PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021

Fidelity® Capital Appreciation Fund

Key Takeaways MARKET RECAP

® • For the semiannual reporting period ending April 30, 2021, the fund's The S&P 500 index gained 28.85% for Retail Class shares advanced 26.28%, trailing the 28.85% gain of the the six months ending April 30, 2021, benchmark, the S&P 500® index. with U.S. equities rising on the prospect of a surge in economic growth amid widespread COVID-19 vaccinations, fiscal • Co-Managers Jason Weiner and Asher Anolic made several stimulus that included a third round of idiosyncratic picks for the fund the past six months that offset relief payments and fresh spending investments in cyclical stocks that outperformed amid increasing programs. In November, stocks shrugged prospects for an economic recovery. off a two-month retreat by gaining 11%, as investors digested results of the U.S. • Non-benchmark investments in two China-based companies – e- elections. The momentum continued in commerce giant Alibaba Group Holding and tech media and December, with the approval of two entertainment conglomerate Tencent Holding – detracted notably. breakthrough COVID-19 vaccines and prospects for additional government • On the positive side, an overweighting in Capital One Financial stimulus. As the calendar turned, contributed significantly, as did a sizable stake in industrial investors saw reasons to be hopeful. The conglomerate General Electric. rollout of two COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero • As of April 30, Jason and Asher believe stock valuations already reflect until the economy recovered, and the the initial leg of an economic recovery, which is why they remain federal government would deploy focused on bottom-up security selection, as opposed to investing trillions of dollars in aid to boost broadly in cyclical industries. consumers and the economy. This backdrop fueled a powerful market • The managers see three main types of opportunities at period end: rotation, with small-cap value stocks Companies with increasing earnings with stocks that still trade at a usurping long-standing leadership from discount to the market; recovery plays in which a rebound is not large growth shares. As part of the reflected in the current stock price; and certain health care and "reopening" trade, investors moved out communications stocks. of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies they believed stood to benefit from a broad cyclical recovery. Reflecting this shift, the energy sector gained 76% for the six months, boosted by a sharp rally in the price of oil. Financials (+54%) rode strength among banks (+69%). Conversely, notable "laggards" included the defensive utilities (+9%) and consumer staples (+13%) sectors.

Not FDIC Insured • May Lose Value • No Bank Guarantee PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021

Q&A An interview with Co-Portfolio Managers Asher Anolic and Jason Weiner

Asher Anolic Jason Weiner Q: Asher, how did the fund perform for the six Co-Manager Co-Manager months ending April 30, 2021฀ A.A. The fund's Retail Class shares advanced 26.28%, trailing Fund Facts the 28.85% gain of the benchmark, the S&P 500® index, and outpacing the peer group average of large-cap growth funds. Trading Symbol: FDCAX Looking a bit longer term, the fund gained 56.10% for the Start Date: November 26, 1986 trailing 12 months, significantly besting both the benchmark and peer average. Size (in millions): $6,619.62 Q: What did you find notable about the fund's performance the past six months฀ Investment Approach A.A. We made several idiosyncratic picks that did not work in the fund's favor. • Fidelity® Capital Appreciation Fund is a diversified domestic equity strategy that seeks capital appreciation. For instance, a record antitrust fine in April of about $3.6 billion by the Chinese government hurt our non-benchmark • Our core philosophy is that stock prices follow earnings stake in e-commerce giant Alibaba Group Holding (-25%). growth, and the fund skews toward the fastest quartile of Also, regulators forced Ant Group, the operator of the earnings growers, with an emphasis on quality. popular digital payment app Alipay that is a third-owned by • We employ a "go-anywhere" approach, favoring Alibaba, to make changes to its business, which delayed its companies with growth catalysts, such as new products, anticipated initial public stock offering. acquisitions or turnaround situations. It also hurt the fund to own Tencent Holding (+5%), a • We emphasize fundamental, bottom-up research, with a Chinese tech, media and entertainment conglomerate that focus on driving results through security selection. suffered guilt by association to Alibaba, as some investors feared additional antitrust actions against China-based retail technology and e-commerce companies. By period end, we reduced the fund's positions in Alibaba and Tencent, but continued to see long-term potential in fast-growing markets for each.

Q: Jason, which other stocks detracted฀ J.W. Untimely ownership of social media leader Facebook (+23%) hurt the fund. We overweighted this stock, on average, but reduced our Facebook stake by period end and added to the fund's position in Google parent Alphabet, where we saw better potential for advertising growth. In hindsight, we should have added to Facebook as well. Owning Regeneron Pharmaceuticals (-12%) also detracted. This holding had been an early-pandemic beneficiary behind the strength of its COVID-fighting antibody treatment. Due to the broad distribution of vaccines, the antibody treatment became less exciting – though not less important. We still see Regeneron as a best-in-class innovator in biotech, with

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an exciting pipeline that includes its inflammatory disease but not owning it during the past six months was the right mediator Dupixent. We held a sizable position in Regeneron call, as the stock underperformed. on April 30. Lastly, in health care, it hurt to own Haemonetics (-32%), a Q: What's your outlook as of April 30, Asher฀ global supplier of blood and plasma supplies and services. A.A. We believe stock valuations already reflect the initial leg We thought Haemonetics would benefit from demand for of the recovery. the company's new plasma-collection platform as worldwide We don't have a clear view on where the market moves from shortages would drive increased demand for plasma. We here, but we're we think a bottom-up stock-picking mentality didn't anticipate that CSL Plasma, a Haemonetics customer, may yield more benefit in the next 12 to 24 months than would decline to renew an agreement this period and investing broadly in cyclical industries. instead move its plasma collection in-house. At period end, we're seeing three types of opportunities: Q: Which stocks contributed฀ Well-known companies with increasing earnings with stocks that still trade at a discount to the market; recovery plays in J.W. Selling shares of fund holdings that had become more which a rebound is not reflected in the current stock price; expensive the past six months to opportunistically purchase and certain health care and communications stocks, where shares of select industrials and financial services companies we believe an overreaction to U.S regulations could be where we saw value contributed. These names rallied when corrected in time. ■ the market realized the potential for a strong economic recovery due to the rollout of COVID-19 vaccines. Capital One Financial (+104%) added more value than any other individual stock. The company's consumer-focused credit portfolio held up amid the pandemic and the stock performed well due to economic recovery prospects. Even after shares more than doubled for the period, we still saw Capital One as one of the better-positioned financial companies that's focused on consumer credit, due to its solid liability portfolio and its high-yielding asset base. Elsewhere, a non-benchmark position in Uber (+63%) contributed, as the company experienced rising demand for its ride-sharing services as the economy improved.

Q: Where else did you find positive results฀ J.W. Overweighting General Electric (+77%) benefited relative performance this period. GE is a turnaround story with a world-class CEO that we think could see improvement in its aerospace business later in the market cycle. This period, GE largely tabled questions about its solvency due to a well-timed sale of part of its health care business and its aircraft leasing portfolio. GE remains a large position in the fund at period end. I'll also point to Change Healthcare (+69%), a health care technology company we thought could benefit from fully realizing synergies from previous acquisitions. As it turns out, UnitedHealth Group liked this business as well and announced plans to buy the company in January. The deal was not completed by April 30. We sold the stock by period end to take profit. It also helped to avoid consumer goods giant Procter & Gamble (-1%). We think P&G is a great company with a richly priced stock. It remains on our radar screen at period end,

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LARGEST CONTRIBUTORS VS. BENCHMARK

Average Relative Jason Weiner on the importance of Relative Contribution Holding Market Segment Weight (basis points)* the semiconductor industry: Capital One Financial Financials 1.07% 58 Corp. "Semiconductors are powering autonomous driving, General Electric Co. Industrials 1.53% 56 artificial intelligence and 5G, yet they also are Procter & Gamble Co. Consumer Staples -1.04% 37 playing a role in transforming our nation's factories Uber Technologies, Industrials 1.16% 37 and facilities. Inc. Change Healthcare, "Industries such as aerospace & defense, energy Health Care 0.29% 35 Inc. and health care are being transformed by innovations that wouldn't be possible without the * 1 basis point = 0.01%. computation power provided by ever-faster computer chips. LARGEST DETRACTORS VS. BENCHMARK "The semiconductor industry includes equipment companies that help companies produce silicon Average Relative wafers, such as ASML Holding and LAM Research. It Relative Contribution also includes semiconductor designers, including Holding Market Segment Weight (basis points)* NXP Semiconductors. We held each in the fund as Alibaba Group Consumer of April 30. Holding Ltd. 1.38% -124 Discretionary sponsored ADR "The fund remains overweighted in semiconductors Communication & semiconductor equipment at period end, even Tencent Holdings Ltd. 2.34% -66 Services though the investment environment for chip stocks Regeneron Health Care 1.14% -54 has gotten more complicated the past year. Pharmaceuticals, Inc. Communication "Today, Taiwan and South Korea produce the most Facebook, Inc. Class A 0.70% -50 advanced chips in the world, and, in the U.S., this is Services fueling debates about whether the country should Haemonetics Corp. Health Care 0.65% -36 bring back some or most of its advanced * 1 basis point = 0.01%. semiconductor manufacturing. "In April, President Biden proposed $50 billion for the semiconductor industry as part of his expansive infrastructure proposal. It could help address supply constraints, as well as bump up domestic manufacturing and research. "At period end, there is a global shortage of semiconductors brought on by lingering economic effects due to the pandemic, and this is further complicating investing in the industry. "In the past, bouts of double-ordering by customers and capacity expansion among suppliers left the industry with a bit of a hangover, and we believe we could be headed in this direction. "Yet, at period end, we continue to favor the names involved in some of the faster-growing areas of tech, such as AI, through our investment in Nvidia, and Qualcomm, which is engaged in 5G."

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ASSET ALLOCATION

Relative Change From Six Months Asset Class Portfolio Weight Index Weight Relative Weight Ago Domestic Equities 81.81% 100.00% -18.19% -0.49% International Equities 17.65% 0.00% 17.65% -0.19% Developed Markets 11.92% 0.00% 11.92% 3.39% Emerging Markets 5.73% 0.00% 5.73% -3.58% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 0.54% 0.00% 0.54% 0.68% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

"Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation.

MARKET-SEGMENT DIVERSIFICATION

Relative Change From Six Months Market Segment Portfolio Weight Index Weight Relative Weight Ago Information Technology 29.63% 26.69% 2.94% -0.30% Health Care 16.07% 12.78% 3.29% -0.92% Communication Services 13.16% 11.18% 1.98% -1.32% Industrials 12.92% 8.73% 4.19% 3.47% Consumer Discretionary 11.43% 12.67% -1.24% -2.21% Financials 7.15% 11.45% -4.30% 0.67% Consumer Staples 4.41% 5.96% -1.55% 1.30% Materials 2.83% 2.70% 0.13% -0.63% Real Estate 1.75% 2.53% -0.78% 0.60% Utilities 0.11% 2.64% -2.53% -0.19% Energy 0.00% 2.68% -2.68% -1.16% Other 0.00% 0.00% 0.00% 0.00%

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10 LARGEST HOLDINGS

Portfolio Weight Market Segment Portfolio Weight Holding Six Months Ago Microsoft Corp. Information Technology 8.35% 8.01% Alphabet, Inc. Class A Communication Services 4.63% 1.75% UnitedHealth Group, Inc. Health Care 4.15% 1.83% Amazon.com, Inc. Consumer Discretionary 3.74% 3.11% Apple, Inc. Information Technology 3.30% 3.01% NVIDIA Corp. Information Technology 2.59% 3.23% Qualcomm, Inc. Information Technology 2.21% 3.02% Tencent Holdings Ltd. Communication Services 2.13% 2.80% Adobe, Inc. Information Technology 2.02% 2.37% Alphabet, Inc. Class C Communication Services 1.91% 1.70% 10 Largest Holdings as a % of Net Assets 35.02% 35.05% Total Number of Holdings 185 163 The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments.

FISCAL PERFORMANCE SUMMARY: Cumulative Annualized Periods ending April 30, 2021 6 1 3 5 10 Year/ Month YTD Year Year Year LOF1 Fidelity Capital Appreciation Fund 26.28% 10.33% 56.10% 20.98% 18.91% 14.72% Gross Expense Ratio: 0.82%2 S&P 500 Index 28.85% 11.84% 45.98% 18.67% 17.42% 14.17% Morningstar Fund Large Growth 25.20% 8.29% 52.07% 22.78% 21.04% 15.13% % Rank in Morningstar Category (1% = Best) -- -- 23% 63% 69% 58% # of Funds in Morningstar Category -- -- 1,260 1,168 1,049 779 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/26/1986. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar- quarter performance.

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Definitions and Important Information performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude Information provided in this document is for informational and sales charges. Multiple share classes of a fund have a common educational purposes only. To the extent any investment information portfolio but impose different expense structures. in this material is deemed to be a recommendation, it is not meant to be impartial investment advice or advice in a fiduciary capacity and is not intended to be used as a primary basis for you or your client's RELATIVE WEIGHTS investment decisions. Fidelity, and its representatives may have a Relative weights represents the % of fund assets in a particular conflict of interest in the products or services mentioned in this market segment, asset class or credit quality relative to the material because they have a financial interest in, and receive benchmark. A positive number represents an overweight, and a compensation, directly or indirectly, in connection with the negative number is an underweight. The fund's benchmark is listed management, distribution and/or servicing of these products or immediately under the fund name in the Performance Summary. services including Fidelity funds, certain third-party funds and products, and certain investment services.

FUND RISKS Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.

IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance.

INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted.

S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. They should not be construed or used as a recommendation for any sector or industry.

RANKING INFORMATION © 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses.

% Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-

7 | PORTFOLIO MANAGER Q&A | AS OF APRIL 30, 2021

Manager Facts

Asher Anolic is a portfolio manager and research analyst in the Equity division at Fidelity Investments. Fidelity Institutional is a division of Fidelity Investments, a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Anolic covers global pharmaceuticals and serves as co-manager of Fidelity Select Pharmaceuticals Portfolio, Fidelity Growth Discovery Fund, Fidelity Capital Appreciation Fund, Fidelity Advisor Equity Growth Fund, Fidelity Advisor Series Equity Growth Fund, Fidelity Advisor World Funds Equity Growth Fund, Fidelity VIP Growth Portfolio, and Fidelity VIP Dynamic Capital Appreciation Portfolio.

Prior to assuming his current responsibilities, Mr. Anolic covered global consumer staples and regional banks.

Before joining Fidelity in 2008, Mr. Anolic was a summer intern at Bear Stearns. Previously, Mr. Anolic served as a director at Thomson Financial and as an analyst at Herzog, Heine, Geduld, Inc. (Merrill Lynch). He has been in the financial industry since 2000.

Mr. Anolic earned his bachelor of arts degree in political science from Vassar College and his master of business administration degree from the Johnson Graduate School of Management at Cornell University.

Jason Weiner is a portfolio manager in the Equity division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.

In this role, Mr. Weiner is co-portfolio manager of Fidelity Capital Appreciation Fund, Fidelity Advisor Equity Growth Fund, Fidelity VIP Growth Portfolio, Fidelity Growth Discovery Fund, Fidelity Advisor World Funds Equity Growth Fund, Fidelity Advisor Series Equity Growth Fund and VIP Dynamic Capital Appreciation Portfolio.

Prior to assuming his current responsibilities, Mr. Weiner managed various other Fidelity funds, including Fidelity Independence Fund, Fidelity Fifty Fund and Fidelity Advisor Fifty Fund. Additionally, Mr. Weiner managed Fidelity OTC Portfolio, Fidelity Growth Discovery Fund, Fidelity Export and Multinational Fund, Select Computers Portfolio, and Select Air Transportation Portfolio. He has been in the financial industry since joining Fidelity as an equity analyst in 1991.

Mr. Weiner earned his bachelor of arts degree in political science from Swarthmore College.

8 | For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A. PERFORMANCE SUMMARY: Annualized Quarter ending June 30, 2021 1 3 5 10 Year/ Year Year Year LOF1 Fidelity Capital Appreciation Fund 43.52% 20.42% 20.35% 15.35% Gross Expense Ratio: 0.82%2 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/26/1986. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, institutional.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated.

Before investing in any mutual fund, please carefully consider Information included on this page is as of the most recent calendar the investment objectives, risks, charges, and expenses. For quarter. this and other information, call or write Fidelity for a free S&P 500 is a registered service mark of Standard & Poor's Financial prospectus or, if available, a summary prospectus. Read it Services LLC. carefully before you invest. Other third-party marks appearing herein are the property of their respective owners. Past performance is no guarantee of future results. All other marks appearing herein are registered or unregistered Views expressed are through the end of the period stated and do not trademarks or service marks of FMR LLC or an affiliated company. necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, responsibility to update such views. These views may not be relied on as Smithfield, RI 02917. investment advice and, because investment decisions for a Fidelity fund Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI are based on numerous factors, may not be relied on as an indication of 02917. trading intent on behalf of any Fidelity fund. The securities mentioned are © 2021 FMR LLC. All rights reserved. not necessarily holdings invested in by the portfolio manager(s) or FMR Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. LLC. References to specific company securities should not be construed 707550.14.0 as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss.