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0000275309 fct5:S000005455Member fct5:KMember fct5:RussellMidcapValueIndexMember 2011-12-30 2012-12-29 0000275309 fct5:S000005453Member fct5:RetailMember fct5:BeforeTaxMember fct5:C000014854Member 2011-12-30 2012-12-29 0000275309 fct5:S000005453Member fct5:RetailMember rr:AfterTaxesOnDistributionsMember fct5:C000014854Member 2011-12-30 2012-12-29 0000275309 fct5:S000005453Member fct5:RetailMember rr:AfterTaxesOnDistributionsAndSalesMember fct5:C000014854Member 2011-12-30 2012-12-29 0000275309 fct5:S000005453Member fct5:RetailMember fct5:RussellTwoTwoThousandIndexMember 2011-12-30 2012-12-29 pure iso4217:USD 0 0.0073 0 0.0008 0.0081 83 259 450 1002 0.3679 0.1847 -0.0249 0.0211 -0.0249 0.0008 -0.0047 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityFocusedStockFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityFocusedStockFund column period compact * ~</div> 0 Investment Objective Fee Table Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover Principal Investment Strategies Principal Investment Risks Performance The fund seeks capital appreciation. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 169% of the average value of its portfolio. The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. Fund Summary Fund: Fidelity® Focused Stock Fund Investment Objective The fund seeks capital growth. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) 0 485BPOS Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) 2012-10-31 FIDELITY CAPITAL TRUST 0000275309 false 2012-12-27 2012-12-29 2012-12-29 <ul><li>Normally investing primarily in common stocks.</li> <li>Investing in domestic and foreign issuers. </li> <li>Investing in either "growth" stocks or "value" stocks or both.</li> <li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> 0.0064 0 0.0029 0.0093 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 95 296 515 <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li></ul> An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. 1143 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 279% of the average value of its portfolio. 2.79 Principal Investment Strategies Fund Summary Fund/Class: Fidelity® Capital Appreciation Fund/Fidelity Capital Appreciation Fund Investment Objective The fund seeks capital appreciation. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) <ul><li>Normally investing at least 80% of assets in stocks.</li><li>Normally investing primarily in common stocks.</li><li>Normally investing in 30-80 stocks.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Principal Investment Risks 0 Fund Summary Fund/Class: Fidelity® Capital Appreciation Fund/K Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 0.0073 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 0 0.0023 <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li></ul>In addition, the fund normally invests in a limited number of stocks. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a fund with a larger number of investments. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. 0.0096 1.69 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Past performance is not an indication of future performance. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityCapitalAppreciationFundClassK column period compact * ~</div> Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com Fund Summary Fund/Class: Fidelity® Disciplined Equity Fund/K Investment Objective Fee Table Year-by-Year Returns Calendar Years Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover Principal Investment Strategies Principal Investment Risks Performance -0.3929 0.2312 0.1552 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 0.1822 The fund seeks capital growth. 0.0513 The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 0.1703 -0.3303 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 0.252 The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 147% of the average value of its portfolio. 0.2409 0.0057 <ul><li>Normally investing at least 80% of assets in equity securities.</li><li>Normally investing primarily in common stocks.</li><li>Seeking to reduce the impact of industry weightings on the performance of the fund by considering each industry's weighting in the S&P 500® Index when allocating the fund's investments across industries. </li><li>Investing in domestic and foreign issuers. </li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments.</li></ul> <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. 98 306 531 1178 Portfolio Turnover <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">15.77% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-18.37% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">15.67% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 169% of the average value of its portfolio. 1.69 Year-by-Year Returns Calendar Years Highest Quarter Return <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">19.98% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-15.02% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">20.86% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Lowest Quarter Return Year-to-Date Return 0.1577 -0.1837 0.1567 2012-09-30 Principal Investment Strategies 2011-09-30 2009-09-30 Average Annual Returns For the periods ended December 31, 2011 The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">16.12% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-23.00% </div></td><td><div align="left">June 30, 2002</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">15.83% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> www.401k.com and log in for updated return information Year-to-Date Return 2012-09-30 0.1583 Highest Quarter Return 2009-06-30 0.1612 <ul><li>Normally investing primarily in common stocks. </li><li>Investing in domestic and foreign issuers. </li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Lowest Quarter Return 2002-06-30 -0.23 Principal Investment Risks Highest Quarter Return <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityCapitalAppreciationFundClassK column period compact * ~</div> 0.1998 2009-09-30 Lowest Quarter Return -0.1502 2011-09-30 Year-to-Date Return 0.2086 2012-09-30 Average Annual Returns <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityCapitalAppreciationFundClassKBarChart column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. For the periods ended December 31, 2011 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityCapitalAppreciationFundClassK column period compact * ~</div> 0.0057 0.0055 0.004 0.0211 0.0414 0.0369 0.0342 -0.0025 0.0277 0.0253 0.0232 0.0292 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. 0.2219 0.0844 -0.0296 The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityFocusedStockFundBarChart column period compact * ~</div> An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance -0.0296 0.0211 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityFocusedStockFund column period compact * ~</div> The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. -0.0493 -0.0047 0.0032 0 0.0007 0.0076 The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. 0 0.0039 0.003 Past performance (before and after taxes) is not an indication of future performance. 40 0.0106 www.fidelity.com 125 219 493 108 337 585 1294 Year-by-Year Returns Calendar Years You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance is not an indication of future performance. Investment Objective www.401k.com and log in for updated return information Year-by-Year Returns Calendar Years Fee Table Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Average Annual Returns For the periods ended December 31, 2011 Portfolio Turnover Principal Investment Strategies Principal Investment Risks Performance The fund seeks capital appreciation. The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 61% of the average value of its portfolio. 2008-05-09 2008-05-09 -0.2127 0.5168 0.1126 0.058 0.138 0.0686 -0.405 0.3638 0.1834 -0.0267 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">20.69% </div></td><td><div align="left">June 30, 2003</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-19.99% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">20.71% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityDisciplinedEquityFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityDisciplinedEquityFundClassK column period compact * ~</div> 2008-05-09 2008-05-09 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityDisciplinedEquityFundClassKBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityDisciplinedEquityFundClassK column period compact * ~</div> -0.4691 0.3247 0.3379 Fund Summary Fund/Class: Fidelity® Disciplined Equity Fund/Fidelity Disciplined Equity Fund Investment Objective -0.0259 The fund seeks capital growth. -0.0259 -0.0259 -0.0168 -0.0418 -0.0298 -0.0217 Fee Table -0.0099 -0.024 The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Highest Quarter Return 2003-06-30 0.2069 Lowest Quarter Return 2008-12-31 -0.1999 Year-to-Date Return 2012-09-30 0.2071 0 0.0032 0 0.0022 0.0054 Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: -0.0267 -0.027 -0.017 0.0211 -0.0002 -0.0042 -0.0012 -0.0025 0.048 0.043 0.0411 0.0292 The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. 55 173 302 677 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 147% of the average value of its portfolio. Principal Investment Strategies Fund Summary Fund/Class: Fidelity® Disciplined Equity Fund/F Investment Objective Fee Table Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover Principal Investment Strategies Principal Investment Risks 1.47 Performance Year-by-Year Returns Calendar Years <ul><li>Normally investing at least 80% of assets in equity securities.</li><li>Normally investing primarily in common stocks.</li><li>Seeking to reduce the impact of industry weightings on the performance of the fund by considering each industry's weighting in the S&P 500® Index when allocating the fund's investments across industries.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments.</li></ul> Average Annual Returns <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityCapitalAppreciationFund column period compact * ~</div> The fund seeks capital growth. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 0 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityCapitalAppreciationFundBarChart column period compact * ~</div> 0.0032 0 0.0002 0.0034 Principal Investment Risks <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Fee Table <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityCapitalAppreciationFund column period compact * ~</div> This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. 35 109 191 431 The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 147% of the average value of its portfolio. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com <ul><li>Normally investing at least 80% of assets in equity securities.</li><li>Normally investing primarily in common stocks.</li><li>Seeking to reduce the impact of industry weightings on the performance of the fund by considering each industry's weighting in the S&P 500® Index when allocating the fund's investments across industries.</li><li>Investing in domestic and foreign issuers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using quantitative analysis to evaluate growth potential, valuation, liquidity, and investment risk, along with fundamental analysis of factors such as each issuer's financial condition, its industry position, and market and economic conditions to select investments.</li></ul> Year-by-Year Returns Calendar Years -0.1856 0.2718 0.1202 0.1027 0.1458 0.1084 -0.401 0.2196 0.0825 -0.0313 <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. 1.47 You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">15.65% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-23.33% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">15.57% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.401k.com and log in for updated return information. Average Annual Returns 0.0847 -0.0289 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 Highest Quarter Return 0.1199 2011-12-31 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Lowest Quarter Return -0.1833 2011-09-30 Year-to-Date Return 0.1574 2012-09-30 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in stocks of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index).</li> <li>Investing in domestic and foreign issuers.</li> <li>Allocating the fund's assets across different market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecom services, and utilities), using different Fidelity managers.</li> <li>Investing in either "growth" stocks or "value" stocks or both.</li> <li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> -0.0313 -0.0334 -0.0175 0.0211 -0.0322 -0.0366 -0.0271 -0.0025 0.0221 0.0181 0.0192 0.0292 Year-to-Date Return 2012-09-30 0.1557 Highest Quarter Return 2009-09-30 0.1565 Lowest Quarter Return 2008-12-31 -0.2333 Fidelity Capital Appreciation Fund Fidelity Capital Appreciation Fund Fidelity Capital Appreciation Fund <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li> <li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li> <li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. </li> <li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers. </li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. -0.0289 -0.0314 -0.0155 0.0211 0.1026 0.0999 0.0881 0.1564 0 2009-06-26 2009-06-26 2009-06-26 2009-06-26 www.401k.com and log in for updated return information Fund Summary Fund/Class: Fidelity® Value Fund/Fidelity Value Fund Investment Objective The fund seeks capital appreciation. Fee Table The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. Shareholder fees (fees paid directly from your investment) After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover Principal Investment Strategies Principal Investment Risks Average Annual Returns Fund Summary Fund/Class: Fidelity® Stock Selector Small Cap Fund/Fidelity Advisor® Stock Selector Small Cap Fund Institutional <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityCapitalAppreciationFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityDisciplinedEquityFundClassF column period compact * ~</div> Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index Fund Summary Fund/Class: Fidelity® Stock Selector Small Cap Fund/Fidelity Advisor® Stock Selector Small Cap Fund A, T, B, C Investment Objective The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. More information about these and other discounts is available from your investment professional and in the Fund Distribution section beginning on page (Click Here) of the prospectus. Shareholder fees (fees paid directly from your investment) 0.0575 0.035 0 0 0 0 0.05 0.01 -0.015 -0.015 -0.015 -0.015 Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 0.0076 0.0076 0.0076 0.0076 0.0025 0.005 0.01 0.01 0.0036 0.0038 0.0036 0.0036 0.0137 0.0164 0.0212 0.0212 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares: 706 511 715 315 984 849 964 664 1282 1211 1339 1139 2127 2171 2226 2452 706 511 215 215 849 664 664 984 1282 1211 1139 1139 2226 2171 2452 2127 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 61% of the average value of its portfolio. 0.61 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">11.99% </div></td><td><div align="left">December 31, 2011</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-18.33% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">15.74% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Class K S&P 500® Index The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Principal Investment Strategies Class K S&P 500® Index Fidelity Focused Stock Fund Fidelity Focused Stock Fund Fidelity Focused Stock Fund Return Before Taxes S&P 500® Index Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Fidelity Disciplined Equity Fund Fidelity Disciplined Equity Fund Fidelity Disciplined Equity Fund Class F Class F Class F <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityDisciplinedEquityFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityDisciplinedEquityFundClassFBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityDisciplinedEquityFundClassF column period compact * ~</div> <ul><li>Normally investing primarily in common stocks.</li><li>Normally investing at least 80% of assets in stocks of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index).</li><li>Investing in domestic and foreign issuers.</li><li>Allocating the fund's assets across different market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecom services, and utilities), using different Fidelity managers.</li><li>Investing in either "growth" stocks or "value" stocks or both.</li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Principal Investment Risks 0.77 The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 77% of the average value of its portfolio. <ul><li>Normally investing primarily in common stocks.</li><li>Investing in securities of companies that possess valuable fixed assets or that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, earnings, or growth potential (stocks of these companies are often called "value" stocks). </li><li>Focusing investments in medium-sized companies, but also may invest substantially in larger or smaller companies.</li><li>Investing in domestic and foreign issuers.</li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. </li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityDisciplinedEquityFund column period compact * ~</div> <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the fund or certain other Fidelity funds. 50000 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.advisor.fidelity.com for updated return information. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityDisciplinedEquityFundBarChart column period compact * ~</div> www.advisor.fidelity.com <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityDisciplinedEquityFund column period compact * ~</div> Year-by-Year Returns <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityStockSelectorSmallCapFundInstitutionalClassBarChart column period compact * ~</div> The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown. Calendar Years <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityStockSelectorSmallCapFundInstitutionalClass column period compact * ~</div> <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart for Class A: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">24.50% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-28.06% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">11.71% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> 0.61 www.advisor.fidelity.com An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Year-to-Date Return 2012-09-30 0.1171 Highest Quarter Return 2009-06-30 0.245 Lowest Quarter Return -0.0925 0.3443 2008-12-31 0.2121 -0.2806 0.1427 0.1509 0.0221 -0.4652 0.4408 0.2227 -0.0671 Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 2000® Index -0.471 0.3187 0.3339 -0.0288 0.0046 Average Annual Returns 0 0.0022 0.0068 Highest Quarter Return 2009-06-30 0.2445 Lowest Quarter Return -0.2798 2008-12-31 Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 Year-to-Date Return 0.1224 2012-09-30 69 218 Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. 379 847 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 After-tax returns for Class A are shown in the table below and after-tax returns for other classes will vary. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. -0.0671 -0.0685 -0.042 -0.0138 -0.0212 -0.025 -0.0176 0.0004 0.0574 0.0518 0.0502 0.0767 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityDisciplinedEquityFundClassF column period compact * ~</div> -0.0847 -0.0847 -0.055 -0.0652 -0.0842 -0.0458 -0.0418 -0.0396 -0.0451 -0.0345 -0.0375 -0.0384 -0.0346 -0.0099 1.47 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">24.45% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-27.98% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">12.24% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 Sell All Shares Hold Shares After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. www.fidelity.com Highest Quarter Return Lowest Quarter Return Year-to-Date Return 0.2741 -0.3168 0.167 2012-09-30 2008-12-31 2009-09-30 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">27.41% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-31.68% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">16.70% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityStockSelectorSmallCapFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityValueFund column period compact * ~</div> Average Annual Returns <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityValueFund column period compact * ~</div> 2007-05-02 2007-05-02 2007-05-02 2007-05-02 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityValueFund column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. -0.015 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityStockSelectorSmallCapFundInstitutionalClass column period compact * ~</div> Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell Midcap® Value Index Fidelity Value Fund Fidelity Value Fund Fidelity Value Fund Year-by-Year Returns Calendar Years An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Past performance (before and after taxes) is not an indication of future performance. Performance Year-by-Year Returns Calendar Years Institutional Class Institutional Class Institutional Class <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityStockSelectorSmallCapFundClassA,T,B,C column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityStockSelectorSmallCapFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleNoRedemptionFidelityStockSelectorSmallCapFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityStockSelectorSmallCapFundClassA,T,B,CBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityStockSelectorSmallCapFundClassA,T,B,C column period compact * ~</div> Class A - Return Before Taxes Class C - Return Before Taxes Class B - Return Before Taxes Class T - Return Before Taxes Class A - Return After Taxes on Distributions Class A - Return After Taxes on Distributions and Sale of Fund Shares Russell 2000® Index 2007-05-02 2007-05-02 2007-05-02 2007-05-02 2007-05-02 2007-05-02 2007-05-02 Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase. Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares S&P 500® Index Fund Summary Fund/Class: Fidelity® Value Fund/K Investment Objective Fee Table Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Portfolio Turnover Principal Investment Strategies Principal Investment Risks Performance Year-by-Year Returns Calendar Years Average Annual Returns For the periods ended December 31, 2011 0 0.0046 0 0.0008 0.0054 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 55 173 302 677 The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 77% of the average value of its portfolio. 0.444 0.2247 -0.0658 <ul><li>Normally investing primarily in common stocks.</li><li>Investing in securities of companies that possess valuable fixed assets or that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, earnings, or growth potential (stocks of these companies are often called "value" stocks).</li><li>Focusing investments in medium-sized companies, but also may invest substantially in larger or smaller companies.</li><li>Investing in domestic and foreign issuers.</li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityValueFundClassK column period compact * ~</div> <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.</li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Fund Summary Fund/Class: Fidelity® Stock Selector Small Cap Fund/Fidelity Stock Selector Small Cap Fund Investment Objective The fund seeks capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 0.0076 0 0.0031 0.0107 You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance is not an indication of future performance. 109 340 590 1306 www.401k.com and log in for updated return information Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 61% of the average value of its portfolio. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 0.61 Principal Investment Strategies <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">27.45% </div></td><td><div align="left">September 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-20.75% </div></td><td><div align="left">September 30, 2011</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">16.83% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityValueFundClassKBarChart column period compact * ~</div> <ul><li>Normally investing primarily in common stocks. </li><li>Normally investing at least 80% of assets in stocks of companies with small market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2000® Index or the S&P SmallCap 600® Index). </li><li>Investing in domestic and foreign issuers. </li><li>Allocating the fund's assets across different market sectors (at present, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecom services, and utilities), using different Fidelity managers. </li><li>Investing in either "growth" stocks or "value" stocks or both. </li><li>Using fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments.</li></ul> Principal Investment Risks Highest Quarter Return 0.2745 2009-09-30 Lowest Quarter Return -0.2075 2011-09-30 Year-to-Date Return 0.1683 2012-09-30 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityValueFundClassK column period compact * ~</div> -0.0658 -0.0138 -0.0244 0.0092 2008-05-09 2008-05-09 <ul><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different types of securities can react differently to these developments.</li><li>Foreign Exposure. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. </li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. </li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance (before and after taxes) is not an indication of future performance. Visit www.fidelity.com for updated return information. Performance The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. Past performance (before and after taxes) is not an indication of future performance. www.fidelity.com Year-by-Year Returns Calendar Years Class K Russell Midcap® Value Index -0.2083 0.3489 0.1502 0.1096 0.1459 0.073 -0.4699 0.3228 0.3373 -0.0259 0.77 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">24.48% </div></td><td><div align="left">June 30, 2009</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">-28.05% </div></td><td><div align="left">December 31, 2008</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">11.98% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Highest Quarter Return 2009-06-30 0.2448 Lowest Quarter Return 2008-12-31 -0.2805 Year-to-Date Return 2012-09-30 0.1198 Average Annual Returns After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. For the periods ended December 31, 2011 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. -0.0259 -0.0259 -0.0169 -0.0418 -0.004 -0.0094 -0.0047 0.0015 0.0435 0.0363 0.036 0.0562 The fund seeks capital appreciation. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityValueFundClassK column period compact * ~</div> The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the Additional Information about the Index section of the prospectus. Past performance is not an indication of future performance. Visit www.401k.com and log in for updated return information. Fidelity Stock Selector Small Cap Fund Fidelity Stock Selector Small Cap Fund Fidelity Stock Selector Small Cap Fund Return Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Russell 2000® Index <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsFidelityStockSelectorSmallCapFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedFidelityStockSelectorSmallCapFund column period compact * ~</div> -0.015 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesFidelityStockSelectorSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleFidelityStockSelectorSmallCapFund column period compact * ~</div> The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityCapitalAppreciationFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityDisciplinedEquityFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityDisciplinedEquityFundClassF column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityDisciplinedEquityFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesFidelityFocusedStockFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityStockSelectorSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityStockSelectorSmallCapFundClassATBC column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityStockSelectorSmallCapFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityValueFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityValueFundClassK column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesFidelityCapitalAppreciationFundClassK column period compact * ~</div> From May 9, 2008. Class A and Class T purchases of $1 million or more will not be subject to a front-end sales charge. Such Class A and Class T purchases may be subject, upon redemption, to a contingent deferred sales charge (CDSC) of 1.00% or 0.25%, respectively. Declines over 6 years from 5.00% to 0%. On Class C shares redeemed less than one year after purchase. From May 2, 2007. From June 26, 2009.