Fidelity Capital Appreciation Fund

QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity Capital Appreciation Fund Investment Approach Fidelity Capital Appreciation Fund is a diversified domestic equity strategy focused on capital appreciation. We employ a flexible, "go-anywhere" investment approach that seeks investment opportunities across different market capitalizations and investment styles. The fund does not have an overriding style bias to either growth stocks or value stocks. The prevailing market environment and opportunities determine the style and positioning of the fund. We emphasize fundamental, bottom-up research, technical analytics and frequent company contact when evaluating investment opportunities and tend to favor companies with solid earnings growth and reasonable valuations, while a minority portion of the fund may focus on shorter-term, opportunistic trading. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Fidelity Capital Appreciation Fund Gross Expense Ratio: 0.51% 2 5.86% 23.94% 23.94% 9.14% 14.39% 8.41% S&P 500 Index 6.64% 21.83% 21.83% 11.41% 15.79% 8.50% Morningstar Fund Large Growth 6.44% 27.67% 27.67% 11.06% 15.29% 8.31% % Rank in Morningstar Category (1% = Best) -- -- 74% 81% 69% 49% # of Funds in Morningstar Category -- -- 1,363 1,216 1,109 787 FUND INFORMATION Manager(s): Fergus Shiel Trading Symbol: FDCAX Start Date: November 26, 1986 Size (in millions): $7,361.09 Morningstar Category: Fund Large Growth 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. 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/26/1986. 2 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. Not FDIC Insured May Lose Value No Bank Guarantee

Performance Review For the fourth quarter, the fund's Retail Class shares gained 5.86%, trailing the 6.64% return of the benchmark S&P 500. Versus the benchmark, stock selection in the consumer discretionary, health care and information technology sectors weighed most on performance. At the stock level, an out-of-benchmark position in Netherlandsbased telecommunications conglomerate Altice (-46%) was the fund's largest detractor. The company had a difficult November, reporting disappointing third-quarter results amid a fiercely competitive telecoms market. The company said it had identified assets that could be sold to ease its debt burden, and that the sales could start as early as the first half of 2018. Overweighting Amgen also worked against us. Shares of the multinational biopharma returned -6% the past three months. Revenue for the third quarter was down slightly year over year amid a bevy of new and prospective generic-drug competitors, even as Amgen reported favorable results in late-stage trials for its Kyprolis blood-cancer drug, among others. Also, the company has been mulling taking advantage of a new, one-time corporate tax rate of 15.5% for cash repatriation, and investors wrestled with the pros and cons of Amgen's plan to bring stateside some of its huge cash hoard currently held abroad, an action that could result in as much as $6.5 billion in tax expenses. Avoiding Amazon.com also proved untimely. Despite a high valuation to start the quarter, shares of the online retailer gained about 22% in the final three months of 2017, soaring in late- October after the firm announced quarterly financial results that far exceeded analysts' expectations. Revenue increased 34% over the same period a year earlier, partly due to $1.3 billion in sales from Whole Foods Market, acquired in late August. Earnings LARGEST CONTRIBUTORS VS. BENCHMARK Average Contribution (basis points)* General Electric Co. Industrials -0.78% 33 Adobe Systems, Inc. Technology 2.52% 25 Merck & Co., Inc. Health Care -0.71% 15 Marathon Oil Corp. Energy 0.71% 13 PayPal s, Inc. * 1 basis point = 0.01%. Technology 1.91% 12 were even stronger, topping expectations by $0.49. Amazon Web Services (AWS) remained a prominent growth driver, as sales for the company's cloud-computing division rose 42%. Amazon also offered a positive financial outlook for the final three months of 2017, generally considered its most important quarter. Conversely, stock selection in materials, industrials and financials aided the fund's relative result. Among individual decision, our avoidance of struggling index name General Electric provided the biggest boost to relative performance. Shares of the industrial conglomerate returned about -27%, as the company cut its dividend for the first time since 2009 and reported its largest quarterly earnings miss in roughly 17 years. The company attributed its struggles to lackluster performance in its oil-and-gas and electric power-related businesses. Going forward, GE said it plans an aggressive focus on controlling costs, while maintaining critical long-term investments. Another index name we avoided to good effect was drug company Merck, whose shares returned about -11% for the three months. During its quarterly earnings call in October, Merck announced that, due to regulatory issues, it had pulled its European application for Keytruda as a first-line immunotherapy treatment for lung cancer. Keytruda accounts for about 10% of Merck's revenue, and investors considered foregoing Europe a significant setback; the stock lost more than 10% of its value over the next couple of days. Lower-than-anticipated revenue, due largely to a production shortage, was another negative. Adobe Systems, one of the fund's largest holdings, provided a further performance boost, with its stock price up 17% this quarter. Shares of the publishing-software developer surged in mid-october following a third-quarter earnings call in which the company upped its estimates for fiscal 2018 revenue and earnings due to expected growth in its cloud business. LARGEST DETRACTORS VS. BENCHMARK Altice NV Class A Consumer Discretionary Average Contribution (basis points)* 0.79% -59 Amgen, Inc. Health Care 1.98% -29 Amazon.com, Inc. Consumer Discretionary -1.97% -27 Celgene Corp. Health Care 0.03% -25 Electronic Arts, Inc. * 1 basis point = 0.01%. Technology 1.23% -24 2 For definitions and other important information, please see Definitions and Important section of this Fund Review.

Outlook and Positioning At year-end 2017, we continue to position the fund based on the assumption of an expanding U.S. economy. In fact, given the already considerable momentum in the economy and potential further help from the recently enacted tax-cut legislation and other possible fiscal moves to stimulate growth, we think the chances are good that we'll see the economy accelerate in 2018. Accordingly, we've tried to increase the fund's cyclical exposure at the margin, adding to such sectors as information technology, financials, industrials, energy and materials. As of December 31, information technology is our largest sector overweighting. We've added to holdings in both the software & services and technology hardware & equipment industries. Also within the tech sector, Adobe Systems and Apple are our two largest overweightings, with Apple the fund's largest overall yearend holding by a wide margin. Materials is the fund's second-largest sector overweighting at the end of 2017, with holdings representing several industries, including metals & mining, chemicals and construction materials. Our largest holding in this sector as of December 31 is FMC, a supplier of agricultural chemicals. Financials ended 2017 as our third-largest sector overweighting. However, the fund's industry-level weightings in this sector are quite different from the benchmark's. For example, we hold a sizable underweighting in banks. Although we've seen some tangible benefits for banks since the U.S. presidential election in the form of higher interest rates and easing restrictions on bank's ability to return capital to shareholders, we thought a lot of these positives were already reflected in share prices. MARKET-SEGMENT DIVERSIFICATION Portfolio Index Change From Prior Quarter Technology 29.47% 23.76% 5.71% 3.76% Financials 17.98% 14.78% 3.20% 2.00% Consumer Discretionary 12.53% 12.20% 0.33% -3.96% Industrials 10.12% 10.26% -0.14% 1.42% Health Care 9.20% 13.84% -4.64% -5.18% Materials 8.04% 3.00% 5.04% 0.29% Energy 6.06% 6.07% -0.01% 2.96% Telecommunication Services 1.49% 2.06% -0.57% -0.06% Consumer Staples 1.36% 8.20% -6.84% -0.17% Real Estate 0.37% 2.89% -2.52% 0.10% Utilities 0.00% 2.93% -2.93% -0.35% Other 0.00% 0.00% 0.00% 0.00% Most of our financials holdings at December 31 are in asset managers, brokers and other firms in the diversified financials category, which we believe should continue to benefit if capital flows into the financial markets remain healthy. Our biggest sector underweighting at year end is consumer staples. We view this sector as expensive, given the generally mediocre growth prospects we've been finding there. Thus, we avoided index stocks such as Procter & Gamble and Coca-Cola. During the quarter, we reduced the fund's exposure to health care, lowering our biotech and pharma weightings. In the process, health care moved from a modest overweighting at the end of September to the fund's second-largest underweighting by year end. That said, as of December 31 we continue to carry some larger positions in this area, such as Amgen, which we like for its growth potential in a slow-growth world. Elsewhere, we trimmed consumer discretionary to roughly a market weighting, notably reducing our holdings in media and retailing. However, within the sector's consumer services segment is casino operator Las Vegas Sands, the fund's largest non-index position as of December 31. We continue to like this company for its Las Vegas operations, its Macau properties and the growing likelihood of getting approval to open a casino in Japan. The fund's largest individual underweighting at quarter end is e- commerce titan Amazon.com, which we choose to avoid for valuation reasons. CHARACTERISTICS Valuation Portfolio Index Price/Earnings Trailing 25.3x 22.5x Price/Earnings (IBES 1-Year Forecast) 20.3x 18.5x Price/Book 3.6x 3.3x Price/Cash Flow 17.4x 14.4x Return on Equity (5-Year Trailing) 16.1% 14.6% Growth Sales/Share Growth 1-Year (Trailing) 8.6% 6.9% Earnings/Share Growth 1-Year (Trailing) 8.2% 8.3% Earnings/Share Growth 1-Year (IBES Forecast) 26.5% 21.9% Earnings/Share Growth 5-Year (Trailing) 15.8% 11.2% Size ed Average Market Cap ($ Billions) 151.5 193.4 ed Median Market Cap ($ Billions) 49.5 99.3 Median Market Cap ($ Billions) 18.3 22.3 3 For definitions and other important information, please see Definitions and Important section of this Fund Review.

LARGEST OVERWEIGHTS BY HOLDING Las Vegas Sands Corp. Consumer Discretionary 2.96% CME Group, Inc. Financials 2.59% Morgan Stanley Financials 2.53% Adobe Systems, Inc. Technology 2.31% FMC Corp. Materials 2.15% LARGEST UNDERWEIGHTS BY HOLDING Amazon.com, Inc. Consumer Discretionary -2.05% Berkshire Hathaway, Inc. Class B Financials -1.67% Johnson & Johnson Health Care -1.64% JPMorgan Chase & Co. Financials -1.63% Exxon Mobil Corp. Energy -1.55% 10 LARGEST HOLDINGS Apple, Inc. Las Vegas Sands Corp. Morgan Stanley CME Group, Inc. Adobe Systems, Inc. Alphabet, Inc. Class C Goldman Sachs Group, Inc. PayPal s, Inc. Amgen, Inc. FMC Corp. 10 Largest s as a % of Net Assets Technology Consumer Discretionary Financials Financials Technology Technology Financials Technology Health Care Materials 28.68% Total Number of s 129 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 85.15% 99.03% -13.88% 1.04% International Equities 11.48% 0.97% 10.51% -0.25% Developed Markets 8.01% 0.76% 7.25% -0.70% Emerging Markets 3.47% 0.21% 3.26% 0.45% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 3.37% 0.00% 3.37% -0.79% 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 1.06 1.00 Standard Deviation 11.81% 10.07% Sharpe Ratio 0.74 1.10 Tracking Error 5.11% -- Ratio -0.45 -- R-Squared 0.82 -- 4 For definitions and other important information, please see Definitions and Important section of this Fund Review.

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. 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 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. 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 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. 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 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2018 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 657092.19.0