# EDGAR Filing Document

**Accession Number:** 0000275309
**File Stem:** 0000275309-26-000013
**Filing Date:** 2026-6
**Character Count:** 489627
**Document Hash:** 1ff36c14956b4f25947a2e064907e4f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000275309-26-000013.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0000275309-26-000013

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260622

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CAPITAL TRUST
- **CENTRAL INDEX KEY:** 0000275309

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02841
- **FILM NUMBER:** 261105475

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY VALUE FUND
- **DATE OF NAME CHANGE:** 19870114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY DISCOVERER FUND
- **DATE OF NAME CHANGE:** 19860803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY ASSET INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19840205

## Series and Classes Contracts Data

### Fidelity Capital Appreciation Fund (Series ID: S000005450)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000014851 | Fidelity Capital Appreciation Fund | FDCAX           |
| C000064278 | Class K                            | FCAKX           |

### Fidelity Disciplined Equity Fund (Series ID: S000005451)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000014852 | Fidelity Disciplined Equity Fund | FDEQX           |
| C000064279 | Class K                          | FDEKX           |

### Fidelity Focused Stock Fund (Series ID: S000005452)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000014853 | Fidelity Focused Stock Fund                  | FTQGX           |
| C000254559 | Fidelity Advisor Focused Stock Fund: Class C | FSFMX           |
| C000254560 | Fidelity Advisor Focused Stock Fund: Class M | FSFJX           |
| C000254561 | Fidelity Advisor Focused Stock Fund: Class A | FSFGX           |
| C000254562 | Fidelity Advisor Focused Stock Fund: Class I | FSFNX           |
| C000254563 | Fidelity Advisor Focused Stock Fund: Class Z | FSFOX           |

### Fidelity Stock Selector Small Cap Fund (Series ID: S000005453)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000014854 | Fidelity Stock Selector Small Cap Fund                  | FDSCX           |
| C000047980 | Fidelity Advisor Stock Selector Small Cap Fund: Class A | FCDAX           |
| C000047982 | Fidelity Advisor Stock Selector Small Cap Fund: Class C | FCDCX           |
| C000047983 | Fidelity Advisor Stock Selector Small Cap Fund: Class M | FCDTX           |
| C000047984 | Fidelity Advisor Stock Selector Small Cap Fund: Class I | FCDIX           |
| C000177514 | Fidelity Advisor Stock Selector Small Cap Fund: Class Z | FSSZX           |

### Fidelity Value Fund (Series ID: S000005455)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000014856 | Fidelity Value Fund | FDVLX           |
| C000064281 | Class K             | FVLKX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-02841</u>

<u>Fidelity Capital Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;October 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;April 30, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Value Fund<br> **Fidelity® Value Fund : FDVLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Value Fund  | $38  | 0.69% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $9694463682<br>|
| Number of Holdings | 202<br>|
| Portfolio Turnover | 100%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.2 |
| Financials | 16.6 |
| Health Care | 10.7 |
| Information Technology | 10.4 |
| Consumer Discretionary | 8.4 |
| Energy | 7.9 |
| Real Estate | 6.9 |
| Utilities | 5.6 |
| Materials | 4.1 |
| Consumer Staples | 2.7 |
| Communication Services | 1.3 |

---

Common Stocks 98.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img39_20260430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| United States | 88.2 |
| Canada | 4.5 |
| United Kingdom | 1.6 |
| Germany | 1.1 |
| France | 1.0 |
| Israel | 0.8 |
| Portugal | 0.6 |
| Puerto Rico | 0.6 |
| Hong Kong | 0.4 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img39_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 3.1<br>|
| Sandisk Corp/DE | 1.4<br>|
| PG&E Corp | 1.3<br>|
| Iron Mountain Inc | 1.2<br>|
| SS&C Technologies Holdings Inc | 1.1<br>|
| Delta Air Lines Inc | 1.0<br>|
| Apollo Global Management Inc | 1.0<br>|
| Equinix Inc | 0.9<br>|
| Eversource Energy | 0.9<br>|
| LPL Financial Holdings Inc | 0.9<br>|
|  | 12.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img39_20260430_1.jpg)<br>| ![](img130903_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915597.101 39-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Value Fund<br> **Fidelity® Value Fund Class K : FVLKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $34  | 0.63% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $9694463682<br>|
| Number of Holdings | 202<br>|
| Portfolio Turnover | 100%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.2 |
| Financials | 16.6 |
| Health Care | 10.7 |
| Information Technology | 10.4 |
| Consumer Discretionary | 8.4 |
| Energy | 7.9 |
| Real Estate | 6.9 |
| Utilities | 5.6 |
| Materials | 4.1 |
| Consumer Staples | 2.7 |
| Communication Services | 1.3 |

---

Common Stocks 98.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img39_20260430_AA.jpg) <br>|

---

Common Stocks - 98.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.2 <br>

---

| | |
|:---|:---|
| United States | 88.2 |
| Canada | 4.5 |
| United Kingdom | 1.6 |
| Germany | 1.1 |
| France | 1.0 |
| Israel | 0.8 |
| Portugal | 0.6 |
| Puerto Rico | 0.6 |
| Hong Kong | 0.4 |
| Others | 1.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img39_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 3.1<br>|
| Sandisk Corp/DE | 1.4<br>|
| PG&E Corp | 1.3<br>|
| Iron Mountain Inc | 1.2<br>|
| SS&C Technologies Holdings Inc | 1.1<br>|
| Delta Air Lines Inc | 1.0<br>|
| Apollo Global Management Inc | 1.0<br>|
| Equinix Inc | 0.9<br>|
| Eversource Energy | 0.9<br>|
| LPL Financial Holdings Inc | 0.9<br>|
|  | 12.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img39_20260430_1.jpg)<br>| ![](img130904_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915596.101 2102-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Stock Selector Small Cap Fund<br> **Fidelity® Stock Selector Small Cap Fund : FDSCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Small Cap Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Stock Selector Small Cap Fund  | $47  | 0.86% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6913518357<br>|
| Number of Holdings | 228<br>|
| Portfolio Turnover | 37%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.8 |
| Health Care | 15.8 |
| Information Technology | 15.4 |
| Financials | 14.4 |
| Consumer Discretionary | 9.8 |
| Energy | 6.3 |
| Materials | 5.6 |
| Real Estate | 4.9 |
| Utilities | 2.1 |
| Consumer Staples | 1.8 |
| Communication Services | 0.5 |

---

Common Stocks 97.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img336_20260430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

---

| | |
|:---|:---|
| United States | 88.5 |
| Canada | 3.8 |
| Thailand | 2.1 |
| United Kingdom | 1.2 |
| Japan | 1.2 |
| Puerto Rico | 1.0 |
| Netherlands | 0.7 |
| Chile | 0.4 |
| Israel | 0.4 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img336_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| IES Holdings Inc | 2.5<br>|
| Advanced Energy Industries Inc | 2.1<br>|
| Fabrinet | 1.7<br>|
| Sanmina Corp | 1.7<br>|
| FirstCash Holdings Inc | 1.6<br>|
| TD SYNNEX Corp | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
| Terex Corp | 1.1<br>|
| First BanCorp/Puerto Rico | 1.0<br>|
| Nextpower Inc Class A | 1.0<br>|
|  | 15.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img336_20260430_1.jpg)<br>| ![](img130933_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915675.101 336-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Stock Selector Small Cap Fund<br> **Fidelity Advisor® Stock Selector Small Cap Fund Class Z : FSSZX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Small Cap Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $40  | 0.74% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6913518357<br>|
| Number of Holdings | 228<br>|
| Portfolio Turnover | 37%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.8 |
| Health Care | 15.8 |
| Information Technology | 15.4 |
| Financials | 14.4 |
| Consumer Discretionary | 9.8 |
| Energy | 6.3 |
| Materials | 5.6 |
| Real Estate | 4.9 |
| Utilities | 2.1 |
| Consumer Staples | 1.8 |
| Communication Services | 0.5 |

---

Common Stocks 97.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img336_20260430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

---

| | |
|:---|:---|
| United States | 88.5 |
| Canada | 3.8 |
| Thailand | 2.1 |
| United Kingdom | 1.2 |
| Japan | 1.2 |
| Puerto Rico | 1.0 |
| Netherlands | 0.7 |
| Chile | 0.4 |
| Israel | 0.4 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img336_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| IES Holdings Inc | 2.5<br>|
| Advanced Energy Industries Inc | 2.1<br>|
| Fabrinet | 1.7<br>|
| Sanmina Corp | 1.7<br>|
| FirstCash Holdings Inc | 1.6<br>|
| TD SYNNEX Corp | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
| Terex Corp | 1.1<br>|
| First BanCorp/Puerto Rico | 1.0<br>|
| Nextpower Inc Class A | 1.0<br>|
|  | 15.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img336_20260430_1.jpg)<br>| ![](img130934_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915674.101 2887-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Stock Selector Small Cap Fund<br> **Fidelity Advisor® Stock Selector Small Cap Fund Class M : FCDTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Small Cap Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $76  | 1.40% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6913518357<br>|
| Number of Holdings | 228<br>|
| Portfolio Turnover | 37%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.8 |
| Health Care | 15.8 |
| Information Technology | 15.4 |
| Financials | 14.4 |
| Consumer Discretionary | 9.8 |
| Energy | 6.3 |
| Materials | 5.6 |
| Real Estate | 4.9 |
| Utilities | 2.1 |
| Consumer Staples | 1.8 |
| Communication Services | 0.5 |

---

Common Stocks 97.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img336_20260430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

---

| | |
|:---|:---|
| United States | 88.5 |
| Canada | 3.8 |
| Thailand | 2.1 |
| United Kingdom | 1.2 |
| Japan | 1.2 |
| Puerto Rico | 1.0 |
| Netherlands | 0.7 |
| Chile | 0.4 |
| Israel | 0.4 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img336_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| IES Holdings Inc | 2.5<br>|
| Advanced Energy Industries Inc | 2.1<br>|
| Fabrinet | 1.7<br>|
| Sanmina Corp | 1.7<br>|
| FirstCash Holdings Inc | 1.6<br>|
| TD SYNNEX Corp | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
| Terex Corp | 1.1<br>|
| First BanCorp/Puerto Rico | 1.0<br>|
| Nextpower Inc Class A | 1.0<br>|
|  | 15.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img336_20260430_1.jpg)<br>| ![](img130935_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915672.101 1865-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Stock Selector Small Cap Fund<br> **Fidelity Advisor® Stock Selector Small Cap Fund Class I : FCDIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Small Cap Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $48  | 0.88% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6913518357<br>|
| Number of Holdings | 228<br>|
| Portfolio Turnover | 37%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.8 |
| Health Care | 15.8 |
| Information Technology | 15.4 |
| Financials | 14.4 |
| Consumer Discretionary | 9.8 |
| Energy | 6.3 |
| Materials | 5.6 |
| Real Estate | 4.9 |
| Utilities | 2.1 |
| Consumer Staples | 1.8 |
| Communication Services | 0.5 |

---

Common Stocks 97.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img336_20260430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

---

| | |
|:---|:---|
| United States | 88.5 |
| Canada | 3.8 |
| Thailand | 2.1 |
| United Kingdom | 1.2 |
| Japan | 1.2 |
| Puerto Rico | 1.0 |
| Netherlands | 0.7 |
| Chile | 0.4 |
| Israel | 0.4 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img336_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| IES Holdings Inc | 2.5<br>|
| Advanced Energy Industries Inc | 2.1<br>|
| Fabrinet | 1.7<br>|
| Sanmina Corp | 1.7<br>|
| FirstCash Holdings Inc | 1.6<br>|
| TD SYNNEX Corp | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
| Terex Corp | 1.1<br>|
| First BanCorp/Puerto Rico | 1.0<br>|
| Nextpower Inc Class A | 1.0<br>|
|  | 15.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img336_20260430_1.jpg)<br>| ![](img130936_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915673.101 1866-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Stock Selector Small Cap Fund<br> **Fidelity Advisor® Stock Selector Small Cap Fund Class C : FCDCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Small Cap Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $103  | 1.90% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6913518357<br>|
| Number of Holdings | 228<br>|
| Portfolio Turnover | 37%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.8 |
| Health Care | 15.8 |
| Information Technology | 15.4 |
| Financials | 14.4 |
| Consumer Discretionary | 9.8 |
| Energy | 6.3 |
| Materials | 5.6 |
| Real Estate | 4.9 |
| Utilities | 2.1 |
| Consumer Staples | 1.8 |
| Communication Services | 0.5 |

---

Common Stocks 97.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img336_20260430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

---

| | |
|:---|:---|
| United States | 88.5 |
| Canada | 3.8 |
| Thailand | 2.1 |
| United Kingdom | 1.2 |
| Japan | 1.2 |
| Puerto Rico | 1.0 |
| Netherlands | 0.7 |
| Chile | 0.4 |
| Israel | 0.4 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img336_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| IES Holdings Inc | 2.5<br>|
| Advanced Energy Industries Inc | 2.1<br>|
| Fabrinet | 1.7<br>|
| Sanmina Corp | 1.7<br>|
| FirstCash Holdings Inc | 1.6<br>|
| TD SYNNEX Corp | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
| Terex Corp | 1.1<br>|
| First BanCorp/Puerto Rico | 1.0<br>|
| Nextpower Inc Class A | 1.0<br>|
|  | 15.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img336_20260430_1.jpg)<br>| ![](img130937_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915671.101 1864-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Stock Selector Small Cap Fund<br> **Fidelity Advisor® Stock Selector Small Cap Fund Class A : FCDAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Small Cap Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $62  | 1.14% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6913518357<br>|
| Number of Holdings | 228<br>|
| Portfolio Turnover | 37%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.8 |
| Health Care | 15.8 |
| Information Technology | 15.4 |
| Financials | 14.4 |
| Consumer Discretionary | 9.8 |
| Energy | 6.3 |
| Materials | 5.6 |
| Real Estate | 4.9 |
| Utilities | 2.1 |
| Consumer Staples | 1.8 |
| Communication Services | 0.5 |

---

Common Stocks 97.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img336_20260430_AA.jpg) <br>|

---

Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.6 <br>

---

| | |
|:---|:---|
| United States | 88.5 |
| Canada | 3.8 |
| Thailand | 2.1 |
| United Kingdom | 1.2 |
| Japan | 1.2 |
| Puerto Rico | 1.0 |
| Netherlands | 0.7 |
| Chile | 0.4 |
| Israel | 0.4 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img336_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| IES Holdings Inc | 2.5<br>|
| Advanced Energy Industries Inc | 2.1<br>|
| Fabrinet | 1.7<br>|
| Sanmina Corp | 1.7<br>|
| FirstCash Holdings Inc | 1.6<br>|
| TD SYNNEX Corp | 1.2<br>|
| Weatherford International PLC | 1.1<br>|
| Terex Corp | 1.1<br>|
| First BanCorp/Puerto Rico | 1.0<br>|
| Nextpower Inc Class A | 1.0<br>|
|  | 15.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img336_20260430_1.jpg)<br>| ![](img130938_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915670.101 1862-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Focused Stock Fund<br> **Fidelity® Focused Stock Fund : FTQGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Focused Stock Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Focused Stock Fund  | $41  | 0.79% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4956008226<br>|
| Number of Holdings | 43<br>|
| Portfolio Turnover | 133%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 42.7 |
| Industrials | 14.5 |
| Communication Services | 11.0 |
| Consumer Discretionary | 10.9 |
| Health Care | 7.4 |
| Financials | 7.1 |
| Materials | 3.0 |
| Energy | 2.5 |
| Utilities | 0.5 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img333_20260430_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 86.9 |
| Taiwan | 4.9 |
| Switzerland | 3.7 |
| Canada | 2.5 |
| Finland | 2.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img333_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 9.5<br>|
| NVIDIA Corp | 8.0<br>|
| Western Digital Corp | 7.4<br>|
| Amazon.com Inc | 5.8<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9<br>|
| Eli Lilly & Co | 4.3<br>|
| Cummins Inc | 4.1<br>|
| TE Connectivity PLC | 3.7<br>|
| Intel Corp | 3.5<br>|
| Corning Inc | 3.2<br>|
|  | 54.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img333_20260430_1.jpg)<br>| ![](img131022_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915668.101 333-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Disciplined Equity Fund<br> **Fidelity® Disciplined Equity Fund : FDEQX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Disciplined Equity Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Disciplined Equity Fund  | $39  | 0.77% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2274835515<br>|
| Number of Holdings | 118<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 36.2 |
| Industrials | 17.9 |
| Communication Services | 13.2 |
| Financials | 9.4 |
| Consumer Discretionary | 6.8 |
| Health Care | 5.8 |
| Energy | 3.5 |
| Materials | 2.9 |
| Consumer Staples | 2.0 |
| Real Estate | 1.4 |
| Utilities | 0.7 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img315_20260430_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| Taiwan | 1.3 |
| Canada | 0.8 |
| United Kingdom | 0.5 |
| Netherlands | 0.2 |
| Japan | 0.2 |
| Australia | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img315_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 9.7<br>|
| Amazon.com Inc | 5.1<br>|
| Alphabet Inc Class A | 4.8<br>|
| Microsoft Corp | 4.3<br>|
| Alphabet Inc Class C | 3.9<br>|
| Broadcom Inc | 3.8<br>|
| Meta Platforms Inc Class A | 3.2<br>|
| Apple Inc | 2.5<br>|
| Western Digital Corp | 2.4<br>|
| GE Aerospace | 2.3<br>|
|  | 42.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img315_20260430_1.jpg)<br>| ![](img131049_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915652.101 315-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Disciplined Equity Fund<br> **Fidelity® Disciplined Equity Fund Class K : FDEKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Disciplined Equity Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $36  | 0.70% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2274835515<br>|
| Number of Holdings | 118<br>|
| Portfolio Turnover | 64%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 36.2 |
| Industrials | 17.9 |
| Communication Services | 13.2 |
| Financials | 9.4 |
| Consumer Discretionary | 6.8 |
| Health Care | 5.8 |
| Energy | 3.5 |
| Materials | 2.9 |
| Consumer Staples | 2.0 |
| Real Estate | 1.4 |
| Utilities | 0.7 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img315_20260430_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| Taiwan | 1.3 |
| Canada | 0.8 |
| United Kingdom | 0.5 |
| Netherlands | 0.2 |
| Japan | 0.2 |
| Australia | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img315_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 9.7<br>|
| Amazon.com Inc | 5.1<br>|
| Alphabet Inc Class A | 4.8<br>|
| Microsoft Corp | 4.3<br>|
| Alphabet Inc Class C | 3.9<br>|
| Broadcom Inc | 3.8<br>|
| Meta Platforms Inc Class A | 3.2<br>|
| Apple Inc | 2.5<br>|
| Western Digital Corp | 2.4<br>|
| GE Aerospace | 2.3<br>|
|  | 42.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img315_20260430_1.jpg)<br>| ![](img131050_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915651.101 2081-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Capital Appreciation Fund<br> **Fidelity® Capital Appreciation Fund : FDCAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Capital Appreciation Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Capital Appreciation Fund  | $38  | 0.73% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7616085255<br>|
| Number of Holdings | 167<br>|
| Portfolio Turnover | 76%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.7 |
| Industrials | 12.6 |
| Communication Services | 11.5 |
| Consumer Discretionary | 11.0 |
| Financials | 10.2 |
| Energy | 7.1 |
| Consumer Staples | 5.2 |
| Health Care | 4.2 |
| Materials | 3.9 |
| Real Estate | 1.5 |
| Utilities | 0.8 |

---

Common Stocks 98.9 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img307_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 87.9 |
| Canada | 2.5 |
| Taiwan | 2.5 |
| Korea (South) | 1.9 |
| United Kingdom | 1.6 |
| Brazil | 1.6 |
| Germany | 0.9 |
| Australia | 0.5 |
| Netherlands | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img307_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.4<br>|
| Amazon.com Inc | 6.6<br>|
| Alphabet Inc Class A | 4.9<br>|
| Microsoft Corp | 3.3<br>|
| Apple Inc | 3.2<br>|
| Western Digital Corp | 2.9<br>|
| Meta Platforms Inc Class A | 2.9<br>|
| Alphabet Inc Class C | 2.7<br>|
| Seagate Technology Holdings PLC | 2.4<br>|
| Allison Transmission Holdings Inc | 2.1<br>|
|  | 39.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img307_20260430_1.jpg)<br>| ![](img131057_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915644.101 307-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Capital Appreciation Fund<br> **Fidelity® Capital Appreciation Fund Class K : FCAKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Capital Appreciation Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $35  | 0.66% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7616085255<br>|
| Number of Holdings | 167<br>|
| Portfolio Turnover | 76%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.7 |
| Industrials | 12.6 |
| Communication Services | 11.5 |
| Consumer Discretionary | 11.0 |
| Financials | 10.2 |
| Energy | 7.1 |
| Consumer Staples | 5.2 |
| Health Care | 4.2 |
| Materials | 3.9 |
| Real Estate | 1.5 |
| Utilities | 0.8 |

---

Common Stocks 98.9 <br> Preferred Stocks 0.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img307_20260430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 87.9 |
| Canada | 2.5 |
| Taiwan | 2.5 |
| Korea (South) | 1.9 |
| United Kingdom | 1.6 |
| Brazil | 1.6 |
| Germany | 0.9 |
| Australia | 0.5 |
| Netherlands | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img307_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.4<br>|
| Amazon.com Inc | 6.6<br>|
| Alphabet Inc Class A | 4.9<br>|
| Microsoft Corp | 3.3<br>|
| Apple Inc | 3.2<br>|
| Western Digital Corp | 2.9<br>|
| Meta Platforms Inc Class A | 2.9<br>|
| Alphabet Inc Class C | 2.7<br>|
| Seagate Technology Holdings PLC | 2.4<br>|
| Allison Transmission Holdings Inc | 2.1<br>|
|  | 39.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img307_20260430_1.jpg)<br>| ![](img131058_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915643.101 2079-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Focused Stock Fund<br> **Fidelity Advisor® Focused Stock Fund Class A : FSFGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Focused Stock Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $57  | 1.08% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4956008226<br>|
| Number of Holdings | 43<br>|
| Portfolio Turnover | 133%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 42.7 |
| Industrials | 14.5 |
| Communication Services | 11.0 |
| Consumer Discretionary | 10.9 |
| Health Care | 7.4 |
| Financials | 7.1 |
| Materials | 3.0 |
| Energy | 2.5 |
| Utilities | 0.5 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img333_20260430_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 86.9 |
| Taiwan | 4.9 |
| Switzerland | 3.7 |
| Canada | 2.5 |
| Finland | 2.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img333_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 9.5<br>|
| NVIDIA Corp | 8.0<br>|
| Western Digital Corp | 7.4<br>|
| Amazon.com Inc | 5.8<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9<br>|
| Eli Lilly & Co | 4.3<br>|
| Cummins Inc | 4.1<br>|
| TE Connectivity PLC | 3.7<br>|
| Intel Corp | 3.5<br>|
| Corning Inc | 3.2<br>|
|  | 54.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img333_20260430_1.jpg)<br>| ![](img131112_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918449.101 7853-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Focused Stock Fund<br> **Fidelity Advisor® Focused Stock Fund Class M : FSFJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Focused Stock Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $70  | 1.33% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4956008226<br>|
| Number of Holdings | 43<br>|
| Portfolio Turnover | 133%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 42.7 |
| Industrials | 14.5 |
| Communication Services | 11.0 |
| Consumer Discretionary | 10.9 |
| Health Care | 7.4 |
| Financials | 7.1 |
| Materials | 3.0 |
| Energy | 2.5 |
| Utilities | 0.5 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img333_20260430_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 86.9 |
| Taiwan | 4.9 |
| Switzerland | 3.7 |
| Canada | 2.5 |
| Finland | 2.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img333_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 9.5<br>|
| NVIDIA Corp | 8.0<br>|
| Western Digital Corp | 7.4<br>|
| Amazon.com Inc | 5.8<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9<br>|
| Eli Lilly & Co | 4.3<br>|
| Cummins Inc | 4.1<br>|
| TE Connectivity PLC | 3.7<br>|
| Intel Corp | 3.5<br>|
| Corning Inc | 3.2<br>|
|  | 54.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img333_20260430_1.jpg)<br>| ![](img131113_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918453.101 7854-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Focused Stock Fund<br> **Fidelity Advisor® Focused Stock Fund Class C : FSFMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Focused Stock Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $97  | 1.84% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4956008226<br>|
| Number of Holdings | 43<br>|
| Portfolio Turnover | 133%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 42.7 |
| Industrials | 14.5 |
| Communication Services | 11.0 |
| Consumer Discretionary | 10.9 |
| Health Care | 7.4 |
| Financials | 7.1 |
| Materials | 3.0 |
| Energy | 2.5 |
| Utilities | 0.5 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img333_20260430_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 86.9 |
| Taiwan | 4.9 |
| Switzerland | 3.7 |
| Canada | 2.5 |
| Finland | 2.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img333_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 9.5<br>|
| NVIDIA Corp | 8.0<br>|
| Western Digital Corp | 7.4<br>|
| Amazon.com Inc | 5.8<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9<br>|
| Eli Lilly & Co | 4.3<br>|
| Cummins Inc | 4.1<br>|
| TE Connectivity PLC | 3.7<br>|
| Intel Corp | 3.5<br>|
| Corning Inc | 3.2<br>|
|  | 54.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img333_20260430_1.jpg)<br>| ![](img131114_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918451.101 7855-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Focused Stock Fund<br> **Fidelity Advisor® Focused Stock Fund Class I : FSFNX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Focused Stock Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $43  | 0.82% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4956008226<br>|
| Number of Holdings | 43<br>|
| Portfolio Turnover | 133%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 42.7 |
| Industrials | 14.5 |
| Communication Services | 11.0 |
| Consumer Discretionary | 10.9 |
| Health Care | 7.4 |
| Financials | 7.1 |
| Materials | 3.0 |
| Energy | 2.5 |
| Utilities | 0.5 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img333_20260430_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 86.9 |
| Taiwan | 4.9 |
| Switzerland | 3.7 |
| Canada | 2.5 |
| Finland | 2.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img333_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 9.5<br>|
| NVIDIA Corp | 8.0<br>|
| Western Digital Corp | 7.4<br>|
| Amazon.com Inc | 5.8<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9<br>|
| Eli Lilly & Co | 4.3<br>|
| Cummins Inc | 4.1<br>|
| TE Connectivity PLC | 3.7<br>|
| Intel Corp | 3.5<br>|
| Corning Inc | 3.2<br>|
|  | 54.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img333_20260430_1.jpg)<br>| ![](img131115_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918455.101 7856-TSRS-0626 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2026 |
| Fidelity® Focused Stock Fund<br> **Fidelity Advisor® Focused Stock Fund Class Z : FSFOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Focused Stock Fund for the period November 1, 2025 to April 30, 2026. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $37  | 0.71% |

---

**Key Fund Statistics**

(as of April 30, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4956008226<br>|
| Number of Holdings | 43<br>|
| Portfolio Turnover | 133%<br>|

---

**What did the Fund invest in?** (as of April 30, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 42.7 |
| Industrials | 14.5 |
| Communication Services | 11.0 |
| Consumer Discretionary | 10.9 |
| Health Care | 7.4 |
| Financials | 7.1 |
| Materials | 3.0 |
| Energy | 2.5 |
| Utilities | 0.5 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img333_20260430_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 86.9 |
| Taiwan | 4.9 |
| Switzerland | 3.7 |
| Canada | 2.5 |
| Finland | 2.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img333_20260430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 86.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Finland - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 9.5<br>|
| NVIDIA Corp | 8.0<br>|
| Western Digital Corp | 7.4<br>|
| Amazon.com Inc | 5.8<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 4.9<br>|
| Eli Lilly & Co | 4.3<br>|
| Cummins Inc | 4.1<br>|
| TE Connectivity PLC | 3.7<br>|
| Intel Corp | 3.5<br>|
| Corning Inc | 3.2<br>|
|  | 54.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img333_20260430_1.jpg)<br>| ![](img131116_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918457.101 7857-TSRS-0626 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Value Fund**

**Semi-Annual Report**

**April 30, 2026**

![](img131257_1.jpg)

![](img131257_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VAL-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Value Fund](#Sub_Sec_Fund_39_VAL-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements39_VAL-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VAL-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VAL-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VAL-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VAL-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Value Fund**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** | &nbsp;&nbsp;**Common Stocks - 98.8%** |
|  | Shares | Value ($)<br>|
| CANADA - 4.5%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Gildan Activewear Inc  | 1066100 | 66162793 |
| Energy - 2.2% |  |  |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Canadian Natural Resources Ltd  | 1126000 | 53748916 |
| Cenovus Energy Inc  | 2556281 | 74786768 |
| Imperial Oil Ltd  | 626300 | 83897043 |
| TOTAL ENERGY |  | 212432727 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Onex Corp Subordinate Voting Shares  | 244900 | 20634450 |
| Industrials - 1.1% |  |  |
| Ground Transportation - 0.5% |  |  |
| TFI International Inc  | 354600 | 50738069 |
| Machinery - 0.6% |  |  |
| ATS Corp (a) | 1119000 | 36304583 |
| NFI Group Inc (a) | 1280000 | 20504877 |
|  |  | 56809460 |
| TOTAL INDUSTRIALS |  | 107547529 |
| Materials - 0.3% |  |  |
| Chemicals - 0.1% |  |  |
| Methanex Corp (United States)  | 154779 | 10144215 |
| Paper & Forest Products - 0.2% |  |  |
| Interfor Corp (a) | 2988113 | 21492152 |
| TOTAL MATERIALS |  | 31636367 |
| TOTAL CANADA |  | 438413866 |
| FRANCE - 1.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| JCDecaux SE  | 1083900 | 24043054 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Vallourec SACA  | 2424700 | 72993466 |
| TOTAL FRANCE |  | 97036520 |
| GERMANY - 1.1%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Birkenstock Holding Plc (a)(b) | 1008215 | 39058249 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| BioNTech SE ADR (a) | 200000 | 20690000 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Siemens Energy AG  | 219200 | 46456748 |
| TOTAL GERMANY |  | 106204997 |
| HONG KONG - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Prudential PLC  | 2734505 | 41207757 |
| Prudential PLC rights (a)(e)(f) | 2651505 | 502967 |
| TOTAL HONG KONG |  | 41710724 |
| ISRAEL - 0.8%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (a) | 1238700 | 43441209 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Wix.com Ltd (a)(b) | 507800 | 37927582 |
| TOTAL ISRAEL |  | 81368791 |
| MEXICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Grupo Televisa SAB ADR  | 912500 | 2600625 |
| NORWAY - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| TGS ASA  | 2399600 | 38980194 |
| PORTUGAL - 0.6%  |  |  |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Galp Energia SGPS SA  | 2519200 | 59014915 |
| PUERTO RICO - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Popular Inc  | 362731 | 54529351 |
| SPAIN - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Cellnex Telecom SA (c)(d) | 821400 | 27650481 |
| SWITZERLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Garrett Motion Inc  | 1198420 | 30691536 |
| UNITED KINGDOM - 1.6%  |  |  |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Subsea 7 SA  | 1095800 | 39409863 |
| Financials - 0.7% |  |  |
| Capital Markets - 0.7% |  |  |
| Marex Group PLC  | 1273600 | 67946560 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| SSE PLC  | 1337188 | 47877194 |
| TOTAL UNITED KINGDOM |  | 155233617 |
| UNITED STATES - 87.0%  |  |  |
| Communication Services - 0.8% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ZoomInfo Technologies Inc (a)(b) | 1242558 | 7765987 |
| Media - 0.7% |  |  |
| Nexstar Media Group Inc  | 305437 | 63573657 |
| Thryv Holdings Inc (a)(b) | 1524464 | 5457581 |
|  |  | 69031238 |
| TOTAL COMMUNICATION SERVICES |  | 76797225 |
| Consumer Discretionary - 7.0% |  |  |
| Automobile Components - 0.7% |  |  |
| Patrick Industries Inc  | 419259 | 38991087 |
| Versigent PLC  | 743183 | 25989110 |
|  |  | 64980197 |
| Distributors - 0.2% |  |  |
| LKQ Corp  | 738126 | 23310019 |
| Diversified Consumer Services - 0.6% |  |  |
| Driven Brands Holdings Inc (a)(b) | 4480317 | 60797902 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Carnival Corp  | 1944600 | 51551346 |
| Hilton Grand Vacations Inc (a) | 991900 | 46589543 |
|  |  | 98140889 |
| Household Durables - 1.2% |  |  |
| Mohawk Industries Inc (a) | 445800 | 47058648 |
| Somnigroup International Inc  | 382700 | 29031622 |
| Whirlpool Corp (b) | 772989 | 43333763 |
|  |  | 119424033 |
| Leisure Products - 0.8% |  |  |
| BRP Inc Subordinate Voting Shares  | 491757 | 27517539 |
| Brunswick Corp/DE  | 630900 | 50125005 |
|  |  | 77642544 |
| Specialty Retail - 2.0% |  |  |
| Academy Sports & Outdoors Inc  | 112220 | 6154145 |
| Bath & Body Works Inc  | 2778600 | 54015984 |
| Lithia Motors Inc (b) | 221086 | 64141471 |
| Murphy USA Inc  | 8394 | 4935672 |
| Signet Jewelers Ltd  | 177377 | 15791874 |
| Upbound Group Inc  | 2153420 | 42551579 |
|  |  | 187590725 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| PVH Corp  | 273918 | 25047062 |
| Samsonite Group SA (c)(d) | 12896100 | 23614431 |
|  |  | 48661493 |
| TOTAL CONSUMER DISCRETIONARY |  | 680547802 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 1.2% |  |  |
| Keurig Dr Pepper Inc  | 1808200 | 53161080 |
| Primo Brands Corp Class A  | 2946900 | 60057822 |
|  |  | 113218902 |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Performance Food Group Co (a) | 539238 | 48833393 |
| Sprouts Farmers Market Inc (a) | 336100 | 27509785 |
|  |  | 76343178 |
| Food Products - 0.7% |  |  |
| Bunge Global SA (b) | 192300 | 24435560 |
| Darling Ingredients Inc (a) | 798194 | 51268001 |
|  |  | 75703561 |
| TOTAL CONSUMER STAPLES |  | 265265641 |
| Energy - 3.5% |  |  |
| Energy Equipment & Services - 1.7% |  |  |
| Expro Group Holdings NV (a)(b) | 3106000 | 56560260 |
| Noble Corp PLC (b) | 1144022 | 58379443 |
| Weatherford International PLC  | 470950 | 51969332 |
|  |  | 166909035 |
| Oil, Gas & Consumable Fuels - 1.8% |  |  |
| Delek US Holdings Inc  | 1168700 | 54449733 |
| Sunoco LP  | 445959 | 31061044 |
| Sunococorp LLC  | 196300 | 13089284 |
| Targa Resources Corp  | 297113 | 77273150 |
|  |  | 175873211 |
| TOTAL ENERGY |  | 342782246 |
| Financials - 14.7% |  |  |
| Banks - 2.0% |  |  |
| East West Bancorp Inc  | 392766 | 49673116 |
| First Citizens BancShares Inc/NC Class A (b) | 25392 | 50373157 |
| First Citizens BancShares Inc/NC Class B  | 5600 | 9140382 |
| Pinnacle Financial Partners Inc  | 407156 | 40284015 |
| Western Alliance Bancorp  | 529400 | 43167276 |
|  |  | 192637946 |
| Capital Markets - 2.5% |  |  |
| Ares Management Corp Class A  | 317866 | 37317468 |
| BGC Group Inc Class A  | 4028293 | 45237730 |
| LPL Financial Holdings Inc  | 254800 | 85136325 |
| Raymond James Financial Inc  | 313100 | 49569992 |
| Victory Capital Holdings Inc Class A (b) | 350312 | 27502995 |
|  |  | 244764510 |
| Consumer Finance - 2.3% |  |  |
| Capital One Financial Corp  | 376500 | 72024450 |
| Credit Acceptance Corp (a) | 68600 | 34636826 |
| OneMain Holdings Inc  | 902080 | 53015242 |
| PROG Holdings Inc  | 694189 | 24872791 |
| SLM Corp  | 1675621 | 38673333 |
|  |  | 223222642 |
| Financial Services - 4.5% |  |  |
| Apollo Global Management Inc  | 695802 | 89563633 |
| Corebridge Financial Inc  | 505942 | 13933643 |
| Corpay Inc (a) | 223600 | 68526692 |
| Fiserv Inc (a) | 868500 | 54411525 |
| Global Payments Inc  | 698700 | 50278452 |
| Remitly Global Inc (a) | 2831300 | 61977157 |
| Shift4 Payments Inc Class A (a)(b) | 442903 | 19611745 |
| Voya Financial Inc  | 295300 | 24202788 |
| WEX Inc (a)(b) | 338200 | 50841606 |
|  |  | 433347241 |
| Insurance - 3.4% |  |  |
| Arthur J Gallagher & Co  | 334500 | 69040800 |
| First American Financial Corp  | 699737 | 49072556 |
| Globe Life Inc  | 248000 | 38266399 |
| Primerica Inc  | 206643 | 58122477 |
| Reinsurance Group of America Inc  | 327549 | 69263512 |
| Ryan Specialty Holdings Inc Class A (b) | 1253360 | 43579327 |
|  |  | 327345071 |
| TOTAL FINANCIALS |  | 1421317410 |
| Health Care - 10.1% |  |  |
| Biotechnology - 0.2% |  |  |
| Moderna Inc (a) | 473400 | 21747995 |
| Health Care Equipment & Supplies - 2.0% |  |  |
| GE HealthCare Technologies Inc  | 697827 | 42455795 |
| Haemonetics Corp (a) | 94142 | 5656992 |
| Lantheus Holdings Inc (a) | 765913 | 64811558 |
| QuidelOrtho Corp (a) | 3235425 | 39795728 |
| Solventum Corp (a) | 615697 | 41473350 |
|  |  | 194193423 |
| Health Care Providers & Services - 4.7% |  |  |
| Acadia Healthcare Co Inc (a)(b) | 2572293 | 66609527 |
| AdaptHealth Corp (a) | 4246596 | 55672874 |
| BrightSpring Health Services Inc (a) | 1214000 | 58235580 |
| Cigna Group/The  | 170800 | 49631064 |
| CVS Health Corp  | 596600 | 49690814 |
| LifeStance Health Group Inc (a) | 5299699 | 40118721 |
| Molina Healthcare Inc (a) | 300372 | 58458399 |
| PACS Group Inc (a) | 2033514 | 68224395 |
|  |  | 446641374 |
| Health Care Technology - 0.5% |  |  |
| Waystar Holding Corp (a) | 2267400 | 48465675 |
| Life Sciences Tools & Services - 1.7% |  |  |
| Bruker Corp  | 232739 | 8543849 |
| Fortrea Holdings Inc (a) | 1967436 | 22625514 |
| ICON PLC (a) | 528770 | 62569354 |
| IQVIA Holdings Inc (a) | 286350 | 45349250 |
| Sotera Health Co (a) | 1961104 | 30514778 |
|  |  | 169602745 |
| Pharmaceuticals - 1.0% |  |  |
| Jazz Pharmaceuticals PLC (a) | 244485 | 49635345 |
| Viatris Inc  | 3292100 | 49183974 |
|  |  | 98819319 |
| TOTAL HEALTH CARE |  | 979470531 |
| Industrials - 22.6% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Textron Inc  | 819100 | 78600836 |
| Air Freight & Logistics - 2.2% |  |  |
| FedEx Corp  | 138000 | 55656780 |
| Forward Air Corp Class A (a)(b) | 945172 | 19905322 |
| GXO Logistics Inc (a) | 993706 | 56770424 |
| United Parcel Service Inc Class B  | 700200 | 76181760 |
|  |  | 208514286 |
| Building Products - 2.1% |  |  |
| Griffon Corp  | 113673 | 10363567 |
| Hayward Holdings Inc (a) | 2203315 | 33071758 |
| Masterbrand Inc (a)(b) | 3362300 | 30193454 |
| Resideo Technologies Inc (a)(b) | 1476600 | 61086943 |
| Tecnoglass Inc  | 427960 | 18436517 |
| UFP Industries Inc  | 561023 | 50205948 |
|  |  | 203358187 |
| Commercial Services & Supplies - 2.4% |  |  |
| Brink's Co/The  | 494500 | 52787875 |
| Clean Harbors Inc (a) | 155500 | 48621740 |
| GEO Group Inc/The (a) | 564186 | 10443083 |
| HNI Corp (b) | 1588561 | 58046019 |
| MillerKnoll Inc  | 1263884 | 20323255 |
| Vestis Corp (a) | 4799563 | 46651752 |
|  |  | 236873724 |
| Construction & Engineering - 1.7% |  |  |
| AECOM  | 577242 | 48546052 |
| Centuri Holdings Inc (a) | 1826525 | 68677340 |
| WillScot Holdings Corp  | 2150700 | 48691848 |
|  |  | 165915240 |
| Electrical Equipment - 1.2% |  |  |
| Acuity Inc  | 221505 | 64185504 |
| Regal Rexnord Corp  | 226356 | 48673331 |
|  |  | 112858835 |
| Ground Transportation - 1.9% |  |  |
| ArcBest Corp  | 358377 | 45718154 |
| Lyft Inc Class A (a) | 1429658 | 20229661 |
| Ryder System Inc  | 257870 | 65439670 |
| U-Haul Holding Co Class N  | 1197344 | 57101335 |
|  |  | 188488820 |
| Machinery - 3.0% |  |  |
| Allison Transmission Holdings Inc  | 524629 | 70483906 |
| Gates Industrial Corp PLC (a) | 2357500 | 60375575 |
| Mueller Industries Inc  | 350200 | 47427586 |
| Oshkosh Corp (b) | 386500 | 60409950 |
| Terex Corp  | 829600 | 51601120 |
|  |  | 290298137 |
| Marine Transportation - 0.5% |  |  |
| Matson Inc (b) | 272968 | 47613807 |
| Passenger Airlines - 1.0% |  |  |
| Delta Air Lines Inc  | 1403400 | 95417166 |
| Professional Services - 4.0% |  |  |
| Amentum Holdings Inc (a)(b) | 1795959 | 47108005 |
| Concentrix Corp (b) | 1263300 | 30091806 |
| First Advantage Corp (a)(b) | 4079005 | 52048104 |
| KBR Inc  | 1852638 | 69455399 |
| Maximus Inc  | 65042 | 4268055 |
| Science Applications International Corp  | 130262 | 12605454 |
| SS&C Technologies Holdings Inc  | 1356200 | 93984660 |
| TransUnion  | 963418 | 68402678 |
|  |  | 377964161 |
| Trading Companies & Distributors - 1.8% |  |  |
| Boise Cascade Co  | 330907 | 26230998 |
| GATX Corp  | 212607 | 41653963 |
| Herc Holdings Inc  | 380685 | 48316541 |
| McGrath RentCorp  | 380979 | 42117228 |
| Rush Enterprises Inc Class A  | 235520 | 17435546 |
|  |  | 175754276 |
| TOTAL INDUSTRIALS |  | 2181657475 |
| Information Technology - 10.0% |  |  |
| Electronic Equipment, Instruments & Components - 2.5% |  |  |
| Arrow Electronics Inc (a) | 308200 | 57889206 |
| Avnet Inc  | 734800 | 60628348 |
| Sanmina Corp (a) | 295800 | 64431156 |
| TD SYNNEX Corp  | 279200 | 63707856 |
|  |  | 246656566 |
| IT Services - 0.6% |  |  |
| Everforth Inc (a) | 315581 | 6658759 |
| GoDaddy Inc Class A (a) | 558300 | 48454857 |
|  |  | 55113616 |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Axcelis Technologies Inc (a) | 190363 | 26481397 |
| First Solar Inc (a) | 297500 | 60062275 |
| ON Semiconductor Corp (a) | 820120 | 82676297 |
|  |  | 169219969 |
| Software - 0.7% |  |  |
| Gen Digital Inc  | 3279500 | 63261555 |
| Technology Hardware, Storage & Peripherals - 4.5% |  |  |
| Sandisk Corp/DE (a) | 126211 | 138391624 |
| Western Digital Corp  | 677700 | 294474204 |
|  |  | 432865828 |
| TOTAL INFORMATION TECHNOLOGY |  | 967117534 |
| Materials - 3.6% |  |  |
| Chemicals - 1.4% |  |  |
| Corteva Inc  | 963051 | 78016762 |
| Scotts Miracle-Gro Co/The (b) | 911571 | 57155501 |
|  |  | 135172263 |
| Construction Materials - 1.2% |  |  |
| Eagle Materials Inc  | 259986 | 54625658 |
| GCC SAB de CV  | 814682 | 9625919 |
| James Hardie Industries PLC (a) | 2547445 | 53470871 |
|  |  | 117722448 |
| Containers & Packaging - 0.3% |  |  |
| Silgan Holdings Inc  | 736300 | 29856965 |
| Metals & Mining - 0.7% |  |  |
| Reliance Inc  | 186199 | 67497138 |
| TOTAL MATERIALS |  | 350248814 |
| Real Estate - 6.9% |  |  |
| Health Care REITs - 1.8% |  |  |
| American Healthcare REIT Inc  | 770064 | 39103850 |
| Ventas Inc  | 845500 | 74285630 |
| Welltower Inc  | 266900 | 58008046 |
|  |  | 171397526 |
| Industrial REITs - 0.4% |  |  |
| Americold Realty Trust Inc  | 1464160 | 17906677 |
| EastGroup Properties Inc  | 117486 | 23638183 |
|  |  | 41544860 |
| Office REITs - 0.3% |  |  |
| Douglas Emmett Inc  | 2609621 | 28210003 |
| Real Estate Management & Development - 1.1% |  |  |
| Compass Inc Class A (a) | 6483165 | 49077559 |
| Jones Lang LaSalle Inc (a) | 184500 | 58694985 |
|  |  | 107772544 |
| Retail REITs - 0.3% |  |  |
| Macerich Co/The  | 1384297 | 30080774 |
| Specialized REITs - 3.0% |  |  |
| Equinix Inc  | 82300 | 89116909 |
| Iron Mountain Inc  | 910700 | 114739093 |
| Lamar Advertising Co Class A  | 242900 | 33481336 |
| Outfront Media Inc  | 1799035 | 55500230 |
|  |  | 292837568 |
| TOTAL REAL ESTATE |  | 671843275 |
| Utilities - 5.1% |  |  |
| Electric Utilities - 2.9% |  |  |
| Constellation Energy Corp  | 229797 | 71926461 |
| Eversource Energy (b) | 1259600 | 89053720 |
| PG&E Corp  | 7446800 | 123765816 |
|  |  | 284745997 |
| Gas Utilities - 0.7% |  |  |
| UGI Corp  | 1997544 | 72091363 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| Vistra Corp  | 479300 | 75652712 |
| Multi-Utilities - 0.7% |  |  |
| Sempra  | 670000 | 63730400 |
| TOTAL UTILITIES |  | 496220472 |
| TOTAL UNITED STATES |  | 8433268425 |
| ZAMBIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| First Quantum Minerals Ltd (a) | 607666 | 14879060 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,513,461,311) |  | <br> **9581583102** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.69 | 69770496 | 69784450 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.69 | 198449755 | 198469600 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $268,253,761) |  |  | **268254050** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $7,781,715,072)<br>| <br>**9849837152** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(155373470)** |
| **NET ASSETS - 100.0%** | **9694463682** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $51,264,912 or 0.5% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $51,264,912 or 0.5% of net assets.

(e) A portion of the security sold on a delayed delivery basis.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 66308248 | 1296373379 | 1292894160 | 1437908 | (3017) | - | 69784450 | 69770496 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 168498751 | 1217588818 | 1187621171 | 663672 | 3202 | - | 198469600 | 198449755 | 0.6% |
| Total | 234806999 | 2513962197 | 2480515331 | 2101580 | 185 | - | 268254050 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 131091385 | 103440904 | 27650481 | - |
| Consumer Discretionary | 816460380 | 792845949 | 23614431 | - |
| Consumer Staples | 265265641 | 265265641 | - | - |
| Energy | 765613411 | 765613411 | - | - |
| Financials | 1606138495 | 1564930738 | 41207757 | - |
| Health Care | 1043601740 | 1043601740 | - | - |
| Industrials | 2335661752 | 2335661752 | - | - |
| Information Technology | 1005045116 | 1005045116 | - | - |
| Materials | 396764241 | 396764241 | - | - |
| Real Estate | 671843275 | 671843275 | - | - |
| Utilities | 544097666 | 496220472 | 47877194 | - |
|  **Money Market Funds** | 268254050 | 268254050 | - | - |
| **Total Investments in Securities:** | 9849837152 | 9709487289 | 140349863 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $414,090,311) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $7,513,461,311) | $9581583102 |  |
| Fidelity Central Funds (cost $268,253,761) | 268254050 |  |
| Total Investment in Securities (cost $7,781,715,072) |  | $9849837152 |
| Cash |  | 1528436 |
| Foreign currency held at value (cost $408) |  | 408 |
| Receivable for investments sold |  |  |
| Regular delivery |  | 213128115 |
| Delayed delivery |  | 510624 |
| Receivable for fund shares sold |  | 1417653 |
| Dividends receivable |  | 3381181 |
| Distributions receivable from Fidelity Central Funds |  | 327627 |
| Prepaid expenses |  | 2234 |
| Other receivables |  | 44375 |
| **Total assets** |  | 10070177805 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $166014396 |  |
| Delayed delivery | 1021247 |  |
| Payable for fund shares redeemed | 4027113 |  |
| Accrued management fee | 6085581 |  |
| Other payables and accrued expenses | 96186 |  |
| Collateral on securities loaned | 198469600 |  |
| **Total liabilities** |  | 375714123 |
| **Net Assets**  |  | $9694463682 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6850682607 |
| Total accumulated earnings (loss) |  | 2843781075 |
| **Net Assets** |  | $9694463682 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Value :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($8,662,227,036 ÷ 548,829,831 shares) |  | $15.78 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,032,236,646 ÷ 65,144,259 shares) |  | $15.85 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $60737329 |
| Interest  |  | 101577 |
| Income from Fidelity Central Funds (including $663,672 from security lending)  |  | 2101580 |
| Security lending |  | 37578 |
| **Total income** |  | 62978064 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $26209697 |  |
| Performance adjustment | 3995005 |  |
| Custodian fees and expenses | 56421 |  |
| Independent trustees' fees and expenses | 13519 |  |
| Registration fees | 101266 |  |
| Audit fees | 37742 |  |
| Legal | 8136 |  |
| Interest | 5930 |  |
| Miscellaneous | 12195 |  |
| Total expenses before reductions | 30439911 |  |
| Expense reductions | (9966) |  |
| Total expenses after reductions |  | 30429945 |
| **Net Investment income (loss)** |  | 32548119 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 486650992 |  |
| Redemptions in-kind | 347667739 |  |
| Fidelity Central Funds | 185 |  |
| Foreign currency transactions | (92481) |  |
| Futures contracts | (186468) |  |
| Total net realized gain (loss) |  | 834039967 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 847260535 |  |
| Assets and liabilities in foreign currencies | 23621 |  |
| Futures contracts | 516567 |  |
| Total change in net unrealized appreciation (depreciation) |  | 847800723 |
| **Net gain (loss)** |  | 1681840690 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1714388809 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $32548119 | $100342541 |
| &nbsp;&nbsp;Net realized gain (loss) | 834039967<br>| 770454311<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 847800723 | (410717063)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1714388809<br>| 460079789<br>|
| Distributions to shareholders | (786243326)<br>| (1348344033)<br>|
| Share transactions - net increase (decrease) | 516385321<br>| (34488587)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1444530804<br>| (922752831)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8249932878 | 9172685709<br>|
| &nbsp;&nbsp;End of period | $9694463682 | $8249932878 |

---

**Financial Highlights** 

**Fidelity® Value Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.31 | $15.77 | $12.52 | $13.27 | $15.72 | $9.57 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .16  | .16  | .13  | .17  | .12  |
| Net realized and unrealized gain (loss)  | 2.81  | .72  | 3.62  | - C | (1.18)  | 6.15  |
| Total from investment operations  | 2.86  | .88  | 3.78  | .13  | (1.01)  | 6.27  |
| Distributions from net investment income  | (.20)  | (.18)  | (.15)  | (.09)  | (.20)  | (.12)  |
| Distributions from net realized gain  | (1.19)  | (2.16)  | (.38)  | (.80)  | (1.24)  | -  |
| Total distributions  | (1.39)  | (2.34)  | (.53)  | (.88) D | (1.44)  | (.12)  |
| Net asset value, end of period  | $15.78 | $14.31 | $15.77 | $12.52 | $13.27 | $15.72 |
| **Total Return** E,F | 21.26% <br>| 5.78%  | 30.95%  | .97%  | (6.80)%  | 65.91%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .69% I | .68%  | .82%  | .87%  | .83%  | .79%  |
| Expenses net of fee waivers, if any  | .69% I<br>| .68%  | .81%  | .87%  | .83%  | .79%  |
| Expenses net of all reductions, if any  | .69% I | .68%  | .81%  | .87%  | .83%  | .79%  |
| Net investment income (loss)  | .73% I | 1.18%  | 1.05%  | .99%  | 1.18%  | .82%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8662227 | $7652968 | $8185041 | $6539068 | $7189566 | $8360984 |
| Portfolio turnover rate J | 100% I,K<br>| 67%  | 85%  | 69%  | 74%  | 77%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Value Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.35 | $15.80 | $12.54 | $13.30 | $15.74 | $9.59 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .18  | .17  | .14  | .18  | .13  |
| Net realized and unrealized gain (loss)  | 2.83  | .70  | 3.64  | - C | (1.17)  | 6.15  |
| Total from investment operations  | 2.89  | .88  | 3.81  | .14  | (.99)  | 6.28  |
| Distributions from net investment income  | (.20)  | (.17)  | (.16)  | (.10)  | (.21)  | (.13)  |
| Distributions from net realized gain  | (1.19)  | (2.16)  | (.38)  | (.80)  | (1.24)  | -  |
| Total distributions  | (1.39)  | (2.33)  | (.55) D | (.90)  | (1.45)  | (.13)  |
| Net asset value, end of period  | $15.85 | $14.35 | $15.80 | $12.54 | $13.30 | $15.74 |
| **Total Return** E,F | 21.43% <br>| 5.78%  | 31.11%  | .99%  | (6.63)%  | 65.90%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .63% I | .60%  | .75%  | .79%  | .75%  | .71%  |
| Expenses net of fee waivers, if any  | .63% I<br>| .60%  | .74%  | .78%  | .74%  | .71%  |
| Expenses net of all reductions, if any  | .62% I | .60%  | .74%  | .78%  | .74%  | .71%  |
| Net investment income (loss)  | .80% I | 1.25%  | 1.12%  | 1.07%  | 1.27%  | .91%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1032237 | $596965 | $987645 | $629578 | $1159684 | $1168209 |
| Portfolio turnover rate J | 100% I,K<br>| 67%  | 85%  | 69%  | 74%  | 77%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Value Fund (the Fund) is a fund of Fidelity Capital Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Value and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $2518316000 |
| **Gross unrealized depreciation** | <u>(506637382)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2011678618</u> |
| **Tax cost** | <u>$7838158534</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily. Subsequent payments from or to a fund are made or as needed depending on the fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Value Fund** | 4894473543 | 4375076548 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Value Fund** | 54566294 | - | 347667739 | 347667739 | 800037502 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Value** | .63 |
| **Class K** | .55 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Value** | .60 |
| **Class K** | .53 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Value Fund** | Russell Midcap Value Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .09%.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Value Fund** | $36189 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Value Fund** | 147801 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Value Fund** | Borrower | 26672000 | 4.00% | 5930 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Value Fund** | 437119058 | 311943662 | 45770890 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Value Fund** | 5475 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Value Fund** | 74689 | 112918 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Value Fund** | 223738547 |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $9,966.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2026** | **Year ended**<br> **October 31, 2025** |
| **Fidelity Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Value | $730496525 | $1206152710 |
| Class K | <u>55746801</u> | <u>142191323</u> |
| Total  | <u>$786243326</u> | <u>$1348344033</u> |

---

**11. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025** | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025** |
| **Fidelity Value Fund** |  |  |  |  |
| **Value** |  |  |  |  |
| Shares sold | 66795571 | 25929866 | $990281416 | $370971635 |
| Reinvestment of distributions  | 44658202 | 74058435 | 620749010 | 1044223931 |
| Shares redeemed | <u>(97566952)</u> | <u>(84087754)</u> | <u>(1429484373)</u> | <u>(1162622862)</u> |
| Net increase (decrease) | <u>13886821</u> | <u>15900547</u> | <u>$181546053</u> | <u>$252572704</u> |
| **Class K** |  |  |  |  |
| Shares sold | 25516446 | 6338957 | $366255688 | $89503375 |
| Reinvestment of distributions  | 3996186 | 10055963 | 55746801 | 142191323 |
| Shares redeemed | <u>(5954815)</u> | <u>(37322742)</u> | <u>(87163221)</u> | <u>(518755989)</u> |
| Net increase (decrease) | <u>23557817</u> | <u>(20927822)</u> | <u>$334839268</u> | <u>$(287061291)</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img131257_4.jpg)<br>

1.703562.128 VAL-SANN-0626

**Fidelity® Stock Selector Small Cap Fund**

**Semi-Annual Report**

**April 30, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img131262_1.jpg)

![](img131262_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SCS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Stock Selector Small Cap Fund](#Sub_Sec_Fund_336_SCS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements336_SCS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCS-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Stock Selector Small Cap Fund**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 136773 | 1827287 |
| BRAZIL - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Embraer SA ADR  | 241196 | 15122989 |
| CANADA - 3.8%  |  |  |
| Energy - 1.1% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| CES Energy Solutions Corp  | 2955800 | 42084274 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Teekay Tankers Ltd Class A  | 328800 | 25827240 |
| TOTAL ENERGY |  | 67911514 |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| TMX Group Ltd  | 1055801 | 43060607 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Xenon Pharmaceuticals Inc (b) | 546385 | 30619415 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Electrovaya Inc (United States) (b) | 1116900 | 10342494 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Lumine Group Inc Subordinate Voting Shares (b)(c) | 441663 | 6574466 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Major Drilling Group International Inc (b) | 677100 | 7811063 |
| OR Royalties Inc  | 620693 | 22861023 |
| TOTAL MATERIALS |  | 30672086 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 274732 | 28720097 |
| Utilities - 0.7% |  |  |
| Gas Utilities - 0.7% |  |  |
| Brookfield Infrastructure Corp (United States) (a) | 1272809 | 47093933 |
| TOTAL CANADA |  | 264994612 |
| CHILE - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Lundin Mining Corp  | 1162897 | 29843994 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (b) | 32406 | 7433288 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Criteo SA ADR (b) | 210700 | 3990658 |
| GUATEMALA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| Millicom International Cellular SA  | 266551 | 22624849 |
| ISRAEL - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| IT Services - 0.1% |  |  |
| Wix.com Ltd (a)(b) | 106500 | 7954485 |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Nova Ltd (b) | 36500 | 18265695 |
| TOTAL ISRAEL |  | 26220180 |
| JAPAN - 1.2%  |  |  |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Takeuchi Manufacturing Co Ltd  | 315817 | 14236669 |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Allegro MicroSystems Inc (b) | 1348002 | 65378097 |
| TOTAL JAPAN |  | 79614766 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.7% |  |  |
| Argenx SE ADR (b) | 35011 | 27368799 |
| Newamsterdam Pharma Co NV (a)(b) | 406900 | 11621064 |
| uniQure NV (a)(b) | 348300 | 6948585 |
| TOTAL NETHERLANDS |  | 45938448 |
| PUERTO RICO - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| First BanCorp/Puerto Rico  | 2970613 | 72126484 |
| THAILAND - 2.1%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| BKV Corp (b) | 849202 | 26775339 |
| Information Technology - 1.7% |  |  |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Fabrinet (b) | 176604 | 120703536 |
| TOTAL THAILAND |  | 147478875 |
| UNITED KINGDOM - 1.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| 4imprint Group PLC  | 251400 | 12465852 |
| Consumer Discretionary - 0.3% |  |  |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 65854 | 17465151 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| TechnipFMC PLC  | 705981 | 53350984 |
| TOTAL UNITED KINGDOM |  | 83281987 |
| UNITED STATES - 85.9%  |  |  |
| Consumer Discretionary - 9.5% |  |  |
| Automobile Components - 1.1% |  |  |
| Patrick Industries Inc  | 380950 | 35428350 |
| Phinia Inc  | 574886 | 41478025 |
|  |  | 76906375 |
| Distributors - 0.2% |  |  |
| GigaCloud Technology Inc Class A (b) | 348500 | 15504765 |
| Diversified Consumer Services - 1.0% |  |  |
| Frontdoor Inc (b) | 307600 | 21110588 |
| Laureate Education Inc (b) | 1543397 | 46448533 |
|  |  | 67559121 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Brinker International Inc (b) | 115500 | 17583720 |
| Lindblad Expeditions Holdings Inc (b) | 46400 | 859792 |
| Pursuit Attractions and Hospitality Inc (b) | 285600 | 12018048 |
|  |  | 30461560 |
| Household Durables - 2.3% |  |  |
| Champion Homes Inc (b) | 293684 | 22387531 |
| Green Brick Partners Inc (a)(b) | 839348 | 56605630 |
| Installed Building Products Inc  | 138388 | 39931857 |
| Lovesac Co/The (a)(b) | 338366 | 5349566 |
| SharkNinja Inc (b) | 296762 | 34284914 |
|  |  | 158559498 |
| Leisure Products - 0.4% |  |  |
| Acushnet Holdings Corp (a) | 258081 | 24987402 |
| Specialty Retail - 2.7% |  |  |
| Academy Sports & Outdoors Inc  | 656100 | 35980524 |
| Boot Barn Holdings Inc (b) | 330318 | 56633021 |
| Group 1 Automotive Inc  | 59800 | 21340826 |
| Murphy USA Inc  | 77211 | 45400068 |
| RealReal Inc/The (b) | 1416900 | 16846941 |
| Warby Parker Inc Class A (b) | 377600 | 8352512 |
|  |  | 184553892 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Crocs Inc (b) | 205988 | 21006656 |
| Kontoor Brands Inc  | 616377 | 45217417 |
| Samsonite Group SA (c)(e) | 4579341 | 8385367 |
| Steven Madden Ltd  | 588353 | 22098539 |
|  |  | 96707979 |
| TOTAL CONSUMER DISCRETIONARY |  | 655240592 |
| Consumer Staples - 1.8% |  |  |
| Beverages - 0.6% |  |  |
| Vita Coco Co Inc/The (b) | 615494 | 40616449 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Performance Food Group Co (b) | 225800 | 20448448 |
| Sprouts Farmers Market Inc (b) | 230700 | 18882795 |
|  |  | 39331243 |
| Food Products - 0.6% |  |  |
| Darling Ingredients Inc (b) | 493327 | 31686393 |
| Post Holdings Inc (a)(b) | 116365 | 12189234 |
|  |  | 43875627 |
| TOTAL CONSUMER STAPLES |  | 123823319 |
| Energy - 4.0% |  |  |
| Energy Equipment & Services - 2.3% |  |  |
| Cactus Inc Class A (a) | 553324 | 30831213 |
| Liberty Energy Inc Class A  | 513200 | 17341028 |
| Noble Corp PLC (a) | 612500 | 31255875 |
| Weatherford International PLC  | 670800 | 74022780 |
|  |  | 153450896 |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Antero Resources Corp (b) | 627319 | 24628544 |
| Chord Energy Corp  | 410386 | 59752202 |
| Core Natural Resources Inc  | 190741 | 17117097 |
| Northern Oil & Gas Inc  | 712892 | 19362147 |
|  |  | 120859990 |
| TOTAL ENERGY |  | 274310886 |
| Financials - 12.8% |  |  |
| Banks - 6.3% |  |  |
| Axos Financial Inc (b) | 324117 | 31257843 |
| Central BanCo Inc  | 544600 | 14715092 |
| Community Financial System Inc  | 505844 | 32050276 |
| Connectone Bancorp Inc  | 503324 | 14707127 |
| CVB Financial Corp  | 1500500 | 30565185 |
| East West Bancorp Inc  | 190574 | 24101894 |
| First Bancorp/Southern Pines NC  | 442900 | 25573046 |
| First Hawaiian Inc  | 1070800 | 29211424 |
| First Horizon Corp  | 665879 | 16620340 |
| Glacier Bancorp Inc (a) | 420600 | 20630430 |
| Pathward Financial Inc  | 617500 | 53623700 |
| Pinnacle Financial Partners Inc  | 345785 | 34211968 |
| SOUTHSTATE BANK CORP  | 504336 | 49258497 |
| TriCo Bancshares  | 593865 | 29853594 |
| Western Alliance Bancorp  | 256840 | 20942734 |
|  |  | 427323150 |
| Capital Markets - 1.8% |  |  |
| Houlihan Lokey Inc Class A  | 126552 | 19583922 |
| Lazard Inc  | 678343 | 32899636 |
| Piper Sandler Cos  | 140300 | 12234160 |
| Stifel Financial Corp  | 598617 | 47177006 |
| Wealthfront Corp (b) | 41400 | 435941 |
| WisdomTree Inc  | 829600 | 14103200 |
|  |  | 126433865 |
| Consumer Finance - 2.0% |  |  |
| FirstCash Holdings Inc  | 494539 | 107918301 |
| SLM Corp  | 1401858 | 32354882 |
|  |  | 140273183 |
| Financial Services - 1.1% |  |  |
| Essent Group Ltd  | 850514 | 51473107 |
| PennyMac Financial Services Inc  | 301062 | 27182888 |
|  |  | 78655995 |
| Insurance - 1.6% |  |  |
| First American Financial Corp  | 231794 | 16255713 |
| Genworth Financial Inc Class A (b) | 3845153 | 33798895 |
| Primerica Inc  | 129400 | 36396338 |
| Selective Insurance Group Inc  | 305070 | 25610627 |
|  |  | 112061573 |
| TOTAL FINANCIALS |  | 884747766 |
| Health Care - 14.6% |  |  |
| Biotechnology - 7.4% |  |  |
| Avalo Therapeutics Inc (b) | 785400 | 10524360 |
| Caris Life Sciences Inc (b) | 575800 | 10940200 |
| Cogent Biosciences Inc (b) | 1085374 | 38845535 |
| Cytokinetics Inc (b) | 502775 | 32162517 |
| CytomX Therapeutics Inc (b) | 2450510 | 10341152 |
| Damora Therapeutics Inc (b) | 403200 | 10346112 |
| Dianthus Therapeutics Inc (a)(b) | 364218 | 31978340 |
| Disc Medicine Inc (b) | 187300 | 12352435 |
| Insmed Inc (b) | 111250 | 15166713 |
| Jade Biosciences Inc (b) | 693700 | 16926280 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 274200 | 14746476 |
| Kymera Therapeutics Inc (b) | 314000 | 25455980 |
| Mineralys Therapeutics Inc (b) | 365488 | 9740255 |
| Nuvalent Inc Class A (b) | 287419 | 28822377 |
| Olema Pharmaceuticals Inc (b) | 738800 | 10646108 |
| Oruka Therapeutics Inc (b) | 344956 | 23598440 |
| Praxis Precision Medicines Inc (b) | 80600 | 25697698 |
| Rhythm Pharmaceuticals Inc (b) | 178651 | 14535045 |
| Spyre Therapeutics Inc (b) | 383335 | 28539291 |
| Stoke Therapeutics Inc (b) | 463000 | 15149360 |
| Twist Bioscience Corp (a)(b) | 343800 | 20095110 |
| Tyra Biosciences Inc (b) | 389600 | 13538600 |
| Upstream Bio Inc (b) | 1321800 | 12134124 |
| Vaxcyte Inc (b) | 735811 | 42117823 |
| Viking Therapeutics Inc (a)(b) | 453700 | 14146366 |
| Viridian Therapeutics Inc (b) | 1058948 | 14274619 |
| Zenas Biopharma Inc (b) | 551141 | 10648044 |
|  |  | 513469360 |
| Health Care Equipment & Supplies - 1.8% |  |  |
| Artivion Inc (b) | 431013 | 15443196 |
| Axogen Inc (b) | 520800 | 22498560 |
| Ceribell Inc (b) | 901542 | 18175087 |
| Envista Holdings Corp (b) | 190000 | 4928599 |
| Glaukos Corp (b) | 130600 | 18763302 |
| Kestra Medical Technologies Ltd (b) | 735040 | 15230029 |
| LivaNova PLC (b) | 359200 | 21587920 |
| TransMedics Group Inc (b) | 93258 | 9399474 |
|  |  | 126026167 |
| Health Care Providers & Services - 2.6% |  |  |
| BrightSpring Health Services Inc (b) | 792700 | 38025819 |
| Brookdale Senior Living Inc (b) | 1992543 | 28612917 |
| Ensign Group Inc/The  | 162210 | 30282985 |
| Guardant Health Inc (b) | 276300 | 24060204 |
| Guardian Pharmacy Services Inc Class A (b) | 249725 | 9264798 |
| HealthEquity Inc (a)(b) | 131600 | 10795148 |
| Hims & Hers Health Inc Class A (a)(b) | 198600 | 5395961 |
| Privia Health Group Inc (b) | 1222703 | 30384170 |
|  |  | 176822002 |
| Health Care Technology - 0.2% |  |  |
| Waystar Holding Corp (b) | 865858 | 18507715 |
| Life Sciences Tools & Services - 0.4% |  |  |
| 10X Genomics Inc Class A (b) | 745100 | 16429455 |
| Charles River Laboratories International Inc (b) | 56200 | 9383714 |
|  |  | 25813169 |
| Pharmaceuticals - 2.2% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 1249492 | 19991872 |
| Axsome Therapeutics Inc (b) | 123300 | 25615575 |
| Crinetics Pharmaceuticals Inc (b) | 510200 | 19785556 |
| Elanco Animal Health Inc (b) | 1049400 | 23475078 |
| Enliven Therapeutics Inc (b) | 653091 | 26926942 |
| Enliven Therapeutics Inc (b)(d) | 120720 | 4977286 |
| MBX Biosciences Inc (a)(b) | 419900 | 12689378 |
| Structure Therapeutics Inc ADR (b) | 368700 | 15282615 |
|  |  | 148744302 |
| TOTAL HEALTH CARE |  | 1009382715 |
| Industrials - 20.3% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Carpenter Technology Corp  | 63400 | 27147880 |
| Air Freight & Logistics - 0.7% |  |  |
| GXO Logistics Inc (b) | 886382 | 50639004 |
| Building Products - 1.8% |  |  |
| AZZ Inc  | 245500 | 35116320 |
| Resideo Technologies Inc (b) | 538600 | 22281882 |
| Simpson Manufacturing Co Inc  | 301166 | 57441391 |
| Tecnoglass Inc  | 298300 | 12850764 |
|  |  | 127690357 |
| Commercial Services & Supplies - 1.2% |  |  |
| Brink's Co/The  | 507064 | 54129083 |
| HNI Corp  | 334856 | 12235638 |
| Vestis Corp (b) | 1409259 | 13697997 |
|  |  | 80062718 |
| Construction & Engineering - 6.2% |  |  |
| Cardinal Infrastructure Group Inc Class A  | 395895 | 20994312 |
| Construction Partners Inc Class A (b) | 474645 | 58694601 |
| Granite Construction Inc  | 330797 | 45342345 |
| IES Holdings Inc (b) | 258470 | 166475358 |
| Legence Corp Class A (a) | 453265 | 39415924 |
| Primoris Services Corp  | 245896 | 44544060 |
| Sterling Infrastructure Inc (b) | 77300 | 39857426 |
| WillScot Holdings Corp  | 312600 | 7077264 |
|  |  | 422401290 |
| Electrical Equipment - 1.8% |  |  |
| Nextpower Inc Class A (b) | 603132 | 71851115 |
| Thermon Group Holdings Inc (b) | 917259 | 55484997 |
|  |  | 127336112 |
| Ground Transportation - 0.3% |  |  |
| ArcBest Corp  | 151200 | 19288584 |
| Machinery - 3.6% |  |  |
| Atmus Filtration Technologies Inc  | 510077 | 32338882 |
| Blue Bird Corp (b) | 393200 | 25208052 |
| Federal Signal Corp  | 253200 | 31176516 |
| Kadant Inc (a) | 45960 | 13472254 |
| SPX Technologies Inc (a)(b) | 315303 | 69022980 |
| Terex Corp  | 1185094 | 73712847 |
|  |  | 244931531 |
| Passenger Airlines - 0.6% |  |  |
| SkyWest Inc (b) | 543841 | 44660223 |
| Professional Services - 1.5% |  |  |
| Amentum Holdings Inc (b) | 941533 | 24696411 |
| CRA International Inc  | 117400 | 18486978 |
| ExlService Holdings Inc (b) | 566860 | 18071497 |
| First Advantage Corp (a)(b) | 866108 | 11051537 |
| FTI Consulting Inc (b) | 98700 | 17696910 |
| KBR Inc  | 445200 | 16690548 |
|  |  | 106693881 |
| Trading Companies & Distributors - 2.2% |  |  |
| Applied Industrial Technologies Inc  | 56200 | 17183150 |
| Herc Holdings Inc  | 434841 | 55190020 |
| Rush Enterprises Inc Class A  | 899879 | 66618042 |
| Xometry Inc Class A (b) | 250900 | 12863643 |
|  |  | 151854855 |
| TOTAL INDUSTRIALS |  | 1402706435 |
| Information Technology - 12.2% |  |  |
| Communications Equipment - 0.8% |  |  |
| Ciena Corp (b) | 108640 | 57316291 |
| Electronic Equipment, Instruments & Components - 7.0% |  |  |
| Advanced Energy Industries Inc  | 372021 | 142822582 |
| Belden Inc  | 432131 | 48606095 |
| ePlus Inc  | 256449 | 21718666 |
| OSI Systems Inc (b) | 126202 | 36209878 |
| Sanmina Corp (b) | 532254 | 115935566 |
| TD SYNNEX Corp  | 367453 | 83845426 |
| TTM Technologies Inc (b) | 197300 | 31216806 |
|  |  | 480355019 |
| Semiconductors & Semiconductor Equipment - 3.9% |  |  |
| Axcelis Technologies Inc (a)(b) | 357107 | 49677155 |
| Diodes Inc (b) | 332800 | 35659520 |
| MACOM Technology Solutions Holdings Inc (b) | 244119 | 68746352 |
| MKS Inc  | 153231 | 43479296 |
| Onto Innovation Inc (b) | 81910 | 24168364 |
| Veeco Instruments Inc (b) | 944667 | 47091650 |
|  |  | 268822337 |
| Software - 0.5% |  |  |
| Agilysys Inc (b) | 166300 | 10653178 |
| Intapp Inc (b) | 420348 | 9436813 |
| PAR Technology Corp (a)(b) | 410717 | 5520036 |
| Riot Platforms Inc (b) | 344200 | 5934008 |
| SPS Commerce Inc (b) | 56100 | 3148332 |
|  |  | 34692367 |
| TOTAL INFORMATION TECHNOLOGY |  | 841186014 |
| Materials - 4.8% |  |  |
| Chemicals - 1.6% |  |  |
| Element Solutions Inc  | 1116900 | 47568772 |
| Minerals Technologies Inc  | 629842 | 45310833 |
| Perimeter Solutions Inc (b) | 638400 | 19343520 |
|  |  | 112223125 |
| Construction Materials - 1.0% |  |  |
| Eagle Materials Inc  | 265815 | 55850390 |
| Suncrete Inc (d) | 748818 | 11681560 |
|  |  | 67531950 |
| Metals & Mining - 1.5% |  |  |
| Century Aluminum Co (b) | 334300 | 19870792 |
| Commercial Metals Co  | 862515 | 59479034 |
| Constellium SE (b) | 753800 | 23578864 |
|  |  | 102928690 |
| Paper & Forest Products - 0.7% |  |  |
| Louisiana-Pacific Corp  | 491003 | 35445507 |
| Sylvamo Corp  | 259709 | 11097365 |
|  |  | 46542872 |
| TOTAL MATERIALS |  | 329226637 |
| Real Estate - 4.5% |  |  |
| Diversified REITs - 0.8% |  |  |
| Essential Properties Realty Trust Inc  | 1790002 | 56259763 |
| Health Care REITs - 1.7% |  |  |
| American Healthcare REIT Inc  | 1224713 | 62190926 |
| CareTrust REIT Inc  | 1402035 | 55310281 |
|  |  | 117501207 |
| Industrial REITs - 0.6% |  |  |
| Americold Realty Trust Inc  | 1315100 | 16083673 |
| Terreno Realty Corp  | 358910 | 23400932 |
|  |  | 39484605 |
| Real Estate Management & Development - 0.5% |  |  |
| Jones Lang LaSalle Inc (b) | 110000 | 34994300 |
| Retail REITs - 0.3% |  |  |
| Acadia Realty Trust  | 847900 | 18331597 |
| Specialized REITs - 0.6% |  |  |
| Outfront Media Inc  | 1378290 | 42520247 |
| TOTAL REAL ESTATE |  | 309091719 |
| Utilities - 1.4% |  |  |
| Gas Utilities - 1.4% |  |  |
| Southwest Gas Holdings Inc  | 689031 | 64803366 |
| UGI Corp  | 1052578 | 37987540 |
| TOTAL UTILITIES |  | 102790906 |
| TOTAL UNITED STATES |  | 5932506989 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,409,419,713) |  | <br> **6733005406** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** | &nbsp;&nbsp;**Money Market Funds - 4.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.69 | 200694557 | 200734696 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.69 | 110720646 | 110731718 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $311,466,190) |  |  | **311466414** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $4,720,885,903)<br>| <br>**7044471820** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(130953463)** |
| **NET ASSETS - 100.0%** | **6913518357** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Russell 2000 Index Contracts (United States) | 532 | 6/2026 | 74687480 | 4314281 |
| The notional amount of long futures as a percentage of Net Assets is 1.1%. | The notional amount of long futures as a percentage of Net Assets is 1.1%. | The notional amount of long futures as a percentage of Net Assets is 1.1%. | The notional amount of long futures as a percentage of Net Assets is 1.1%. | The notional amount of long futures as a percentage of Net Assets is 1.1%. |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $14,959,833 or 0.2% of net assets.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $16,658,846 or 0.2% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,385,367 or 0.1% of net assets.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Enliven Therapeutics Inc | 3/19/2024 | 1690080 |
| Suncrete Inc | 3/27/2026 | 7488180 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 110843854 | 1009712560 | 919817441 | 2587365 | (4277) | - | 200734696 | 200694557 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 102948032 | 816878817 | 809090970 | 119762 | (4161) | - | 110731718 | 110720646 | 0.3% |
| Total | 213791886 | 1826591377 | 1728908411 | 2707127 | (8438) | - | 311466414 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 39081359 | 39081359 | - | - |
| Consumer Discretionary | 672705743 | 664320376 | 8385367 | - |
| Consumer Staples | 123823319 | 123823319 | - | - |
| Energy | 424176010 | 424176010 | - | - |
| Financials | 999934857 | 999934857 | - | - |
| Health Care | 1093373866 | 1093373866 | - | - |
| Industrials | 1442408587 | 1428171918 | 14236669 | - |
| Information Technology | 1060062293 | 1060062293 | - | - |
| Materials | 389742717 | 389742717 | - | - |
| Real Estate | 337811816 | 337811816 | - | - |
| Utilities | 149884839 | 149884839 | - | - |
|  **Money Market Funds** | 311466414 | 311466414 | - | - |
| **Total Investments in Securities:** | 7044471820 | 7021849784 | 22622036 | - |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | 22605 | - | - | 22605 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 4314281 | 4314281 | - | - |
| Total Assets | 4314281 | 4314281 | - | - |
| **Total Derivative Instruments:** | 4314281 | 4314281 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 4314281 | - |
| **Total Equity Risk**  | 4314281 | - |
| **Total Value of Derivatives** | 4314281 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $135,927,122) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,409,419,713) | $6733005406 |  |
| Fidelity Central Funds (cost $311,466,190) | 311466414 |  |
| Total Investment in Securities (cost $4,720,885,903) |  | $7044471820 |
| Segregated cash with brokers for derivative instruments |  | 5659327 |
| Foreign currency held at value (cost $145) |  | 146 |
| Receivable for investments sold |  | 1918853 |
| Unrealized appreciation on unfunded commitments |  | 22605 |
| Receivable for fund shares sold |  | 7023431 |
| Dividends receivable |  | 1031202 |
| Distributions receivable from Fidelity Central Funds |  | 479682 |
| Receivable for variation margin on futures contracts |  | 1596000 |
| Prepaid expenses |  | 1386 |
| **Total assets** |  | 7062204452 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $16775614 |  |
| Payable for fund shares redeemed | 16437931 |  |
| Accrued management fee | 4579140 |  |
| Distribution and service plan fees payable | 128031 |  |
| Other payables and accrued expenses | 34963 |  |
| Collateral on securities loaned | 110730416 |  |
| **Total liabilities** |  | 148686095 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $6913518357 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4446164397 |
| Total accumulated earnings (loss) |  | 2467353960 |
| **Net Assets** |  | $6913518357 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($332,560,772 ÷ 7,064,023 shares)(a) |  | $47.08 |
| Maximum offering price per share (100/94.25 of $47.08) |  | $49.95 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($32,030,618 ÷ 717,058 shares)(a) |  | $44.67 |
| Maximum offering price per share (100/96.50 of $44.67) |  | $46.29 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($61,344,446 ÷ 1,539,763 shares)(a) |  | $39.84 |
| **Stock Selector Small Cap :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,248,362,776 ÷ 66,407,274 shares) |  | $48.92 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,134,713,417 ÷ 43,410,264 shares) |  | $49.18 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,104,506,328 ÷ 22,485,022 shares) |  | $49.12 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $28430609 |
| Interest  |  | 37714 |
| Income from Fidelity Central Funds (including $119,762 from security lending)  |  | 2707127 |
| Security lending |  | 13942 |
| **Total income** |  | 31189392 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $21851893 |  |
| Performance adjustment | 3695802 |  |
| Distribution and service plan fees | 693678 |  |
| Custodian fees and expenses | 35722 |  |
| Independent trustees' fees and expenses | 8974 |  |
| Registration fees | 178175 |  |
| Audit fees | 29447 |  |
| Legal | 3950 |  |
| Miscellaneous | 7884 |  |
| Total expenses before reductions | 26505525 |  |
| Expense reductions | (3347) |  |
| Total expenses after reductions |  | 26502178 |
| **Net Investment income (loss)** |  | 4687214 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 176377219 |  |
| Fidelity Central Funds | (8438) |  |
| Foreign currency transactions | 304 |  |
| Futures contracts | (737292) |  |
| Total net realized gain (loss) |  | 175631793 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 943332445 |  |
| Unfunded commitments | 22605 |  |
| Assets and liabilities in foreign currencies | 1927 |  |
| Futures contracts | 3917004 |  |
| Total change in net unrealized appreciation (depreciation) |  | 947273981 |
| **Net gain (loss)** |  | 1122905774 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1127592988 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4687214 | $8546249 |
| &nbsp;&nbsp;Net realized gain (loss) | 175631793<br>| 30709260<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 947273981 | 396116627<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1127592988<br>| 435372136<br>|
| Distributions to shareholders | (40615585)<br>| (125043234)<br>|
| Share transactions - net increase (decrease) | 397456574<br>| 748993754<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1484433977<br>| 1059322656<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5429084380 | 4369761724<br>|
| &nbsp;&nbsp;End of period | $6913518357 | $5429084380 |

---

**Financial Highlights** 

**Fidelity Advisor® Stock Selector Small Cap Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.37 | $37.05 | $26.73 | $27.51 | $36.93 | $24.09 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | (.04)  | (.01)  | (.01)  | (.03) C | (.15)  |
| Net realized and unrealized gain (loss)  | 7.91  | 3.30  | 10.34  | (.75)  | (5.76)  | 13.42  |
| Total from investment operations  | 7.89  | 3.26  | 10.33  | (.76)  | (5.79)  | 13.27  |
| Distributions from net investment income  | (.02)  | (.21)  | (.01)  | (.02)  | -  | -  |
| Distributions from net realized gain  | (.16)  | (.73)  | -  | -  | (3.63)  | (.43)  |
| Total distributions  | (.18)  | (.94)  | (.01)  | (.02)  | (3.63)  | (.43)  |
| Net asset value, end of period  | $47.08 | $39.37 | $37.05 | $26.73 | $27.51 | $36.93 |
| **Total Return** D,E,F | 20.10% <br>| 8.90%  | 38.65%  | (2.75)%  | (16.94)%  | 55.62%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.14% I | 1.13%  | 1.17%  | 1.23%  | 1.21%  | 1.19%  |
| Expenses net of fee waivers, if any  | 1.14% I<br>| 1.13%  | 1.16%  | 1.23%  | 1.21%  | 1.19%  |
| Expenses net of all reductions, if any  | 1.14% I | 1.13%  | 1.16%  | 1.23%  | 1.21%  | 1.19%  |
| Net investment income (loss)  | (.11)% I | (.10)%  | (.03)%  | (.05)%  | (.10)% C | (.45)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $332561 | $249083 | $259764 | $109397 | $98903 | $107670 |
| Portfolio turnover rate J | 37% I<br>| 46%  | 36%  | 38%  | 38%  | 59%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.29)%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Stock Selector Small Cap Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.40 | $35.23 | $25.48 | $26.28 | $35.46 | $23.20 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.08)  | (.12)  | (.10)  | (.09)  | (.10) C | (.23)  |
| Net realized and unrealized gain (loss)  | 7.51  | 3.13  | 9.85  | (.70)  | (5.53)  | 12.92  |
| Total from investment operations  | 7.43  | 3.01  | 9.75  | (.79)  | (5.63)  | 12.69  |
| Distributions from net investment income  | - D | (.12)  | -  | (.01)  | -  | -  |
| Distributions from net realized gain  | (.16)  | (.73)  | -  | -  | (3.55)  | (.43)  |
| Total distributions  | (.16)  | (.84) E | -  | (.01)  | (3.55)  | (.43)  |
| Net asset value, end of period  | $44.67 | $37.40 | $35.23 | $25.48 | $26.28 | $35.46 |
| **Total Return** F,G,H | 19.92% <br>| 8.65%  | 38.27%  | (3.01)%  | (17.19)%  | 55.24%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.40% K | 1.39%  | 1.44%  | 1.51%  | 1.48%  | 1.46%  |
| Expenses net of fee waivers, if any  | 1.40% K<br>| 1.39%  | 1.43%  | 1.51%  | 1.48%  | 1.45%  |
| Expenses net of all reductions, if any  | 1.40% K | 1.39%  | 1.43%  | 1.50%  | 1.48%  | 1.45%  |
| Net investment income (loss)  | (.37)% K | (.36)%  | (.30)%  | (.33)%  | (.37)% C | (.71)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32031 | $25840 | $21608 | $14476 | $14222 | $17020 |
| Portfolio turnover rate L | 37% K<br>| 46%  | 36%  | 38%  | 38%  | 59%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.56)%.*

D*Amount represents less than $.005 per share.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns do not include the effect of the sales charges.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Stock Selector Small Cap Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.45 | $31.75 | $23.07 | $23.91 | $32.61 | $21.48 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.16)  | (.26)  | (.23)  | (.20)  | (.23) C | (.36)  |
| Net realized and unrealized gain (loss)  | 6.71  | 2.79  | 8.91  | (.64)  | (5.05)  | 11.92  |
| Total from investment operations  | 6.55  | 2.53  | 8.68  | (.84)  | (5.28)  | 11.56  |
| Distributions from net investment income  | -  | (.11)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (.16)  | (.73)  | -  | -  | (3.42)  | (.43)  |
| Total distributions  | (.16)  | (.83) D | -  | -  | (3.42)  | (.43)  |
| Net asset value, end of period  | $39.84 | $33.45 | $31.75 | $23.07 | $23.91 | $32.61 |
| **Total Return** E,F,G | 19.64% <br>| 8.07%  | 37.62%  | (3.51)%  | (17.61)%  | 54.40%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | 1.90% J | 1.89%  | 1.93%  | 2.01%  | 2.00%  | 1.98%  |
| Expenses net of fee waivers, if any  | 1.90% J<br>| 1.89%  | 1.93%  | 2.00%  | 1.99%  | 1.97%  |
| Expenses net of all reductions, if any  | 1.90% J | 1.89%  | 1.93%  | 2.00%  | 1.99%  | 1.97%  |
| Net investment income (loss)  | (.87)% J | (.86)%  | (.79)%  | (.83)%  | (.88)% C | (1.23)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $61344 | $47869 | $35475 | $18420 | $15666 | $18908 |
| Portfolio turnover rate K | 37% J<br>| 46%  | 36%  | 38%  | 38%  | 59%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.08)%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Total returns do not include the effect of the contingent deferred sales charge.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Stock Selector Small Cap Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.96 | $38.47 | $27.74 | $28.48 | $38.11 | $24.77 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .07  | .08  | .07  | .06 C | (.05)  |
| Net realized and unrealized gain (loss)  | 8.22  | 3.43  | 10.73  | (.77)  | (5.96)  | 13.82  |
| Total from investment operations  | 8.26  | 3.50  | 10.81  | (.70)  | (5.90)  | 13.77  |
| Distributions from net investment income  | (.14)  | (.28)  | (.08)  | (.04)  | (.06)  | -  |
| Distributions from net realized gain  | (.16)  | (.73)  | -  | -  | (3.67)  | (.43)  |
| Total distributions  | (.30)  | (1.01)  | (.08)  | (.04)  | (3.73)  | (.43)  |
| Net asset value, end of period  | $48.92 | $40.96 | $38.47 | $27.74 | $28.48 | $38.11 |
| **Total Return** D,E | 20.27% <br>| 9.22%  | 39.03%  | (2.48)%  | (16.73)%  | 56.11%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .86% H | .85%  | .90%  | .96%  | .93%  | .90%  |
| Expenses net of fee waivers, if any  | .86% H<br>| .85%  | .89%  | .95%  | .93%  | .90%  |
| Expenses net of all reductions, if any  | .86% H | .85%  | .89%  | .95%  | .93%  | .90%  |
| Net investment income (loss)  | .17% H | .18%  | .24%  | .23%  | .18% C | (.16)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3248363 | $2597245 | $2060668 | $1283486 | $1339623 | $1654316 |
| Portfolio turnover rate I | 37% H<br>| 46%  | 36%  | 38%  | 38%  | 59%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.01)%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Stock Selector Small Cap Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.18 | $38.71 | $27.92 | $28.67 | $38.34 | $24.93 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .06  | .08  | .06  | .05 C | (.06)  |
| Net realized and unrealized gain (loss)  | 8.28  | 3.45  | 10.79  | (.78)  | (5.99)  | 13.90  |
| Total from investment operations  | 8.31  | 3.51  | 10.87  | (.72)  | (5.94)  | 13.84  |
| Distributions from net investment income  | (.15)  | (.31)  | (.08)  | (.03)  | (.06)  | -  |
| Distributions from net realized gain  | (.16)  | (.73)  | -  | -  | (3.67)  | (.43)  |
| Total distributions  | (.31)  | (1.04)  | (.08)  | (.03)  | (3.73)  | (.43)  |
| Net asset value, end of period  | $49.18 | $41.18 | $38.71 | $27.92 | $28.67 | $38.34 |
| **Total Return** D,E | 20.26% <br>| 9.19%  | 39.01%  | (2.50)%  | (16.72)%  | 56.03%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .88% H | .87%  | .91%  | .98%  | .94%  | .92%  |
| Expenses net of fee waivers, if any  | .88% H<br>| .87%  | .91%  | .97%  | .94%  | .91%  |
| Expenses net of all reductions, if any  | .88% H | .87%  | .91%  | .97%  | .94%  | .91%  |
| Net investment income (loss)  | .15% H | .16%  | .23%  | .21%  | .17% C | (.17)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2134713 | $1646287 | $1159482 | $471072 | $296360 | $307876 |
| Portfolio turnover rate I | 37% H<br>| 46%  | 36%  | 38%  | 38%  | 59%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.02)%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Stock Selector Small Cap Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.16 | $38.69 | $27.90 | $28.61 | $38.27 | $24.85 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .11  | .13  | .11  | .09 C | (.02)  |
| Net realized and unrealized gain (loss)  | 8.26  | 3.46  | 10.78  | (.78)  | (5.98)  | 13.87  |
| Total from investment operations  | 8.32  | 3.57  | 10.91  | (.67)  | (5.89)  | 13.85  |
| Distributions from net investment income  | (.20)  | (.37)  | (.12)  | (.04)  | (.11)  | -  |
| Distributions from net realized gain  | (.16)  | (.73)  | -  | -  | (3.67)  | (.43)  |
| Total distributions  | (.36)  | (1.10)  | (.12)  | (.04)  | (3.77) D | (.43)  |
| Net asset value, end of period  | $49.12 | $41.16 | $38.69 | $27.90 | $28.61 | $38.27 |
| **Total Return** E,F | 20.31% <br>| 9.35%  | 39.19%  | (2.34)%  | (16.62)%  | 56.26%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .74% I | .73%  | .77%  | .83%  | .81%  | .79%  |
| Expenses net of fee waivers, if any  | .74% I<br>| .73%  | .76%  | .82%  | .81%  | .79%  |
| Expenses net of all reductions, if any  | .74% I | .73%  | .76%  | .82%  | .81%  | .79%  |
| Net investment income (loss)  | .29% I | .30%  | .37%  | .35%  | .30% C | (.04)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1104506 | $862761 | $832765 | $309702 | $225408 | $167395 |
| Portfolio turnover rate J | 37% I<br>| 46%  | 36%  | 38%  | 38%  | 59%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .11%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Stock Selector Small Cap Fund (the Fund) is a fund of Fidelity Capital Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Stock Selector Small Cap, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $2531262146 |
| **Gross unrealized depreciation** | <u>(228863462)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2302398684</u> |
| **Tax cost** | <u>$4746387417</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Special Purpose Acquisition Companies.** Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via reorganization, business combination, acquisition or other similar transactions within a designated time frame.

**Private Investment in Public Equity.** Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable. The total amount of commitments outstanding at period end is presented in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Shares** | **Commitment Amount ($)** |
| **Fidelity Stock Selector Small Cap Fund** | Korsana Biosciences, Inc. | 295100 | 694488 |

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**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily. Subsequent payments from or to a fund are made or as needed depending on the fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Stock Selector Small Cap Fund** | 1412315491 | 1107249851 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .76 |
| **Class M** | .77 |
| **Class C** | .77 |
| **Stock Selector Small Cap** | .73 |
| **Class I** | .75 |
| **Class Z** | .61 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .76 |
| **Class M** | .77 |
| **Class C** | .77 |
| **Stock Selector Small Cap** | .73 |
| **Class I** | .75 |
| **Class Z** | .61 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Stock Selector Small Cap Fund** | Russell 2000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Stock Selector Small Cap. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .12%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 353458 | 24979 |
| **Class M** | .25% | .25% | 71940 | 687 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>268280</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>62633</u> |
|  |  |  | <u>693678</u> | <u>88299</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 80474 |
| **Class M** | 3141 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>82</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>83697</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Stock Selector Small Cap Fund** | 20870 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Stock Selector Small Cap Fund** | 180799906 | 98030775 | 29980239 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Stock Selector Small Cap Fund** | 3714 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Stock Selector Small Cap Fund** | 14037 | 24 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Stock Selector Small Cap Fund** | 23581323 |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3,347.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2026** | **Year ended**<br> **October 31, 2025** |
| **Fidelity Stock Selector Small Cap Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $1150404 | $6851812 |
| Class M | 112724 | 537937 |
| Class C | 229426 | 1128612 |
| Stock Selector Small Cap | 19246492 | 56059886 |
| Class I | 12496396 | 35531142 |
| Class Z | <u>7380143</u> | <u>24933845</u> |
| Total  | <u>$40615585</u> | <u>$125043234</u> |

---

**11. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025** | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025** |
| **Fidelity Stock Selector Small Cap Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1223074 | 2294431 | $52882259 | $82692584 |
| Reinvestment of distributions  | 27344 | 181115 | 1146518 | 6835297 |
| Shares redeemed | <u>(512536)</u> | <u>(3160497)</u> | <u>(21843547)</u> | <u>(112238415)</u> |
| Net increase (decrease) | <u>737882</u> | <u>(684951)</u> | <u>$32185230</u> | <u>$(22710534)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 79056 | 160871 | $3225349 | $5547656 |
| Reinvestment of distributions  | 2821 | 14921 | 112333 | 535974 |
| Shares redeemed | <u>(55773)</u> | <u>(98100)</u> | <u>(2322235)</u> | <u>(3337843)</u> |
| Net increase (decrease) | <u>26104</u> | <u>77692</u> | <u>$1015447</u> | <u>$2745787</u> |
| **Class C** |  |  |  |  |
| Shares sold | 228870 | 663580 | $8368924 | $21199013 |
| Reinvestment of distributions  | 6445 | 34946 | 229330 | 1128044 |
| Shares redeemed | <u>(126498)</u> | <u>(384979)</u> | <u>(4582798)</u> | <u>(11371770)</u> |
| Net increase (decrease) | <u>108817</u> | <u>313547</u> | <u>$4015456</u> | <u>$10955287</u> |
| **Stock Selector Small Cap** |  |  |  |  |
| Shares sold | 8910774 | 25861139 | $399424948 | $975438106 |
| Reinvestment of distributions  | 411043 | 1299902 | 17888590 | 50904159 |
| Shares redeemed | <u>(6321087)</u> | <u>(17316957)</u> | <u>(281850577)</u> | <u>(643006069)</u> |
| Net increase (decrease) | <u>3000730</u> | <u>9844084</u> | <u>$135462961</u> | <u>$383336196</u> |
| **Class I** |  |  |  |  |
| Shares sold | 9654428 | 27141825 | $434358492 | $1032597880 |
| Reinvestment of distributions  | 280641 | 893690 | 12278045 | 35193526 |
| Shares redeemed | <u>(6498218)</u> | <u>(18013233)</u> | <u>(290476036)</u> | <u>(671043226)</u> |
| Net increase (decrease) | <u>3436851</u> | <u>10022282</u> | <u>$156160501</u> | <u>$396748180</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 4756202 | 11322672 | $213347657 | $425185948 |
| Reinvestment of distributions  | 144622 | 575347 | 6317090 | 22616873 |
| Shares redeemed | <u>(3378816)</u> | <u>(12460495)</u> | <u>(151047768)</u> | <u>(469883983)</u> |
| Net increase (decrease) | <u>1522008</u> | <u>(562476)</u> | <u>$68616979</u> | <u>$(22081162)</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img131262_4.jpg)<br>

1.538515.128 SCS-SANN-0626

**Fidelity® Focused Stock Fund**

**Semi-Annual Report**

**April 30, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img131285_1.jpg)

![](img131285_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_TQG-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Focused Stock Fund](#Sub_Sec_Fund_333_TQG-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements333_TQG-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TQG-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TQG-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TQG-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TQG-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Focused Stock Fund**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.5%  |  |  |
| Energy - 2.5% |  |  |
| Oil, Gas & Consumable Fuels - 2.5% |  |  |
| PrairieSky Royalty Ltd  | 4849748 | 122497776 |
| FINLAND - 2.0%  |  |  |
| Information Technology - 2.0% |  |  |
| Communications Equipment - 2.0% |  |  |
| Nokia Oyj ADR  | 7700000 | 99407000 |
| SWITZERLAND - 3.7%  |  |  |
| Information Technology - 3.7% |  |  |
| Electronic Equipment, Instruments & Components - 3.7% |  |  |
| TE Connectivity PLC  | 869000 | 183932540 |
| TAIWAN - 4.9%  |  |  |
| Information Technology - 4.9% |  |  |
| Semiconductors & Semiconductor Equipment - 4.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 612000 | 242388720 |
| UNITED STATES - 86.5%  |  |  |
| Communication Services - 11.0% |  |  |
| Interactive Media & Services - 11.0% |  |  |
| Alphabet Inc Class A  | 1218000 | 468686400 |
| Meta Platforms Inc Class A  | 129000 | 78936390 |
| TOTAL COMMUNICATION SERVICES |  | 547622790 |
| Consumer Discretionary - 10.9% |  |  |
| Automobiles - 0.0% |  |  |
| Tesla Inc (a) | 1000 | 381630 |
| Broadline Retail - 5.8% |  |  |
| Amazon.com Inc (a) | 1077900 | 285708174 |
| Household Durables - 2.6% |  |  |
| Somnigroup International Inc  | 1683000 | 127672380 |
| Specialty Retail - 0.3% |  |  |
| Lowe's Cos Inc  | 84000 | 20058360 |
| Textiles, Apparel & Luxury Goods - 2.2% |  |  |
| Ralph Lauren Corp Class A  | 300000 | 107592000 |
| TOTAL CONSUMER DISCRETIONARY |  | 541412544 |
| Financials - 7.1% |  |  |
| Banks - 2.6% |  |  |
| Citigroup Inc  | 997000 | 127596060 |
| Capital Markets - 3.4% |  |  |
| Bank of New York Mellon Corp/The  | 714909 | 96062322 |
| Robinhood Markets Inc Class A (a) | 1021000 | 74420690 |
|  |  | 170483012 |
| Insurance - 1.1% |  |  |
| Chubb Ltd  | 171000 | 55917000 |
| TOTAL FINANCIALS |  | 353996072 |
| Health Care - 7.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Gilead Sciences Inc  | 167000 | 21850280 |
| Health Care Providers & Services - 0.9% |  |  |
| UnitedHealth Group Inc  | 117000 | 43346160 |
| Pharmaceuticals - 6.1% |  |  |
| Eli Lilly & Co  | 226500 | 211686900 |
| Johnson & Johnson  | 399000 | 91710150 |
|  |  | 303397050 |
| TOTAL HEALTH CARE |  | 368593490 |
| Industrials - 14.5% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| Boeing Co (a) | 621000 | 142227630 |
| Ground Transportation - 1.8% |  |  |
| Old Dominion Freight Line Inc  | 431000 | 91557330 |
| Machinery - 7.8% |  |  |
| Caterpillar Inc  | 82000 | 72989020 |
| Cummins Inc  | 293000 | 196605930 |
| PACCAR Inc  | 923000 | 109652400 |
|  |  | 379247350 |
| Trading Companies & Distributors - 2.0% |  |  |
| Fastenal Co  | 690000 | 31001700 |
| WW Grainger Inc  | 60000 | 69681000 |
|  |  | 100682700 |
| TOTAL INDUSTRIALS |  | 713715010 |
| Information Technology - 32.1% |  |  |
| Electronic Equipment, Instruments & Components - 5.4% |  |  |
| Amphenol Corp Class A  | 84000 | 12370680 |
| Corning Inc  | 972000 | 159641280 |
| Flex Ltd (a) | 1068000 | 97775400 |
|  |  | 269787360 |
| Semiconductors & Semiconductor Equipment - 15.2% |  |  |
| Intel Corp (a) | 1810000 | 171008800 |
| Micron Technology Inc  | 213000 | 110155080 |
| NVIDIA Corp  | 1967000 | 392554190 |
| Teradyne Inc  | 107000 | 36751290 |
| Texas Instruments Inc  | 141000 | 39632280 |
|  |  | 750101640 |
| Software - 0.8% |  |  |
| Microsoft Corp  | 970 | 395547 |
| Strategy Inc Class A (a)(b) | 240000 | 39708000 |
|  |  | 40103547 |
| Technology Hardware, Storage & Peripherals - 10.7% |  |  |
| Apple Inc  | 493000 | 133775550 |
| Seagate Technology Holdings PLC  | 45000 | 30313800 |
| Western Digital Corp  | 836000 | 363258720 |
|  |  | 527348070 |
| TOTAL INFORMATION TECHNOLOGY |  | 1587340617 |
| Materials - 3.0% |  |  |
| Metals & Mining - 3.0% |  |  |
| Steel Dynamics Inc  | 651000 | 148857660 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| NextEra Energy Inc  | 273000 | 26721240 |
| TOTAL UNITED STATES |  | 4288259423 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,043,691,496) |  | <br> **4936485459** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.69 | 37262045 | 37269497 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 32765073 | 32768350 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $70,037,847) |  |  | **70037847** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $3,113,729,343)<br>| <br>**5006523306** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(50515080)** |
| **NET ASSETS - 100.0%** | **4956008226** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 55864376 | 790871850 | 809464583 | 783173 | (2146) | - | 37269497 | 37262045 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 19169550 | 187932215 | 174333415 | 4629 | - | - | 32768350 | 32765073 | 0.1% |
| Total | 75033926 | 978804065 | 983797998 | 787802 | (2146) | - | 70037847 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 547622790 | 547622790 | - | - |
| Consumer Discretionary | 541412544 | 541412544 | - | - |
| Energy | 122497776 | 122497776 | - | - |
| Financials | 353996072 | 353996072 | - | - |
| Health Care | 368593490 | 368593490 | - | - |
| Industrials | 713715010 | 713715010 | - | - |
| Information Technology | 2113068877 | 2113068877 | - | - |
| Materials | 148857660 | 148857660 | - | - |
| Utilities | 26721240 | 26721240 | - | - |
|  **Money Market Funds** | 70037847 | 70037847 | - | - |
| **Total Investments in Securities:** | 5006523306 | 5006523306 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $33,569,805) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,043,691,496) | $4936485459 |  |
| Fidelity Central Funds (cost $70,037,847) | 70037847 |  |
| Total Investment in Securities (cost $3,113,729,343) |  | $5006523306 |
| Foreign currency held at value (cost $426,982) |  | 430135 |
| Receivable for investments sold |  | 20093206 |
| Receivable for fund shares sold |  | 1655987 |
| Dividends receivable |  | 1352957 |
| Distributions receivable from Fidelity Central Funds |  | 254161 |
| Prepaid expenses |  | 1108 |
| Other receivables |  | 1335 |
| **Total assets** |  | 5030312195 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $34453934 |  |
| Payable for fund shares redeemed | 4060543 |  |
| Accrued management fee | 2980686 |  |
| Distribution and service plan fees payable | 1759 |  |
| Other payables and accrued expenses | 38697 |  |
| Collateral on securities loaned | 32768350 |  |
| **Total liabilities** |  | 74303969 |
| **Net Assets**  |  | $4956008226 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2720392118 |
| Total accumulated earnings (loss) |  | 2235616108 |
| **Net Assets** |  | $4956008226 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($3,427,943 ÷ 78,571 shares)(a) |  | $43.63 |
| Maximum offering price per share (100/94.25 of $43.63) |  | $46.29 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,458,711 ÷ 33,548 shares)(a) |  | $43.48 |
| Maximum offering price per share (100/96.50 of $43.48) |  | $45.06 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($673,065 ÷ 15,609 shares)(a) |  | $43.12 |
| **Fidelity Focused Stock Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,540,671,924 ÷ 103,486,604 shares) |  | $43.88 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($137,370,577 ÷ 3,135,668 shares) |  | $43.81 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($272,406,006 ÷ 6,207,194 shares) |  | $43.89 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $14708759 |
| Interest  |  | 508 |
| Income from Fidelity Central Funds (including $4,629 from security lending)  |  | 787802 |
| Security lending |  | 8 |
| **Total income** |  | 15497077 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $12866296 |  |
| Performance adjustment | 3655107 |  |
| Distribution and service plan fees | 10719 |  |
| Custodian fees and expenses | 40228 |  |
| Independent trustees' fees and expenses | 6615 |  |
| Registration fees | 48811 |  |
| Audit fees | 26903 |  |
| Legal | 3008 |  |
| Interest | 2262 |  |
| Miscellaneous | 5963 |  |
| Total expenses before reductions | 16665912 |  |
| Expense reductions | (1521) |  |
| Total expenses after reductions |  | 16664391 |
| **Net Investment income (loss)** |  | (1167314) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 370962437 |  |
| Fidelity Central Funds | (2146) |  |
| Foreign currency transactions | (65) |  |
| Total net realized gain (loss) |  | 370960226 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 204221009 |  |
| Assets and liabilities in foreign currencies | 9606 |  |
| Total change in net unrealized appreciation (depreciation) |  | 204230615 |
| **Net gain (loss)** |  | 575190841 |
| **Net increase (decrease) in net assets resulting from operations** |  | $574023527 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(1167314) | $5450140 |
| &nbsp;&nbsp;Net realized gain (loss) | 370960226<br>| 542681766<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 204230615 | 63992042<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 574023527<br>| 612123948<br>|
| Distributions to shareholders | (466515288)<br>| (410450652)<br>|
| Share transactions - net increase (decrease) | 518459811<br>| (263430009)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 625968050<br>| (61756713)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4330040176 | 4391796889<br>|
| &nbsp;&nbsp;End of period | $4956008226 | $4330040176 |

---

**Financial Highlights** 

**Fidelity Advisor® Focused Stock Fund Class A**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $43.61 | $40.97 | $41.45 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | (.07)  | (.06)  | (.01)  |
| Net realized and unrealized gain (loss)  | 4.87  | 6.48  | (.47) D |
| Total from investment operations  | 4.80  | 6.42  | (.48)  |
| Distributions from net investment income  | -  | (.15) E | -  |
| Distributions from net realized gain  | (4.78)  | (3.63) E | -  |
| Total distributions  | (4.78)  | (3.78)  | -  |
| Net asset value, end of period  | $43.63 | $43.61 | $40.97 |
| **Total Return** F,G,H | 12.57% <br>| 16.64%  | (1.16)%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |
| Expenses before reductions  | 1.08% K | .97%  | .91% K,L |
| Expenses net of fee waivers, if any  | 1.08% K<br>| .97%  | .90% K,L |
| Expenses net of all reductions, if any  | 1.08% K | .97%  | .90% K,L |
| Net investment income (loss)  | (.35)% K | (.16)%  | (.28)% K,L |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $3428 | $2395 | $208 |
| Portfolio turnover rate M | 133% K<br>| 153%  | 105%  |

---

A*For the period October 8, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Total returns do not include the effect of the sales charges.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Audit fees are not annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Focused Stock Fund Class M**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $43.53 | $40.96 | $41.45 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | (.12)  | (.15)  | (.01)  |
| Net realized and unrealized gain (loss)  | 4.85  | 6.47  | (.48) D |
| Total from investment operations  | 4.73  | 6.32  | (.49)  |
| Distributions from net investment income  | -  | (.11) E | -  |
| Distributions from net realized gain  | (4.78)  | (3.63) E | -  |
| Total distributions  | (4.78)  | (3.75) F | -  |
| Net asset value, end of period  | $43.48 | $43.53 | $40.96 |
| **Total Return** G,H,I | 12.43% <br>| 16.36%  | (1.18)%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |
| Expenses before reductions  | 1.33% L | 1.22%  | 1.15% L,M |
| Expenses net of fee waivers, if any  | 1.33% L<br>| 1.22%  | 1.15% L,M |
| Expenses net of all reductions, if any  | 1.33% L | 1.22%  | 1.15% L,M |
| Net investment income (loss)  | (.60)% L | (.40)%  | (.52)% L,M |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $1459 | $1585 | $111 |
| Portfolio turnover rate N | 133% L<br>| 153%  | 105%  |

---

A*For the period October 8, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

F*Total distributions per share do not sum due to rounding.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Total returns do not include the effect of the sales charges.*

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Audit fees are not annualized.*

N*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Focused Stock Fund Class C**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $43.31 | $40.95 | $41.45 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | (.22)  | (.35)  | (.03)  |
| Net realized and unrealized gain (loss)  | 4.81  | 6.45  | (.47) D |
| Total from investment operations  | 4.59  | 6.10  | (.50)  |
| Distributions from net investment income  | -  | (.11) E | -  |
| Distributions from net realized gain  | (4.78)  | (3.63) E | -  |
| Total distributions  | (4.78)  | (3.74)  | -  |
| Net asset value, end of period  | $43.12 | $43.31 | $40.95 |
| **Total Return** F,G,H | 12.14% <br>| 15.78%  | (1.21)%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |
| Expenses before reductions  | 1.84% K | 1.74%  | 1.67% K,L |
| Expenses net of fee waivers, if any  | 1.84% K<br>| 1.74%  | 1.67% K,L |
| Expenses net of all reductions, if any  | 1.84% K | 1.74%  | 1.67% K,L |
| Net investment income (loss)  | (1.10)% K | (.93)%  | (1.05)% K,L |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $673 | $933 | $99 |
| Portfolio turnover rate M | 133% K<br>| 153%  | 105%  |

---

A*For the period October 8, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Total returns do not include the effect of the contingent deferred sales charge.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Audit fees are not annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Focused Stock Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.77 | $40.98 | $26.96 | $26.03 | $39.09 | $30.56 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | .05  | .04  | .13  | .05  | (.10)  |
| Net realized and unrealized gain (loss)  | 4.90  | 6.51  | 14.17  | 2.68  | (8.41)  | 12.18  |
| Total from investment operations  | 4.89  | 6.56  | 14.21  | 2.81  | (8.36)  | 12.08  |
| Distributions from net investment income  | -  | (.13) C | (.19)  | (.20)  | -  | (.01)  |
| Distributions from net realized gain  | (4.78)  | (3.63) C | -  | (1.68)  | (4.70)  | (3.54)  |
| Total distributions  | (4.78)  | (3.77) D | (.19)  | (1.88)  | (4.70)  | (3.55)  |
| Net asset value, end of period  | $43.88 | $43.77 | $40.98 | $26.96 | $26.03 | $39.09 |
| **Total Return** E,F | 12.75% <br>| 16.98%  | 52.96%  | 11.64%  | (24.13)%  | 42.82%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .79% I | .69%  | .64%  | .51%  | .80%  | .86%  |
| Expenses net of fee waivers, if any  | .79% I<br>| .69%  | .63%  | .51%  | .79%  | .86%  |
| Expenses net of all reductions, if any  | .79% I | .69%  | .63%  | .51%  | .79%  | .86%  |
| Net investment income (loss)  | (.06)% I | .13%  | .12%  | .48%  | .17%  | (.29)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4540672 | $4308801 | $4390947 | $2593441 | $2573993 | $3952650 |
| Portfolio turnover rate J | 133% I<br>| 153%  | 105%  | 130%  | 142%  | 107%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Focused Stock Fund Class I**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $43.72 | $40.98 | $41.45 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | (.02)  | .04  | - D |
| Net realized and unrealized gain (loss)  | 4.89  | 6.49  | (.47) E |
| Total from investment operations  | 4.87  | 6.53  | (.47)  |
| Distributions from net investment income  | -  | (.16) F | -  |
| Distributions from net realized gain  | (4.78)  | (3.63) F | -  |
| Total distributions  | (4.78)  | (3.79)  | -  |
| Net asset value, end of period  | $43.81 | $43.72 | $40.98 |
| **Total Return** G,H | 12.71% <br>| 16.92%  | (1.13)%  |
| **Ratios to Average Net Assets** C,I,J |  |  |  |
| Expenses before reductions  | .82% K | .72%  | .67% K,L |
| Expenses net of fee waivers, if any  | .82% K<br>| .72%  | .67% K,L |
| Expenses net of all reductions, if any  | .82% K | .72%  | .67% K,L |
| Net investment income (loss)  | (.09)% K | .10%  | (.04)% K,L |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $137371 | $2298 | $99 |
| Portfolio turnover rate M | 133% K<br>| 153%  | 105%  |

---

A*For the period October 8, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

F*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Audit fees are not annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Focused Stock Fund Class Z**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $43.77 | $40.98 | $41.45 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | - D | .08  | - D |
| Net realized and unrealized gain (loss)  | 4.90  | 6.51  | (.47) E |
| Total from investment operations  | 4.90  | 6.59  | (.47)  |
| Distributions from net investment income  | -  | (.16) F | -  |
| Distributions from net realized gain  | (4.78)  | (3.63) F | -  |
| Total distributions  | (4.78)  | (3.80) G | -  |
| Net asset value, end of period  | $43.89 | $43.77 | $40.98 |
| **Total Return** H,I | 12.78% <br>| 17.08%  | (1.13)%  |
| **Ratios to Average Net Assets** C,J,K |  |  |  |
| Expenses before reductions  | .71% L | .61%  | .55% L,M |
| Expenses net of fee waivers, if any  | .71% L<br>| .61%  | .55% L,M |
| Expenses net of all reductions, if any  | .71% L | .61%  | .55% L,M |
| Net investment income (loss)  | .02% L | .21%  | .08% L,M |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $272406 | $14028 | $333 |
| Portfolio turnover rate N | 133% L<br>| 153%  | 105%  |

---

A*For the period October 8, 2024 (commencement of sale of shares) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Amount represents less than $.005 per share.*

E*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

F*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

G*Total distributions per share do not sum due to rounding.*

H*Total returns for periods of less than one year are not annualized.*

I*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

J*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

K*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

L*Annualized.*

M*Audit fees are not annualized.*

N*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Focused Stock Fund (the Fund) is a fund of Fidelity Capital Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Focused Stock Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications for the period ended October 31, 2025.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1905584036 |
| **Gross unrealized depreciation** | <u>(34743116)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1870840920</u> |
| **Tax cost** | <u>$3135682386</u> |

---

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Focused Stock Fund** | 2910681377 | 2836678086 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Fidelity Focused Stock Fund** | .65 |
| **Class I** | .69 |
| **Class Z** | .57 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .65 |
| **Class M** | .65 |
| **Class C** | .66 |
| **Fidelity Focused Stock Fund** | .61 |
| **Class I** | .64 |
| **Class Z** | .53 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Focused Stock Fund** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Focused Stock Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .17%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | -% | .25% | 3172 | 169 |
| **Class M** | .25% | .25% | 3800 | 41 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3747</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1496</u> |
|  |  |  | <u>10719</u> | <u>1706</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares. For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 4104 |
| **Class M** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>52</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4156</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Focused Stock Fund** | 31870 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Focused Stock Fund**  | Borrower | 20697000 | 3.94% | 2262 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Focused Stock Fund** | 138867243 | 264262037 | 24979183 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Focused Stock Fund** | 2630 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Focused Stock Fund** | 497 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,521.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2026** | **Year ended**<br> **October 31, 2025** |
| **Fidelity Focused Stock Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $254923 | $172515 |
| Class M | 174185 | 18142 |
| Class C | 89709 | 80471 |
| Fidelity Focused Stock Fund | 464132612 | 409805093 |
| Class I | 266973 | 32563 |
| Class Z | <u>1596886</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>341868</u> |
| Total  | <u>$466515288</u> | <u>$410450652</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025** | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025** |
| **Fidelity Focused Stock Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 26275 | 81132 | $1030204 | $3320550 |
| Reinvestment of distributions  | 6684 | 4191 | 254923 | 165477 |
| Shares redeemed | <u>(9309)</u> | <u>(35486)</u> | <u>(377751)</u> | <u>(1391651)</u> |
| Net increase (decrease) | <u>23650</u> | <u>49837</u> | <u>$907376</u> | <u>$2094376</u> |
| **Class M** |  |  |  |  |
| Shares sold | 296 | 38628 | $11749 | $1532750 |
| Reinvestment of distributions  | 4579 | 459 | 174185 | 18142 |
| Shares redeemed | <u>(7734)</u> | <u>(5393)</u> | <u>(304000)</u> | <u>(214962)</u> |
| Net increase (decrease) | <u>(2859)</u> | <u>33694</u> | <u>$(118066)</u> | <u>$1335930</u> |
| **Class C** |  |  |  |  |
| Shares sold | 1735 | 58972 | $69623 | $2348441 |
| Reinvestment of distributions  | 2373 | 2039 | 89709 | 80471 |
| Shares redeemed | <u>(10052)</u> | <u>(41871)</u> | <u>(391835)</u> | <u>(1417557)</u> |
| Net increase (decrease) | <u>(5944)</u> | <u>19140</u> | <u>$(232503)</u> | <u>$1011355</u> |
| **Fidelity Focused Stock Fund** |  |  |  |  |
| Shares sold | 3460954 | 15499258 | $138406162 | $610368426 |
| Reinvestment of distributions  | 11149203 | 9619268 | 427125957 | 380153403 |
| Shares redeemed | <u>(9559233)</u> | <u>(33824638)</u> | <u>(383111786)</u> | <u>(1273356564)</u> |
| Net increase (decrease) | <u>5050924</u> | <u>(8706112)</u> | <u>$182420333</u> | <u>$(282834735)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 3119483 | 72715 | $117306342 | $2936810 |
| Reinvestment of distributions  | 6978 | 825 | 266973 | 32563 |
| Shares redeemed | <u>(43360)</u> | <u>(23386)</u> | <u>(1796370)</u> | <u>(894216)</u> |
| Net increase (decrease) | <u>3083101</u> | <u>50154</u> | <u>$115776945</u> | <u>$2075157</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 5966030 | 359673 | $222981020 | $14611124 |
| Reinvestment of distributions  | 31479 | 5624 | 1205974 | 222091 |
| Shares redeemed | <u>(110829)</u> | <u>(52898)</u> | <u>(4481268)</u> | <u>(1945307)</u> |
| Net increase (decrease) | <u>5886680</u> | <u>312399</u> | <u>$219705726</u> | <u>$12887908</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img131285_4.jpg)<br>

1.703563.128 TQG-SANN-0626

**Fidelity® Disciplined Equity Fund**

**Semi-Annual Report**

**April 30, 2026**

![](img131289_1.jpg)

![](img131289_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FDE-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Disciplined Equity Fund](#Sub_Sec_Fund_315_FDE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements315_FDE-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FDE-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FDE-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FDE-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FDE-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Disciplined Equity Fund**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 24500 | 2296385 |
| CANADA - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 91435 | 17208981 |
| JAPAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Allegro MicroSystems Inc (a) | 86200 | 4180700 |
| NETHERLANDS - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| NXP Semiconductors NV  | 14900 | 4374491 |
| TAIWAN - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 72700 | 28793562 |
| UNITED KINGDOM - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| TechnipFMC PLC  | 141600 | 10700712 |
| UNITED STATES - 96.8%  |  |  |
| Communication Services - 13.2% |  |  |
| Entertainment - 1.3% |  |  |
| Netflix Inc (a) | 326836 | 30595118 |
| Interactive Media & Services - 11.9% |  |  |
| Alphabet Inc Class A  | 276791 | 106509177 |
| Alphabet Inc Class C  | 234296 | 89487014 |
| Meta Platforms Inc Class A  | 120674 | 73841627 |
|  |  | 269837818 |
| TOTAL COMMUNICATION SERVICES |  | 300432936 |
| Consumer Discretionary - 6.8% |  |  |
| Broadline Retail - 5.1% |  |  |
| Amazon.com Inc (a) | 440858 | 116853821 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| DoorDash Inc Class A (a) | 7200 | 1214280 |
| Hilton Worldwide Holdings Inc  | 24001 | 7778004 |
|  |  | 8992284 |
| Household Durables - 0.5% |  |  |
| PulteGroup Inc  | 68383 | 8367344 |
| Toll Brothers Inc  | 22300 | 3169722 |
|  |  | 11537066 |
| Specialty Retail - 0.8% |  |  |
| Floor & Decor Holdings Inc Class A (a) | 55600 | 2691040 |
| O'Reilly Automotive Inc (a) | 147100 | 14621740 |
|  |  | 17312780 |
| TOTAL CONSUMER DISCRETIONARY |  | 154695951 |
| Consumer Staples - 2.0% |  |  |
| Beverages - 0.2% |  |  |
| Monster Beverage Corp (a) | 70181 | 5408850 |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Costco Wholesale Corp  | 30334 | 30774753 |
| Dollar Tree Inc (a) | 58800 | 5710068 |
|  |  | 36484821 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 39396 | 3022067 |
| TOTAL CONSUMER STAPLES |  | 44915738 |
| Energy - 3.0% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| Baker Hughes Co Class A  | 174900 | 12185283 |
| Halliburton Co  | 191100 | 8083530 |
|  |  | 20268813 |
| Oil, Gas & Consumable Fuels - 2.1% |  |  |
| APA Corp  | 263400 | 10728282 |
| ConocoPhillips  | 96100 | 12087458 |
| Diamondback Energy Inc  | 34800 | 7155924 |
| Phillips 66  | 52700 | 9441205 |
| Valero Energy Corp  | 36700 | 9269686 |
|  |  | 48682555 |
| TOTAL ENERGY |  | 68951368 |
| Financials - 9.4% |  |  |
| Banks - 2.3% |  |  |
| JPMorgan Chase & Co  | 136981 | 42906559 |
| Wells Fargo & Co  | 126765 | 10423886 |
|  |  | 53330445 |
| Capital Markets - 3.0% |  |  |
| Ares Management Corp Class A  | 100279 | 11772755 |
| Evercore Inc Class A  | 34860 | 11200169 |
| Goldman Sachs Group Inc/The  | 24639 | 22760769 |
| KKR & Co Inc Class A  | 121876 | 12716542 |
| Moody's Corp  | 10039 | 4636512 |
| S&P Global Inc  | 13758 | 5932862 |
|  |  | 69019609 |
| Financial Services - 2.4% |  |  |
| Apollo Global Management Inc  | 52800 | 6796415 |
| Mastercard Inc Class A  | 38506 | 19365438 |
| Visa Inc Class A  | 85151 | 28086206 |
|  |  | 54248059 |
| Insurance - 1.7% |  |  |
| Arthur J Gallagher & Co  | 58695 | 12114648 |
| Marsh & McLennan Cos Inc  | 29450 | 4939060 |
| Progressive Corp/The  | 70410 | 14172125 |
| Travelers Companies Inc/The  | 21559 | 6578513 |
|  |  | 37804346 |
| TOTAL FINANCIALS |  | 214402459 |
| Health Care - 5.8% |  |  |
| Biotechnology - 1.4% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 21373 | 6614730 |
| Gilead Sciences Inc  | 185599 | 24283773 |
|  |  | 30898503 |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Boston Scientific Corp (a) | 142661 | 8218700 |
| Intuitive Surgical Inc (a) | 17633 | 8069037 |
| TransMedics Group Inc (a)(b) | 81000 | 8163990 |
|  |  | 24451727 |
| Health Care Providers & Services - 0.3% |  |  |
| Tenet Healthcare Corp (a) | 28500 | 5047920 |
| UnitedHealth Group Inc  | 13600 | 5038528 |
|  |  | 10086448 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Danaher Corp  | 33645 | 6020773 |
| Thermo Fisher Scientific Inc  | 28852 | 13818954 |
|  |  | 19839727 |
| Pharmaceuticals - 2.1% |  |  |
| Eli Lilly & Co  | 50896 | 47567402 |
| TOTAL HEALTH CARE |  | 132843807 |
| Industrials - 17.9% |  |  |
| Aerospace & Defense - 5.9% |  |  |
| Axon Enterprise Inc (a) | 14232 | 5717848 |
| Boeing Co (a) | 124074 | 28416668 |
| Carpenter Technology Corp  | 17000 | 7279400 |
| GE Aerospace  | 174193 | 50503777 |
| HEICO Corp Class A  | 52058 | 10881163 |
| Howmet Aerospace Inc  | 105535 | 25649226 |
| TransDigm Group Inc  | 4709 | 5462346 |
|  |  | 133910428 |
| Air Freight & Logistics - 0.3% |  |  |
| FedEx Corp  | 19300 | 7783883 |
| Building Products - 1.0% |  |  |
| Trane Technologies PLC  | 44734 | 22033284 |
| Commercial Services & Supplies - 0.6% |  |  |
| Cintas Corp  | 74852 | 13077393 |
| Construction & Engineering - 2.8% |  |  |
| Comfort Systems USA Inc  | 7962 | 14652071 |
| Construction Partners Inc Class A (a) | 86500 | 10696590 |
| EMCOR Group Inc  | 14229 | 12687572 |
| IES Holdings Inc (a) | 18100 | 11657848 |
| Sterling Infrastructure Inc (a) | 25200 | 12993624 |
|  |  | 62687705 |
| Electrical Equipment - 3.7% |  |  |
| Eaton Corp PLC  | 63650 | 27561087 |
| GE Vernova Inc  | 34802 | 37706575 |
| Nextpower Inc Class A (a) | 33300 | 3967029 |
| nVent Electric PLC  | 25500 | 3643950 |
| Vertiv Holdings Co Class A  | 36378 | 11949809 |
|  |  | 84828450 |
| Ground Transportation - 1.0% |  |  |
| Old Dominion Freight Line Inc  | 108500 | 23048655 |
| Machinery - 2.6% |  |  |
| ITT Inc  | 40622 | 8706919 |
| Mueller Industries Inc  | 45400 | 6148522 |
| Parker-Hannifin Corp  | 25110 | 22835536 |
| Westinghouse Air Brake Technologies Corp  | 83395 | 22507477 |
|  |  | 60198454 |
| TOTAL INDUSTRIALS |  | 407568252 |
| Information Technology - 34.5% |  |  |
| Communications Equipment - 1.9% |  |  |
| Arista Networks Inc (a) | 157817 | 27256574 |
| Lumentum Holdings Inc (a) | 5000 | 4511600 |
| Motorola Solutions Inc  | 29601 | 12995727 |
|  |  | 44763901 |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Amphenol Corp Class A  | 200714 | 29559151 |
| Coherent Corp (a) | 30800 | 9847068 |
| Corning Inc  | 57000 | 9361680 |
|  |  | 48767899 |
| Semiconductors & Semiconductor Equipment - 18.8% |  |  |
| Astera Labs Inc (a) | 19200 | 3739008 |
| Broadcom Inc  | 205116 | 85621572 |
| GlobalFoundries Inc (a) | 162700 | 10510420 |
| Intel Corp (a) | 230200 | 21749296 |
| KLA Corp  | 14219 | 24888227 |
| Lam Research Corp  | 110347 | 28454077 |
| MACOM Technology Solutions Holdings Inc (a) | 10100 | 2844261 |
| Micron Technology Inc  | 54200 | 28030072 |
| NVIDIA Corp  | 1109890 | 221500748 |
|  |  | 427337681 |
| Software - 5.6% |  |  |
| AppLovin Corp Class A (a) | 3000 | 1339050 |
| Crowdstrike Holdings Inc Class A (a) | 21700 | 9672775 |
| Fair Isaac Corp (a) | 1290 | 1322250 |
| Intuit Inc  | 23900 | 9285150 |
| Microsoft Corp  | 240762 | 98177928 |
| Nutanix Inc Class A (a) | 46200 | 1889118 |
| Palantir Technologies Inc Class A (a) | 38100 | 5300091 |
|  |  | 126986362 |
| Technology Hardware, Storage & Peripherals - 6.1% |  |  |
| Apple Inc  | 202529 | 54956245 |
| Everpure Inc Class A (a) | 2400 | 171480 |
| Seagate Technology Holdings PLC  | 41600 | 28023424 |
| Western Digital Corp  | 125700 | 54619164 |
|  |  | 137770313 |
| TOTAL INFORMATION TECHNOLOGY |  | 785626156 |
| Materials - 2.1% |  |  |
| Chemicals - 0.9% |  |  |
| Albemarle Corp  | 38700 | 7612290 |
| Corteva Inc  | 151808 | 12297966 |
|  |  | 19910256 |
| Construction Materials - 0.3% |  |  |
| Martin Marietta Materials Inc  | 5819 | 3602368 |
| Vulcan Materials Co  | 12771 | 3853522 |
|  |  | 7455890 |
| Metals & Mining - 0.9% |  |  |
| Alcoa Corp  | 141600 | 9032664 |
| Nucor Corp  | 37900 | 8538491 |
| Reliance Inc  | 6300 | 2283750 |
|  |  | 19854905 |
| TOTAL MATERIALS |  | 47221051 |
| Real Estate - 1.4% |  |  |
| Health Care REITs - 0.9% |  |  |
| Welltower Inc  | 91200 | 19821408 |
| Real Estate Management & Development - 0.5% |  |  |
| Compass Inc Class A (a) | 1523200 | 11530624 |
| TOTAL REAL ESTATE |  | 31352032 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.5% |  |  |
| Constellation Energy Corp  | 19161 | 5997393 |
| NRG Energy Inc  | 30800 | 4791864 |
|  |  | 10789257 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 26063 | 4113784 |
| TOTAL UTILITIES |  | 14903041 |
| TOTAL UNITED STATES |  | 2202912791 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,008,099,426) |  | <br> **2270467622** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.69 | 11319115 | 11321379 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.69 | 3657559 | 3657924 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,979,303) |  |  | **14979303** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $1,023,078,729)<br>| <br>**2285446925** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(10611410)** |
| **NET ASSETS - 100.0%** | **2274835515** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(d) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 21302461 | 206208297 | 216189751 | 150574 | 372 | - | 11321379 | 11319115 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 11224875 | 233873741 | 241441391 | 9489 | 699 | - | 3657924 | 3657559 | 0.0% |
| Total | 32527336 | 440082038 | 457631142 | 160063 | 1071 | - | 14979303 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 300432936 | 300432936 | - | - |
| Consumer Discretionary | 154695951 | 154695951 | - | - |
| Consumer Staples | 44915738 | 44915738 | - | - |
| Energy | 79652080 | 79652080 | - | - |
| Financials | 214402459 | 214402459 | - | - |
| Health Care | 132843807 | 132843807 | - | - |
| Industrials | 407568252 | 407568252 | - | - |
| Information Technology | 822974909 | 822974909 | - | - |
| Materials | 66726417 | 66726417 | - | - |
| Real Estate | 31352032 | 31352032 | - | - |
| Utilities | 14903041 | 14903041 | - | - |
|  **Money Market Funds** | 14979303 | 14979303 | - | - |
| **Total Investments in Securities:** | 2285446925 | 2285446925 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $8,153,911) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,008,099,426) | $2270467622 |  |
| Fidelity Central Funds (cost $14,979,303) | 14979303 |  |
| Total Investment in Securities (cost $1,023,078,729) |  | $2285446925 |
| Receivable for investments sold |  | 3093409 |
| Receivable for fund shares sold |  | 48962 |
| Dividends receivable |  | 149830 |
| Distributions receivable from Fidelity Central Funds |  | 36809 |
| Prepaid expenses |  | 574 |
| Other receivables |  | 44 |
| **Total assets** |  | 2288776553 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7894331 |  |
| Payable for fund shares redeemed | 933047 |  |
| Accrued management fee | 1422085 |  |
| Other payables and accrued expenses | 34350 |  |
| Collateral on securities loaned | 3657225 |  |
| **Total liabilities** |  | 13941038 |
| **Net Assets**  |  | $2274835515 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $852691170 |
| Total accumulated earnings (loss) |  | 1422144345 |
| **Net Assets** |  | $2274835515 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Disciplined Equity :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,218,457,415 ÷ 28,452,976 shares) |  | $77.97 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($56,378,100 ÷ 722,641 shares) |  | $78.02 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6693197 |
| Income from Fidelity Central Funds (including $9,489 from security lending)  |  | 160063 |
| Security lending |  | 250 |
| **Total income** |  | 6853510 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $6734339 |  |
| Performance adjustment | 1492504 |  |
| Custodian fees and expenses | 24436 |  |
| Independent trustees' fees and expenses | 3447 |  |
| Registration fees | 30467 |  |
| Audit fees | 28166 |  |
| Legal | 1881 |  |
| Interest | 3802 |  |
| Miscellaneous | 3097 |  |
| **Total expenses** |  | 8322139 |
| **Net Investment income (loss)** |  | (1468629) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 168182629 |  |
| Fidelity Central Funds | 1071 |  |
| Total net realized gain (loss) |  | 168183700 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (28668713) |
| **Net gain (loss)** |  | 139514987 |
| **Net increase (decrease) in net assets resulting from operations** |  | $138046358 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(1468629) | $(710147) |
| &nbsp;&nbsp;Net realized gain (loss) | 168183700<br>| 174403278<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (28668713) | 240744732<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 138046358<br>| 414437863<br>|
| Distributions to shareholders | (164681559)<br>| (176360083)<br>|
| Share transactions - net increase (decrease) | 45730662<br>| (9991986)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 19095461<br>| 228085794<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2255740054 | 2027654260<br>|
| &nbsp;&nbsp;End of period | $2274835515 | $2255740054 |

---

**Financial Highlights** 

**Fidelity® Disciplined Equity Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $79.15 | $70.74 | $53.10 | $47.71 | $65.18 | $45.48 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.05)  | (.03)  | .19  | .22  | .11  | (.06)  |
| Net realized and unrealized gain (loss)  | 4.70  | 14.64  | 20.11  | 6.49  | (16.65)  | 19.77  |
| Total from investment operations  | 4.65  | 14.61  | 20.30  | 6.71  | (16.54)  | 19.71  |
| Distributions from net investment income  | -  | (.19)  | (.22)  | (.12)  | -  | (.01)  |
| Distributions from net realized gain  | (5.83)  | (6.01)  | (2.45)  | (1.20)  | (.93)  | -  |
| Total distributions  | (5.83)  | (6.20)  | (2.66) C | (1.32)  | (.93)  | (.01)  |
| Net asset value, end of period  | $77.97 | $79.15 | $70.74 | $53.10 | $47.71 | $65.18 |
| **Total Return** D,E | 6.52% <br>| 21.88%  | 39.52%  | 14.44%  | (25.71)%  | 43.35%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .77% H | .66%  | .53%  | .49%  | .71%  | .79%  |
| Expenses net of fee waivers, if any  | .77% H<br>| .66%  | .53%  | .48%  | .70%  | .78%  |
| Expenses net of all reductions, if any  | .77% H | .66%  | .53%  | .48%  | .70%  | .78%  |
| Net investment income (loss)  | (.14)% H | (.04)%  | .29%  | .44%  | .20%  | (.10)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2218457 | $2200019 | $1965862 | $1503508 | $1422066 | $2091163 |
| Portfolio turnover rate I | 64% H<br>| 53%  | 39%  | 36%  | 28%  | 19%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Disciplined Equity Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $79.17 | $70.75 | $53.11 | $47.72 | $65.14 | $45.42 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | .03  | .24  | .27  | .16  | (.01)  |
| Net realized and unrealized gain (loss)  | 4.70  | 14.64  | 20.11  | 6.49  | (16.65)  | 19.75  |
| Total from investment operations  | 4.68  | 14.67  | 20.35  | 6.76  | (16.49)  | 19.74  |
| Distributions from net investment income  | -  | (.24)  | (.26)  | (.17)  | -  | (.02)  |
| Distributions from net realized gain  | (5.83)  | (6.01)  | (2.45)  | (1.20)  | (.93)  | -  |
| Total distributions  | (5.83)  | (6.25)  | (2.71)  | (1.37)  | (.93)  | (.02)  |
| Net asset value, end of period  | $78.02 | $79.17 | $70.75 | $53.11 | $47.72 | $65.14 |
| **Total Return** C,D | 6.56% <br>| 21.97%  | 39.63%  | 14.55%  | (25.65)%  | 43.47%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .70% G | .59%  | .45%  | .40%  | .62%  | .70%  |
| Expenses net of fee waivers, if any  | .70% G<br>| .59%  | .44%  | .39%  | .62%  | .70%  |
| Expenses net of all reductions, if any  | .70% G | .59%  | .44%  | .39%  | .62%  | .70%  |
| Net investment income (loss)  | (.07)% G | .04%  | .37%  | .52%  | .28%  | (.01)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $56378 | $55721 | $61792 | $49256 | $52937 | $112543 |
| Portfolio turnover rate H | 64% G<br>| 53%  | 39%  | 36%  | 28%  | 19%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Disciplined Equity Fund (the Fund) is a fund of Fidelity Capital Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Disciplined Equity and Class K shares, each of which has equal rights as to assets and voting privileges.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1277801547 |
| **Gross unrealized depreciation** | <u>(25007934)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1252793613</u> |
| **Tax cost** | <u>$1032653312</u> |

---

The Fund intends to elect to defer to its next fiscal year $1,197,172 of ordinary losses recognized during the period January 1, 2025 to October 31, 2025.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Disciplined Equity Fund** | 696101456 | 799957692 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Disciplined Equity** | .65 |
| **Class K** | .56 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Disciplined Equity** | .62 |
| **Class K** | .55 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Disciplined Equity Fund** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Disciplined Equity. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .14%.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Disciplined Equity Fund** | 7603 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Disciplined Equity Fund**  | Borrower | 4979143 | 3.93% | 3802 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Disciplined Equity Fund** | 45504658 | 70944232 | 11831724 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Disciplined Equity Fund** | 1372 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Disciplined Equity Fund** | 1049 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Disciplined Equity Fund** | 4492056 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2026** | **Year ended**<br> **October 31, 2025** |
| **Fidelity Disciplined Equity Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Disciplined Equity | $160648184 | $170965669 |
| Class K | <u>4033375</u> | <u>5394414</u> |
| Total  | <u>$164681559</u> | <u>$176360083</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025** | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025** |
| **Fidelity Disciplined Equity Fund** |  |  |  |  |
| **Disciplined Equity** |  |  |  |  |
| Shares sold | 267408 | 672237 | $20044834 | $47387294 |
| Reinvestment of distributions  | 2004597 | 2214634 | 143809763 | 153739881 |
| Shares redeemed | <u>(1613784)</u> | <u>(2882223)</u> | <u>(119357217)</u> | <u>(200376841)</u> |
| Net increase (decrease) | <u>658221</u> | <u>4648</u> | <u>$44497380</u> | <u>$750334</u> |
| **Class K** |  |  |  |  |
| Shares sold | 25879 | 42731 | $1938828 | $3004089 |
| Reinvestment of distributions  | 56206 | 77741 | 4033375 | 5394414 |
| Shares redeemed | <u>(63252)</u> | <u>(290051)</u> | <u>(4738921)</u> | <u>(19140823)</u> |
| Net increase (decrease) | <u>18833</u> | <u>(169579)</u> | <u>$1233282</u> | <u>$(10742320)</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img131289_4.jpg)<br>

1.703636.128 FDE-SANN-0626

**Fidelity® Capital Appreciation Fund**

**Semi-Annual Report**

**April 30, 2026**

![](img131290_1.jpg)

![](img131290_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CAF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Capital Appreciation Fund](#Sub_Sec_Fund_307_CAF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements307_CAF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CAF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CAF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CAF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CAF-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Capital Appreciation Fund**

**Schedule of Investments April 30, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Glencore PLC  | 5319500 | 41342293 |
| BRAZIL - 1.6%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| MercadoLibre Inc (b) | 37995 | 68110977 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 3766536 | 54539441 |
| TOTAL BRAZIL |  | 122650418 |
| CANADA - 2.5%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Imperial Oil Ltd  | 268550 | 35974055 |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| Brookfield Corp Class A (United States)  | 1037798 | 46825446 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (United States) (b) | 10100 | 4136859 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 173100 | 32579151 |
| Franco-Nevada Corp  | 204600 | 47202524 |
| TOTAL MATERIALS |  | 79781675 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| Brookfield Renewable Corp Class A (United States) (a) | 659300 | 23906218 |
| TOTAL CANADA |  | 190624253 |
| GERMANY - 0.9%  |  |  |
| Industrials - 0.9% |  |  |
| Electrical Equipment - 0.9% |  |  |
| Siemens Energy AG  | 327300 | 69367215 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd rights (a)(b)(c) | 2169053 | 21 |
| KOREA (SOUTH) - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| SK Hynix Inc  | 94270 | 84606664 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Samsung Electronics Co Ltd  | 373500 | 56605538 |
| TOTAL KOREA (SOUTH) |  | 141212202 |
| NETHERLANDS - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| BE Semiconductor Industries NV  | 81800 | 23732330 |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (b) | 27200 | 3759856 |
| TOTAL NETHERLANDS |  | 27492186 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Frontline PLC  | 501100 | 18285139 |
| TAIWAN - 2.5%  |  |  |
| Information Technology - 2.5% |  |  |
| Semiconductors & Semiconductor Equipment - 2.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 1036000 | 72149908 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 292176 | 115719227 |
| TOTAL TAIWAN |  | 187869135 |
| UNITED KINGDOM - 1.6%  |  |  |
| Consumer Staples - 1.5% |  |  |
| Tobacco - 1.5% |  |  |
| British American Tobacco PLC  | 1296023 | 76329055 |
| British American Tobacco PLC ADR  | 630100 | 37049880 |
| TOTAL CONSUMER STAPLES |  | 113378935 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Subsea 7 SA  | 217800 | 7833061 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Immunocore Holdings PLC ADR (b) | 158900 | 4434899 |
| TOTAL UNITED KINGDOM |  | 125646895 |
| UNITED STATES - 86.8%  |  |  |
| Communication Services - 11.5% |  |  |
| Entertainment - 0.0% |  |  |
| Netflix Inc (b) | 200 | 18722 |
| Interactive Media & Services - 10.6% |  |  |
| Alphabet Inc Class A  | 963434 | 370729403 |
| Alphabet Inc Class C  | 537820 | 205414971 |
| Epic Games Inc (b)(c)(d) | 4584 | 2147421 |
| Match Group Inc  | 224667 | 8407039 |
| Meta Platforms Inc Class A  | 356600 | 218207106 |
|  |  | 804905940 |
| Media - 0.4% |  |  |
| EchoStar Corp Class A (a)(b) | 264400 | 32558216 |
| Wireless Telecommunication Services - 0.5% |  |  |
| T-Mobile US Inc  | 195328 | 38186624 |
| TOTAL COMMUNICATION SERVICES |  | 875669502 |
| Consumer Discretionary - 10.1% |  |  |
| Broadline Retail - 6.6% |  |  |
| Amazon.com Inc (b) | 1882360 | 498938342 |
| Diversified Consumer Services - 0.4% |  |  |
| Service Corp International/US  | 331926 | 26895964 |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| Domino's Pizza Inc  | 19800 | 6720516 |
| Marriott International Inc/MD Class A1  | 73500 | 26584215 |
| Planet Fitness Inc Class A (b) | 280200 | 18680934 |
| Vail Resorts Inc (a) | 375100 | 47705218 |
| Viking Holdings Ltd (b) | 348900 | 28578399 |
|  |  | 128269282 |
| Household Durables - 0.7% |  |  |
| DR Horton Inc  | 216100 | 33249146 |
| Somnigroup International Inc  | 229400 | 17402284 |
| Whirlpool Corp (a) | 85000 | 4765100 |
|  |  | 55416530 |
| Specialty Retail - 0.7% |  |  |
| Home Depot Inc/The  | 122500 | 40278000 |
| RH (b) | 41300 | 5449948 |
| Warby Parker Inc Class A (b) | 207660 | 4593439 |
|  |  | 50321387 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Crocs Inc (b) | 60200 | 6139196 |
| TOTAL CONSUMER DISCRETIONARY |  | 765980701 |
| Consumer Staples - 3.7% |  |  |
| Beverages - 1.6% |  |  |
| Constellation Brands Inc Class A  | 167400 | 26211492 |
| Keurig Dr Pepper Inc  | 3204900 | 94224060 |
|  |  | 120435552 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Sprouts Farmers Market Inc (b) | 281300 | 23024405 |
| Food Products - 0.5% |  |  |
| JM Smucker Co  | 309400 | 30330482 |
| Tyson Foods Inc Class A  | 122200 | 7829354 |
|  |  | 38159836 |
| Household Products - 0.2% |  |  |
| Kimberly-Clark Corp  | 164100 | 16152363 |
| Personal Care Products - 0.2% |  |  |
| Kenvue Inc  | 899400 | 15766482 |
| Tobacco - 0.9% |  |  |
| Philip Morris International Inc  | 403081 | 66536581 |
| TOTAL CONSUMER STAPLES |  | 280075219 |
| Energy - 6.3% |  |  |
| Energy Equipment & Services - 1.6% |  |  |
| Archrock Inc  | 1001200 | 38796500 |
| Kodiak Gas Services Inc  | 737700 | 50016060 |
| WaterBridge Infrastructure LLC Class A  | 1017500 | 30667450 |
|  |  | 119480010 |
| Oil, Gas & Consumable Fuels - 4.7% |  |  |
| Black Stone Minerals LP  | 637442 | 9128169 |
| Energy Transfer LP  | 2279743 | 46028011 |
| Enterprise Products Partners LP  | 705966 | 27320884 |
| Exxon Mobil Corp  | 559449 | 86339764 |
| Marathon Petroleum Corp  | 81902 | 20335448 |
| MPLX LP  | 1235554 | 69524624 |
| Shell PLC ADR  | 541049 | 49056913 |
| Viper Energy Inc Class A  | 995300 | 49147914 |
|  |  | 356881727 |
| TOTAL ENERGY |  | 476361737 |
| Financials - 8.9% |  |  |
| Banks - 0.4% |  |  |
| Wells Fargo & Co  | 343635 | 28257106 |
| Capital Markets - 4.1% |  |  |
| Blackstone Secured Lending Fund  | 565462 | 14023458 |
| Blue Owl Capital Corp  | 3010029 | 35277540 |
| Blue Owl Capital Inc Class A (a) | 6857500 | 66860625 |
| Cboe Global Markets Inc  | 155480 | 46657993 |
| Galaxy Digital Inc Class A (a) | 1487400 | 40814256 |
| Intercontinental Exchange Inc  | 239400 | 37846746 |
| Jefferies Financial Group Inc  | 215861 | 10408817 |
| KKR & Co Inc Class A  | 124500 | 12990330 |
| Robinhood Markets Inc Class A (b) | 631800 | 46051902 |
|  |  | 310931667 |
| Financial Services - 3.1% |  |  |
| Apollo Global Management Inc  | 718310 | 92460863 |
| Mastercard Inc Class A  | 37400 | 18809208 |
| Rocket Cos Inc Class A (b) | 1755900 | 25671258 |
| UWM Holdings Corp Class A (a) | 7871400 | 27864756 |
| Visa Inc Class A  | 227600 | 75071584 |
|  |  | 239877669 |
| Insurance - 1.3% |  |  |
| Arthur J Gallagher & Co  | 17225 | 3555240 |
| Chubb Ltd  | 116743 | 38174961 |
| Marsh & McLennan Cos Inc  | 400 | 67084 |
| Travelers Companies Inc/The  | 105627 | 32231023 |
| W R Berkley Corp  | 386300 | 25816429 |
|  |  | 99844737 |
| TOTAL FINANCIALS |  | 678911179 |
| Health Care - 4.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Adamas Pharmaceuticals Inc rights (b)(c) | 1379600 | 13796 |
| Adamas Pharmaceuticals Inc rights (b)(c) | 1379600 | 14 |
| Beam Therapeutics Inc (a)(b) | 363700 | 11031021 |
| Krystal Biotech Inc (b) | 19100 | 5009166 |
|  |  | 16053997 |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Baxter International Inc  | 1275000 | 22414500 |
| Boston Scientific Corp (b) | 305100 | 17576811 |
|  |  | 39991311 |
| Health Care Providers & Services - 1.2% |  |  |
| Cigna Group/The  | 96100 | 27924738 |
| Humana Inc  | 78800 | 18631472 |
| UnitedHealth Group Inc  | 118300 | 43827784 |
|  |  | 90383994 |
| Life Sciences Tools & Services - 1.3% |  |  |
| Bruker Corp  | 622400 | 22848304 |
| Danaher Corp  | 56100 | 10039095 |
| Thermo Fisher Scientific Inc  | 145277 | 69581872 |
|  |  | 102469271 |
| Pharmaceuticals - 1.0% |  |  |
| Eli Lilly & Co  | 39300 | 36729780 |
| Royalty Pharma PLC Class A  | 721500 | 36139935 |
|  |  | 72869715 |
| TOTAL HEALTH CARE |  | 321768288 |
| Industrials - 11.6% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| Anduril Industries Inc Class B (c)(d) | 800 | 55160 |
| Boeing Co (b) | 620341 | 142076699 |
| Carpenter Technology Corp  | 26534 | 11361859 |
| GE Aerospace  | 72630 | 21057616 |
| Huntington Ingalls Industries Inc  | 39800 | 14498742 |
| Space Exploration Technologies Corp (b)(c)(d) | 32615 | 17174733 |
|  |  | 206224809 |
| Air Freight & Logistics - 0.8% |  |  |
| United Parcel Service Inc Class B  | 556900 | 60590720 |
| Building Products - 0.6% |  |  |
| A O Smith Corp (a) | 779200 | 48185728 |
| Construction & Engineering - 0.5% |  |  |
| EMCOR Group Inc  | 41300 | 36825971 |
| Electrical Equipment - 1.5% |  |  |
| GE Vernova Inc  | 94920 | 102842023 |
| Nextpower Inc Class A (b) | 79000 | 9411270 |
|  |  | 112253293 |
| Machinery - 4.9% |  |  |
| Allison Transmission Holdings Inc  | 1115800 | 149907730 |
| Cummins Inc  | 34400 | 23082744 |
| Otis Worldwide Corp  | 1023500 | 79710180 |
| PACCAR Inc  | 214900 | 25530120 |
| Westinghouse Air Brake Technologies Corp  | 336000 | 90683040 |
|  |  | 368913814 |
| Professional Services - 0.6% |  |  |
| KBR Inc  | 318300 | 11933067 |
| Paycom Software Inc  | 114487 | 14512372 |
| SS&C Technologies Holdings Inc  | 328573 | 22770109 |
|  |  | 49215548 |
| TOTAL INDUSTRIALS |  | 882209883 |
| Information Technology - 26.2% |  |  |
| Communications Equipment - 0.7% |  |  |
| Arista Networks Inc (b) | 324334 | 56015725 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Coherent Corp (b) | 46500 | 14866515 |
| IT Services - 0.1% |  |  |
| Akamai Technologies Inc (b) | 90800 | 9350584 |
| Semiconductors & Semiconductor Equipment - 12.2% |  |  |
| Broadcom Inc  | 358446 | 149626114 |
| First Solar Inc (b) | 12700 | 2564003 |
| GlobalFoundries Inc (b) | 60900 | 3934140 |
| Micron Technology Inc  | 199400 | 103121704 |
| NVIDIA Corp  | 3186660 | 635961736 |
| Rambus Inc (b) | 223700 | 25750107 |
|  |  | 920957804 |
| Software - 3.9% |  |  |
| AppLovin Corp Class A (b) | 8400 | 3749340 |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 1620156 | 437442 |
| Microsoft Corp  | 620310 | 252950012 |
| Nutanix Inc Class A (b) | 105645 | 4319824 |
| Riot Platforms Inc (a)(b) | 851500 | 14679860 |
| Terawulf Inc (a)(b) | 1015700 | 22071161 |
|  |  | 298207639 |
| Technology Hardware, Storage & Peripherals - 9.1% |  |  |
| Apple Inc  | 883508 | 239739896 |
| GPGI Inc Class A (a) | 3164706 | 48831413 |
| Seagate Technology Holdings PLC  | 269300 | 181411252 |
| Western Digital Corp  | 513300 | 223039116 |
|  |  | 693021677 |
| TOTAL INFORMATION TECHNOLOGY |  | 1992419944 |
| Materials - 2.3% |  |  |
| Chemicals - 1.1% |  |  |
| CF Industries Holdings Inc  | 179600 | 22306320 |
| LyondellBasell Industries NV Class A1  | 563900 | 42066940 |
| Mosaic Co/The  | 759300 | 17668911 |
|  |  | 82042171 |
| Metals & Mining - 1.2% |  |  |
| Coeur Mining Inc (b) | 919300 | 16519821 |
| Newmont Corp  | 342500 | 38048325 |
| Royal Gold Inc  | 159700 | 37270786 |
|  |  | 91838932 |
| TOTAL MATERIALS |  | 173881103 |
| Real Estate - 1.5% |  |  |
| Health Care REITs - 0.5% |  |  |
| Ventas Inc  | 458845 | 40314122 |
| Hotel & Resort REITs - 0.2% |  |  |
| Ryman Hospitality Properties Inc  | 123400 | 12968106 |
| Real Estate Management & Development - 0.2% |  |  |
| Compass Inc Class A (b) | 1273500 | 9640395 |
| Landbridge Co LLC Class A  | 89400 | 6144462 |
|  |  | 15784857 |
| Retail REITs - 0.1% |  |  |
| Simon Property Group Inc  | 52575 | 10710053 |
| Specialized REITs - 0.5% |  |  |
| Millrose Properties Inc Class A  | 1178000 | 36129260 |
| TOTAL REAL ESTATE |  | 115906398 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Exelon Corp  | 156565 | 7200423 |
| NextEra Energy Inc  | 412093 | 40335663 |
| TOTAL UTILITIES |  | 47536086 |
| TOTAL UNITED STATES |  | 6610720040 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,118,665,011) |  | <br> **7535209797** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.8%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 41000 | 544070 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(c)(d) | 153900 | 283176 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 129596 | 8935644 |
| Anduril Industries Inc Series G (b)(c)(d) | 7700 | 530915 |
| TOTAL INDUSTRIALS |  | 9466559 |
| Information Technology - 0.6% |  |  |
| Software - 0.6% |  |  |
| Anthropic PBC Series F (c)(d) | 26800 | 8940480 |
| Anthropic PBC Series G (c)(d) | 33300 | 11108880 |
| Asapp Inc Series C (b)(c)(d) | 513013 | 856732 |
| Asapp Inc Series D (b)(c)(d) | 2823822 | 2965013 |
| Canva Inc Series A2 (b)(c)(d) | 123 | 151629 |
| Canvas Inc Series A (b)(c)(d) | 677 | 834579 |
| OpenAI Group Pbc Series A-2 (c)(d) | 20764 | 14279195 |
| TOTAL INFORMATION TECHNOLOGY |  | 39136508 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Illuminated Holdings Inc Series C2 (b)(c)(d) | 110923 | 1960009 |
| Illuminated Holdings Inc Series C3 (b)(c)(d) | 138654 | 2450016 |
| Illuminated Holdings Inc Series C4 (b)(c)(d) | 37518 | 662943 |
| Illuminated Holdings Inc Series C5 (b)(c)(d) | 75216 | 1329067 |
| Illuminated Holdings Inc Series E2 (c)(d) | 181892 | 3214032 |
| TOTAL MATERIALS |  | 9616067 |
| TOTAL UNITED STATES |  | 59046380 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $50,340,741) |  | <br> **59046380** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.69 | 40769301 | 40777454 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.69 | 247968472 | 247993269 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $288,770,723) |  |  | **288770723** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.5%**<br> (Cost $5,457,776,475)<br>| <br>**7883026900** |
| **NET OTHER ASSETS (LIABILITIES) - (3.5)%**  | **(266941645)** |
| **NET ASSETS - 100.0%** | **7616085255** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) Level 3 security.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $78,861,136 or 1.0% of net assets.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/2024 | 523193 |
| Anduril Industries Inc Class B | 6/16/2025 | 32706 |
| Anduril Industries Inc Series F | 8/7/2024 | 2816976 |
| Anduril Industries Inc Series G | 4/17/2025 | 314798 |
| Anthropic PBC Series F | 8/18/2025 | 3777932 |
| Anthropic PBC Series G | 1/27/2026 | 8629242 |
| Asapp Inc Series C | 4/30/2021 | 3384398 |
| Asapp Inc Series D | 8/29/2023 | 10904189 |
| Asapp Inc warrants 8/28/2028 | 8/29/2023 | 1 |
| Canva Inc Series A2 | 9/22/2023 | 131198 |
| Canvas Inc Series A | 9/22/2023 | 722130 |
| ElevateBio LLC Series C | 3/9/2021 | 645611 |
| Epic Games Inc | 3/29/2021 | 4056840 |
| Illuminated Holdings Inc Series C2 | 7/7/2020 | 2773075 |
| Illuminated Holdings Inc Series C3 | 7/7/2020 | 4159620 |
| Illuminated Holdings Inc Series C4 | 1/8/2021 | 1350648 |
| Illuminated Holdings Inc Series C5 | 6/16/2021 | 3249331 |
| Illuminated Holdings Inc Series E2 | 6/14/2023 - 9/27/2023 | 3057600 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 3900800 |
| Space Exploration Technologies Corp | 11/22/2024 | 4927540 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 16761028 | 702763406 | 678747114 | 837356 | 134 | - | 40777454 | 40769301 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 65209133 | 874489159 | 691699676 | 256935 | (5347) | - | 247993269 | 247968472 | 0.7% |
| Total | 81970161 | 1577252565 | 1370446790 | 1094291 | (5213) | - | 288770723 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 875669502 | 873522081 | - | 2147421 |
| Consumer Discretionary | 834091678 | 834091678 | - | - |
| Consumer Staples | 393454154 | 317125099 | 76329055 | - |
| Energy | 538453992 | 538453992 | - | - |
| Financials | 780276066 | 780276066 | - | - |
| Health Care | 326203208 | 326189377 | - | 13831 |
| Industrials | 951577098 | 934347205 | - | 17229893 |
| Information Technology | 2353130326 | 2139330774 | 213362110 | 437442 |
| Materials | 295005071 | 253662778 | 41342293 | - |
| Real Estate | 115906398 | 115906398 | - | - |
| Utilities | 71442304 | 71442304 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 544070 | - | - | 544070 |
| Health Care | 283176 | - | - | 283176 |
| Industrials | 9466559 | - | - | 9466559 |
| Information Technology | 39136508 | - | - | 39136508 |
| Materials | 9616067 | - | - | 9616067 |
|  **Money Market Funds** | 288770723 | 288770723 | - | - |
| **Total Investments in Securities:** | 7883026900 | 7473118475 | 331033458 | 78874967 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2026 ($)** |
| **Common Stocks** | 4712195 | - | 10188852 | 4927540 | - | - | - | - | 19828587 | 10188852 |
| **Convertible Preferred Stocks** | 36938808 | - | 15348270 | 11686842 | (4927540) | - | - | - | 59046380 | 18741786 |
| **Convertible Corporate Bonds** | 1306030 | - | 27470 | - | (1333500) | - | - | - | - | - |
| **Preferred Securities** | 2150298 | - | (426198) | - | (1724100) | - | - | - | - | - |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** | <br> **As of April 30, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $280,005,160) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,169,005,752) | $7594256177 |  |
| Fidelity Central Funds (cost $288,770,723) | 288770723 |  |
| Total Investment in Securities (cost $5,457,776,475) |  | $7883026900 |
| Foreign currency held at value (cost $309,831) |  | 311436 |
| Receivable for investments sold |  | 1348896 |
| Receivable for fund shares sold |  | 546588 |
| Dividends receivable |  | 2561298 |
| Distributions receivable from Fidelity Central Funds |  | 364858 |
| Prepaid expenses |  | 1871 |
| Other receivables |  | 17677 |
| **Total assets** |  | 7888179524 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $15521691 |  |
| Payable for fund shares redeemed | 3780270 |  |
| Accrued management fee | 4726586 |  |
| Other payables and accrued expenses | 55929 |  |
| Collateral on securities loaned | 248009793 |  |
| **Total liabilities** |  | 272094269 |
| **Net Assets**  |  | $7616085255 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4833951196 |
| Total accumulated earnings (loss) |  | 2782134059 |
| **Net Assets** |  | $7616085255 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Capital Appreciation :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,366,908,687 ÷ 144,784,765 shares) |  | $50.88 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($249,176,568 ÷ 4,867,286 shares) |  | $51.19 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** | **Six months ended April 30, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $39097653 |
| Income from Fidelity Central Funds (including $256,935 from security lending)  |  | 1094291 |
| Security lending |  | 4490 |
| **Total income** |  | 40196434 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $21457409 |  |
| Performance adjustment | 4475219 |  |
| Custodian fees and expenses | 44503 |  |
| Independent trustees' fees and expenses | 11251 |  |
| Registration fees | 32704 |  |
| Audit fees | 48904 |  |
| Legal | 5740 |  |
| Interest | 15645 |  |
| Miscellaneous | 10136 |  |
| Total expenses before reductions | 26101511 |  |
| Expense reductions | (1474) |  |
| Total expenses after reductions |  | 26100037 |
| **Net Investment income (loss)** |  | 14096397 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 368373734 |  |
| Fidelity Central Funds | (5213) |  |
| Foreign currency transactions | (160779) |  |
| Total net realized gain (loss) |  | 368207742 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 399213667 |  |
| Assets and liabilities in foreign currencies | 53435 |  |
| Total change in net unrealized appreciation (depreciation) |  | 399267102 |
| **Net gain (loss)** |  | 767474844 |
| **Net increase (decrease) in net assets resulting from operations** |  | $781571241 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $14096397 | $24627830 |
| &nbsp;&nbsp;Net realized gain (loss) | 368207742<br>| 1220354511<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 399267102 | (54354832)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 781571241<br>| 1190627509<br>|
| Distributions to shareholders | (530643817)<br>| (1072883260)<br>|
| Share transactions - net increase (decrease) | 126049619<br>| 272351948<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 376977043<br>| 390096197<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7239108212 | 6849012015<br>|
| &nbsp;&nbsp;End of period | $7616085255 | $7239108212 |

---

**Financial Highlights** 

**Fidelity® Capital Appreciation Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.37 | $48.93 | $35.32 | $34.71 | $51.06 | $39.58 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .16  | .09  | .14  | .23 C | (.01)  |
| Net realized and unrealized gain (loss)  | 5.10  | 8.01  | 14.84  | 3.44  | (9.18)  | 14.99  |
| Total from investment operations  | 5.19  | 8.17  | 14.93  | 3.58  | (8.95)  | 14.98  |
| Distributions from net investment income  | (.33)  | (.11)  | (.15)  | (.14)  | (.17)  | (.01)  |
| Distributions from net realized gain  | (3.35)  | (7.62)  | (1.18)  | (2.84)  | (7.23)  | (3.49)  |
| Total distributions  | (3.68)  | (7.73)  | (1.32) D | (2.97) D | (7.40)  | (3.50)  |
| Net asset value, end of period  | $50.88 | $49.37 | $48.93 | $35.32 | $34.71 | $51.06 |
| **Total Return** E,F | 11.31% <br>| 18.95%  | 43.35%  | 11.03%  | (20.14)%  | 40.02%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .73% I | .63%  | .57%  | .65%  | .83%  | .84%  |
| Expenses net of fee waivers, if any  | .73% I<br>| .63%  | .57%  | .64%  | .82%  | .84%  |
| Expenses net of all reductions, if any  | .73% I | .63%  | .57%  | .64%  | .82%  | .84%  |
| Net investment income (loss)  | .39% I | .36%  | .20%  | .39%  | .59% C | (.02)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7366909 | $7009751 | $6619161 | $4920535 | $4809269 | $6548723 |
| Portfolio turnover rate J | 76% I<br>| 84% K | 56% K | 49%  | 69%  | 51%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .21%.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Capital Appreciation Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2026**<br> **(Unaudited)**  | **Years ended October 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $49.67 | $49.16 | $35.48 | $34.85 | $51.24 | $39.70 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .19  | .13  | .16  | .26 C | .02  |
| Net realized and unrealized gain (loss)  | 5.12  | 8.05  | 14.90  | 3.47  | (9.21)  | 15.04  |
| Total from investment operations  | 5.23  | 8.24  | 15.03  | 3.63  | (8.95)  | 15.06  |
| Distributions from net investment income  | (.36)  | (.11)  | (.17)  | (.16)  | (.21)  | (.03)  |
| Distributions from net realized gain  | (3.35)  | (7.62)  | (1.18)  | (2.84)  | (7.23)  | (3.49)  |
| Total distributions  | (3.71)  | (7.73)  | (1.35)  | (3.00)  | (7.44)  | (3.52)  |
| Net asset value, end of period  | $51.19 | $49.67 | $49.16 | $35.48 | $34.85 | $51.24 |
| **Total Return** D,E | 11.34% <br>| 19.02%  | 43.46%  | 11.13%  | (20.08)%  | 40.12%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .66% H | .55%  | .48%  | .57%  | .75%  | .76%  |
| Expenses net of fee waivers, if any  | .66% H<br>| .55%  | .48%  | .56%  | .75%  | .76%  |
| Expenses net of all reductions, if any  | .66% H | .55%  | .48%  | .56%  | .75%  | .76%  |
| Net investment income (loss)  | .46% H | .43%  | .29%  | .47%  | .67% C | .05%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $249177 | $229357 | $229851 | $236602 | $326063 | $543400 |
| Portfolio turnover rate I | 76% H<br>| 84% J | 56% J | 49%  | 69%  | 51%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2026

**1. Organization.**

Fidelity Capital Appreciation Fund (the Fund) is a fund of Fidelity Capital Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Capital Appreciation and Class K shares, each of which has equal rights as to assets and voting privileges.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Convertible Preferred Stocks | $59046380 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 6.0 - 33.2 / 16.6 | Increase |
|  |  | Market approach  | Transaction price  | $12.76  | Increase |
|  |  |  | Premium rate | 5.0% | Increase |
|  |  | Black scholes  | Discount rate  | 3.8% | Increase |
|  |  |  | Term  | 2.0 - 4.0 / 2.3 | Increase |
|  |  |  | Volatility  | 65.0% - 75.0% / 66.2% | Increase |
| Common Stocks | $19828587 | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 89.5 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 4.3 - 13.6 / 4.7 | Increase |
|  |  | Recovery value | Recovery value  | $0.00  | Increase |
|  |  | Discounted cash flow  | Discount rate  | 4.6% | Decrease |
|  |  |  | Term | 0.2 | Increase |
|  |  |  | Probability rate | 2.5% | Increase |
|  |  | Black scholes | Discount rate | 3.8% | Increase |
|  |  |  | Term | 2.0 | Increase |
|  |  |  | Volatility | 65% | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $2689075510 |
| **Gross unrealized depreciation** | <u>(272717329)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2416358181</u> |
| **Tax cost** | <u>$5466668719</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Capital Appreciation Fund** | 2734687429 | 3131764159 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Capital Appreciation Fund** | 29895523 | - | 558275092 | 558275092 | 1359058919 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Capital Appreciation** | .63 |
| **Class K** | .55 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Capital Appreciation** | .60 |
| **Class K** | .53 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Capital Appreciation Fund** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Capital Appreciation. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .12%.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Capital Appreciation Fund** | $17677 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Capital Appreciation Fund** | 61465 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Capital Appreciation Fund**  | Borrower | 14282400 | 3.94% | 15645 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Capital Appreciation Fund** | 176676435 | 228115874 | 35283067 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2027 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Capital Appreciation Fund** | 4510 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Capital Appreciation Fund** | 27897 | 6274 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Capital Appreciation Fund** | 27083810 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,474.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **April 30, 2026** | **Year ended**<br> **October 31, 2025** |
| **Fidelity Capital Appreciation Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Capital Appreciation | $513703352 | $1036857286 |
| Class K | <u>16940465</u> | <u>36025974</u> |
| Total  | <u>$530643817</u> | <u>$1072883260</u> |

---

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025** | **Six months ended** <br> **April 30, 2026**  | **Year ended**<br> **October 31, 2025** |
| **Fidelity Capital Appreciation Fund** |  |  |  |  |
| **Capital Appreciation** |  |  |  |  |
| Shares sold | 1623651 | 33849345 | $77229695 | $1532933665 |
| Reinvestment of distributions  | 10399994 | 22375848 | 477255741 | 967084139 |
| Shares redeemed | <u>(9227580)</u> | <u>(49500916)</u> | <u>(439476145)</u> | <u>(2225669199)</u> |
| Net increase (decrease) | <u>2796065</u> | <u>6724277</u> | <u>$115009291</u> | <u>$274348605</u> |
| **Class K** |  |  |  |  |
| Shares sold | 318796 | 633810 | $15078131 | $28562581 |
| Reinvestment of distributions  | 366994 | 828946 | 16940465 | 36025974 |
| Shares redeemed | <u>(436505)</u> | <u>(1520525)</u> | <u>(20978268)</u> | <u>(66585212)</u> |
| Net increase (decrease) | <u>249285</u> | <u>(57769)</u> | <u>$11040328</u> | <u>$(1996657)</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img131290_4.jpg)<br>

1.703454.128 CAF-SANN-0626

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Capital Trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Capital Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](ex99.htm) .

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT](ex99.906.htm) .

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Capital Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; June 22, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; June 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; June 22, 2026 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Capital Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Capital Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Capital Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: June 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: June 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>