Fidelity Value Fund MARKET RECAP. Key Takeaways

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1 Fidelity Value Fund Key Takeaways For the semiannual reporting period ending April 30, 2018, the fund's Retail Class shares gained 0.94%, lagging the 2.55% return of the benchmark Russell Midcap Value Index. Both the fund and the index suffered as growth stocks outpaced value-oriented names this period, working against the fund's focus on underappreciated, high-quality companies. Versus the benchmark, security selection detracted from performance, particularly within financials. Picks in real estate and consumer staples also hurt. Conversely, choices in industrials and the fund's overall market allocations somewhat offset these negatives. Colony NorthStar, a diversified real estate investment trust (REIT), detracted more than any other single holding. Our nonindex stake in U.K.-based Micro Focus International, a provider of software designed to manage customers' maturing software infrastructure, also hurt. Conversely, an out-of-index stake in casino hotel operator Eldorado Resorts added the most value of any fund position. By period end, the managers added to more-defensive areas and largely avoided lower-quality companies they think could underperform in a market correction. On March 31, 2018, Kathy Buck retired from portfolio management, leaving Matt Friedman, who co-managed the consumer sleeves with Kathy since December 1, 2017, sole manager of these sleeves. On June 11, 2018, Matt Friedman assumed management responsibilities of the financials and real estate sleeves, succeeding Justin Bennett, who has moved into a new role. MARKET RECAP U.S. equities gained 3.82% for the six months ending April 30, 2018, as the S&P 500 index sharply reversed course in early February after a particularly strong start to the new year. The short-term drop was in stark contrast to the low volatility and steady growth seen throughout 2017, along with consumer sentiment and other market indicators that stayed positive. Investors remained upbeat as the calendar turned, and the index rose 5.73% in January. February was a decidedly different story, though, as volatility spiked amid concern that rising inflation would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. The index returned -3.69% for the month, its first negative result since October 2016, and lost further ground in March on fear of a global trade war after the U.S. announced plans to impose tariffs on Chinese imports. The index ended the period with a modest gain in April. By sector, consumer discretionary stood out with a roughly 14% gain, primarily driven by retailers (+27%). Energy rose 10% amid higher oil prices. Information technology (+5%) was boosted by strong earnings growth from several major index constituents. Financials advanced 4%, riding the uptick in bond yields. Conversely, notable laggards included some defensive groups utilities (-5%), consumer staples (-4%) and real estate (-3%) that struggled amid a general preference for risk. Materials (-3%) also lost ground. Not FDIC Insured May Lose Value No Bank Guarantee

2 Q&A Matt Friedman Lead Manager Fund Facts Trading Symbol: FDVLX Justin Bennett Co-Manager Start Date: December 01, 1978 Size (in millions): $8, 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 valuefocused 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 value-oriented 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. An interview with Lead Manager Matthew Friedman and Co-Manager Justin Bennett Q: Matt, how did the fund perform for the semiannual reporting period ending April 30, 2018 M.F. The fund's Retail Class shares gained 0.94%, lagging the 2.55% return of the benchmark Russell Midcap Value Index, as well as the peer group average. Growth stocks outpaced value-oriented names during the six months, a continuation of a trend that began early in This made for a very challenging environment for the fund, which tends to emphasize underappreciated, highquality companies with strong competitive positions trading at reasonable valuations. Versus the benchmark, security selection detracted from performance, particularly within financials. Picks in real estate and consumer staples also hurt. Choices in industrials and the fund's overall market allocations somewhat offset these negatives. As a reminder, I manage about two-thirds of the fund's assets, and the remainder is run by co-managers, each responsible for one or more sector sleeve(s). Looking back 12 months, the fund gained 6%, again underperforming its benchmark and peer group average. Q: Justin, would you describe some of the fund's most influential investments from the sectors you manage J.B. I manage the fund's real estate investments, which disappointed overall the past six months, although an underweighting in this sector helped to a degree. Colony NorthStar, a diversified real estate investment trust (REIT), detracted more than any other fund position this period. Within the real estate subportfolio, we sought REITs with idiosyncratic catalysts unrelated to interest rates. For this reason, we liked Colony NorthStar, because its management team recently focused on shareholder returns, partly to stem criticism about its history of poor corporate governance. We also liked the firm's strong cash-flow yield and dividend yield two factors we seek in our investments. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

3 Unfortunately for the fund, shares of Colony NorthStar returned -48% this period. Higher interest rates and concerns about the maturing real estate cycle hampered this position, along with the broader real estate sector. The stock plunged in late February after the firm issued disappointing quarterly sales and earnings and made a substantial cut to its dividend. Some other real estate holdings contributed notably, however. For example, General Growth Properties materially contributed to the fund's relative result. Also, not owning index component Ventas, a well-known health care REIT we found expensive, helped the fund, as its shares notably lagged the market this period. Q: Aside from Colony NorthStar, what individual names hurt the fund most J.B. Holdings from the subportfolios I don't manage also materially influenced relative performance. In particular, the fund's non-index stake in U.K.-based Micro Focus International detracted. Micro Focus provides software designed to manage customers' maturing software infrastructure. Shares of Micro Focus returned about -51% the past six months, significantly declining in mid-march after the firm announced a profit warning and the resignation of CEO Chris Hsu. In addition, the company said it expects revenue to decline faster than previously expected. The firm owed the disappointing results to its struggle integrating its acquisition of software assets from Hewlett Packard Enterprise, completed in September. An overweighting in TreeHouse Foods hurt versus the index, as well. We increased our stake in this private-label food and beverage manufacturer early in the period when the stock price languished following disappointing earnings and guidance, as well as the surprise exit of the firm's CEO. The stock trended lower through period end, as management faced a number of headwinds, resulting in weaker-than-anticipated fourth-quarter operational results. Despite poor performance this period, we remained optimistic about some of the potential long-term drivers of both Micro Focus International and TreeHouse Foods, and we added to our holdings in both names. development. The stock hit an all-time high in April after the firm acquired Tropicana Entertainment, adding seven more casinos to its portfolio. Our shares of Eldorado rose about 58% the past six months. We added to our stake here, believing the stock still had room to run. Elsewhere, an investment in Dine Brands Global (formerly DineEquity) worked in the fund's favor. This company franchises and operates IHOP and Applebee's restaurants. Dine Brands Global's stock rallied in February following the firm's release of strong quarterly earnings results and a new five-year plan aimed at strengthening existing stores, improving operations and customer experiences, as well as forming partnerships and making acquisitions. We pared our non-index position in Dine Brands by April 30, as the firm began to face secular issues. Q: Matt, what is your outlook as of April 30 M.F. Although we continue to find cash-generative businesses trading at less than their intrinsic value, we are cognizant that the current bull market now is more than nine years old. From an operational standpoint, some of the bestperforming stocks the past year struggled: their strong showings came more from valuation-multiple expansion than from earnings growth. We don't believe this is sustainable over the longer term. Overall, we're trying to avoid lower-quality companies based on industry structure, long-term returns and balance sheets that only appear cheap in an expensive market. If the market goes through a correction, we think these firms' earnings could decrease significantly, and performance could suffer. Q: Back to you, Matt. What were the fund's top relative contributors M.F. Out-of-benchmark consumer services firm Eldorado Resorts added more value than any other fund position. After several years of adding supply, regional casinos recently experienced a tightening of supply/demand. Our investment in Eldorado Resorts, an owner and operator of 20 casinos and hotels across the U.S., leveraged this 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

4 LARGEST CONTRIBUTORS VS. BENCHMARK Matt Friedman on positioning changes within materials and consumer staples: "I manage the materials and consumer staples subportfolios, and these segments rank among the fund's largest sector overweightings as of April 30. "Materials stocks tend to be economically sensitive. Given my view that we are in the later stages of the U.S. economic recovery, I've tilted away from pure 'commodity' names and toward higher-quality materials companies I think have credible growth plans and the flexibility to navigate a difficult economic backdrop. Within this segment, Silgan Holdings and Avery Dennison are examples of companies I believe can deliver earnings growth in a variety of economic scenarios. "In addition, I've identified several stocks I think have unique fundamental or valuation theses. For example, in my view, Graphic Packaging is a cheap stock. This company recently merged its existing business with International Paper's North American consumer-packaging business. I think this will allow Graphic Packaging to reinvest in strong capital-allocation projects to fully integrate its paper mills. Non-benchmark fund holding Eagle Materials, a well-managed company I think is benefiting from pricing power in two of its most important markets, wallboard and cement, also deserves a mention. "In consumer staples, we established several new positions, including stakes in well-known brandedfood firms Kellogg and Hershey. Each was beaten down by overly negative sentiment, in my view. "Also, we're positive on tobacco holdings, which boast strong free cash flow, low capital intensity and potential growth via a new generation of products, such as e-cigarettes. "Here, we added a non-benchmark position in British American Tobacco. We think concerns surrounding the potential for added government regulation hurt its share price, making its valuation look attractive to us." Holding Eldorado Resorts, Inc. DineEquity, Inc. Conduent, Inc. Newell Brands, Inc. F5 Networks, Inc. * 1 basis point = 0.01%. Market Segment Information Technology Information Technology Average Relative LARGEST DETRACTORS VS. BENCHMARK Holding Market Segment Relative Contribution (basis points)* 0.49% % % % % 13 Average Relative Relative Contribution (basis points)* Colony NorthStar, Inc. Real Estate 0.60% -41 Micro Focus International PLC Information Technology 0.39% -27 TreeHouse Foods, Inc. Staples 0.34% -21 Houghton Mifflin Harcourt Co. Signet Jewelers Ltd. * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class 0.50% % -20 Six Months Ago Domestic Equities 88.81% 89.23% International Equities 9.84% 9.18% Developed Markets 7.80% 7.42% Emerging Markets 2.04% 1.76% Tax-Advantaged Domiciles 0.00% 0.00% Bonds 0.00% 0.08% Cash & Net Other Assets 1.35% 1.51% 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. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

5 MARKET-SEGMENT DIVERSIFICATION 10 LARGEST HOLDINGS Market Segment Six Months Ago Financials 17.77% 17.21% 12.31% 11.94% Real Estate 11.43% 12.41% Industrials 10.50% 12.07% Energy 9.46% 7.72% Information Technology 8.86% 7.64% Utilities 7.87% 8.28% Materials 7.72% 8.86% Health Care 6.59% 6.34% Staples 5.36% 5.05% Multi Sector 0.65% 0.69% Telecommunication Services 0.14% 0.28% Other 0.00% 0.00% Holding Market Segment Six Months Ago Discover Financial Services Financials 1.49% 1.51% Sempra Energy Utilities 1.39% 1.77% Synchrony Financial Financials 1.30% 1.56% Xcel Energy, Inc. Utilities 1.24% 1.66% Wells Fargo & Co. Financials 1.23% 1.37% U.S. Bancorp Financials 1.14% 1.35% American Tower Corp. Real Estate 1.05% 1.25% Berkshire Hathaway, Inc. Class B Financials 1.03% 1.04% PPL Corp. Utilities 0.98% -- NRG Energy, Inc. Utilities 0.96% 0.42% 10 Largest Holdings as a % of Net Assets 11.81% 13.98% Total Number of Holdings 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. FISCAL PERFORMANCE SUMMARY: Periods ending April 30, Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity Value Fund Gross Expense Ratio: 0.61% % -3.08% 5.96% 5.54% 10.26% 7.59% Russell Midcap Value Index 2.55% -2.02% 6.83% 7.81% 10.97% 9.22% Morningstar Fund Mid-Cap Value 2.87% -1.75% 7.77% 6.88% 10.01% 8.25% % Rank in Morningstar Category (1% = Best) % 74% 53% 69% # of Funds in Morningstar Category Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/01/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

6 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. FUND RISKS 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. 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 Relative 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 Relative 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 3/31/18, Katherine Buck was removed as co-portfolio manager of the fund. Effective 3/31/18, Matt Friedman became lead portfolio manager of the fund. 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. S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity and industry group representation to represent U.S. equity performance. 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 2018 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. 6

7 Manager Facts Matthew Friedman is a portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. starting in He has been in the investments industry since joining Merrill Lynch in Mr. Bennett earned his bachelor of arts degree in political science from Middlebury College and his master of business administration degree from The Wharton School at the University of Pennsylvania. In this role, Mr. Friedman manages Fidelity VIP Value, Fidelity Stock Selector Large Cap Value Fund, Fidelity Value Fund, and Fidelity Advisor Series Stock Selector Large Cap Value Fund. Additionally, he manages Fidelity and Fidelity Advisor Value Strategies Fund, Fidelity VIP Value Strategies, and Fidelity Flex Mid Cap Value Fund. He also is co-manager for the consumer discretionary and consumer staples sleeves of Fidelity and Fidelity Advisor Value Funds and Fidelity Flex Mid Cap Value Fund. Prior to assuming his current responsibilities, Mr. Friedman managed several select funds. Additionally, he was sector leader of the industrials and energy research groups and followed specialty pharmaceuticals and generics stocks, as well as media, cable, and satellite. Previously, Mr. Friedman was a summer intern following internet infrastructure stocks. Before joining Fidelity in 1999, Mr. Friedman worked as an investment banking analyst at Lehman Brothers and as an audit senior at Arthur Andersen. He has been in the financial industry since Mr. Friedman earned his bachelor of business administration degree in accounting from Emory University and his master of business administration degree from the University of Chicago. He is also a CFA charterholder and a Certified Public Accountant (CPA). Justin Bennett is a portfolio manager at Fidelity Management & Research Company (FMRCo), the investment advisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Mr. Bennett is responsible for co-managing Fidelity and Fidelity Advisor Series Stock Selector Large Cap Value Fund (since 2012), Fidelity Low- Priced Stock Fund, Fidelity and Fidelity Advisor Stock Selector Large Cap Value Fund (all since 2011), as well as Fidelity and Fidelity Advisor Value Fund (since 2010). Prior to assuming his current responsibilities, Mr. Bennett managed Select Paper & Forest Products from 2006 to 2008, and worked as an equity research analyst following paper and forestry, packaging, and radio frequency identification companies starting in Before joining Fidelity, Mr. Bennett worked as an equity research associate at Morgan Stanley from 1999 to 2003 and as an equity research assistant at PaineWebber 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

8 PERFORMANCE SUMMARY: Quarter ending March 31, Annualized 5 10 / LOF 1 Fidelity Value Fund Gross Expense Ratio: 0.61% % 5.25% 10.17% 8.06% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/01/ This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that 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. 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. Information included on this page is as of the most recent calendar quarter. 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 Diversification does not ensure a profit or guarantee against a loss.