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PORTFOLIO MANAGER Q&A | AS OF JANUARY 31, 2020

Fidelity® Low-Priced Stock Fund

Key Takeaways

• For the semiannual reporting period ending January 31, 2020, the fund's Retail Class shares gained 6.36%, well ahead of the 3.26% result of the benchmark Russell 2000® Index.

• Lead Portfolio Manager Joel Tillinghast says the fund benefited from its emphasis on undervalued companies with predictable businesses and stable earnings the past six months, as well as the U.K.'s Brexit agreement, which boosted some of the fund's U.K.-based holdings.

• Versus the Russell benchmark, favorable stock selection in the retailing and software & services groups contributed most. Conversely, positioning in health care detracted most, followed by an underweighting in real estate.

• The fund's top individual contributors were investments in U.K.-based homebuilder Barratt Developments and apparel retailer Next.

• Positions in insurance firm Unum and Gildan Activewear were the biggest relative detractors this period.

• As of January 31, Joel is watching a number of factors that he believes could have implications for the fund in the coming months, including the novel coronavirus, developments on global trade and the upcoming U.S. elections.

• Joel notes that price-to-earnings (P/E) valuations for utilities stocks have reached the highest in decades, leading him to more-attractive investments in financials and managed care.

MARKET RECAP

The U.S. stocks continued to roll for the six months ending January 31, 2020, withthe bellwether S&P 500® index gaining 9.31% and marking history as the longest and strongest bull market ever, despite persistent, nagging concerns about global economic growth and trade. The period began with a volatile month of August, however, as the U.S. Treasury yield curve inverted for the first time since 2007, which some investors viewed as a sign the world's biggest economy could be heading for a recession. The market proved resilient, however, achieving a new high on October 30, when the Fed lowered rates for the third time in 2019, and moving even higher through December 31. The new year began with a roughly flat January, amid uncertainty related to the new coronavirus outbreak and potential implications for global economic growth. By sector, information technology gained19% to lead the way, driven by strong growth trends, particularly for the hardware & equipment industry. The defensive-oriented utilities sector (+18%) also stood out, while health care rose about 11%. In contrast, energy (-11%) was by far the weakest category, struggling due to sluggish oil prices. Materials finished at about breakeven, followed by several solid gainers that still fell short of the broader market: consumer discretionary and industrials (+5% each), real estate and financials (+7% each), consumer staples (+8%), and communication services (+9%).

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2 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Joel TillinghastLead Manager

Fund Facts

Trading Symbol: FLPSX

Start Date: December 27, 1989

Size (in millions): $28,809.73

Investment Approach• Fidelity® Low-Priced Stock Fund uses an opportunistic

approach in seeking undervalued stocks. It focuses mostly on small- and mid-cap companies, including overseas. Most holdings have share prices below $35 per share or an earnings yield at or above the median forthe Russell 2000® Index. (The earnings yield is the inverse of the price-earnings (P/E) ratio; a high earnings yield means a low P/E ratio.)

• Our investment process is based on the belief that many low-priced stocks are mispriced. Mispricings are especially likely to occur in businesses that seem boring and out of favor or which require careful analysis.

• We seek to buy higher-quality companies with stable growth prospects that trade at a discount to our estimateof intrinsic (fair) value.

• Where the gap between price and value is especially compelling, we may invest in firms whose near-term prospects appear challenged. We cast a wide net, and many holdings are outside of the fund's benchmark.

• We invest with a long-term time horizon and global perspective, seeking to deliver attractive risk-adjusted returns. To help manage risk, we look for understandable businesses that are resilient and growing, with honest and capable management, purchased at a modest price.

Q&AAn interview with Lead Portfolio Manager Joel Tillinghast

Q: Joel, how did the fund perform for the six months ending January 31, 2020

I'm pleased with our result, given that the small- and mid-caplow-priced stocks we focus on generally lagged larger-caps. The fund's Retail Class shares gained 6.36%, well ahead of the 3.26% result of the benchmark Russell 2000® Index. The fund outperformed its peer group average by a slightly widermargin.

Looking back a bit further, the fund gained 10.86% for the trailing year, again outperforming both the benchmark and peer group average.

Q: What helped the fund top its benchmark the past six months

Many investors preferred to own larger-cap growth stocks, particularly the group of well-known technology companies often referred to as either "FAANG" (Facebook, Amazon.com, Apple, Netflix, Google-parent Alphabet) or "MAGA" (Microsoft, Amazon, Google, Apple). I believe the preference for these companies the past six months – and the past several years – has been driven by a desire among investors for some predictability in terms of sales and earnings growth and, to a lesser extent, dividend growth. Despite elevated valuations for these stocks, I believe many investors were drawn to the strong growth of these companies, given their strategic and advantageous positioning in various industries.

These types of companies are not a focus of our investment strategy, but I think there were some characteristics of these companies that were consistent with our preferences that helped the fund outperform its benchmark and peer group this period. For example, investors' preference for sales and earnings predictability is something we focus on with our investment approach. Our portfolio management team aims to identify growing businesses with solid balance sheets that are run by good, honest management teams. We maintain strict valuation guidelines, and own what we believe are high-quality companies with stable earnings growth and that we believe are mispriced – meaning they trade at a discount to our estimate of intrinsic (fair) value.

Given elevated volatility the past six months, the "steady Eddie" type of growers the fund owned generally performed quite well. One example of a fund holding that fit this



"predictability" is managed care provider UnitedHealth Group (+10%), which produced steady, predictable earnings growth this period. Our top holding by a wide margin and a notable contributor the past six months, the company had a much more reasonably priced stock valuation, which appealed to us.

Q: What else contributed

The fund benefited from abating uncertainty related to Brexit, the U.K.'s withdrawal from the European Union. In theU.K.'s election in December, Conservative party leader Boris Johnson was elected prime minister and the party won additional seats in Parliament, resulting in a sizable majority. This outcome helped pave the way for the government's subsequent agreement on a Brexit deal in January 2020, which was a key issue supported by Johnson and other Conservative party members.

The Brexit agreement removed the lingering uncertainty that had pressured U.K. stocks, and provided a boost to a couple of large, U.K.-based fund holdings: Barratt Developments (+44%), a builder of moderately priced homes, and apparel retailer Next (+24%), the fund's two largest contributors this period. For corporate management teams at these firms, removing the uncertainty tied to Brexit provided clarity on the type of business environment they would be working in, and the stocks responded favorably.

From an industry standpoint, favorable stock selection in the retailing and software & services groups contributed most to the fund's performance versus the Russell 2000® Index. In retailing, we benefited from positions in consumer electronics retailer Best Buy (+12%), Bed, Bath & Beyond (+51%) and off-price retailer Ross Stores (+6%).

In software & services, a handful of key holdings helped our relative result. These included multi-physics-modeling software provider ANSYS (+35%), payments-services firm Western Union (+30%), and Spain-based info tech and defense-systems provider Indra Sistemas (+34%).

Q: Which investments detracted

Positioning in the health care sector hurt relative performance, as did an underweighting in real estate.

Our biggest individual disappointment was a position in insurance firm Unum. Shares of the company returned about -15% the past six months, due largely to uncertainty about liabilities tied to Unum's underwriting of long-term-care policies.

The fund's investments in other insurance firms, including Lincoln National (-16%) and Aegon (-15%), also hurt. These companies invest in bonds to help meet future liabilities, or payments on claims, and declining interest rates and bond yields made it more challenging for them to meet their liabilities.

In consumer discretionary, our position in Gildan Activewear,a maker of T-shirts, underwear, socks and other casual apparel, returned -29%. I've been attracted to the company because it is a lower-cost producer of casual wear. The past six months, Gildan's earnings were disappointing, as some ofits clients were in an inventory-drawdown mode. I held onto this position because I believe the recent decline in demand will be temporary, and I think the company's low unit costs and outlook for growth remain attractive in the longer term.

We also lost some ground to the benchmark because we didn't own four biotechnology companies in the index that performed well: Medicines (+137%), Reata Pharmaceuticals (+141%), Acceleron Pharma (+108%) and Axsome Therapeutics (+240%).

As I've mentioned in the past, I'm not drawn to biotech companies that aren't making a profit, as much of their earnings potential is tied to one or few products that may or may not ever be approved for use in the marketplace. We focus on stable businesses with more-predictable revenue and earnings streams, such as Amgen (+17%), a contributor this period and a biotech firm that has multiple drugs on the market and other products in its pipeline.

Q: What's your outlook as of January 31, Joel

We'll be watching a number of factors that could have implications for the fund in the coming months. In particular, the new coronavirus that originated in China threatens to slow global economic growth if it spreads widely across the world. Our team will be monitoring the impact that the virus, and government policies, may have on demand for goods and services produced by the companies the fund has invested in.

Also, global trade negotiations between the U.S. and China improved with a phase 1 agreement in December, and I'll be looking to see how that impacts supply lines for several industries and fund positions. China is a major manufacturer of goods for many companies around the world, and any setbacks in trade progress between the two nations could negatively affect supply lines.

Lastly, we're also watching the U.S. political environment ahead of the upcoming elections in November.

As always, our portfolio management team will continue to monitor the companies we invest in, while looking for new opportunities that meet our investment criteria. ■



Joel Tillinghast on attractive opportunities he sees in financials and managed care stocks:

"With the recent decline of interest rates and bond yields to historically low levels around the world, there's been a sharp increase in demand from income-seeking investors looking for stocks of more-stable growing companies that pay a high dividend yield.

"Many have turned to utilities, which tend to be more-stable businesses with predictable earnings growth, and dividend yields at roughly 3.5% – higher than U.S. Treasury bonds and high-quality corporate bonds, as of January 31. This demand for utilities has excessively boosted stock valuations, which are near the highest in decades.

"As of the end of January, the fund is underweight utilities. We find better value, as measured by price-to-earnings ratio, in the financials sector and in the managed care industry, where many companies operate in relatively stable-growing industries, provide a relatively high dividend to shareholders, and have more-attractive stock valuations. The fund is positioned to take advantage of the relative attractiveness of stock valuations in certain financials, while acknowledging that there are risks –such as loan losses, reduced-fee income and net-interest-margin compression – that could erode corporate earnings if the U.S. or global economy were to experience recession.

"We believe the valuations of managed care companies are attractive. In addition, it's a relatively stable business, providing consistent earnings growth and an attractive dividend yield. Despite our expectation that these stocks could experience some modest volatility, given election-year politics and talk of changes to the U.S. health care system, we believe they are good long-term investments that can provide some stability and downside protection in the event of a market correction."



ASSET ALLOCATION

Asset Class Portfolio Weight Index Weight Relative Weight

Relative Change From Six Months

Ago

Domestic Equities 58.53% 99.42% -40.89% -0.05%

International Equities 37.54% 0.58% 36.96% 2.31%

Developed Markets 30.38% 0.35% 30.03% 2.34%

Emerging Markets 7.16% 0.12% 7.04% -0.07%

Tax-Advantaged Domiciles 0.00% 0.11% -0.11% 0.04%

Bonds 0.01% 0.00% 0.01% -0.01%

Cash & Net Other Assets 3.92% 0.00% 3.92% -2.25%

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 ofthe portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for futuresettlement, Net Other Assets can be a negative number.

"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

MARKET-SEGMENT DIVERSIFICATION

Market Segment Portfolio Weight Index Weight Relative Weight

Relative Change From Six Months

Ago

Consumer Discretionary 25.15% 11.13% 14.02% 1.31%

Information Technology 16.64% 13.94% 2.70% 1.35%

Health Care 13.12% 17.84% -4.72% -0.57%

Financials 12.47% 17.67% -5.20% -0.16%

Consumer Staples 10.51% 2.89% 7.62% 0.52%

Industrials 7.17% 16.04% -8.87% -0.09%

Energy 3.75% 2.53% 1.22% 0.27%

Materials 3.60% 3.67% -0.07% -0.13%

Communication Services 1.97% 2.31% -0.34% 0.49%

Utilities 1.38% 3.93% -2.55% -0.27%

Real Estate 0.31% 8.05% -7.74% -0.45%

Other 0.00% 0.00% 0.00% 0.00%



10 LARGEST HOLDINGS

HoldingMarket Segment Portfolio Weight

Portfolio Weight Six Months Ago

UnitedHealth Group, Inc. Health Care 6.21% 6.03%

Next PLC Consumer Discretionary 3.75% 2.97%

Ross Stores, Inc. Consumer Discretionary 3.74% 3.58%

Metro, Inc. Class A (sub. vtg.) Consumer Staples 3.43% 3.20%

Seagate Technology LLC Information Technology 3.35% 2.79%

Best Buy Co., Inc. Consumer Discretionary 3.05% 3.13%

Barratt Developments PLC Consumer Discretionary 2.58% 1.87%

AutoZone, Inc. Consumer Discretionary 2.49% 2.61%

ANSYS, Inc. Information Technology 2.38% 1.84%

MetLife, Inc. Financials 2.21% 2.24%

10 Largest Holdings as a % of Net Assets 33.19% 30.26%

Total Number of Holdings 772 796

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 January 31, 2020

Cumulative Annualized

6Month YTD

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Low-Priced Stock Fund Gross Expense Ratio: 0.52%2 6.36% -4.36% 10.86% 8.56% 7.64% 11.39%

Russell 2000 Index 3.26% -3.21% 9.21% 7.28% 8.23% 11.88%

Morningstar Fund Mid-Cap Value 3.07% -3.46% 9.48% 5.57% 6.75% 10.79%

% Rank in Morningstar Category (1% = Best) -- -- 44% 9% 34% 36%

# of Funds in Morningstar Category -- -- 422 378 342 2331 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/27/1989.2 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. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again 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. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance.


7 |

Definitions and Important Information

Information provided in this document is for informational and educational purposes only. To the extent any investment information in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's investment decisions. Fidelity, and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in, and receive compensation, directly or indirectly, in connection with the management, distribution and/or servicing of these products or services including Fidelity funds, certain third-party funds and products, and certain investment services.

FUND RISKSStock 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. The securities of smaller, less well-known companies can be more volatile than those of larger companies.

IMPORTANT FUND INFORMATIONRelative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmarkis provided to assess performance.

INDICESIt is not possible to invest directly in an index. All indices representedare unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

Russell 2000 Index is a market-capitalization-weighted index designed to measure the performance of the small-cap segment of the U.S. equity market. It includes approximately 2,000 of the smallest securities in the Russell 3000 Index.

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 WEIGHTSMarket-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION© 2020 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning

applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same MorningstarCategory. 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 WEIGHTSRelative 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 listedimmediately under the fund name in the Performance Summary.



Manager Facts

Joel Tillinghast is a portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider ofinvestment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Tillinghast is the lead manager for Fidelity Low-Priced Stock Fund. Additionally, he manages Fidelity Series Intrinsic Opportunities Fund, as well as portfolios available exclusively to Canadian investors.

Prior to assuming his current role in December 1989, Mr. Tillinghast worked as an analyst covering coal, personal care, appliances, natural gas and tobacco at FMR Co.

Before joining Fidelity in 1986, Mr. Tillinghast held various other positions, including director of research and strategy at Bank of America Futures, research economist at Drexel Burnham Lambert, and analyst at Value Line Investment Survey. He has been in the financial industry since 1980.

Mr. Tillinghast earned his bachelor of arts degree in economics from Wesleyan University and his master of business administration degree in finance from the Kellogg School of Management at Northwestern University. He is also a CFA® charterholder.

PERFORMANCE SUMMARY:Quarter ending March 31, 2020

Annualized

1Year

3Year

5Year

10 Year/ LOF1

Fidelity Low-Priced Stock Fund Gross Expense Ratio: 0.52%2 -18.10% -2.26% 0.69% 7.23%

1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/27/1989.2 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. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio.Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have again or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results.

Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims anyresponsibility 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.

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 Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917.© 2020 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee.

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