Supplement to the

Fidelity® Small Cap Value Fund

Class A, Class M, Class C, Class I, and Class Z

September 29, 2022

Prospectus

The following information supplements information found in the “Fund Summary” section under the “Portfolio Manager(s)” heading.

It is expected that Mr. Janssen will retire effective on or about December 31, 2023. At that time, Ms. Kelleher will assume sole portfolio manager responsibilities.

The following information supplements the biographical information found in the “Fund Management” section under the “Portfolio Manager(s)” heading.

It is expected that Mr. Janssen will retire effective on or about December 31, 2023. At that time, Ms. Kelleher will assume sole portfolio manager responsibilities.

ASCV-PSTK-0323-142 1.808271.142 March 1, 2023

Supplement to the

Fidelity® Small Cap Growth Fund and Fidelity® Small Cap Value Fund

September 29, 2022

Prospectus

The following information supplements information for Fidelity® Small Cap Value Fund found in the “Fund Summary” section under the “Portfolio Manager(s)” heading.

It is expected that Mr. Janssen will retire effective on or about December 31, 2023. At that time, Ms. Kelleher will assume sole portfolio manager responsibilities.

The following information supplements the biographical information for Fidelity® Small Cap Value Fund found in the “Fund Management” section under the “Portfolio Manager(s)” heading.

It is expected that Mr. Janssen will retire effective on or about December 31, 2023. At that time, Ms. Kelleher will assume sole portfolio manager responsibilities.

SCP-SCV-PSTK-0323-129 1.808094.129 March 1, 2023