Fidelity Commonwealth Trust Fidelity Small Cap Stock Fund

The fund primarily allocates at least 80% of its capital to the common stock of companies characterized by modest market capitalizations. These are generally understood to be firms whose market values align with those found in either the Russell 2000® Index or the S&P SmallCap 600® Index. Investments are not restricted by geography, spanning both domestic and international entities. The portfolio manager may favor growth stocks, value stocks, or a combination thereof. Selection of these holdings is driven by a meticulous fundamental analysis, which assesses aspects such as the issuer's financial strength, its competitive position within its industry, and broader market and economic factors.