Fidelity Value Fund. Investment Approach QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 FUND INFORMATION PERFORMANCE SUMMARY

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1 QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Value Fund Investment Approach Fidelity Value Fund is a core mid-cap value U.S. equity strategy diversified across sectors. The fund is managed by a lead portfolio manager and a team of sector portfolio managers. It leverages value-focused sector experts, supported by Fidelity's deep research infrastructure, combined with disciplined portfolio construction in an attempt to deliver attractive risk-adjusted returns over the long term. The sector-based structure preserves each manager's individual creativity and accountability, which is core to Fidelity's investment culture. The team approach is characterized by a valueoriented investment philosophy centered on underappreciated, high-quality companies with strong competitive positions and superior returns on invested capital that results in consistent style and portfolio characteristics. Our long-term focus often leads us to firms with recurring revenues and the demonstrated ability to grow earnings and cash flow over multiyear periods. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Fidelity Value Fund Gross Expense Ratio: 0.67% % 10.62% 16.46% 8.21% 13.94% 6.26% Russell Midcap Value Index 2.14% 7.43% 13.37% 9.19% 14.33% 7.85% Morningstar Fund Mid-Cap Value 3.06% 7.46% 14.83% 7.90% 12.71% 6.85% % Rank in Morningstar Category (1% = Best) % 56% 33% 66% # of Funds in Morningstar Category FUND INFORMATION Manager(s): Team Managed Trading Symbol: FDVLX Start Date: December 01, 1978 Size (in millions): $8, Morningstar Category: Fund Mid-Cap Value Stock 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. Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/01/ This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, 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. For definitions and other important information, please see the Definitions and Important Information section of this Fund Review. Not FDIC Insured May Lose Value No Bank Guarantee

2 Performance Review For the three months ending September 30, 2017, the fund's Retail Class shares advanced 3.10%, outpacing the 2.14% gain of the benchmark Russell Midcap Value Index. Versus the fund's benchmark, security selection contributed to fund's overall performance, with market allocation also turning up positive. In terms of sectors, picks within industrials helped most. Positioning in materials and choices within consumer discretionary also contributed. Meanwhile, security selection in health care and information technology hampered relative results. The fund continued to focus on finding longer-term value in underappreciated, high-quality companies with strong competitive positions that we think earn superior profits relative to the capital invested in their businesses. We also seek to own the shares of these types of companies that trade at low price-toearnings (P/E) ratios. Several out-of-benchmark holdings fit these criteria this period. One name was Aerojet Rocketdyne. Shares of the rocket and missile propulsion manufacturer were driven by the Trump administration's promise to boost military spending, along with stronger-than-expected financial results. The fund's position in Avis climbed about 67% for the three-month period. We sold some of our stake here to take some profit. Stocks of car-rental companies were largely supported by demand after major storms swept across the southern region of the United States. Thus, our stake in Avis Budget Group (+40%), parent company of Avis Car Rental and Budget Car Rental, proved beneficial. LARGEST CONTRIBUTORS VS. BENCHMARK Aerojet Rocketdyne s, Inc. Average Contribution (basis points)* Industrials 0.63% 32 Avis Budget Group, Inc. Industrials 0.57% 16 Cenovus Energy, Inc. Energy 0.36% 11 Westlake Chemical Corp. Materials 0.52% 11 LyondellBasell Industries NV Class A * 1 basis point = 0.01%. Materials 0.72% 11 Elsewhere, Canada-based integrated oil firm Cenovus Energy another non-index name also lifted relative performance, as shares rose about 37% for the quarter. The stock is traditionally sensitive to expectations for rising commodity prices because the firm holds oil-sands assets that can be more expensive to extract and process than shale-oil, offshore or other deposits. Shares benefited late in the quarter from news of lower crude-oil supplies in the U.S. and a subsequent price surge for the global commodity, as well as slightly improved sentiment for the company's controversial March agreement to buy the oil-sands assets of ConocoPhillips for $13.3 billion. Shares of the plastics, chemicals and refining company LyondellBasell rose about 19% for the quarter, fueled by strong second-quarter profits that beat market expectations. The firm's profit margins have long benefited from its choice of low-cost natural gas over crude oil for producing its main product, ethylene. Additionally, investors have been drawn to Lyondell's dividends and share buybacks plan. Turning to individual detractors, our non-index stake in Teva Pharmaceuticals Industries hurt the most. The stock of Israelbased Teva, the world's largest maker of generic drugs, continued its multi-quarter sell-off. Shares suffered a particularly nasty spill in August after Teva reported disappointing second-quarter financial results hampered mainly by a "goodwill impairment charge" (effectively a net loss) of $6 billion related to its 2016 acquisition of Actavis Generics. Teva also cut its dividend by 75%. The stock returned -47% for the quarter. It also hurt to overweight toy maker Mattel, whose shares slumped about-27% this quarter. This decline was due in part to weak second-quarter financial results released in July. Despite disappointing results for Teva and Mattel, we remained optimistic and maintained both positions, adding to Mattel but trimming a small portion of our stake in Teva over the quarter. LARGEST DETRACTORS VS. BENCHMARK Teva Pharmaceutical Industries Ltd. sponsored ADR Mattel, Inc. Boardwalk Pipeline Partners, LP Average Contribution (basis points)* Health Care 0.37% -26 Consumer Discretionary 0.53% -18 Energy 0.62% -14 Envision Healthcare Corp. Health Care 0.35% -13 Cardtronics PLC * 1 basis point = 0.01%. Information Technology 0.29% For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

3 Outlook and Positioning The fund has a multi-manager structure: half of its assets are managed within a distinct and diversified portfolio, and the remainder is run by five co-managers, each responsible for one or more sector sleeves. Co-managers are encouraged to bring their personal investment approaches to the fund. We believe this structure helps uncover our best value-oriented investment ideas from all sectors, while also supporting us in our goal of delivering attractive risk-adjusted returns over the long term through bottom-up stock selection. Core to our investment philosophy is the belief that cheap stocks outperform expensive stocks over the long term. In pursuit of this value-focused strategy, we favor companies that appear attractively valued relative to the earnings and free cash flow they generate. Within the cheap-stock bucket, we look for higherquality companies with strong competitive positions and businesses that earn superior profits relative to the capital invested in their business. We believe having a broader time horizon often leads us to identify firms that offer greater visibility into the future, including companies with recurring revenues and sales, as well as those that have a demonstrated ability to grow earnings and cash flow. The fund's largest overweightings this period were in materials and information technology. Meanwhile, the fund's biggest underweightings included financials, utilities and real estate. Our view is that we are in the later stages of the U.S. economic recovery, and as a result, the materials sector is positioned defensively with a tilt away from pure "commodity" names and toward higher-quality companies that can navigate a difficult macro-backdrop and have credible plans for growth. Axalta Coating Systems, DowDuPont and Avery Dennison are a few examples of companies we believe have the ability to deliver earnings growth in a variety of economic scenarios. Turning to tech, the fund is positioned relatively defensively due to the valuations and underperformance of semiconductors (a large percentage of the index) over the past few years. The fund owns several companies with recurring revenue streams, such as Amdocs, Evertec, and Cognizant; cheap stocks where we have a different view on timing, such as Qualcomm, and simply cheap stocks, including DXC Technology, which was among our largest contributors. We trimmed our stake in Qualcomm and cut our position in DXC by roughly 30% to fund other opportunities. We'll also mention industrials, where, at period end, we are targeting opportunities we believe have favorable prospects on their own merit, and also could potentially benefit from Republican initiatives down the road. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter 17.30% 20.13% -2.83% -0.38% Real Estate 12.14% 14.50% -2.36% 0.12% Industrials 11.92% 11.70% 0.22% -0.22% Consumer Discretionary 11.79% 11.80% -0.01% 0.09% Materials 8.33% 5.35% 2.98% 0.38% Utilities 8.24% 10.72% -2.48% -0.01% Energy 7.95% 8.10% -0.15% -0.18% Information Technology 7.64% 6.48% 1.16% -0.09% Health Care 7.00% 6.62% 0.38% 0.21% Consumer Staples 4.84% 3.84% 1.00% 0.90% Multi Sector 0.74% % -0.05% Telecommunication Services 0.56% 0.76% -0.20% -0.06% Other 0.00% 0.00% 0.00% 0.00% CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 20.6x 21.3x Price/Earnings (IBES 1-Year Forecast) 15.9x 17.8x Price/Book 2.1x 2.0x Price/Cash Flow 9.7x 10.6x Return on Equity (5-Year Trailing) 9.8% 9.0% Growth Sales/Share Growth 1-Year (Trailing) 3.8% 1.3% Earnings/Share Growth 1-Year (Trailing) -11.2% -2.3% Earnings/Share Growth 1-Year (IBES Forecast) 25.7% 17.6% Earnings/Share Growth 5-Year (Trailing) 10.1% 9.4% Size ed Average Market Cap ($ Billions) ed Median Market Cap ($ Billions) Median Market Cap ($ Billions) For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

4 LARGEST OVERWEIGHTS BY HOLDING Wells Fargo & Co. 1.36% U.S. Bancorp 1.34% American Tower Corp. Real Estate 1.23% Berkshire Hathaway, Inc. Class B 1.01% Sempra Energy Utilities 1.00% LARGEST UNDERWEIGHTS BY HOLDING Prologis, Inc. Real Estate -0.87% SunTrust Banks, Inc % PPL Corp. Utilities -0.68% Weyerhaeuser Co. Real Estate -0.66% PACCAR, Inc. Industrials -0.64% 10 LARGEST HOLDINGS Sempra Energy Xcel Energy, Inc. Synchrony Financial Discover Financial Services Edison International Wells Fargo & Co. U.S. Bancorp American Tower Corp. CIT Group, Inc. Berkshire Hathaway, Inc. Class B 10 Largest s as a % of Net Assets Utilities Utilities Utilities Real Estate 13.78% Total Number of s 259 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. s do not include money market investments. ASSET ALLOCATION Asset Class Portfolio Index Change From Prior Quarter Domestic Equities 89.38% 97.56% -8.18% 2.54% International Equities 8.92% 2.44% 6.48% -1.85% Developed Markets 7.01% 1.71% 5.30% -1.76% Emerging Markets 1.91% 0.73% 1.18% -0.10% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.01% Bonds 0.13% 0.00% 0.13% -0.01% Cash & Net Other Assets 1.57% 0.00% 1.57% -0.68% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 3-YEAR RISK/RETURN STATISTICS Portfolio Index Beta Standard Deviation 11.40% 10.49% Sharpe Ratio Tracking Error 2.95% -- Information Ratio R-Squared For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

5 Definitions and Important Information Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. CHARACTERISTICS Earnings-Per-Share Growth measures the growth in reported earnings per share over the specified past time period. Median Market Cap identifies the median market capitalization of the portfolio or benchmark as determined by the underlying security market caps. Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital. Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share. Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings. Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share. Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth. Sales-Per-Share Growth measures the growth in reported sales over the specified past time period. ed Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark. ed Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark. RANKING INFORMATION 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. RELATIVE WEIGHTS 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 listed immediately under the fund name in the Performance Summary. IMPORTANT FUND INFORMATION positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. Russell Midcap Value Index is a market-capitalization-weighted index designed to measure the performance of the mid-cap value segment of the U.S. equity market. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. 5

6 3-YEAR RISK/RETURN STATISTICS Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index. Information Ratio measures a fund's active return (fund's average monthly return minus the benchmark's average monthly return) in relation to the volatility of its active returns. R-Squared measures how a fund's performance correlates with a benchmark index's performance and shows what portion of it can be explained by the performance of the overall market/index. R- Squared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates that annualized alpha and beta are not reliable performance statistics. Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bill rate. Standard Deviation is a statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time. Tracking Error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, creating an unexpected profit or loss. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss. 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 Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee