Retail | Fidelity Stock Selector Large Cap Value Fund

Fund Summary

Fund/Class:

Fidelity^® Stock Selector Large Cap Value Fund/Fidelity Stock Selector Large Cap Value Fund

Investment Objective

The fund seeks long-term growth of capital.

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)

Shareholder Fees (USD $)	Retail Fidelity Stock Selector Large Cap Value Fund Class: Fidelity Stock Selector Large Cap Value Fund
Shareholder fees (fees paid directly from your investment)	none

Annual class operating expenses (expenses that you pay each year as a % of the value of your investment)

Annual Class Operating Expenses		Retail Fidelity Stock Selector Large Cap Value Fund Class: Fidelity Stock Selector Large Cap Value Fund
Management fee	[1]	0.26%
Distribution and/or Service (12b-1) fees		none
Other expenses		0.31%
Total annual operating expenses		0.57%

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:

Expense Example (USD $)	Retail Fidelity Stock Selector Large Cap Value Fund Class: Fidelity Stock Selector Large Cap Value Fund
1 year	58
3 years	183
5 years	318
10 years	714

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 128% of the average value of its portfolio.

Principal Investment Strategies

• Normally investing at least 80% of assets in stocks of companies with large market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 1000^® Index or the S&P 500^® Index).

• Investing in securities of companies that Fidelity Management & Research Company (FMR) believes are undervalued in the marketplace in relation to factors such as assets, sales, earnings, growth potential, or cash flow, or in relation to securities of other companies in the same industry (stocks of these companies are often called "value" stocks).

• Investing in domestic and foreign issuers.

• 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.

• 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.

Principal Investment Risks

• 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 can react differently to these developments.

• 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.

• 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.

• "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.

• 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.

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.fidelity.com for updated return information.

Year-by-Year Returns

Calendar Years

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	19.48%	September 30, 2009
Lowest Quarter Return	-23.17%	December 31, 2008

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

Average Annual Total Returns Retail Fidelity Stock Selector Large Cap Value Fund	Past 1 year	Past 5 years	Past 10 years
Return Before Taxes Class: Fidelity Stock Selector Large Cap Value Fund	(0.28%)	(4.64%)	2.35%
Return After Taxes on Distributions Class: Fidelity Stock Selector Large Cap Value Fund	(0.57%)	(5.05%)	1.92%
Return After Taxes on Distributions and Sale of Fund Shares Class: Fidelity Stock Selector Large Cap Value Fund	0.19%	(3.88%)	1.97%
Russell 1000® Value Index (reflects no deduction for fees, expenses, or taxes)	0.39%	(2.64%)	3.89%

[1] (fluctuates based on the fund's performance relative to a securities market index)