Supplement to the
Fidelity® Mid Cap Value Fund and Fidelity® Stock Selector Large Cap Value Fund
April 1, 2017
STATEMENT OF ADDITIONAL INFORMATION

Chip Perrone serves as a co-manager of Fidelity^® Stock Selector Large Cap Value Fund.

Kevin Walenta has replaced Court Dignan as the portfolio manager of Fidelity^® Mid Cap Value Fund.

The following information replaces similar information found for Fidelity^® Mid Cap Value Fund in the "Management Contracts" section.

Kevin Walenta is the portfolio manager of Fidelity^® Mid Cap Value Fund and receives compensation for his services. As of June 30, 2017, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management of FMR. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity^® Mid Cap Value Fund is based on the fund’s pre-tax investment performance measured against the Russell Midcap^® Value Index, and the fund’s pre-tax investment performance (based on the performance of the fund’s retail class) within the Morningstar^® Mid-Cap Value Category. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR’s parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The portfolio manager’s compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, the portfolio manager’s compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, a fund’s trade allocation policies and procedures may give rise to conflicts of interest if the fund’s orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund’s Code of Ethics.

The following table provides information relating to other accounts managed by Mr. Walenta as of June 30, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	3	none	none
Number of Accounts Managed with Performance-Based Advisory Fees	1	none	none
Assets Managed (in millions)	$3,412	none	none
Assets Managed with Performance-Based Advisory Fees (in millions)	$3,237	none	none

* Includes Fidelity^® Mid Cap Value Fund ($3,237 (in millions) assets managed with performance-based advisory fees).

As of June 30, 2017, the dollar range of shares of Fidelity^® Mid Cap Value Fund beneficially owned by Mr. Walenta was $500,001- $1,000,000.

The following information supplements similar information for Fidelity^® Stock Selector Large Cap Value Fund found in the "Management Contracts" section.

Chip Perrone is co-manager of Fidelity^® Stock Selector Large Cap Value Fund and receives compensation for his services. As of December 31, 2017, portfolio manager compensation generally consists of a fixed-base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or an affiliate or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) measurement of their % positive impact resulting from their rated securities across a defined set of portfolios, and (iii) the investment performance of other funds and accounts managed by the portfolio manager. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity^® Stock Selector Large Cap Value Fund is based on the fund’s pre-tax investment performance measured against the Russell 1000^® Value Index, and the fund’s pre-tax investment performance (based on the performance of the fund’s retail class) within the Morningstar^® Large Value Category. An additional portion of Mr. Perrone’s bonus is based on the pre-tax investment performance of the portion of the fund’s assets he manages measured against the Russell 1000^® Value Consumer Discretionary Index. The portfolio manager’s bonus also is compensated under equity based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The portfolio manager’s compensation plan may give rise to potential conflicts of interest. The portfolio manager’s compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. In addition, a fund’s trade allocation policies and procedures may give rise to conflicts of interest if the fund’s orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund’s Code of Ethics.

The following table provides information relating to other accounts managed by Mr. Perrone as of December 31, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	7	12	4
Number of Accounts Managed with Performance-Based Advisory Fees	1	none	none
Assets Managed (in millions)	$4,329	$1,876	$1,308
Assets Managed with Performance-Based Advisory Fees (in millions)	$76	none	none

* Includes assets of Fidelity^® Stock Selector Large Cap Value Fund managed by Mr. Perrone ($76 (in millions) assets managed with performance-based advisory fees).

As of December 31, 2017, the dollar range of shares of Fidelity^® Stock Selector Large Cap Value Fund beneficially owned by Mr. Perrone was $50,001 - $100,000.

LMCB-18-01
1.774031.129

February 12, 2018

Supplement to the
Fidelity® Mid Cap Value Fund and Fidelity® Stock Selector Large Cap Value Fund
Class A, Class M, Class C and Class I
April 1, 2017
STATEMENT OF ADDITIONAL INFORMATION

Chip Perrone serves as a co-manager of Fidelity^® Stock Selector Large Cap Value Fund.

Kevin Walenta has replaced Court Dignan as the portfolio manager of Fidelity^® Mid Cap Value Fund.

The following information replaces similar information for Fidelity^® Mid Cap Value Fund found in the "Management Contracts" section.

The following table provides information relating to other accounts managed by Mr. Walenta as of June 30, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	3	none	none
Number of Accounts Managed with Performance-Based Advisory Fees	1	none	none
Assets Managed (in millions)	$3,412	none	none
Assets Managed with Performance-Based Advisory Fees (in millions)	$3,237	none	none

* Includes Fidelity^® Mid Cap Value Fund ($3,237 (in millions) assets managed with performance-based advisory fees).

As of June 30, 2017, the dollar range of shares of Fidelity^® Mid Cap Value Fund beneficially owned by Mr. Walenta was $500,001- $1,000,000.

The following information supplements similar information for Fidelity^® Stock Selector Large Cap Value Fund found in the "Management Contracts" section.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) measurement of their % positive impact resulting from their rated securities across a defined set of portfolios, and (iii) the investment performance of other funds and accounts managed by the portfolio manager. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity^® Stock Selector Large Cap Value Fund is based on the fund’s pre-tax investment performance measured against the Russell 1000^® Value Index, and the fund’s pre-tax investment performance (based on the performance of the fund’s retail class) within the Morningstar^® Large Value Category. An additional portion of Mr. Perrone’s bonus is based on the pre-tax investment performance of the portion of the fund’s assets he manages measured against the Russell 1000^® Value Consumer Discretionary Index. The portfolio manager’s bonus also is compensated under equity based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The following table provides information relating to other accounts managed by Mr. Perrone as of December 31, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	7	12	4
Number of Accounts Managed with Performance-Based Advisory Fees	1	none	none
Assets Managed (in millions)	$4,329	$1,876	$1,308
Assets Managed with Performance-Based Advisory Fees (in millions)	$76	none	none

* Includes assets of Fidelity^® Stock Selector Large Cap Value Fund managed by Mr. Perrone ($76 (in millions) assets managed with performance-based advisory fees).

As of December 31, 2017, the dollar range of shares of Fidelity^® Stock Selector Large Cap Value Fund beneficially owned by Mr. Perrone was $50,001 - $100,000.

ACOM1B-18-01
1.848945.124

February 12, 2018

Supplement to the
Fidelity Advisor® Series Stock Selector Large Cap Value Fund
April 1, 2017
STATEMENT OF ADDITIONAL INFORMATION

Chip Perrone serve as a co-manager of the fund.

The following information replaces similar information found in the “Management Contract” section.

Management-Related Expenses. Under the terms of the fund's management contract, FMR or an affiliate is responsible for payment of all expenses involved in the operation of the fund, including all expenses allocable at the fund level, except the following: (i) transfer agent fees, Rule 12b-1 fees and other expenses allocable at the class level; (ii) interest and taxes; (iii) brokerage commissions and other costs in connection with the purchase or sale of securities and other investment instruments; (iv) fees and expenses of the trust’s Trustees other than those who are “interested persons” of the trust or of FMR; (v) custodian fees and expenses; (vi) expenses of printing and mailing proxy materials to shareholders of the fund; (vii) all other expenses incidental to holding meetings of the fund’s shareholders, including proxy solicitations therefor; and (viii) such non-recurring and/or extraordinary expenses as may arise, including those relating to actions, suits or proceedings to which the fund is a party and the legal obligation which the fund may have to indemnify the trust’s trustees and officers with respect thereto.

The following information replaces similar information found in the “Management Contract” section under the “Management Fee” heading.

Effective June 1, 2017, the fund does not pay a management fee to FMR for the services rendered.

The following information supplements similar information found in the "Management Contract" section.

Chip Perrone is co-manager of Fidelity Advisor^® Series Stock Selector Large Cap Value Fund and receives compensation for his services. As of December 31, 2017, portfolio manager compensation generally consists of a fixed-base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or an affiliate or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) measurement of their % positive impact resulting from their rated securities across a defined set of portfolios, and (iii) the investment performance of other funds and accounts managed by the portfolio manager. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity Advisor^® Series Stock Selector Large Cap Value Fund is based on the fund’s pre-tax investment performance measured against the Russell 1000^® Value Index, and the fund’s pre-tax investment performance within the Morningstar^® Large Value Category. An additional portion of Mr. Perrone’s bonus is based on the pre-tax investment performance of the portion of the fund’s assets he manages measured against the Russell 1000^® Value Consumer Discretionary Index. The portfolio manager’s bonus also is compensated under equity based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The following table provides information relating to other accounts managed by Mr. Perrone as of December 31, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	7	12	4
Number of Accounts Managed with Performance-Based Advisory Fees	1	none	none
Assets Managed (in millions)	$4,329	$1,876	$1,308
Assets Managed with Performance-Based Advisory Fees (in millions)	$76	none	none

* Includes assets of Fidelity Advisor^® Series Stock Selector Large Cap Value Fund managed by Mr. Perrone ($74 (in millions) assets managed).

As of December 31, 2017, the dollar range of shares of Fidelity Advisor^® Series Stock Selector Large Cap Value Fund beneficially owned by Mr. Perrone was none.

The following information replaces similar information found in the “Transfer and Service Agent Agreements” section.

For providing transfer agency services, FIIOC receives no fees from the fund.

FIIOC may collect fees charged in connection with providing certain types of services such as exchanges, closing out fund balances, maintaining fund positions with low balances, checkwriting, wire transactions, and providing historical account research, as applicable.

FIIOC bears the expense of typesetting, printing, and mailing prospectuses, statements of additional information, and all other reports, notices, and statements to existing shareholders, with the exception of proxy statements.

The fund has entered into a service agent agreement with FSC, an affiliate of FMR (or an agent, including an affiliate). The fund has also entered into a securities lending administration agreement with FSC. Under the terms of the agreements, FSC calculates the NAV and dividends for shares, maintains the fund's portfolio and general accounting records, and administers the fund's securities lending program.

For providing pricing and bookkeeping services and securities lending administration services, FSC receives no fee from the fund. FMR is responsible for paying all pricing and bookkeeping and securities lending administration services costs of the fund.

FMR bears the cost of pricing and bookkeeping services and administration of the securities lending program under the terms of its management contract with the fund.

ALDTIB-18-01
1.964710.104

February 12, 2018

Supplement to the
Fidelity® Series Stock Selector Large Cap Value Fund
April 1, 2017
STATEMENT OF ADDITIONAL INFORMATION

Chip Perrone serves as a co-manager of the fund.

The following information replaces similar information found in the “Management Contract” section.

The following information replaces similar information found in the “Management Contract” section under the “Management Fee” heading.

Effective June 1, 2017, the fund does not pay a management fee to FMR for the services rendered.

The following information supplements similar information found in the "Management Contract" section.

Chip Perrone is co-manager of Fidelity^® Series Stock Selector Large Cap Value Fund and receives compensation for his services. As of December 31, 2017, portfolio manager compensation generally consists of a fixed-base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or an affiliate or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) measurement of their % positive impact resulting from their rated securities across a defined set of portfolios, and (iii) the investment performance of other funds and accounts managed by the portfolio manager. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity^® Series Stock Selector Large Cap Value Fund is based on the fund’s pre-tax investment performance measured against the Russell 1000^® Value Index, and the fund’s pre-tax investment performance within the Morningstar^® Large Value Category. An additional portion of Mr. Perrone’s bonus is based on the pre-tax investment performance of the portion of the fund’s assets he manages measured against the Russell 1000^® Value Consumer Discretionary Index. The portfolio manager’s bonus also is compensated under equity based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The following table provides information relating to other accounts managed by Mr. Perrone as of December 31, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	7	12	4
Number of Accounts Managed with Performance-Based Advisory Fees	1	none	none
Assets Managed (in millions)	$4,329	$1,876	$1,308
Assets Managed with Performance-Based Advisory Fees (in millions)	$76	none	none

* Includes assets of Fidelity^® Series Stock Selector Large Cap Value Fund managed by Mr. Perrone ($639 (in millions) assets managed).

As of December 31, 2017, the dollar range of shares of Fidelity^® Series Stock Selector Large Cap Value Fund beneficially owned by Mr. Perrone was none.

The following information replaces similar information found in the “Transfer and Service Agent Agreements” section.

For providing transfer agency services, FIIOC receives no fees from the fund.

FMR bears the cost of pricing and bookkeeping services and administration of the securities lending program under the terms of its management contract with the fund.

LDTB-18-01
1.964712.106

February 12, 2018

Supplement to the
Fidelity® Mid Cap Value Fund and Fidelity® Stock Selector Large Cap Value Fund
Class Z
April 8, 2017
STATEMENT OF ADDITIONAL INFORMATION

Chip Perrone serves as a co-manager of Fidelity^® Stock Selector Large Cap Value Fund.

Kevin Walenta has replaced Court Dignan as portfolio manager of Fidelity^® Mid Cap Value Fund.

The following information supplements similar information for Fidelity^® Mid Cap Value Fund found in the "Management Contracts" section.

The following table provides information relating to other accounts managed by Mr. Walenta as of June 30, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	3	none	none
Number of Accounts Managed with Performance-Based Advisory Fees	1	none	none
Assets Managed (in millions)	$3,412	none	none
Assets Managed with Performance-Based Advisory Fees (in millions)	$3,237	none	none

* Includes Fidelity^® Mid Cap Value Fund ($3,237 (in millions) assets managed with performance-based advisory fees).

As of June 30, 2017, the dollar range of shares of Fidelity^® Mid Cap Value Fund beneficially owned by Mr. Walenta was $500,001-$1,000,000.

The following information supplements similar information for Fidelity^® Stock Selector Large Cap Value Fund found in the "Management Contracts" section.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) measurement of their % positive impact resulting from their rated securities across a defined set of portfolios, and (iii) the investment performance of other funds and accounts managed by the portfolio manager. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity^® Stock Selector Large Cap Value Fund is based on the fund’s pre-tax investment performance measured against the Russell 1000^® Value Index, and the fund’s pre-tax investment performance (based on the performance of the fund’s retail class) within the Morningstar^® Large Value Category. An additional portion of Mr. Perrone’s bonus is based on the pre-tax investment performance of the portion of the fund’s assets he manages measured against the Russell 1000^® Value Consumer Discretionary Index. The portfolio manager’s bonus also is compensated under equity based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The following table provides information relating to other accounts managed by Mr. Perrone as of December 31, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	7	12	4
Number of Accounts Managed with Performance-Based Advisory Fees	1	none	none
Assets Managed (in millions)	$4,329	$1,876	$1,308
Assets Managed with Performance-Based Advisory Fees (in millions)	$76	none	none

* Includes assets of Fidelity^® Stock Selector Large Cap Value Fund managed by Mr. Perrone ($76 (in millions) assets managed with performance-based advisory fees).

As of December 31, 2017, the dollar range of shares of Fidelity^® Stock Selector Large Cap Value Fund beneficially owned by Mr. Perrone was $50,001 - $100,000.

COMBZ1B-18-01
1.9885236.101

February 12, 2018

Supplement to the
Fidelity Flex℠ Large Cap Value Fund and Fidelity Flex℠ Mid Cap Value Fund
February 17, 2017
STATEMENT OF ADDITIONAL INFORMATION

Chip Perrone serves as a co-manager of Fidelity Flex℠ Large Cap Value Fund.

Court Dignan no longer serves as portfolio manager of Fidelity Flex℠ Mid Cap Value Fund.

Justin Bennet, Katherine Buck, Matthew Friedman, John Mirshekan, Laurie Mundt, and Shadman Riaz serve as co-managers of Fidelity Flex℠ Mid Cap Value Fund.

The following information supplements similar information for Fidelity Flex℠ Mid Cap Value Fund found in the "Management Contracts" section.

Justin Bennett is co-manager of Fidelity Flex℠ Mid Cap Value Fund and receives compensation for his services. Katherine Buck is co-manager of Fidelity Flex℠ Mid Cap Value Fund and receives compensation for her services. Matthew Friedman is co-manager of Fidelity Flex℠ Mid Cap Value Fund and receives compensation for his services. John Mirshekari is co-manager of Fidelity Flex℠ Mid Cap Value Fund and receives compensation for his services. Shadman Riaz is co-manager of Fidelity Flex℠ Mid Cap Value Fund and receives compensation for his services. As of June 30, 2017, portfolio manager compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of each portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

Each portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of each portfolio manager’s bonus are based on the pre-tax investment performance of each portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group assigned to each fund or account. The pre-tax investment performance of each portfolio manager’s fund(s) and account(s) is weighted according to his or her tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his or her tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his or her tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group. A smaller, subjective component of each portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management of FMR. The portion of each portfolio manager’s bonus that is linked to the investment performance of Fidelity Flex℠ Mid Cap Value Fund is based on the pre-tax investment performance of the fund measured against the Russell Midcap^® Value Index, and the pre-tax investment performance of the fund within the Morningstar^® Mid-Cap Value Category. Another component of each portfolio manager’s bonus is based on the pre-tax investment performance of the portion of the fund’s assets he or she manages measured against the benchmark index identified below. Each portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR’s parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

Manager / Benchmark Index(es)

Justin Bennett / Russell Midcap^® Value Financials Index and Russell Midcap^® Value GICS Real Estate Index

Katherine Buck / Russell Midcap^® Value Consumer Discretionary Index and Russell Midcap^® Value Consumer Staples Index

Matthew Friedman / Russell Midcap^® Value Information Technology Index; Russell Midcap^® Value Telecommunication Services Index; and Russell Midcap^® Value Utilities Index

John Mirshekari / Russell Midcap^® Value Industrials Index

Shadman Riaz / Russell Midcap^® Value Energy Index and Russell Midcap^® Value Materials Index

A portfolio manager’s compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, a portfolio manager’s compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. A portfolio manager’s base pay tends to increase with additional and more complex responsibilities that include increased assets under management and a portion of the bonus relates to marketing efforts, which together indirectly link compensation to sales. When a portfolio manager takes over a fund or an account, the time period over which performance is measured may be adjusted to provide a transition period in which to assess the portfolio. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as a portfolio manager must allocate his or her time and investment ideas across multiple funds and accounts. In addition, a fund’s trade allocation policies and procedures may give rise to conflicts of interest if the fund’s orders do not get fully executed due to being aggregated with those of other accounts managed by FMR or an affiliate. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by a fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Portfolio managers may be permitted to invest in the funds they manage, even if a fund is closed to new investors. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund’s Code of Ethics.

The following table provides information relating to other accounts managed by Mr. Bennett as of June 30, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	9	2	none
Number of Accounts Managed with Performance-Based Advisory Fees	6	none	none
Assets Managed (in millions)	$4,815	$4,789	none
Assets Managed with Performance-Based Advisory Fees (in millions)	$4,814	none	none

* Includes assets of Fidelity Flex℠ Mid Cap Value Fund managed by Mr. Bennett ($1 (in millions) assets managed.

As of June 30, 2017, the dollar range of shares of Fidelity Flex℠ Mid Cap Value Fund beneficially owned by Mr. Bennett was none.

The following table provides information relating to other accounts managed by Ms. Buck as of June 30, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	9	2	none
Number of Accounts Managed with Performance-Based Advisory Fees	6	none	none
Assets Managed (in millions)	$2,593	$4,789	none
Assets Managed with Performance-Based Advisory Fees (in millions)	$2,592	none	none

* Includes assets of Fidelity Flex℠ Mid Cap Value Fund managed by Ms. Buck ($1 (in millions) assets managed.

As of June 30, 2017, the dollar range of shares of Fidelity Flex℠ Mid Cap Value Fund beneficially owned by Ms. Buck was none.

The following table provides information relating to other accounts managed by Mr. Friedman as of June 30, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	10	none	none
Number of Accounts Managed with Performance-Based Advisory Fees	6	none	none
Assets Managed (in millions)	$19,679	none	none
Assets Managed with Performance-Based Advisory Fees (in millions)	$18,902	none	none

* Includes assets of Fidelity Flex℠ Mid Cap Value Fund managed by Mr. Friedman ($1 (in millions) assets managed.

As of June 30, 2017, the dollar range of shares of Fidelity Flex℠ Mid Cap Value Fund beneficially owned by Mr. Friedman was none.

The following table provides information relating to other accounts managed by Mr. Mirshekari as of June 30, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	13	1	none
Number of Accounts Managed with Performance-Based Advisory Fees	7	none	none
Assets Managed (in millions)	$6,307	$27	none
Assets Managed with Performance-Based Advisory Fees (in millions)	$1,900	none	none

* Does not include assets of Fidelity Flex℠ Mid Cap Value Fund managed by Mr. Mirshekari.

As of June 30, 2017, the dollar range of shares of Fidelity Flex℠ Mid Cap Value Fund beneficially owned by Mr. Mirshekari was none.

The following table provides information relating to other accounts managed by Mr. Riaz as of June 30, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	8	1	none
Number of Accounts Managed with Performance-Based Advisory Fees	6	none	none
Assets Managed (in millions)	$2,577	$17	none
Assets Managed with Performance-Based Advisory Fees (in millions)	$2,576	none	none

* Does not include assets of Fidelity Flex℠ Mid Cap Value Fund managed by Mr. Riaz.

As of June 30, 2017, the dollar range of shares of Fidelity Flex℠ Mid Cap Value Fund beneficially owned by Mr. Riaz was none.

Laurie Mundt is a research analysts and co-manager of Fidelity Flex℠ Mid Cap Value Fund and receives compensation for her services as a research analyst and as a portfolio manager under a single compensation plan. As of June 30, 2017, the portfolio manager’s compensation generally consists of a fixed base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or at the election of the portfolio manager.

The portfolio manager’s base salary is determined primarily by level of experience and skills, and performance as a research analyst and fund manager at FMR or its affiliates. A portion of the portfolio manager’s bonus relates to her performance as a research analyst and is based on the Director of Research’s assessment of the research analyst’s performance and may include factors such as portfolio manager survey-based assessments, which relate to analytical work and investment results within the relevant market(s) and impact on other equity funds and accounts as a research analyst, and the research analyst’s contributions to the research groups and to FMR. Another component of the bonus is based upon (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index (which may be a customized industry benchmark index developed by FMR) assigned to each fund or account, and within a defined peer group, if applicable, assigned to each fund or account, (ii) the pre-tax investment performance of the research analyst’s recommendations measured against a benchmark index corresponding to the research analyst’s assignment universe and against a broadly diversified equity index, and (iii) the investment performance of other FMR equity funds and accounts within the research analyst’s designated team. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to the portfolio manager’s tenure on those fund(s) and account(s). The component of the bonus relating to the Director of Research’s assessment is calculated over a one-year period, and each other component of the bonus is calculated over a measurement period that initially is contemporaneous with the portfolio manager’s tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and rolling periods of up to three years for the comparison to a peer group, if applicable. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity Flex℠ Mid Cap Value Fund is based on the pre-tax investment performance of the fund measured against the Russell Midcap^® Value Index, and the pre-tax investment performance of the fund within the Morningstar^® Mid-Cap Value Category. Another component of the portfolio manager’s bonus is based on the pre-tax investment performance of the portion of the fund’s assets she manages measured against the Russell Midcap^® Value Healthcare Index. The portfolio manager also is compensated under equity-based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC, FMR’s parent company. FMR LLC is a diverse financial services company engaged in various activities that include fund management, brokerage, retirement, and employer administrative services. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The portfolio manager’s compensation plan may give rise to potential conflicts of interest. Although investors in the fund may invest through either tax-deferred accounts or taxable accounts, a portfolio manager’s compensation is linked to the pre-tax performance of the fund, rather than its after-tax performance. The portfolio manager’s base pay and bonus opportunity tend to increase with the portfolio manager’s level of experience and skills relative to research and fund assignments. The management of multiple funds and accounts (including proprietary accounts) may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons, and fees as the portfolio manager must allocate her time and investment ideas across multiple funds and accounts. In addition, the fund’s trade allocation policies and procedures may give rise to conflicts of interest if the fund’s orders do not get fully executed due to being aggregated with those of other accounts managed by FMR. The portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the fund. Securities selected for other funds or accounts may outperform the securities selected for the fund. Trading in personal accounts, which may give rise to potential conflicts of interest, is restricted by a fund’s Code of Ethics. Furthermore, the potential exists that the portfolio manager’s responsibilities as a portfolio manager of the fund may not be entirely consistent with his or her responsibilities as a research analyst providing recommendations to other Fidelity portfolio managers.

The following table provides information relating to other accounts managed by Ms. Mundt as of June 30, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	6	none	none
Number of Accounts Managed with Performance-Based Advisory Fees	5	none	none
Assets Managed (in millions)	$1,782	none	none
Assets Managed with Performance-Based Advisory Fees (in millions)	$1,782	none	none

* Does not include assets of Fidelity Flex℠ Mid Cap Value Fund managed by Ms. Mundt.

As of June 30, 2017, the dollar range of shares of Fidelity Flex℠ Mid Cap Value Fund beneficially owned by Ms. Mundt was none.

The following information supplements similar information for Fidelity Flex℠ Large Cap Value Fund found in the "Management Contracts" section.

Chip Perrone is co-manager of Fidelity Flex℠ Large Cap Value Fund and receives compensation for his services. As of December 31, 2017, portfolio manager compensation generally consists of a fixed-base salary determined periodically (typically annually), a bonus, in certain cases, participation in several types of equity-based compensation plans, and, if applicable, relocation plan benefits. A portion of the portfolio manager’s compensation may be deferred based on criteria established by FMR or an affiliate or at the election of the portfolio manager.

The portfolio manager’s base salary is determined by level of responsibility and tenure at FMR or its affiliates. The primary components of the portfolio manager’s bonus are based on (i) the pre-tax investment performance of the portfolio manager’s fund(s) and account(s) measured against a benchmark index and within a defined peer group, if applicable, assigned to each fund or account, and (ii) measurement of their % positive impact resulting from their rated securities across a defined set of portfolios, and (iii) the investment performance of other funds and accounts managed by the portfolio manager. The pre-tax investment performance of the portfolio manager’s fund(s) and account(s) is weighted according to his tenure on those fund(s) and account(s) and the average asset size of those fund(s) and account(s) over his tenure. Each component is calculated separately over the portfolio manager’s tenure on those fund(s) and account(s) over a measurement period that initially is contemporaneous with his tenure, but that eventually encompasses rolling periods of up to five years for the comparison to a benchmark index and peer group, if applicable. A smaller, subjective component of the portfolio manager’s bonus is based on the portfolio manager’s overall contribution to management. The portion of the portfolio manager’s bonus that is linked to the investment performance of Fidelity Flex℠ Large Cap Value Fund is based on the fund’s pre-tax investment performance measured against the Russell 1000^® Value Index, and the fund’s pre-tax investment performance within the Morningstar^® Large Value Category. An additional portion of Mr. Perrone’s bonus is based on the pre-tax investment performance of the portion of the fund’s assets he manages measured against the Russell 1000^® Value Consumer Discretionary Index. The portfolio manager’s bonus also is compensated under equity based compensation plans linked to increases or decreases in the net asset value of the stock of FMR LLC. If requested to relocate their primary residence, portfolio managers also may be eligible to receive benefits, such as home sale assistance and payment of certain moving expenses, under relocation plans for most full-time employees of FMR LLC and its affiliates.

The following table provides information relating to other accounts managed by Mr. Perrone as of December 31, 2017:

	Registered Investment Companies*	Other Pooled Investment Vehicles	Other Accounts
Number of Accounts Managed	7	12	4
Number of Accounts Managed with Performance-Based Advisory Fees	1	none	none
Assets Managed (in millions)	$4,329	$1,876	$1,308
Assets Managed with Performance-Based Advisory Fees (in millions)	$76	none	none

* Includes assets of Fidelity Flex℠ Large Cap Value Fund managed by Mr. Perrone ($1 (in millions) assets managed).

As of December 31, 2017, the dollar range of shares of Fidelity Flex℠ Large Cap Value Fund beneficially owned by Mr. Perrone was none.

ZXU-ZMVB-18-01
1.9885237.101

February 12, 2018