning of period B $ 14.58 $ 12.94 $ 12.37 $ 10.20 $ 9.65 $ 10.27Increase (decrease) from operations: Total revenue .05 .14 .13 .11 .13 .18Total expenses (excluding distributions) (.19) (.33) (.31) (.28) (.26) (.26)Realized gains (losses) 1.43 1.26 1.58 1.29 1.07 .70Unrealized gains (losses) .74 1.48 .13 1.71 .27 (.61)Total increase (decrease) from operationsB 2.03 2.55 1.53 2.83 1.21 .01Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital (.45) (.89) (.89) (.78) (.66) (.66)Total distributionsB,C (.45) (.89) (.89) (.78) (.66) (.66)Net assets, end of periodB $ 16.19 $ 14.58 $ 12.94 $ 12.37 $ 10.20 $ 9.65Ratios and Supplemental Data Net asset value (000s) D $ 8,073 $ 6,708 $ 4,413 $ 1,530 $ 981 $ 814Securities outstandingD 500,615 461,285 342,189 126,023 96,527 84,692Management expense ratio E,F 2.28% 2.28% 2.30% 2.30% 2.35% 2.34%Management expense ratio before waivers or absorptions E,F 2.34% 2.34% 2.36% 2.36% 2.37% 2.38%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 16.1892 $ 14.5795 $ 12.9438 $ 12.3767 $ 10.1994 $ 9.6497

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Fidelity U.S. Focused Stock Fund Series E1


2020 2020 2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.89 $ 17.33 $ 15.43 $ 11.88 $ 10.52 $ 10.00Increase (decrease) from operations: Total revenue .08 .19 .17 .13 .14 .05Total expenses (excluding distributions) (.27) (.44) (.39) (.33) (.29) (.11)Realized gains (losses) 2.05 1.73 2.09 1.52 1.29 .21Unrealized gains (losses) 1.00 2.02 (.01) 2.19 .10 .44Total increase (decrease) from operationsB 2.86 3.50 1.86 3.51 1.24 .59Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 23.86 $ 20.89 $ 17.33 $ 15.43 $ 11.88 $ 10.52Ratios and Supplemental Data Net asset value (000s) D $ 110,837 $ 78,134 $ 52,471 $ 30,140 $ 19,091 $ 9,024Securities outstandingD 4,645,459 3,724,781 3,027,815 1,964,251 1,605,845 857,950Management expense ratio E,L 2.21% 2.21% 2.21% 2.21% 2.25% 2.27%Management expense ratio before waivers or absorptions E,L 2.28% 2.27% 2.27% 2.27% 2.28% 2.29%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 23.8592 $ 20.8859 $ 17.3282 $ 15.4355 $ 11.8788 $ 10.5165

Fidelity U.S. Focused Stock Fund Series E1T5


2020 2020 2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 34.46 $ 29.91 $ 27.82 $ 22.35 $ 20.64 $ 20.00Increase (decrease) from operations: Total revenue .13 .32 .31 .25 .29 .10Total expenses (excluding distributions) (.45) (.76) (.70) (.61) (.56) (.21)Realized gains (losses) 3.20 3.09 3.64 2.64 2.64 .37Unrealized gains (losses) 1.77 2.25 .64 3.83 (.37) .39Total increase (decrease) from operationsB 4.65 4.90 3.89 6.11 2.00 .66Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital (.79) (1.40) (1.23) (1.08) (.92) (.38)Total distributionsB,C (.79) (1.40) (1.23) (1.08) (.92) (.38)Net assets, end of periodB $ 38.55 $ 34.46 $ 29.91 $ 27.82 $ 22.35 $ 20.64Ratios and Supplemental Data Net asset value (000s) D $ 1,031 $ 598 $ 495 $ 280 $ 195 $ 5Securities outstandingD 26,787 17,390 16,558 10,077 8,718 246Management expense ratio E,L 2.24% 2.24% 2.24% 2.24% 2.29% 2.32%Management expense ratio before waivers or absorptions E,L 2.31% 2.30% 2.30% 2.30% 2.31% 2.32%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 38.5464 $ 34.4602 $ 29.9170 $ 27.8269 $ 22.3530 $ 20.6418

9



2020 2020 2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.94 $ 17.36 $ 15.46 $ 11.89 $ 10.52 $ 10.00Increase (decrease) from operations: Total revenue .08 .19 .17 .13 .15 .05Total expenses (excluding distributions) (.26) (.43) (.38) (.32) (.29) (.10)Realized gains (losses) 2.08 1.71 2.12 1.52 1.49 .20Unrealized gains (losses) .96 1.70 (.06) 2.19 (.35) .43Total increase (decrease) from operationsB 2.86 3.17 1.85 3.52 1.00 .59Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 23.93 $ 20.94 $ 17.36 $ 15.46 $ 11.89 $ 10.52Ratios and Supplemental Data Net asset value (000s) D $ 22,630 $ 18,063 $ 14,585 $ 8,392 $ 4,949 $ 798Securities outstandingD 945,483 862,581 840,001 542,900 416,130 75,861Management expense ratio E,L 2.12% 2.12% 2.14% 2.16% 2.21% 2.20%Management expense ratio before waivers or absorptions E,L 2.18% 2.18% 2.20% 2.23% 2.23% 2.23%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 23.9348 $ 20.9404 $ 17.3628 $ 15.4572 $ 11.8921 $ 10.5211

Fidelity U.S. Focused Stock Fund Series E2T5


2020 2020 2019 2018 2017M

The Series’ Net Assets per Security A Net assets, beginning of period B $ 31.93 $ 27.66 $ 25.68 $ 20.65 $ 20.00Increase (decrease) from operations: Total revenue .11 .36 .30 .23 .12Total expenses (excluding distributions) (.37) (.66) (.62) (.54) (.20)Realized gains (losses) 3.41 2.94 2.26 2.65 .76Unrealized gains (losses) 1.94 6.78 3.59 3.79 .47Total increase (decrease) from operationsB 5.09 9.42 5.53 6.13 1.15Distributions: From net investment income (excluding dividends) – – – – –From dividends – – – – –From capital gains – – – – –Return of capital (.73) (1.30) (1.14) (1.07) (.50)Total distributionsB,C (.73) (1.30) (1.14) (1.07) (.50)Net assets, end of periodB $ 35.76 $ 31.93 $ 27.66 $ 25.68 $ 20.65Ratios and Supplemental Data Net asset value (000s) D $ 397 $ 841 $ 12 $ 1 $ 1Securities outstandingD 11,096 26,343 426 54 51Management expense ratio E,N 2.01% 2.04% 2.08% 2.01% 1.97%Management expense ratio before waivers or absorptions E,N 2.07% 2.10% 2.28% 2.26% 1.99%Trading expense ratioG .04% .06% .06% .05% .09%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15%Net asset value per security, end of period $ 35.7616 $ 31.9311 $ 27.6676 $ 25.6856 $ 20.6499

10




2020 2020 2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.03 $ 17.43 $ 15.51 $ 11.92 $ 10.53 $ 10.00Increase (decrease) from operations: Total revenue .08 .20 .17 .15 .13 .06Total expenses (excluding distributions) (.26) (.44) (.38) (.33) (.25) (.09)Realized gains (losses) 2.16 1.85 2.09 1.04 1.36 .20Unrealized gains (losses) .90 2.93 (.39) 2.27 .05 .41Total increase (decrease) from operationsB 2.88 4.54 1.49 3.13 1.29 .56Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 24.03 $ 21.03 $ 17.43 $ 15.51 $ 11.92 $ 10.53Ratios and Supplemental Data Net asset value (000s) D $ 10,466 $ 8,030 $ 2,106 $ 1,158 $ 142 $ 1,410Securities outstandingD 435,544 381,927 120,819 74,627 11,921 133,941Management expense ratio E,L 2.13% 2.12% 2.13% 2.12% 2.03% 2.03%Management expense ratio before waivers or absorptions E,L 2.20% 2.19% 2.19% 2.18% 2.05% 2.05%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 24.0297 $ 21.0256 $ 17.4306 $ 15.5158 $ 11.9237 $ 10.5275



2020 2020 2019 2018 2017 2016K

The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.16 $ 17.50 $ 15.55 $ 11.93 $ 10.53 $ 10.00Increase (decrease) from operations: Total revenue .09 .18 .17 .13 .15 .05Total expenses (excluding distributions) (.24) (.38) (.34) (.29) (.26) (.09)Realized gains (losses) 1.49 1.62 2.20 1.57 1.06 .21Unrealized gains (losses) 4.38 1.09 (.11) 2.26 .58 .45Total increase (decrease) from operationsB 5.72 2.51 1.92 3.67 1.53 .62Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 24.20 $ 21.16 $ 17.50 $ 15.55 $ 11.93 $ 10.53Ratios and Supplemental Data Net asset value (000s) D $ 1,501 $ 1,398 $ 2,035 $ 1,799 $ 1,297 $ 389Securities outstandingD 62,030 66,077 116,280 115,737 108,714 36,913Management expense ratio E,L 1.96% 1.91% 1.90% 1.91% 1.95% 1.96%Management expense ratio before waivers or absorptions E,L 2.01% 1.97% 1.96% 1.97% 1.98% 1.99%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 24.2050 $ 21.1604 $ 17.5044 $ 15.5466 $ 11.9297 $ 10.5297

11


Six-months ended December 31,

2020O

The Series’ Net Assets per Security A

Net assets, beginning of period B $ 10.00Increase (decrease) from operations:Total revenue .02Total expenses (excluding distributions) (.07)Realized gains (losses) .66Unrealized gains (losses) (.51)Total increase (decrease) from operationsB .10Distributions:From net investment income (excluding dividends) –From dividends –From capital gains –Return of capital –Total distributionsB,C –Net assets, end of periodB $ 10.16Ratios and Supplemental DataNet asset value (000s) D $ 3,126Securities outstandingD 307,856Management expense ratio E,P 1.98%Management expense ratio before waivers or absorptions E,P 2.04%Trading expense ratioG .04%Portfolio turnover rateH 62.87%Net asset value per security, end of period $ 10.1553

Fidelity U.S. Focused Stock Fund Series P1


2020 2020 2019 2018 2017 2016Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 19.97 $ 16.38 $ 14.43 $ 10.98 $ 9.61 $ 10.00Increase (decrease) from operations: Total revenue .08 .18 .16 .13 .13 .06Total expenses (excluding distributions) (.13) (.22) (.20) (.16) (.14) (.07)Realized gains (losses) 1.95 1.72 1.93 1.47 1.20 .05Unrealized gains (losses) .95 1.99 (.06) 2.05 .12 (.24)Total increase (decrease) from operationsB 2.85 3.67 1.83 3.49 1.31 (.19)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 22.94 $ 19.97 $ 16.38 $ 14.43 $ 10.98 $ 9.61Ratios and Supplemental Data Net asset value (000s) D $ 32,338 $ 21,405 $ 13,256 $ 5,888 $ 3,351 $ 1,938Securities outstandingD 1,410,532 1,076,985 809,300 401,574 305,114 201,658Management expense ratio E,R 1.07% 1.08% 1.08% 1.09% 1.11% 1.13%Management expense ratio before waivers or absorptions E,R 1.10% 1.10% 1.11% 1.12% 1.13% 1.13%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 22.9414 $ 19.9667 $ 16.3795 $ 14.4258 $ 10.9834 $ 9.6110

12


Fidelity U.S. Focused Stock Fund Series P1T5


Periods ended June 30,

2020 2020S

The Series’ Net Assets per Security A Net assets, beginning of period B $ 21.05 $ 20.00Increase (decrease) from operations: Total revenue .08 .10Total expenses (excluding distributions) (.14) (.11)Realized gains (losses) 1.79 .62Unrealized gains (losses) 3.96 1.21Total increase (decrease) from operationsB 5.69 1.82Distributions: From net investment income (excluding dividends) – –From dividends – –From capital gains – –Return of capital (.50) (.50)Total distributionsB,C (.50) (.50)Net assets, end of periodB $ 23.66 $ 21.05Ratios and Supplemental Data Net asset value (000s) D $ 262 $ 685Securities outstandingD 11,081 32,561Management expense ratio E,T 1.08% 1.07%Management expense ratio before waivers or absorptions E,T 1.11% 1.10%Trading expense ratioG .04% .06%Portfolio turnover rateH 62.87% 166.11%Net asset value per security, end of period $ 23.6622 $ 21.0470



2020 2020 2019 2018 2017 2016Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.04 $ 16.42 $ 14.45 $ 10.99 $ 9.62 $ 10.00Increase (decrease) from operations: Total revenue .08 .18 .16 .13 .14 .07Total expenses (excluding distributions) (.12) (.20) (.18) (.15) (.14) (.07)Realized gains (losses) 1.96 1.56 2.03 1.37 1.27 (.03)Unrealized gains (losses) .95 1.08 (.22) 2.34 .04 (.36)Total increase (decrease) from operationsB 2.87 2.62 1.79 3.69 1.31 (.39)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 23.03 $ 20.04 $ 16.42 $ 14.45 $ 10.99 $ 9.62Ratios and Supplemental Data Net asset value (000s) D $ 10,251 $ 7,371 $ 6,527 $ 4,183 $ 2,093 $ 394Securities outstandingD 445,074 372,937 397,508 289,432 190,433 40,989Management expense ratio E,R .98% .98% .99% 1.02% 1.04% 1.03%Management expense ratio before waivers or absorptions E,R 1.01% 1.00% 1.02% 1.05% 1.05% 1.04%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 23.0315 $ 20.0352 $ 16.4188 $ 14.4511 $ 10.9911 $ 9.6165

13



2020O


Net assets, beginning of period B $ 20.00Increase (decrease) from operations:Total revenue .04Total expenses (excluding distributions) (.07)Realized gains (losses) 1.29Unrealized gains (losses) (.88)Total increase (decrease) from operationsB .38Distributions:From net investment income (excluding dividends) –From dividends –From capital gains –Return of capital (.42)Total distributionsB,C (.42)Net assets, end of periodB $ 19.95Ratios and Supplemental DataNet asset value (000s) D $ 214Securities outstandingD 10,763Management expense ratio E,P 1.00%Management expense ratio before waivers or absorptions E,P 1.03%Trading expense ratioG .04%Portfolio turnover rateH 62.87%Net asset value per security, end of period $ 19.9465



2020 2020 2019 2018 2017 2016Q

The Series’ Net Assets per Security A Net assets, beginning of period B $ 20.10 $ 16.47 $ 14.49 $ 11.02 $ 9.63 $ 10.00Increase (decrease) from operations: Total revenue .08 .19 .16 .12 .14 .06Total expenses (excluding distributions) (.12) (.20) (.18) (.15) (.13) (.06)Realized gains (losses) 2.02 1.62 2.02 1.41 1.20 .01Unrealized gains (losses) .89 2.03 .15 1.96 .25 (.38)Total increase (decrease) from operationsB 2.87 3.64 2.15 3.34 1.46 (.37)Distributions: From net investment income (excluding dividends) – – – – – –From dividends – – – – – –From capital gains – – – – – –Return of capital – – – – – –Total distributionsB,C – – – – – –Net assets, end of periodB $ 23.12 $ 20.10 $ 16.47 $ 14.49 $ 11.02 $ 9.63Ratios and Supplemental Data Net asset value (000s) D $ 3,280 $ 2,467 $ 1,347 $ 657 $ 550 $ 1Securities outstandingD 147,445 117,683 81,799 45,334 49,923 100Management expense ratio E,R .94% .94% .95% .95% .97% .87%Management expense ratio before waivers or absorptions E,R .97% .97% .97% .98% .98% .87%Trading expense ratioG .04% .06% .06% .05% .09% .10%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33% 163.15% 195.24%Net asset value per security, end of period $ 23.1143 $ 20.1038 $ 16.4693 $ 14.4939 $ 11.0193 $ 9.6258

14




2020O


Net assets, beginning of period B $ 20.00Increase (decrease) from operations:Total revenue .04Total expenses (excluding distributions) (.07)Realized gains (losses) 1.31Unrealized gains (losses) (.94)Total increase (decrease) from operationsB .34Distributions:From net investment income (excluding dividends) –From dividends –From capital gains –Return of capital (.42)Total distributionsB,C (.42)Net assets, end of periodB $ 19.95Ratios and Supplemental DataNet asset value (000s) D $ 574Securities outstandingD 28,773Management expense ratio E,P .94%Management expense ratio before waivers or absorptions E,P .97%Trading expense ratioG .04%Portfolio turnover rateH 62.87%Net asset value per security, end of period $ 19.9509



2020 2020 2019 2018U

The Series’ Net Assets per Security A Net assets, beginning of period B $ 18.12 $ 14.83 $ 13.03 $ 10.00Increase (decrease) from operations: Total revenue .07 .17 .14 .11Total expenses (excluding distributions) (.10) (.16) (.14) (.11)Realized gains (losses) 1.56 1.50 1.82 1.29Unrealized gains (losses) .95 1.78 .08 1.74Total increase (decrease) from operationsB 2.48 3.29 1.90 3.03Distributions: From net investment income (excluding dividends) – – – –From dividends – – – –From capital gains – – – –Return of capital – – – –Total distributionsB,C – – – –Net assets, end of periodB $ 20.85 $ 18.12 $ 14.83 $ 13.03Ratios and Supplemental Data Net asset value (000s) D $ 2,789 $ 809 $ 662 $ 581Securities outstandingD 133,777 44,621 44,621 44,621Management expense ratio E,V .82% .82% .82% .83%Management expense ratio before waivers or absorptions E,V .85% .85% .85% .86%Trading expense ratioG .04% .06% .06% .05%Portfolio turnover rateH 62.87% 166.11% 172.03% 124.33%Net asset value per security, end of period $ 20.8467 $ 18.1207 $ 14.8266 $ 13.0276

15

Financial Highlights FootnotesA This information is derived from the Fund’s audited annual and/or unaudited interim financial statements. The net assets attributable to securityholders per security presented in the financial statements may differ from the net asset

value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to financial statements. For reporting periods ending after January 1, 2017 per security comparative figures (except for net asset value per security, end of period) have been conformed to the current rounding presentation of two decimal places. As a result, reporting periods ending prior to January 1, 2017 may not foot due to this rounding change.

B Net assets and distributions are based on the actual number of securities outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of securities outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per security.

C Distributions were paid in cash or reinvested in additional securities of the Fund, or both, and excludes any applicable distributions of management fee reduction to securityholders. Distributions are presented based on management’s best estimate of the tax character.

D This information is provided as at period end of the year shown.E Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset

values during the period, including the Fund’s pro-rata share of estimated expenses incurred in any underlying investment fund, if applicable.F Effective November 1, 2014, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.G The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period, including the Fund’s pro-rata share of estimated

trading costs incurred in any underlying investment fund, if applicable.H The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its

portfolio once in the course of the year. The higher the Fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high portfolio turnover rate and the performance of the Fund. The portfolio turnover rate is calculated based on the lesser of purchases or sales of securities divided by the weighted average market value of the portfolio securities, excluding short-term securities. For periods greater than six months, but less than a full fiscal year, the portfolio turnover rate is annualized.

I For the period December 14, 2018 (commencement of sale of securities) to June 30, 2019.J Effective December 18, 2018, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.K For the period February 5, 2016 (commencement of sale of securities) to June 30, 2016.L Effective February 9, 2016, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.M For the period January 26, 2017 (commencement of sale of securities) to June 30, 2017.N Effective January 30, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.O For the period August 28, 2020 (commencement of sale of securities) to December 31, 2020.P Effective September 1, 2020, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.Q For the period December 4, 2015 (commencement of sale of securities) to June 30, 2016.R Effective December 8, 2015, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver

at any time, at its sole discretion. It is not known when such waivers will be terminated.S For the period January 24, 2020 (commencement of sale of securities) to June 30, 2020.T Effective January 28, 2020, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at

any time, at its sole discretion. It is not known when such waivers will be terminated.U For the period July 14, 2017 (commencement of sale of securities) to June 30, 2018.V Effective July 18, 2017, the manager of the Fund has waived a portion of its administration fee and as of the date of the MRFP has continued to provide the Fund with such waivers. The manager may terminate the waiver at any

time, at its sole discretion. It is not known when such waivers will be terminated.

16

Management and Advisory FeesFidelity serves as manager and investment advisor of the Fund. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. Fidelity uses these management fees to pay for sales and trailing commissions to registered dealers on the distribution of the Fund securities, as well as for the general investment management expenses. Dealer compensation represents cash commissions paid by Fidelity to registered dealers during the period and includes upfront deferred sales charge and trailing commissions. This amount may, in certain circumstances, exceed 100% of the fees earned by Fidelity during the period. For new Funds or Series the amounts presented may not be indicative of longer term operating periods.

Management Fees

Dealer Compensation

Investment management, administration

and other

Series A 2.000% 91.99% 8.01%

Series B 1.850% 54.05% 45.95%

Series F 0.850% — 100.00%

Series F5 0.850% — 100.00%

Series F8 0.850% — 100.00%

Series T5 2.000% 93.60% 6.40%

Series T8 2.000% 54.80% 45.20%

Series S5 1.850% 54.05% 45.95%

Series S8 1.850% 54.05% 45.95%

Series E1 1.825% 54.79% 45.21%

Series E1T5 1.825% 54.79% 45.21%

Series E2 1.800% 55.56% 44.44%

Series E2T5 1.800% 55.56% 44.44%

Series E3 1.775% 56.34% 43.66%

Series E4 1.725% 57.97% 42.03%

Series E5 1.675% 59.70% 40.30%

Series P1 0.825% — 100.00%

Series P1T5 0.825% — 100.00%

Series P2 0.800% — 100.00%

Series P2T5 0.800% — 100.00%

Series P3 0.775% — 100.00%

Series P3T5 0.775% — 100.00%

Series P4 0.725% — 100.00%

17


Past PerformanceThe performance information shown assumes that all distributions made by the Fund in the periods shown were reinvested in additional securities of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. How the Fund has performed in the past does not necessarily indicate how it will perform in the future.

The performance data shown for the period occurring prior to the commencement of operations of a series P or E is that of the corresponding series F or F5 (for series P) or B or S5 (for series E). Series F, F5, B and S5 have higher combined management and administration fees than the applicable series P and E. Had a series P or E existed since the commencement of operations of series F, F5, B or S5, the returns of the applicable series P or E would have been higher.

Year-by-Year ReturnsThe following bar chart shows the Fund’s annual performance for each of the years shown, and illustrates how the Fund’s performance was changed from year to year. In percentage terms, the bar chart shows how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year. For each Series in the Year-by-Year Returns table below, the most recent returns stated are for the current six month period.

Series A

30

20

10

0

-10

2020

14.1

2020

20.2

2019

11.9

2018

29.5

2017

12.6

2016

0.1

2015

19.2

2014

28.6

2013

19.4

2012

3.2

2011

16.5

Fiscal Years

(%)

Series B

30

20

10

0

-10

2020

14.2

2020

20.4

2019

12.2

2018

29.8

2017

12.9

2016

0.3

2015

19.5

2014

28.9

2013

19.6

2012

3.5

2011

16.7

Fiscal Years

(%)

Series F

40

30

20

10

0

-10

2020

14.9

2020

21.8

2019

13.4

2018

31.3

2017

14.2

2016

1.5

2015

20.9

2014

30.4

2013

21.0

2012

4.7

2011

18.1

Fiscal Years

(%)

Series F5

30

20

10

0

-10

2020

14.9

2020

21.8

2019

14.1

Fiscal Years

(%)

Commencement of Operations is December 14, 2018

Series F8

30

20

10

0

-10

2020

14.8

2020

21.8

2019

14.1

Fiscal Years

(%)


Series O

40

30

20

10

0

-10

2020

15.5

2020

23.2

2019

14.7

2018

32.8

2017

15.5

2016

2.7

2015

22.4

2014

31.9

2013

22.5

2012

5.9

2011

19.5

Fiscal Years

(%)

18


Past Performance – continued

Series T5

30

20

10

0

-10

2020

14.1

2020

20.2

2019

11.9

2018

29.5

2017

12.6

2016

0.1

2015

19.2

2014

28.5

2013

19.4

2012

3.2

2011

16.4

Fiscal Years

(%)

Series T8

30

20

10

0

-10

2020

14.1

2020

20.2

2019

11.9

2018

29.6

2017

12.6

2016

0.1

2015

19.3

2014

28.5

2013

19.3

2012

3.2

2011

16.5

Fiscal Years

(%)

Series S5

30

20

10

0

-10

2020

14.2

2020

20.4

2019

12.1

2018

29.8

2017

12.8

2016

0.3

2015

19.4

2014

28.8

2013

19.5

2012

3.4

2011

16.7

Fiscal Years

(%)

Series S8

30

20

10

0

-10

2020

14.2

2020

20.4

2019

12.2

2018

29.8

2017

12.8

2016

0.3

2015

19.5

2014

28.8

2013

19.7

2012

3.5

2011

16.8

Fiscal Years

(%)

Series E1

30

20

10

0

-10

2020

14.2

2020

20.5

2019

12.3

2018

29.9

2017

13.0

2016

0.4

2015

19.5

2014

28.9

2013

19.6

2012

3.5

2011

16.7

Fiscal Years

(%)

Commencement of Operations is February 5, 2016

Series E1T5

30

20

10

0

-10

2020

14.2

2020

20.5

2019

12.2

2018

29.9

2017

12.9

2016

0.3

2015

19.4

2014

28.8

2013

19.5

2012

3.4

2011

16.7

Fiscal Years

(%)


Series E2

30

20

10

0

-10

2020

14.3

2020

20.6

2019

12.3

2018

30.0

2017

13.0

2016

0.4

2015

19.5

2014

28.9

2013

19.6

2012

3.5

2011

16.7

Fiscal Years

(%)


Series E2T5

40

30

20

10

0

-10

2020

14.4

2020

20.7

2019

12.4

2018

30.2

2017

13.0

2016

0.3

2015

19.4

2014

28.8

2013

19.5

2012

3.4

2011

16.7

Fiscal Years

(%)

Commencement of Operations is January 26, 2017

19

Series E3

40

30

20

10

0

-10

2020

14.3

2020

20.6

2019

12.3

2018

30.1

2017

13.3

2016

0.5

2015

19.5

2014

28.9

2013

19.6

2012

3.5

2011

16.7

Fiscal Years

(%)


Series E4

40

30

20

10

0

-10

2020

14.4

2020

20.9

2019

12.6

2018

30.3

2017

13.3

2016

0.5

2015

19.5

2014

28.9

2013

19.6

2012

3.5

2011

16.7

Fiscal Years

(%)


Series E5

30

20

10

0

-10

2020

14.3

2020

20.4

2019

12.2

2018

29.8

2017

12.9

2016

0.3

2015

19.5

2014

28.9

2013

19.6

2012

3.5

2011

16.7

Fiscal Years

(%)

Commencement of Operations is August 28, 2020

Series P1

40

30

20

10

0

-10

2020

14.9

2020

21.9

2019

13.5

2018

31.3

2017

14.3

2016

1.5

2015

20.9

2014

30.4

2013

21.0

2012

4.7

2011

18.1

Fiscal Years

(%)


Series P1T5

30

20

10

0

-10

2020

14.9

2020

21.9

2019

14.1

Fiscal Years

(%)

Commencement of Operations is January 24, 2020

Series P2

40

30

20

10

0

-10

2020

15.0

2020

22.0

2019

13.6

2018

31.5

2017

14.3

2016

1.6

2015

20.9

2014

30.4

2013

21.0

2012

4.7

2011

18.1

Fiscal Years

(%)


Series P2T5

30

20

10

0

-10

2020

14.9

2020

21.8

2019

14.1

Fiscal Years

(%)


Series P3

40

30

20

10

0

-10

2020

15.0

2020

22.1

2019

13.6

2018

31.5

2017

14.5

2016

1.7

2015

20.9

2014

30.4

2013

21.0

2012

4.7

2011

18.1

Fiscal Years

(%)


20


Past Performance – continued

Series P3T5

30

20

10

0

-10

2020

15.0

2020

21.8

2019

14.1

Fiscal Years

(%)


Series P4

40

30

20

10

0

-10

2020

15.0

2020

22.2

2019

13.8

2018

31.7

2017

14.2

2016

1.5

2015

20.9

2014

30.4

2013

21.0

2012

4.7

2011

18.1

Fiscal Years

(%)

Commencement of Operations is July 14, 2017

21


Summary of Investment Portfolio as at December 31, 2020Sector Mix

% of Fund’s Net Assets as at

12/31/20

% of Fund’s Net Assets as at

6/30/20

Information Technology 36.3 42.3

Consumer Discretionary 19.4 7.4

Communication Services 11.0 3.4

Financials 9.9 7.2

Health Care 8.8 15.6

Industrials 6.9 9.6

Consumer Staples 4.9 6.8

Materials 1.2 1.2

Others (Individually Less Than 1%) 0.8 6.0

Cash and Cash Equivalents 0.7 0.7

Net Other Assets (Liabilities) 0.1 (0.2)

Top Issuers

% of Fund’s Net Assets

1. Microsoft Corp. 5.3

2. Square, Inc. 4.8

3. PayPal Holdings, Inc. 4.8

4. Caesars Entertainment, Inc. 4.7

5. Amazon.com, Inc. 4.5

6. Alphabet, Inc. 4.2

7. Estee Lauder Companies, Inc. 4.0

8. MasterCard, Inc. 4.0

9. S&P Global, Inc. 4.0

10. Facebook, Inc. 3.6

11. Union Pacific Corp. 3.6

12. Apple, Inc. 3.5

13. Adobe, Inc. 3.5

14. UnitedHealth Group, Inc. 2.6

15. Wells Fargo & Co. 2.3

16. The Walt Disney Co. 2.0

17. NVIDIA Corp. 2.0

18. Lear Corp. 1.9

19. Marvell Technology Group Ltd. 1.9

20. Arthur J. Gallagher & Co. 1.8

21. Morgan Stanley 1.8

22. Dollar General Corp. 1.7

23. Royalty Pharma PLC 1.7

24. Autodesk, Inc. 1.6

25. Lowe’s Companies, Inc. 1.6

77.4

Total Fund Net Assets $1,905,134,000

Where applicable, the information in the above tables includes the Fund’s pro-rata share of the investment in any Fidelity managed underlying fund.

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. The most recent annual report, semi-annual report, quarterly report, fund facts document or simplified prospectus for the investment fund and/or underlying fund is available at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments Canada ULC, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our web site at www.fidelity.ca or SEDAR at www.sedar.com.

Fidelity’s mutual funds are sold by registered Investment Professionals. Each Fund has a simplified prospectus, which contains important information on the Fund, including its investment objective, purchase options, and applicable charges. Please obtain a copy of the prospectus, read it carefully, and consult your Investment Professional before investing. As with any investment, there are risks to investing in mutual funds. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investors may experience a gain or loss when they sell their securities in any Fidelity Fund. Fidelity Global Funds may be more volatile than other Fidelity Funds as they concentrate investments in one sector and in fewer issuers; no single Fund is intended to be a complete diversified investment program. Past performance is no assurance or indicator of future returns. There is no assurance that either Fidelity Canadian Money Market Fund, Fidelity Canadian Money Market Investment Trust, Fidelity U.S. Money Market Fund or Fidelity U.S. Money Market Investment Trust will be able to maintain its net asset value at a constant amount. The breakdown of Fund investments is presented to illustrate the way in which a Fund may invest, and may not be representative of a Fund’s current or future investments. A Fund’s investments may change at any time.

1.825839.115 FICL-GA-MRFPS-0221

Fidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

Manager, Transfer Agent and RegistrarFidelity Investments Canada ULC483 Bay Street, Suite 300Toronto, Ontario M5G 2N7

CustodianState Street Trust Company of CanadaToronto, Ontario

Portfolio AdviserFidelity Investments Canada ULCToronto, Ontario

Visit us online atwww.fidelity.caor call Fidelity Client Servicesat 1-800-263-4077

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®Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC.

Fidelity U.S. Focused Stock Fund

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