(PUB) Investing 2015

4

Data through September 30, 2015 FINRA members: For internal or institutional use only. Fidelity® Small Cap Discovery

Ticker FSCRX

Yield 0.4%

Total Assets $5,360 mil

Mstar Category Small Blend

Benchmark 1: Russell 2000 TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 09-23-15 Œ

Investment Style Equity

Historical Profile Return Risk Rating High Average QQQQQ Highest

3 6 6 3 6 6 3 3

15.0 20.0 25.0 30.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ∞ Positive

10.0

Performance

People Parent

Performance Quartile (within Category)

& ) ( & & & & & * & * 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 09-15 16.34 16.03 14.42 10.35 15.54 20.47 20.03 24.07 31.26 30.09 27.04 9.17 9.45 -2.65 -27.57 50.69 32.38 0.36 24.03 38.22 7.00 -5.85 4.62 -8.92 -1.09 6.21 23.52 5.53 4.53 7.68 -0.60 2.11 1.88 4.26 -6.35 -8.15 9.42 24.22 17.32 -1.75 8.02 5.83 -6.69 -0.57 0.25 0.00 0.44 0.59 0.48 0.26 0.00 1.14 0.14 0.28 0.15 8.92 9.45 -3.09 -28.16 50.20 32.12 0.36 22.89 38.08 6.72 -6.00 0.04 0.00 0.07 0.09 0.05 0.04 0.00 0.22 0.03 0.08 0.04 0.90 1.79 1.11 0.00 0.00 0.06 0.51 0.49 1.81 3.18 1.37 1.16 1.06 1.04 1.04 1.13 1.26 1.08 1.07 1.06 1.01 1.05 0.29 -0.29 -0.12 0.25 0.91 0.10 -0.01 -0.12 1.02 0.15 0.36 25 91 59 6 9 7 12 5 40 17 28

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 09-30-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

8.30 -0.84 -21.61 19.21 0.36 13.13 -4.12 6.24 7.62 24.03 15.79 0.77 9.33 8.35 38.22 0.54 3.48 -7.04 10.63 7.00

94

191 245

106 201

140 128

114

37

11

20

26

17

13

206

295 1,168 2,036 3,880 6,985 6,119 5,360

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 07-31-15 Total Stocks: 61 Share change since 04-30-15

1.93 0.70 -8.28

— —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets -1.09 3.22 15.73 3.09 -3.65 3.06 18.35 3.00 8.33 3.00 -9.96 2.85 -5.84 2.69 7.46 2.69 -27.62 2.58 -39.02 2.57 26.95 2.51 21.49 2.49 41.99 2.42 41.08 2.36 20.39 2.30 18.43 2.10 7.96 2.08 -31.25 2.04

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T Ingram Micro Inc Class A

Technology Technology Finan Svcs Technology Finan Svcs Industrl

1 Yr 3 Yr 5 Yr

4.15

3 Mo 6 Mo

-8.28 3.64 -1.84 -7.63 3.92 -1.46 4.15 2.90 4.77 14.43 3.41 2.03 15.24 3.51 1.90

11 9,172 10 9,237 12 10,415 7 14,985 1 20,327 1 26,591 2 46,824

j2 Global Inc

Avg QQQQQ Avg QQQQQ +Avg QQQQQ

14.43 15.24 10.27 10.94

High High High

TCF Financial Corp

1 Yr

Y Aaron's Inc

10 Yr Incept

3 Yr Avg 5 Yr Avg

Y Tech Data Corp

Federated Investors, Inc.

10 Yr Avg 10.27 3.72 3.48 15 Yr Avg 10.84 4.33 6.31

Y EnerSys

Technology -12.34 2.74

Other Measures

Standard Index

Best Fit Index

Brunswick Corp

Cnsmr Cyc

Alpha

1.7

3.3

Y FTI Consulting Inc

Industrl

Beta

1.03

0.96

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

T Waddell & Reed Financial, T Wesco International Inc CACI International Inc Cl

Finan Svcs

R-Squared

64

92

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

12.40 13.86

11

1.78 1.20 1.04

59 57 42

Industrl

3 1

Standard Deviation

12.61 14.43

Technology -14.17 2.56

9.13

Mean

Y Chemed Corp

Hlth Care Hlth Care Hlth Care Cnsmr Def Technology

Sharpe Ratio

1.13

Integra Lifesciences Hold

Potential Capital Gain Exposure: 20% of assets

Y Amsurg Corp

Morningstar's Take by Katie Rushkewicz Reichart, CFA 09-23-15 Manager Chuck Myers' upcoming six-month leave of absence doesn't alter Fidelity Small Cap Discovery's Morningstar Analyst Rating of Gold. Myers will step away in March 2016, coinciding with his 10-year anniversary at thisclosed fund.Fidelitysaid the leave isnotdue tohealth issues, but rather will allow him to spend time with his family and pursue other interests.

Post Holdings Inc

Y SS&C Technologies Holding

Janssen will have several months to prepare for the temporary assignment before Myers steps away. While there is always the risk of a manager not coming back after a short-term leave, it's anticipated Myers will return as expected in September 2016. He's leaving in good standing: the fund has one of the best small-cap records around during Myers' tenure, succeeding in various market environments and earning solid risk-adjusted returns. Stretched small-cap valuations have made for even fewer portfolio moves than usual in 2015. Myers has avoidedswappingoutholdings forotherstocks thataren't much more compellingly valued, helping the fund avoid rackingup transactioncosts.However,whenmarketsare morevolatile,Myershasbeenquick toscoopupbargains: During the 2008-09 market pullback, turnover exceeded 100% and resulted in impressive gains as the market bounced back. The fund also has been a strong downside performer, holding up better than peers during 2015's market dips.

Y UIL Holdings Corp

Utilities

Y VCA Inc

Hlth Care

Rent-A-Center Inc

Industrl

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 0.0 Large 0.0 Mid 17.6 Small 73.7 Micro 8.8 Avg $mil: 2,387

Value Blend Growth

Large Mid Small

34.55 0.78 0.00 0.00 11.05 0.79 20.35 1.25 3.15 0.32 44.82 1.35 0.95 0.72 3.01 1.26 21.88 1.66 18.98 1.16 20.62 0.91 3.27 0.74 15.20 1.05 2.15 0.57

Derek Janssen will oversee the fund in his absence and is a capable backup. Janssen became comanager of Myers' other charge, Fidelity Small Cap Value FCPVX, in January2013andtookoveras leadmanager inearly2015 after Myers' asset load across both funds grew significantly. As a result, Janssen is familiar with Myers' process, and the two funds currently have about 50% overlap in holdings. Myers' low-turnover approach (turnover was recently 13%) makes stepping away easier;whileJanssenwillhaveauthoritytomakeportfolio moves at the 65-stock fund, large-scale changes are not expected, though it's something Morningstar will monitor. It also helps that the fund is closed to new investors, making fund flows less of an issue. Plus,

Value Measures

Rel Category

Price/Earnings 17.49

0.91 0.84 0.53 1.38 1.05

Price/Book Price/Sales

1.55 0.55

Price/Cash Flow 11.48 Dividend Yield % 1.60

Growth Measures

% Rel Category

Long-Term Erngs 10.83

0.90 1.45

Book Value

7.32 3.42

Composition - Net

Sales 2.51 Cash Flow -30.71 -30.72 Historical Erngs -0.64 -0.13

Cash 1.4 Stocks 98.6 Bonds 0.0 Other 0.0 Foreign 1.5 (% of Stock)

Address:

Fidelity Commonwealth Trust

Minimum Purchase: Min Auto Inv Plan:

$2500

Add: — IRA: $2500

Boston, MA 02109

— Add: —

800-544-6666

Sales Fees:

No-load, 1.50%R

Web Address:

www.fidelity.com

Management Fee:

0.45%

Profitability

%

Inception:

09-26-00

Actual Fees:

Mgt:0.86% Dist:—

Return on Equity Return on Assets

12.72

Advisor:

Fidelity Management & Research Company FMR Investment Management (U.K.) Limited

Expense Projections: Income Distribution:

3Yr:$337 5Yr:$585 10Yr:$1294

4.24 7.47

Subadvisor:

Semi-Annually

Net Margin

A

ß ® Mutual Funds

©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.