Fidelity Event Driven Opportunities Fund

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1 QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Event Driven Opportunities Fund Investment Approach Fidelity Event Driven Opportunities Fund invests opportunistically in companies involved in corporate actions that can result in a mispricing of their stocks or other underlying securities. Historically, such securities have offered attractive returns over time and lower return correlations to the broad equity market. Event-driven securities often experience forced selling, and tend to have scarce research coverage and/or misunderstood business models, offering favorable entry points to invest in a potentially less-efficient area of the market. We believe that bottom-up, fundamental research and a disciplined, patient, opportunistic approach are the best means by which to identify and exploit these inefficiencies over time. By investing in these securities, we seek to outperform the Russell 3000 Index over a normal market cycle, with lower correlation. In managing the fund, we invest with a long-term time horizon and expect that short-term returns may be volatile. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Fidelity Event Driven Opportunities Fund Gross Expense Ratio: 1.11% % 18.63% 18.63% 12.70% % Russell 3000 Index 6.34% 21.13% 21.13% 11.12% 15.58% 12.49% Morningstar Fund Small Blend 3.54% 12.28% 12.28% 8.71% 12.99% -- % Rank in Morningstar Category (1% = Best) % 4% # of Funds in Morningstar Category Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/12/ 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 section of this Fund Review. FUND INFORMATION Manager(s): Arvind Navaratnam Trading Symbol: FARNX Start Date: December 12, 2013 Size (in millions): $ Morningstar Category: Fund Small Blend 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 in companies involved in a special situation event can perform differently from the market as a whole and other types of stocks, and can be more volatile than that of other issuers. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. The fund may have additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers. Not FDIC Insured May Lose Value No Bank Guarantee

2 Performance Review The fund's Retail Class shares advanced 4.68%, lagging the 6.34% gain of the benchmark Russell 3000 Index for the three months ending December 31, The corporate events in which we were invested did not unfold in our favor during the quarter, due to the negative impact of a few of the fund's holdings. In addition, the fund's small-cap bias hurt performance because small-caps modestly lagged the large-cap names that dominate the fund's benchmark. Our investment strategy is based on owning companies undertaking corporate actions that historically have outperformed the market in a meaningful way over the long term. The fund maintained its very high active share, or percentage of holdings that are not in the benchmark. Since we are shopping for investments based on corporate actions, we'll often identify opportunities outside of the benchmark, or take large positions in stocks that are small index weightings. While the sector weightings tend to fluctuate over time, the size of the companies in which we invest generally falls on the smaller side. Among individual stocks, a sizable position in The Madison Square Garden, which returned roughly -2% for the fourth quarter, was by far our biggest individual detractor. The Madison Square Garden owns the New York Knicks basketball team and the New York Rangers hockey team, in addition to Madison Square Garden arena. LARGEST CONTRIBUTORS VS. BENCHMARK Alliance Data Systems Corp. WisdomTree Investments, Inc. Twenty-First Century Fox, Inc. Class A Average Contribution (basis points)* 8.45% % 39 Consumer Discretionary 3.78% 33 General Electric Co. Industrials -0.65% 27 Seagate LLC * 1 basis point = 0.01%. 1.24% 24 The stock tumbled in November after the firm's CEO abruptly stepped down. Then, in December, the stock was downgraded by a number of analysts. Another fund laggard was Diebold Nixdorf, which makes and sells self-service transaction systems, such as ATMs (automated teller machine) and currency processing systems. The stock returned about -28% this quarter, falling in October after the firm reported quarterly financial results that missed estimates and cut its fullyear guidance on weaker-than-expected ATM orders. More negative news came in December when Diebold's CEO unexpectedly left the company. Our investment in financial data and analytics services provider Donnelley Financial Solutions also hurt, as the stock returned about -9%. In November, the company reported a decline in third-quarter revenue linked partly to lackluster transactions in U.S. capital markets. In terms of relative contributors, the fund's large overweighting in Alliance Data Systems helped the most. Alliance is a provider of marketing services, such as private-label credit cards and loyalty programs. The company's shares benefited from a fairly stable credit environment, rising about 15% for the quarter. It also helped to own WisdomTree Investments (+24%), an asset manager specializing in exchange-traded funds (ETFs). Despite tough industry conditions, the stock benefited partly from solid revenue and asset growth reported in December, as well as continued international expansion. LARGEST DETRACTORS VS. BENCHMARK The Madison Square Garden Co. Diebold Nixdorf, Inc. Donnelley Financial Solutions, Inc. TiVo Corp. Consumer Discretionary Average Contribution (basis points)* 10.19% % % % -34 Encore Capital Group, Inc. 4.90% -27 * 1 basis point = 0.01%. 2 For definitions and other important information, please see Definitions and Important section of this Fund Review.

3 Outlook and Positioning We continue to invest in stocks of companies engaged in corporate events. Based on our research, companies that are engaged in corporate actions historically have outperformed the market over the long term. Our view is that an event-driven strategy offers disciplined, patient investors an opportunity to take advantage of mispriced securities that can result from spin-offs, bankruptcy restructurings and other special situations. These investments require a patient approach because it often takes time for the opportunities within these securities to materialize. Furthermore, some of these opportunities are accompanied by limited research coverage and forced selling pressure, which we believe can increase the probability of investment success. Over the long term, corporate actions tend to be less sensitive than other investment types to changes in economic conditions such as inflation, monetary policy or interest rates. Corporate events occur among all segments of investable securities; they are not specific to any geography, sector, market capitalization, or investment style, such as growth or value. They can happen at any point in the business cycle. The fund continues to invest in companies of any market cap, size or style, based on wherever a particular corporate event or special situation occurs. Because we recently have found more-attractive investment opportunities in the small- to mid-cap segment, the fund's average market cap as of quarter end continues to be meaningfully lower than that of the benchmark. Also, the fund's sector allocations at period end continue to look very different from those of the benchmark. We are invested in stocks involved in corporate events that we think are fundamentally attractive, regardless of their sector. As of period end, the fund is overweighted in the consumer discretionary, information technology and real estate sectors. Conversely, it is underweighted in health care, industrials and consumer staples. Because the fund's individual holdings are entirely driven by our desire for exposure to companies undertaking corporate events, these sector exposures do not yield too much insight into our decision making. Some of our largest overweightings on December 31 included Madison Square Garden and Alliance Data Systems. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter 32.88% 22.82% 10.06% 3.68% Consumer Discretionary 23.38% 12.50% 10.88% -3.93% 15.18% 15.13% 0.05% -6.09% Multi Sector 12.48% % 3.51% Real Estate 10.45% 3.86% 6.59% 5.72% Industrials 2.30% 10.95% -8.65% 0.72% Consumer Staples 1.27% 7.33% -6.06% 0.01% Energy 1.22% 5.77% -4.55% 0.00% Health Care 0.58% 13.32% % -0.23% Materials 0.00% 3.46% -3.46% -0.03% Telecommunication Services 0.00% 1.90% -1.90% 0.09% Utilities 0.00% 2.98% -2.98% 0.16% Other 0.00% 0.00% 0.00% 0.00% CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 42.4x 23.6x Price/Earnings (IBES 1-Year Forecast) 18.8x 19.1x Price/Book 2.3x 3.1x Price/Cash Flow 15.8x 14.4x Return on Equity (5-Year Trailing) Growth Sales/Share Growth 1-Year (Trailing) 7.1% 7.0% Earnings/Share Growth 1-Year (Trailing) -12.6% 6.8% Earnings/Share Growth 1-Year (IBES Forecast) Earnings/Share Growth 5-Year (Trailing) Size 50.0% 22.4% 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 section of this Fund Review.

4 LARGEST OVERWEIGHTS BY HOLDING S&P500 Emini Fut Mar18 Esh8 Futures and Options 10.79% JBG SMITH Properties Real Estate 10.44% The Madison Square Garden Co. Consumer Discretionary 9.92% Alliance Data Systems Corp. 9.78% Zooplus AG Consumer Discretionary 9.49% LARGEST UNDERWEIGHTS BY HOLDING Apple, Inc % Microsoft Corp % Alphabet, Inc. Class A -2.30% Amazon.com, Inc. Consumer Discretionary -1.69% Facebook, Inc. Class A -1.50% 10 LARGEST HOLDINGS JBG SMITH Properties The Madison Square Garden Co. Alliance Data Systems Corp. Zooplus AG AO World PLC WisdomTree Investments, Inc. Stewart Services Corp. Waddell & Reed Financial, Inc. Class A KKR & Co. LP ECN Capital Corp. 10 Largest s as a % of Net Assets Total Number of s 53 Real Estate Consumer Discretionary Consumer Discretionary Consumer Discretionary 53.92% 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 76.21% 98.72% % -4.18% International Equities 23.53% 1.28% 22.25% 7.81% Developed Markets 21.17% 1.01% 20.16% 7.53% Emerging Markets 2.36% 0.26% 2.10% 0.28% Tax-Advantaged Domiciles 0.00% 0.01% -0.01% 0.00% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 0.26% 0.00% 0.26% -3.63% 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 14.72% 10.23% Sharpe Ratio Tracking Error 7.93% -- Ratio R-Squared For definitions and other important information, please see Definitions and Important section of this Fund Review.

5 Definitions and Important 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 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 3000 Index is a market-capitalization-weighted index designed to measure the performance of the 3,000 largest companies in the U.S. equity market. 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. RANKING INFORMATION 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. 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