Fidelity Small Cap Value Fund

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1 QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity Small Cap Value Fund Investment Approach Fidelity Small Cap Value Fund takes a value approach to investing, focusing on companies with low implied expectations, typically starting with the cheaper half of the investment universe. We strive to buy the best businesses available among those trading at below-market valuation multiples, though in periods of extremely high dispersion (return variance), we may opportunistically go further down the quality spectrum. Each of our investments is scrutinized for a perceived margin of safety, assessed through rigorous analysis of each firm's income statement and balance sheet. We employ a disciplined portfolio construction approach and manage the portfolio in a concentrated fashion in order to emphasize our best ideas, and to try to have most of the risk and return of the fund driven by stock-specific factors. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Annualized / LOF 1 Fidelity Small Cap Value Fund Gross Expense Ratio: 0.99% % 5.53% 16.83% 11.96% 14.43% 9.40% Russell 2000 Value 5.11% 5.68% 20.55% 12.12% 13.27% 7.14% Morningstar Fund Small Value 4.69% 4.82% 17.89% 9.17% 12.32% 7.10% % Rank in Morningstar Category (1% = Best) % 20% 19% 3% # of Funds in Morningstar Category Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/03/ This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. This fund has a short term trading fee 1.50% for shares held less than 90 days. 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. FUND INFORMATION Manager(s): Derek Janssen Clint Lawrence Trading Symbol: FCPVX Start Date: November 03, 2004 Size (in millions): $3, Morningstar Category: Fund Small 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. The securities of smaller, less well-known companies can be more volatile than those of larger companies. Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. Not FDIC Insured May Lose Value No Bank Guarantee

2 Performance Review For the quarter, the fund's Retail Class shares returned 2.80%, trailing the 5.11% return of the benchmark Russell 2000 Value. Our focus on value-oriented companies posed a headwind during a quarter in which growth stocks outperformed. We continue to believe in the long-term merit of our investment style, even if it was unrewarding over the past three months. In relative terms, security selection in information technology, financials and materials were meaningful performance detractors. Within technology, the fund was hurt the most by positions in Tech Data, a distributor of IT products, and Internet services provider J2 Global (-13%), the latter of which was an out-ofbenchmark holding. Tech Data's shares plunged in early September after reporting significantly weaker-than-expected quarterly earnings. We believed Tech Data's challenges were temporary and, maintained our stake. Other notable detractors this period included professional liability insurance provider ProAssurance (-10%); amusement park operator Cedar Fair (-10%); and Silgan Holdings (-7%), a maker of packaging for consumer goods. None of these stocks were in the benchmark. On the positive side, Livanova, a global medical device manufacturer focused on health solutions for cardiovascular disease and conditions related to epilepsy. We found Livanoca attractive due to both its valuation and new management team. Shares of Livanova, the fund's largest holding at quarter end, fared especially well in September and were up about 14% for the entire quarter. Also contributing to the fund's relative performance this quarter were Moog (+16%), a maker of components for aerospace and defense customers, and specialty insurance provider First American Financial (+13%). Both were among the fund's largest holdings at quarter end, and First American Financial was an outof-benchmark investment. Outlook and Positioning We look to generate long-term outperformance through individual stock selection while limiting the impact of sector allocation and market timing. We avoid big gaps between the size of the fund's largest and smallest positions. Our investment style is to find small-cap stocks priced significantly below what we believe they are actually worth. It's been increasingly challenging to find stocks meeting this criterion. Accordingly, we were finding opportunities on a case-by-case basis but generally remained patient, as we awaited more favorable conditions for the types of higher quality, lower valuation names we regularly emphasize. During the quarter we continued to maintain little exposure to the retail sector. Many stocks in this space are cheap but struggling amid significant competitive challenges from online merchants, while the few that are faring well didn't strike us as attractively valued. Our only holding from the retailing segment was Aaron's, a rent-to-own home furnishings retailer that was both one of our largest holdings at quarter end and top contributors for the three months. As has been the case for some time now, stock market valuations appear stretched to us, and we don't think investors are being sufficiently compensated for taking on risk. In this environment, we're continuing to restrict turnover in the portfolio. We're also keeping the fund defensively positioned, with a focus on attractively valued, higher-quality stocks at the larger end of our small-cap investment universe positioning that we think will be to the fund's long-term benefit. CHARACTERISTICS Valuation Price/Earnings Trailing 19.5x 26.1x Price/Earnings (IBES 1- Forecast) 16.4x 20.0x Price/Book 2.0x 1.6x Price/Cash Flow 13.5x 11.6x Return on Equity (5- Trailing) 9.7% 6.4% Growth Sales/Share Growth 1- (Trailing) 5.6% 1.1% Earnings/Share Growth 1- (Trailing) 6.6% -6.2% Earnings/Share Growth 1- (IBES Forecast) 33.1% 19.6% Earnings/Share Growth 5- (Trailing) 5.2% 6.3% 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.

3 MARKET-SEGMENT DIVERSIFICATION Market Segment Change From Prior Quarter 29.74% 30.65% -0.91% -1.32% Industrials 14.16% 12.01% 2.15% 0.15% Consumer Discretionary 13.49% 10.30% 3.19% 1.22% Information Technology 12.10% 9.14% 2.96% -0.61% Health Care 7.17% 6.22% 0.95% 0.08% Real Estate 5.93% 11.26% -5.33% -0.98% Utilities 4.35% 6.63% -2.28% 0.12% Materials 4.26% 4.22% 0.04% -0.37% Energy 3.66% 6.31% -2.65% 0.39% Consumer Staples 1.89% 2.70% -0.81% 0.22% Telecommunication Services 0.00% 0.56% -0.56% 0.14% Other 0.00% 0.00% 0.00% 0.00% ASSET ALLOCATION Asset Class Change From Prior Quarter Domestic Equities 88.01% 97.70% -9.69% -1.34% International Equities 8.74% 2.30% 6.44% 0.39% Developed Markets 8.02% 1.27% 6.75% -0.25% Emerging Markets 0.72% 0.96% -0.24% 0.41% Tax-Advantaged Domiciles 0.00% 0.07% -0.07% 0.23% Bonds 0.31% 0.00% 0.31% 0.00% Cash & Net Other Assets 2.94% 0.00% 2.94% 0.95% 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. 10 LARGEST HOLDINGS Holding LivaNova PLC CVB Financial Corp. First American Financial Corp. Moog, Inc. Class A Tech Data Corp. Genesee & Wyoming, Inc. Class A Cullen/Frost Bankers, Inc. Store Capital Corp. CalAtlantic Group, Inc. UMB Financial Corp. 10 Largest Holdings as a % of Net Assets Total Number of Holdings 58 Market Segment Health Care Industrials Information Technology Industrials Real Estate Consumer Discretionary 29.68% 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. 3-YEAR RISK/RETURN STATISTICS Beta Standard Deviation 10.73% 14.57% Sharpe Ratio Tracking Error 5.42% -- Information Ratio R-Squared "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 3 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

4 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- 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- 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. fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. 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. Effective 2/1/17, Clint Lawrence became co-portfolio manager of the fund, and Derek Janssen transitioned to lead portfolio manager. 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 2000 Value is a market-capitalization-weighted index designed to measure the performance of the small-cap value segment of the U.S. equity market. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth rates. 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 4

5 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

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