Fidelity Value Fund. Investment Approach QUARTERLY FUND REVIEW AS OF JUNE 30, 2018 PERFORMANCE SUMMARY FUND INFORMATION

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1 QUARTERLY FUND REVIEW AS OF JUNE 30, 2018 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: 0.61% % -0.69% 7.06% 6.57% 10.29% 8.71% Russell Midcap Value Index 2.41% -0.16% 7.60% 8.80% 11.27% 10.06% Morningstar Fund Mid-Cap Value 2.55% 0.19% 8.86% 7.99% 10.12% 9.16% % Rank in Morningstar Category (1% = Best) % 76% 52% 58% # 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. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. 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. Not FDIC Insured May Lose Value No Bank Guarantee

2 Performance Review For the three months ending June 30, 2018, the fund's Retail Class shares returned 3.72%, ahead of the 2.41% result of the benchmark Russell Midcap Value Index. Versus the benchmark, successful stock picking drove the fund's relative outperformance. Specifically, choices in the consumer discretionary sector added the most value. Stock picks and an underweighting in financials also helped, as did choices in industrials, health care and consumer staples. Conversely, stock picking in real estate and energy, along with an underweighting in the former category, detracted versus the benchmark. During the quarter, we continued to focus on finding longer-term value in underappreciated, high-quality companies with strong competitive positions that we think can earn superior profits relative to the capital invested in their businesses. Generally speaking, we also seek to buy shares of these types of companies when they are trading at low price-to-earnings (P/E) ratios. An overweighting in Signet Jewelers the world's largest retailer of diamond jewelry and the parent company of Kay, Jared and Zales added more value than any other position. Shares rose in June after the firm reported much better-than-expected quarterly revenue and earnings, citing stabilization in sales and double-digit growth from its e-commerce sites. We sold our position in Signet by quarter end after the stock hit our valuation target. Our shares of Signet returned about 51% for the three-month period. The fund's focus on valuation and returns on equity (ROE) led us to an out-of-index stake in First Data, a credit card processing company. The stock rose in late April when the firm announced earnings that exceeded expectations by a wide margin, and also raised its full-year earnings guidance. Shares of First Data also gained in July following analysts' bullish takeaways from the company's investor day. Out-of-benchmark consumer services firm Eldorado Resorts contributed, as well. LARGEST CONTRIBUTORS VS. BENCHMARK Signet Jewelers Ltd. First Data Corp. Class A Eldorado Resorts, Inc. Western Digital Corp. Discretionary Discretionary Average Contribution (basis points)* 0.39% % % % 11 Cardinal Health, Inc. Health Care -0.40% 11 * 1 basis point = 0.01%. In April after the firm acquired Tropicana Entertainment, adding seven more casinos to its portfolio. The fund's shares of Eldorado rose about 20%. We pared our stakes in both First Data and Eldorado this quarter to take some profits. Elsewhere, we did not own index component and computer data storage company Western Digital, which helped the fund because this stock returned about -16% the past three months. Turning to detractors, it hurt not to own Twitter, another index component we found unattractive. Shares of the social networking and online news service gained about 58%, partly on news that Twitter would be included in the S&P 500 Index. It's also worth noting that an overweighting in American Airlines hampered the relative result. We generally liked airlines for their loyalty programs, which we believe should provide for more sustainable growth in earnings per share (EPS) going forward and result in higher stock multiples. Unfortunately for the fund, American Airlines shares returned -26% for the fund, driven lower by increasing costs for jet fuel, as well as a difficult year-earlier earnings comparison. The company lowered its 2018 earnings target in April, despite strong demand for both business and leisure travel that drove a roughly 6% year-over-year revenue increase. We'll also mention CommScope as a detractor. Shares of the infrastructure provider company returned -27% during the second quarter. The stock plunged following the company's late- April announcement of its first-quarter financial results. Despite beating analysts' estimates, CommScope revised its full-year earnings-per-share (EPS) guidance downward due to unexpected customer price changes and higher input costs. We sold some of our position in American Airlines during the quarter and increased our stake in CommScope, a name in which we had more conviction. LARGEST DETRACTORS VS. BENCHMARK Twitter, Inc. American Airlines Group, Inc. CommScope Co., Inc. Average Contribution (basis points)* -0.51% -26 Industrials 0.60% % -15 Devon Energy Corp. Energy -0.36% -13 Entercom Communications Corp. Class A * 1 basis point = 0.01%. Discretionary 0.42% For definitions and other important information, please see Definitions and Important section of this Fund Review.

3 Outlook and Positioning The fund has a multi-manager structure, with the majority of assets managed within a distinct and diversified portfolio and the remainder run by four 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 higher-quality companies with strong competitive positions and businesses that earn superior profits relative to the capital invested in their business. We believe having a broad time horizon often leads us to identify firms that offer greater visibility into the future, including companies with recurring revenue and sales, as well as those that have demonstrated an ability to grow earnings and cash flow. Overall, we've been making a concerted effort to avoid lowerquality companies based on industry structure, long-term returns and balance sheets that may appear cheap just because the market is expensive. If the market goes through a sharp correction, these firms' earnings should decrease significantly, and performance may suffer. The fund's largest sector overweightings as of June 30 are in materials, consumer staples and consumer discretionary. Meanwhile, the fund's biggest underweightings included utilities, real estate and industrials. This quarter, we established a notable position in Mohawk Industries, the world's largest flooring manufacturer, as well as in diversified financial services company Ameriprise Financial. Concerns about higher interest rates crimped homebuilding and housing-related names such as Mohawk this quarter. We took the opportunity to establish a stake in Mohawk, as we liked its high ROE and solid management team. Similarly, we picked up Ameriprise at what we believe was an attractive price. Elsewhere, we added a position in discount retailer Dollar Tree. This stock struggled during the quarter, but as of June 30, we remain confident the business is one of the select brick-and-mortars that can withstand Amazon's online disruption within the retailing space. Conversely, we greatly reduced our positions in oil refiner Andeavor and electric utility Xcel Energy, believing we could find better value elsewhere. We also significantly sold down our stake in auto parts retailer O'Reilly Automotive, due to its elevated valuation. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter 17.03% 18.10% -1.07% 2.24% Discretionary 13.02% 11.64% 1.38% 1.44% Real Estate 11.53% 13.35% -1.82% 0.09% Industrials 10.60% 11.83% -1.23% -0.85% 9.81% 8.91% 0.90% -1.49% Materials 8.28% 6.35% 1.93% -0.62% Energy 8.11% 7.71% 0.40% -0.23% Utilities 7.48% 10.04% -2.56% -0.20% Staples 6.74% 5.10% 1.64% 0.40% Health Care 6.28% 6.41% -0.13% -0.17% Multi Sector 0.72% % 0.19% Telecommunication Services 0.11% 0.55% -0.44% -0.07% Other 0.00% 0.00% 0.00% 0.00% CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 19.9x 20.4x Price/Earnings (IBES 1-Year Forecast) 13.6x 15.4x Price/Book 2.0x 2.0x Price/Cash Flow 10.3x 11.0x Return on Equity (5-Year Trailing) 9.8% 9.2% Growth Sales/Share Growth 1-Year (Trailing) 8.5% 7.1% Earnings/Share Growth 1-Year (Trailing) 32.1% 35.0% Earnings/Share Growth 1-Year (IBES Forecast) 37.7% 27.9% Earnings/Share Growth 5-Year (Trailing) 9.2% 7.7% 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 section of this Fund Review.

4 LARGEST OVERWEIGHTS BY HOLDING American Tower Corp. Real Estate 1.08% Public Storage Real Estate 1.07% Wells Fargo & Co. 1.06% U.S. Bancorp 1.02% Equinix, Inc. Real Estate 0.88% LARGEST UNDERWEIGHTS BY HOLDING Fidelity National Services, Inc % SunTrust Banks, Inc % Weyerhaeuser Co. Real Estate -0.62% Public Service Enterprise Group, Inc. Utilities -0.62% Archer Daniels Midland Co. Staples -0.58% 10 LARGEST HOLDINGS PPL Corp. Sempra Energy Discover Financial Services American Tower Corp. Public Storage Wells Fargo & Co. U.S. Bancorp Ameriprise Financial, Inc. Mohawk Industries, Inc. Leidos s, Inc. 10 Largest s as a % of Net Assets Total Number of s 239 Utilities Utilities Real Estate Real Estate Discretionary 10.78% 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 90.04% 97.90% -7.86% -0.23% International Equities 9.67% 2.10% 7.57% 0.97% Developed Markets 7.90% 1.53% 6.37% 0.92% Emerging Markets 1.77% 0.57% 1.20% 0.05% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.00% 0.00% 0.00% -0.01% Cash & Net Other Assets 0.29% 0.00% 0.29% -0.73% 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 11.25% 10.51% Sharpe Ratio Tracking Error 2.87% -- 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. 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. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The topperforming 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 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. Effective 6/11/18 Justin Bennett was removed as co-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. 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. 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. 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. 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. 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.