# EDGAR Filing Document

**Accession Number:** 0000035341
**File Stem:** 0000035341-26-000083
**Filing Date:** 2026-3
**Character Count:** 701269
**Document Hash:** 38438dacd20d9c1238ce06eb58efe4ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035341-26-000083.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000035341-26-000083

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 96

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY DEVONSHIRE TRUST
- **CENTRAL INDEX KEY:** 0000035341

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01352
- **FILM NUMBER:** 26788990

**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 EQUITY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19870304

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVEREST FUND INC
- **DATE OF NAME CHANGE:** 19751117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVEREST INCOME FUND INC
- **DATE OF NAME CHANGE:** 19690420

## Series and Classes Contracts Data

### Fidelity Equity-Income Fund (Series ID: S000006064)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000016682 | Fidelity Equity-Income Fund | FEQIX           |
| C000064236 | Class K                     | FEIKX           |

### Fidelity Stock Selector Large Cap Value Fund (Series ID: S000006066)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000016684 | Fidelity Stock Selector Large Cap Value Fund                  | FSLVX           |
| C000043313 | Fidelity Advisor Stock Selector Large Cap Value Fund: Class I | FLUIX           |
| C000043314 | Fidelity Advisor Stock Selector Large Cap Value Fund: Class A | FLUAX           |
| C000043316 | Fidelity Advisor Stock Selector Large Cap Value Fund: Class C | FLUEX           |
| C000043317 | Fidelity Advisor Stock Selector Large Cap Value Fund: Class M | FLUTX           |
| C000177515 | Fidelity Advisor Stock Selector Large Cap Value Fund: Class Z | FSCZX           |

### Fidelity Mid Cap Value Fund (Series ID: S000006068)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000016686 | Fidelity Mid Cap Value Fund                  | FSMVX           |
| C000043323 | Fidelity Advisor Mid Cap Value Fund: Class A | FMPAX           |
| C000043325 | Fidelity Advisor Mid Cap Value Fund: Class C | FMPEX           |
| C000043326 | Fidelity Advisor Mid Cap Value Fund: Class M | FMPTX           |
| C000043327 | Fidelity Advisor Mid Cap Value Fund: Class I | FMPOX           |
| C000177516 | Fidelity Advisor Mid Cap Value Fund: Class Z | FIDFX           |

### Fidelity Series All-Sector Equity Fund (Series ID: S000023603)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000069435 | Fidelity Series All-Sector Equity Fund | FSAEX           |

### Fidelity Series Value Discovery Fund (Series ID: S000039216)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000120650 | Fidelity Series Value Discovery Fund | FNKLX           |

### Fidelity Series Stock Selector Large Cap Value Fund (Series ID: S000039218)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000120653 | Fidelity Series Stock Selector Large Cap Value Fund | FBLEX           |

### Fidelity Mid Cap Value K6 Fund (Series ID: S000057281)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000182857 | Fidelity Mid Cap Value K6 Fund | FCMVX           |

### Fidelity Equity-Income K6 Fund (Series ID: S000065694)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000212497 | Fidelity Equity-Income K6 Fund | FEKFX           |

?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>811-01352</u>

<u>Fidelity Devonshire Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 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;January 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;January 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity® Stock Selector Large Cap Value Fund : FSLVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Stock Selector Large Cap Value Fund  | $86  | 0.81% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Value Index for the fiscal year, especially within information technology. Stock selection in materials also hampered the fund's result. Also hurting our result were security selection and an underweight in communication services.

• The largest individual relative detractor this period was avoiding Micron Technology, a benchmark component that gained 356%. A second notable relative detractor was our stake in Allison Transmission Holdings (-32%). The stock was not held at period end. Another notable relative detractor was an overweight in U-Haul Holding (-21%).

• In contrast, the biggest contributor to performance versus the benchmark was security selection in financials, primarily within the insurance industry. Picks in consumer discretionary and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+411%). This was an investment we established this period. A second notable relative contributor was our stake in Accenture (+11%). This was an investment we established this period. Another notable relative contributor was an overweight in Cummins (+47%). This was a stake we established this period. The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include higher allocations to the communication services and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Stock Selector Large Cap Value Fund<br>| $10000 | $12282<br>| $14172<br>| $13435<br>| $15215<br>| $16022<br>| $20069<br>| $20343<br>| $22012<br>| $27027<br>| $30805<br>|
| Russell 1000® Value Index<br>| $10000 | $12462<br>| $14608<br>| $13906<br>| $15974<br>| $16628<br>| $20515<br>| $20428<br>| $21670<br>| $25904<br>| $30006<br>|
| Russell 1000® Index<br>| $10000 | $12081<br>| $15202<br>| $14872<br>| $18053<br>| $21635<br>| $26030<br>| $23805<br>| $28621<br>| $36265<br>| $41818<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125420_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Stock Selector Large Cap Value Fund | 13.98% | 13.97% | 11.91% |
| Russell 1000® Value Index | 15.83%<br>| 12.53%<br>| 11.61% |
| Russell 1000® Index | 15.31%<br>| 14.09%<br>| 15.38% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $772144898<br>|
| Number of Holdings | 152<br>|
| Total Advisory Fee | $5514859<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 13.4 |
| Health Care | 11.3 |
| Information Technology | 10.3 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.6 |
| Consumer Staples | 6.9 |
| Energy | 6.5 |
| Utilities | 3.9 |
| Real Estate | 3.8 |
| Materials | 3.6 |

---

Common Stocks 96.5 <br> Domestic Equity Funds 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| United States | 97.0 |
| France | 0.9 |
| Taiwan | 0.7 |
| Canada | 0.7 |
| Portugal | 0.3 |
| Korea (South) | 0.3 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20260131_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;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Canada - 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; |
| &nbsp;&nbsp;Portugal - 0.3&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;Korea (South) - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 4.3<br>|
| Exxon Mobil Corp | 2.8<br>|
| Amazon.com Inc | 2.6<br>|
| Bank of America Corp | 2.1<br>|
| iShares Russell 1000 Value ETF | 2.0<br>|
| Wells Fargo & Co | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Boeing Co | 1.9<br>|
| Cummins Inc | 1.9<br>|
| Westinghouse Air Brake Technologies Corp | 1.6<br>|
|  | 23.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5648_20260131_2.jpg)<br>| ![](img125420_3.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> 1.9912644.101 708-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity Advisor® Stock Selector Large Cap Value Fund Class Z : FSCZX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $75  | 0.70% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Value Index for the fiscal year, especially within information technology. Stock selection in materials also hampered the fund's result. Also hurting our result were security selection and an underweight in communication services.

• The largest individual relative detractor this period was avoiding Micron Technology, a benchmark component that gained 356%. A second notable relative detractor was our stake in Allison Transmission Holdings (-32%). The stock was not held at period end. Another notable relative detractor was an overweight in U-Haul Holding (-21%).

• In contrast, the biggest contributor to performance versus the benchmark was security selection in financials, primarily within the insurance industry. Picks in consumer discretionary and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+411%). This was an investment we established this period. A second notable relative contributor was our stake in Accenture (+11%). This was an investment we established this period. Another notable relative contributor was an overweight in Cummins (+47%). This was a stake we established this period. The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include higher allocations to the communication services and consumer discretionary sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 1, 2017 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $11565<br>| $10982<br>| $12451<br>| $13127<br>| $16464<br>| $16706<br>| $18097<br>| $22245<br>| $25382<br>|
| Russell 1000® Value Index<br>| $10000 | $11746<br>| $11181<br>| $12844<br>| $13370<br>| $16495<br>| $16425<br>| $17424<br>| $20828<br>| $24126<br>|
| Russell 1000® Index<br>| $10000 | $12580<br>| $12306<br>| $14939<br>| $17903<br>| $21540<br>| $19699<br>| $23684<br>| $30010<br>| $34605<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125421_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 14.10% | 14.10% | 10.90% |
| Russell 1000® Value Index | 15.83%<br>| 12.53%<br>| 10.28% |
| Russell 1000® Index | 15.31%<br>| 14.09%<br>| 14.79% |

---

**A** From February 1, 2017

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $772144898<br>|
| Number of Holdings | 152<br>|
| Total Advisory Fee | $5514859<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 13.4 |
| Health Care | 11.3 |
| Information Technology | 10.3 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.6 |
| Consumer Staples | 6.9 |
| Energy | 6.5 |
| Utilities | 3.9 |
| Real Estate | 3.8 |
| Materials | 3.6 |

---

Common Stocks 96.5 <br> Domestic Equity Funds 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| United States | 97.0 |
| France | 0.9 |
| Taiwan | 0.7 |
| Canada | 0.7 |
| Portugal | 0.3 |
| Korea (South) | 0.3 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20260131_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;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Canada - 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; |
| &nbsp;&nbsp;Portugal - 0.3&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;Korea (South) - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 4.3<br>|
| Exxon Mobil Corp | 2.8<br>|
| Amazon.com Inc | 2.6<br>|
| Bank of America Corp | 2.1<br>|
| iShares Russell 1000 Value ETF | 2.0<br>|
| Wells Fargo & Co | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Boeing Co | 1.9<br>|
| Cummins Inc | 1.9<br>|
| Westinghouse Air Brake Technologies Corp | 1.6<br>|
|  | 23.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5648_20260131_2.jpg)<br>| ![](img125421_3.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> 1.9912643.101 2893-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity Advisor® Stock Selector Large Cap Value Fund Class M : FLUTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $144  | 1.35% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Value Index for the fiscal year, especially within information technology. Stock selection in materials also hampered the fund's result. Also hurting our result were security selection and an underweight in communication services.

• The largest individual relative detractor this period was avoiding Micron Technology, a benchmark component that gained 356%. A second notable relative detractor was our stake in Allison Transmission Holdings (-32%). The stock was not held at period end. Another notable relative detractor was an overweight in U-Haul Holding (-21%).

• In contrast, the biggest contributor to performance versus the benchmark was security selection in financials, primarily within the insurance industry. Picks in consumer discretionary and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+411%). This was an investment we established this period. A second notable relative contributor was our stake in Accenture (+11%). This was an investment we established this period. Another notable relative contributor was an overweight in Cummins (+47%). This was a stake we established this period. The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include higher allocations to the communication services and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $11777<br>| $13509<br>| $12728<br>| $14330<br>| $15004<br>| $18687<br>| $18841<br>| $20277<br>| $24765<br>| $28070<br>|
| Russell 1000® Value Index<br>| $10000 | $12462<br>| $14608<br>| $13906<br>| $15974<br>| $16628<br>| $20515<br>| $20428<br>| $21670<br>| $25904<br>| $30006<br>|
| Russell 1000® Index<br>| $10000 | $12081<br>| $15202<br>| $14872<br>| $18053<br>| $21635<br>| $26030<br>| $23805<br>| $28621<br>| $36265<br>| $41818<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125422_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 9.38% | 12.54%<br>| 10.87% |
| Class M (without 3.50% sales charge) | 13.35% | 13.35% | 11.27% |
| Russell 1000® Value Index | 15.83%<br>| 12.53%<br>| 11.61% |
| Russell 1000® Index | 15.31%<br>| 14.09%<br>| 15.38% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $772144898<br>|
| Number of Holdings | 152<br>|
| Total Advisory Fee | $5514859<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 13.4 |
| Health Care | 11.3 |
| Information Technology | 10.3 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.6 |
| Consumer Staples | 6.9 |
| Energy | 6.5 |
| Utilities | 3.9 |
| Real Estate | 3.8 |
| Materials | 3.6 |

---

Common Stocks 96.5 <br> Domestic Equity Funds 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| United States | 97.0 |
| France | 0.9 |
| Taiwan | 0.7 |
| Canada | 0.7 |
| Portugal | 0.3 |
| Korea (South) | 0.3 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20260131_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;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Canada - 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; |
| &nbsp;&nbsp;Portugal - 0.3&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;Korea (South) - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 4.3<br>|
| Exxon Mobil Corp | 2.8<br>|
| Amazon.com Inc | 2.6<br>|
| Bank of America Corp | 2.1<br>|
| iShares Russell 1000 Value ETF | 2.0<br>|
| Wells Fargo & Co | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Boeing Co | 1.9<br>|
| Cummins Inc | 1.9<br>|
| Westinghouse Air Brake Technologies Corp | 1.6<br>|
|  | 23.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5648_20260131_2.jpg)<br>| ![](img125422_3.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> 1.9912641.101 1813-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity Advisor® Stock Selector Large Cap Value Fund Class I : FLUIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $86  | 0.80% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Value Index for the fiscal year, especially within information technology. Stock selection in materials also hampered the fund's result. Also hurting our result were security selection and an underweight in communication services.

• The largest individual relative detractor this period was avoiding Micron Technology, a benchmark component that gained 356%. A second notable relative detractor was our stake in Allison Transmission Holdings (-32%). The stock was not held at period end. Another notable relative detractor was an overweight in U-Haul Holding (-21%).

• In contrast, the biggest contributor to performance versus the benchmark was security selection in financials, primarily within the insurance industry. Picks in consumer discretionary and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+411%). This was an investment we established this period. A second notable relative contributor was our stake in Accenture (+11%). This was an investment we established this period. Another notable relative contributor was an overweight in Cummins (+47%). This was a stake we established this period. The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include higher allocations to the communication services and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $12272<br>| $14154<br>| $13418<br>| $15189<br>| $15996<br>| $20036<br>| $20315<br>| $21981<br>| $26996<br>| $30767<br>|
| Russell 1000® Value Index<br>| $10000 | $12462<br>| $14608<br>| $13906<br>| $15974<br>| $16628<br>| $20515<br>| $20428<br>| $21670<br>| $25904<br>| $30006<br>|
| Russell 1000® Index<br>| $10000 | $12081<br>| $15202<br>| $14872<br>| $18053<br>| $21635<br>| $26030<br>| $23805<br>| $28621<br>| $36265<br>| $41818<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125423_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 13.97% | 13.98% | 11.89% |
| Russell 1000® Value Index | 15.83%<br>| 12.53%<br>| 11.61% |
| Russell 1000® Index | 15.31%<br>| 14.09%<br>| 15.38% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $772144898<br>|
| Number of Holdings | 152<br>|
| Total Advisory Fee | $5514859<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 13.4 |
| Health Care | 11.3 |
| Information Technology | 10.3 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.6 |
| Consumer Staples | 6.9 |
| Energy | 6.5 |
| Utilities | 3.9 |
| Real Estate | 3.8 |
| Materials | 3.6 |

---

Common Stocks 96.5 <br> Domestic Equity Funds 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| United States | 97.0 |
| France | 0.9 |
| Taiwan | 0.7 |
| Canada | 0.7 |
| Portugal | 0.3 |
| Korea (South) | 0.3 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20260131_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;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Canada - 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; |
| &nbsp;&nbsp;Portugal - 0.3&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;Korea (South) - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 4.3<br>|
| Exxon Mobil Corp | 2.8<br>|
| Amazon.com Inc | 2.6<br>|
| Bank of America Corp | 2.1<br>|
| iShares Russell 1000 Value ETF | 2.0<br>|
| Wells Fargo & Co | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Boeing Co | 1.9<br>|
| Cummins Inc | 1.9<br>|
| Westinghouse Air Brake Technologies Corp | 1.6<br>|
|  | 23.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5648_20260131_2.jpg)<br>| ![](img125423_3.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> 1.9912642.101 1814-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity Advisor® Stock Selector Large Cap Value Fund Class C : FLUEX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $198  | 1.86% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Value Index for the fiscal year, especially within information technology. Stock selection in materials also hampered the fund's result. Also hurting our result were security selection and an underweight in communication services.

• The largest individual relative detractor this period was avoiding Micron Technology, a benchmark component that gained 356%. A second notable relative detractor was our stake in Allison Transmission Holdings (-32%). The stock was not held at period end. Another notable relative detractor was an overweight in U-Haul Holding (-21%).

• In contrast, the biggest contributor to performance versus the benchmark was security selection in financials, primarily within the insurance industry. Picks in consumer discretionary and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+411%). This was an investment we established this period. A second notable relative contributor was our stake in Accenture (+11%). This was an investment we established this period. Another notable relative contributor was an overweight in Cummins (+47%). This was a stake we established this period. The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include higher allocations to the communication services and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $12143<br>| $13851<br>| $12984<br>| $14538<br>| $15147<br>| $18756<br>| $18802<br>| $20119<br>| $24637<br>| $27999<br>|
| Russell 1000® Value Index<br>| $10000 | $12462<br>| $14608<br>| $13906<br>| $15974<br>| $16628<br>| $20515<br>| $20428<br>| $21670<br>| $25904<br>| $30006<br>|
| Russell 1000® Index<br>| $10000 | $12081<br>| $15202<br>| $14872<br>| $18053<br>| $21635<br>| $26030<br>| $23805<br>| $28621<br>| $36265<br>| $41818<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125424_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 11.78% | 12.73%<br>| 10.84% |
| Class C | 12.78% | 12.73% | 10.84% |
| Russell 1000® Value Index | 15.83%<br>| 12.53%<br>| 11.61% |
| Russell 1000® Index | 15.31%<br>| 14.09%<br>| 15.38% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $772144898<br>|
| Number of Holdings | 152<br>|
| Total Advisory Fee | $5514859<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 13.4 |
| Health Care | 11.3 |
| Information Technology | 10.3 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.6 |
| Consumer Staples | 6.9 |
| Energy | 6.5 |
| Utilities | 3.9 |
| Real Estate | 3.8 |
| Materials | 3.6 |

---

Common Stocks 96.5 <br> Domestic Equity Funds 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| United States | 97.0 |
| France | 0.9 |
| Taiwan | 0.7 |
| Canada | 0.7 |
| Portugal | 0.3 |
| Korea (South) | 0.3 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20260131_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;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Canada - 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; |
| &nbsp;&nbsp;Portugal - 0.3&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;Korea (South) - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 4.3<br>|
| Exxon Mobil Corp | 2.8<br>|
| Amazon.com Inc | 2.6<br>|
| Bank of America Corp | 2.1<br>|
| iShares Russell 1000 Value ETF | 2.0<br>|
| Wells Fargo & Co | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Boeing Co | 1.9<br>|
| Cummins Inc | 1.9<br>|
| Westinghouse Air Brake Technologies Corp | 1.6<br>|
|  | 23.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5648_20260131_2.jpg)<br>| ![](img125424_3.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> 1.9912640.101 1812-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity Advisor® Stock Selector Large Cap Value Fund Class A : FLUAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $118  | 1.11% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Value Index for the fiscal year, especially within information technology. Stock selection in materials also hampered the fund's result. Also hurting our result were security selection and an underweight in communication services.

• The largest individual relative detractor this period was avoiding Micron Technology, a benchmark component that gained 356%. A second notable relative detractor was our stake in Allison Transmission Holdings (-32%). The stock was not held at period end. Another notable relative detractor was an overweight in U-Haul Holding (-21%).

• In contrast, the biggest contributor to performance versus the benchmark was security selection in financials, primarily within the insurance industry. Picks in consumer discretionary and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+411%). This was an investment we established this period. A second notable relative contributor was our stake in Accenture (+11%). This was an investment we established this period. Another notable relative contributor was an overweight in Cummins (+47%). This was a stake we established this period. The stock was among the fund's biggest holdings at period end.

• Notable changes in positioning include higher allocations to the communication services and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $11544<br>| $13278<br>| $12553<br>| $14174<br>| $14888<br>| $18589<br>| $18786<br>| $20261<br>| $24811<br>| $28197<br>|
| Russell 1000® Value Index<br>| $10000 | $12462<br>| $14608<br>| $13906<br>| $15974<br>| $16628<br>| $20515<br>| $20428<br>| $21670<br>| $25904<br>| $30006<br>|
| Russell 1000® Index<br>| $10000 | $12081<br>| $15202<br>| $14872<br>| $18053<br>| $21635<br>| $26030<br>| $23805<br>| $28621<br>| $36265<br>| $41818<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125425_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 7.11% | 12.29%<br>| 10.92% |
| Class A (without 5.75% sales charge) | 13.65% | 13.62% | 11.58% |
| Russell 1000® Value Index | 15.83%<br>| 12.53%<br>| 11.61% |
| Russell 1000® Index | 15.31%<br>| 14.09%<br>| 15.38% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $772144898<br>|
| Number of Holdings | 152<br>|
| Total Advisory Fee | $5514859<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 13.4 |
| Health Care | 11.3 |
| Information Technology | 10.3 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.6 |
| Consumer Staples | 6.9 |
| Energy | 6.5 |
| Utilities | 3.9 |
| Real Estate | 3.8 |
| Materials | 3.6 |

---

Common Stocks 96.5 <br> Domestic Equity Funds 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.5 |

---

---

| | |
|:---|:---|
| United States | 97.0 |
| France | 0.9 |
| Taiwan | 0.7 |
| Canada | 0.7 |
| Portugal | 0.3 |
| Korea (South) | 0.3 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20260131_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;France - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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; |
| &nbsp;&nbsp;Canada - 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; |
| &nbsp;&nbsp;Portugal - 0.3&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;Korea (South) - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 4.3<br>|
| Exxon Mobil Corp | 2.8<br>|
| Amazon.com Inc | 2.6<br>|
| Bank of America Corp | 2.1<br>|
| iShares Russell 1000 Value ETF | 2.0<br>|
| Wells Fargo & Co | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Boeing Co | 1.9<br>|
| Cummins Inc | 1.9<br>|
| Westinghouse Air Brake Technologies Corp | 1.6<br>|
|  | 23.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5648_20260131_2.jpg)<br>| ![](img125425_3.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> 1.9912639.101 1810-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Series Value Discovery Fund<br> **Fidelity® Series Value Discovery Fund : FNKLX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Series Value Discovery Fund for the period February 1, 2025 to January 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Value Discovery Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Value Index for the fiscal year, led by financials. Stock picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and communication services, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Alphabet (+67%). The company was the fund's largest holding at period end. The second-largest relative contributor was an overweight in Thermo Fisher Scientific (+47%). This was a stake we established this period. Another notable relative contributor was an overweight in Exxon Mobil (+37%). The company was the fund's second-largest holding this period.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer staples. Picks and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also hurting our result was an overweight in health care.

• The largest individual relative detractor was our stake in Centene (-46%). The stock was not held at period end. Not owning Johnson & Johnson, a benchmark component that gained 54%, was a second notable relative detractor. Another notable relative detractor was an overweight in H&R Block (-26%).

• Notable changes in positioning include higher allocations to the communication services and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Value Discovery Fund<br>| $10000 | $12540<br>| $14428<br>| $13545<br>| $15029<br>| $17050<br>| $21201<br>| $21529<br>| $22160<br>| $24786<br>| $29514<br>|
| Russell 3000® Value Index<br>| $10000 | $12576<br>| $14670<br>| $13972<br>| $15947<br>| $16716<br>| $20527<br>| $20438<br>| $21606<br>| $25780<br>| $29877<br>|
| Russell 3000® Index<br>| $10000 | $12173<br>| $15235<br>| $14891<br>| $17948<br>| $21624<br>| $25688<br>| $23571<br>| $28084<br>| $35474<br>| $40910<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125426_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Value Discovery Fund | 19.07% | 11.60% | 11.43% |
| Russell 3000® Value Index | 15.89%<br>| 12.32%<br>| 11.57% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 15.13% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15576634701<br>|
| Number of Holdings | 124<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.3 |
| Industrials | 14.2 |
| Health Care | 10.8 |
| Consumer Staples | 10.3 |
| Energy | 9.0 |
| Information Technology | 8.0 |
| Consumer Discretionary | 7.8 |
| Communication Services | 7.7 |
| Materials | 4.8 |
| Utilities | 3.0 |
| Real Estate | 0.2 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2453_20260131_AA.jpg) <br>|

---

Common Stocks - 99.1&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) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 92.7 |
| United Kingdom | 4.0 |
| Canada | 2.6 |
| France | 0.4 |
| Taiwan | 0.3 |
| Monaco | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2453_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&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;France - 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;Taiwan - 0.3&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;Monaco - 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;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 4.2<br>|
| Exxon Mobil Corp | 4.2<br>|
| Amazon.com Inc | 2.9<br>|
| Bank of America Corp | 2.6<br>|
| Merck & Co Inc | 2.3<br>|
| Chubb Ltd | 2.1<br>|
| Cisco Systems Inc | 2.0<br>|
| Wells Fargo & Co | 1.9<br>|
| Travelers Companies Inc/The | 1.9<br>|
| Shell PLC ADR | 1.9<br>|
|  | 26.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 .

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2453_20260131_2.jpg)<br>| ![](img125426_3.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> 1.9912633.101 2453-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Series Stock Selector Large Cap Value Fund<br> **Fidelity® Series Stock Selector Large Cap Value Fund : FBLEX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Series Stock Selector Large Cap Value Fund for the period February 1, 2025 to January 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Stock Selector Large Cap Value Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Value Index for the fiscal year, especially within information technology. Security selection in materials also hampered the fund's result. Also detracting from our result were stock picks and an underweight in industrials, primarily within the capital goods industry. Lastly, the fund's position in cash detracted.

• Not owning Micron Technology, a benchmark component that gained 356%, was the biggest individual relative detractor. The second-largest relative detractor was our stake in Allison Transmission Holdings (-32%). The stock was not held at period end. Another notable relative detractor was an overweight in U-Haul Holding (-20%).

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in financials, primarily within the insurance industry. Picks in consumer discretionary and energy also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+408%). This was an investment we established this period. A second notable relative contributor was our stake in Accenture (+11%). This was an investment we established this period. Another notable relative contributor was an overweight in Cummins (+47%). This was an investment we established this period. The company was one of the fund's biggest holdings at period end.

• Notable changes in positioning include higher allocations to the communication services and consumer discretionary sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Stock Selector Large Cap Value Fund<br>| $10000 | $12349<br>| $14277<br>| $13554<br>| $15448<br>| $16334<br>| $20630<br>| $21063<br>| $23026<br>| $28489<br>| $32718<br>|
| Russell 1000® Value Index<br>| $10000 | $12462<br>| $14608<br>| $13906<br>| $15974<br>| $16628<br>| $20515<br>| $20428<br>| $21670<br>| $25904<br>| $30006<br>|
| Russell 1000® Index<br>| $10000 | $12081<br>| $15202<br>| $14872<br>| $18053<br>| $21635<br>| $26030<br>| $23805<br>| $28621<br>| $36265<br>| $41818<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125428_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Stock Selector Large Cap Value Fund | 14.85% | 14.90% | 12.58% |
| Russell 1000® Value Index | 15.83%<br>| 12.53%<br>| 11.61% |
| Russell 1000® Index | 15.31%<br>| 14.09%<br>| 15.38% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15295516679<br>|
| Number of Holdings | 153<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 76%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.9 |
| Industrials | 13.3 |
| Health Care | 11.4 |
| Information Technology | 11.2 |
| Communication Services | 8.3 |
| Consumer Discretionary | 7.5 |
| Consumer Staples | 6.9 |
| Energy | 6.5 |
| Utilities | 4.1 |
| Real Estate | 3.8 |
| Materials | 3.6 |

---

Common Stocks 97.5 <br> Domestic Equity Funds 0.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2461_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.6 |

---

---

| | |
|:---|:---|
| United States | 96.8 |
| France | 1.0 |
| Taiwan | 0.8 |
| Canada | 0.7 |
| Portugal | 0.3 |
| Korea (South) | 0.3 |
| United Kingdom | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2461_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.8&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;Taiwan - 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;Canada - 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; |
| &nbsp;&nbsp;Portugal - 0.3&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;Korea (South) - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&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 | 4.4<br>|
| Exxon Mobil Corp | 2.8<br>|
| Amazon.com Inc | 2.6<br>|
| Bank of America Corp | 2.1<br>|
| Johnson & Johnson | 2.0<br>|
| Cummins Inc | 2.0<br>|
| Wells Fargo & Co | 1.9<br>|
| Boeing Co | 1.9<br>|
| Westinghouse Air Brake Technologies Corp | 1.6<br>|
| Chubb Ltd | 1.6<br>|
|  | 22.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 .

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2461_20260131_2.jpg)<br>| ![](img125428_3.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> 1.9912634.101 2461-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Series All-Sector Equity Fund<br> **Fidelity® Series All-Sector Equity Fund : FSAEX** <br>|

---

This annual shareholder report contains information about Fidelity® Series All-Sector Equity Fund for the period February 1, 2025 to January 31, 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.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series All-Sector Equity Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Index for the fiscal year, led by information technology, where our picks in software & services helped most. Stock picks in industrials and health care, in the latter instance primarily within the pharmaceuticals, biotechnology & life sciences industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Broadcom (+52%). The company was among our largest holdings. A second notable relative contributor was an overweight in NVIDIA (+59%). The company was the fund's largest holding. Not owning Salesforce, a benchmark component that returned approximately -37%, was another notable relative contributor.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in consumer staples. Picks in utilities also hampered the fund's result. Also hurting our result was positioning in communication services.

• The largest individual relative detractor was an underweight in Micron Technology (+356%). This was a position we established this period. A second notable relative detractor was an overweight in Samsara (-46%). This period we decreased our investment in Samsara. Underweighting Lam Research (+191%), a position we established this period, also hurt.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series All-Sector Equity Fund<br>| $10000 | $12103<br>| $15204<br>| $14713<br>| $17851<br>| $22303<br>| $26882<br>| $24908<br>| $30925<br>| $39533<br>| $46348<br>|
| Russell 1000® Index<br>| $10000 | $12081<br>| $15202<br>| $14872<br>| $18053<br>| $21635<br>| $26030<br>| $23805<br>| $28621<br>| $36265<br>| $41818<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125430_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series All-Sector Equity Fund | 17.24% | 15.75% | 16.57% |
| Russell 1000® Index | 15.31%<br>| 14.09%<br>| 15.38% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4963920163<br>|
| Number of Holdings | 299<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.6 |
| Financials | 13.0 |
| Consumer Discretionary | 10.7 |
| Communication Services | 10.4 |
| Industrials | 9.6 |
| Health Care | 9.4 |
| Consumer Staples | 4.6 |
| Energy | 3.3 |
| Materials | 2.2 |
| Real Estate | 2.1 |
| Utilities | 2.0 |

---

Common Stocks 97.9 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2115_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.1 |

---

---

| | |
|:---|:---|
| United States | 99.7 |
| Puerto Rico | 0.1 |
| Germany | 0.1 |
| Canada | 0.1 |
| Switzerland | 0.0 |
| Australia | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2115_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.1&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;Canada - 0.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.0&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 | 8.4<br>|
| Microsoft Corp | 6.1<br>|
| Alphabet Inc Class C | 5.9<br>|
| Apple Inc | 4.9<br>|
| Amazon.com Inc | 4.1<br>|
| Broadcom Inc | 3.2<br>|
| Meta Platforms Inc Class A | 2.3<br>|
| Eli Lilly & Co | 1.8<br>|
| Mastercard Inc Class A | 1.7<br>|
| Tesla Inc | 1.6<br>|
|  | 40.0 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2115_20260131_2.jpg)<br>| ![](img125430_3.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> 1.9912632.101 2115-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mid Cap Value K6 Fund<br> **Fidelity® Mid Cap Value K6 Fund : FCMVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mid Cap Value K6 Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mid Cap Value K6 Fund  | $48  | 0.45% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within information technology, where our picks in technology hardware & equipment helped most. Stock picking in real estate and consumer staples also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+413%). The stock was the fund's biggest holding. A non-benchmark stake in PACS gained 132% and was a second notable relative contributor. This period we increased our position in PACS. The stock was among the fund's largest holdings at period end. An overweight in Ciena (+189%) also helped.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care. Stock picking in materials also hampered the fund's result. Also detracting from our result was an underweight in information technology. Lastly, the fund's position in cash detracted.

• The biggest individual relative detractor was an overweight in Acadia Healthcare (-70%). This period we increased our position in Acadia Healthcare. The second-largest relative detractor was our stake in Centene (-60%). The stock was not held at period end. Another notable relative detractor this period was avoiding Warner Bros. Discovery, a benchmark component that gained 164%.

• Notable changes in positioning include higher allocations to the information technology and health care sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 25, 2017 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Mid Cap Value K6 Fund<br>| $10000 | $11438<br>| $10200<br>| $10827<br>| $11458<br>| $14800<br>| $15158<br>| $16610<br>| $19848<br>| $22865<br>|
| Russell Midcap® Value Index<br>| $10000 | $11151<br>| $10545<br>| $11912<br>| $12723<br>| $15667<br>| $15559<br>| $15936<br>| $18992<br>| $21247<br>|
| Russell 3000® Index<br>| $10000 | $11791<br>| $11525<br>| $13891<br>| $16736<br>| $19882<br>| $18243<br>| $21736<br>| $27456<br>| $31662<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125451_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Mid Cap Value K6 Fund | 15.20% | 14.82% | 9.98% |
| Russell Midcap® Value Index | 11.87%<br>| 10.80%<br>| 9.06% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 14.18% |

---

**A** From May 25, 2017

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $103517003<br>|
| Number of Holdings | 179<br>|
| Total Advisory Fee | $315503<br>|
| Portfolio Turnover | 97%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.6 |
| Financials | 15.8 |
| Information Technology | 10.4 |
| Health Care | 9.7 |
| Consumer Discretionary | 9.2 |
| Real Estate | 8.0 |
| Materials | 7.6 |
| Utilities | 7.2 |
| Energy | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 0.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2956_20260131_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 | 96.4 |
| Canada | 1.4 |
| Germany | 0.7 |
| Zambia | 0.7 |
| Belgium | 0.4 |
| United Kingdom | 0.2 |
| Portugal | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2956_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&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;Germany - 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;Zambia - 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; |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.2<br>|
| PACS Group Inc | 1.6<br>|
| Welltower Inc | 1.2<br>|
| Sempra | 1.1<br>|
| Molina Healthcare Inc | 1.1<br>|
| PG&E Corp | 1.1<br>|
| Corteva Inc | 1.0<br>|
| Reliance Inc | 1.0<br>|
| Mueller Industries Inc | 1.0<br>|
| Smurfit WestRock PLC | 0.9<br>|
|  | 12.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2956_20260131_2.jpg)<br>| ![](img125451_3.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> 1.9912636.101 2956-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mid Cap Value Fund<br> **Fidelity® Mid Cap Value Fund : FSMVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mid Cap Value Fund  | $90  | 0.84% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within information technology, where our stock picks in technology hardware & equipment helped most. Picks in real estate and consumer staples also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+413%). The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Ciena (+188%). Another notable relative contributor was our non-benchmark stake in PACS (+133%). This period we increased our investment in PACS. The company was among our biggest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care. Stock picks and an overweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-70%). This period we increased our stake in Acadia Healthcare. The second-largest relative detractor was our stake in Centene (-60%). The stock was not held at period end. Another notable relative detractor this period was avoiding Warner Bros. Discovery, a benchmark component that gained 164%.

• Notable changes in positioning include higher allocations to the information technology and health care sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Mid Cap Value Fund<br>| $10000 | $12319<br>| $14353<br>| $12779<br>| $13550<br>| $14413<br>| $18608<br>| $18981<br>| $20726<br>| $24944<br>| $28798<br>|
| Russell Midcap® Value Index<br>| $10000 | $12915<br>| $14727<br>| $13927<br>| $15732<br>| $16802<br>| $20691<br>| $20549<br>| $21046<br>| $25083<br>| $28061<br>|
| Russell 3000® Index<br>| $10000 | $12173<br>| $15235<br>| $14891<br>| $17948<br>| $21624<br>| $25688<br>| $23571<br>| $28084<br>| $35474<br>| $40910<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125452_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Mid Cap Value Fund | 15.45% | 14.85% | 11.16% |
| Russell Midcap® Value Index | 11.87%<br>| 10.80%<br>| 10.87% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 15.13% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1900294804<br>|
| Number of Holdings | 180<br>|
| Total Advisory Fee | $14539372<br>|
| Portfolio Turnover | 84%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.6 |
| Financials | 16.0 |
| Information Technology | 10.4 |
| Health Care | 9.7 |
| Consumer Discretionary | 9.2 |
| Real Estate | 8.0 |
| Materials | 7.5 |
| Utilities | 7.1 |
| Energy | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 0.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20260131_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 | 96.4 |
| Canada | 1.4 |
| Germany | 0.7 |
| Zambia | 0.7 |
| Belgium | 0.4 |
| United Kingdom | 0.2 |
| Portugal | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&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;Germany - 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;Zambia - 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; |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.2<br>|
| PACS Group Inc | 1.6<br>|
| Welltower Inc | 1.2<br>|
| Molina Healthcare Inc | 1.1<br>|
| Sempra | 1.1<br>|
| Corteva Inc | 1.0<br>|
| Reliance Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Mueller Industries Inc | 1.0<br>|
| Smurfit WestRock PLC | 0.9<br>|
|  | 12.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5649_20260131_2.jpg)<br>| ![](img125452_3.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> 1.9912650.101 762-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mid Cap Value Fund<br> **Fidelity Advisor® Mid Cap Value Fund Class Z : FIDFX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $82  | 0.76% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within information technology, where our stock picks in technology hardware & equipment helped most. Picks in real estate and consumer staples also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+413%). The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Ciena (+188%). Another notable relative contributor was our non-benchmark stake in PACS (+133%). This period we increased our investment in PACS. The company was among our biggest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care. Stock picks and an overweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-70%). This period we increased our stake in Acadia Healthcare. The second-largest relative detractor was our stake in Centene (-60%). The stock was not held at period end. Another notable relative detractor this period was avoiding Warner Bros. Discovery, a benchmark component that gained 164%.

• Notable changes in positioning include higher allocations to the information technology and health care sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

February 1, 2017 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $11674<br>| $10406<br>| $11050<br>| $11773<br>| $15210<br>| $15536<br>| $16983<br>| $20461<br>| $23644<br>|
| Russell Midcap® Value Index<br>| $10000 | $11439<br>| $10817<br>| $12219<br>| $13051<br>| $16071<br>| $15960<br>| $16347<br>| $19482<br>| $21795<br>|
| Russell 3000® Index<br>| $10000 | $12513<br>| $12230<br>| $14741<br>| $17760<br>| $21099<br>| $19359<br>| $23066<br>| $29136<br>| $33600<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125453_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 15.56% | 14.97% | 10.03% |
| Russell Midcap® Value Index | 11.87%<br>| 10.80%<br>| 9.04% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 14.41% |

---

**A** From February 1, 2017

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1900294804<br>|
| Number of Holdings | 180<br>|
| Total Advisory Fee | $14539372<br>|
| Portfolio Turnover | 84%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.6 |
| Financials | 16.0 |
| Information Technology | 10.4 |
| Health Care | 9.7 |
| Consumer Discretionary | 9.2 |
| Real Estate | 8.0 |
| Materials | 7.5 |
| Utilities | 7.1 |
| Energy | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 0.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20260131_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 | 96.4 |
| Canada | 1.4 |
| Germany | 0.7 |
| Zambia | 0.7 |
| Belgium | 0.4 |
| United Kingdom | 0.2 |
| Portugal | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&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;Germany - 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;Zambia - 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; |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.2<br>|
| PACS Group Inc | 1.6<br>|
| Welltower Inc | 1.2<br>|
| Molina Healthcare Inc | 1.1<br>|
| Sempra | 1.1<br>|
| Corteva Inc | 1.0<br>|
| Reliance Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Mueller Industries Inc | 1.0<br>|
| Smurfit WestRock PLC | 0.9<br>|
|  | 12.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5649_20260131_2.jpg)<br>| ![](img125453_3.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> 1.9912649.101 2894-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mid Cap Value Fund<br> **Fidelity Advisor® Mid Cap Value Fund Class M : FMPTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $149  | 1.38% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within information technology, where our stock picks in technology hardware & equipment helped most. Picks in real estate and consumer staples also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+413%). The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Ciena (+188%). Another notable relative contributor was our non-benchmark stake in PACS (+133%). This period we increased our investment in PACS. The company was among our biggest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care. Stock picks and an overweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-70%). This period we increased our stake in Acadia Healthcare. The second-largest relative detractor was our stake in Centene (-60%). The stock was not held at period end. Another notable relative detractor this period was avoiding Warner Bros. Discovery, a benchmark component that gained 164%.

• Notable changes in positioning include higher allocations to the information technology and health care sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $11819<br>| $13691<br>| $12119<br>| $12779<br>| $13515<br>| $17350<br>| $17601<br>| $19118<br>| $22885<br>| $26277<br>|
| Russell Midcap® Value Index<br>| $10000 | $12915<br>| $14727<br>| $13927<br>| $15732<br>| $16802<br>| $20691<br>| $20549<br>| $21046<br>| $25083<br>| $28061<br>|
| Russell 3000® Index<br>| $10000 | $12173<br>| $15235<br>| $14891<br>| $17948<br>| $21624<br>| $25688<br>| $23571<br>| $28084<br>| $35474<br>| $40910<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125454_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | 10.80% | 13.41%<br>| 10.14% |
| Class M (without 3.50% sales charge) | 14.82% | 14.22% | 10.54% |
| Russell Midcap® Value Index | 11.87%<br>| 10.80%<br>| 10.87% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 15.13% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1900294804<br>|
| Number of Holdings | 180<br>|
| Total Advisory Fee | $14539372<br>|
| Portfolio Turnover | 84%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.6 |
| Financials | 16.0 |
| Information Technology | 10.4 |
| Health Care | 9.7 |
| Consumer Discretionary | 9.2 |
| Real Estate | 8.0 |
| Materials | 7.5 |
| Utilities | 7.1 |
| Energy | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 0.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20260131_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 | 96.4 |
| Canada | 1.4 |
| Germany | 0.7 |
| Zambia | 0.7 |
| Belgium | 0.4 |
| United Kingdom | 0.2 |
| Portugal | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&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;Germany - 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;Zambia - 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; |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.2<br>|
| PACS Group Inc | 1.6<br>|
| Welltower Inc | 1.2<br>|
| Molina Healthcare Inc | 1.1<br>|
| Sempra | 1.1<br>|
| Corteva Inc | 1.0<br>|
| Reliance Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Mueller Industries Inc | 1.0<br>|
| Smurfit WestRock PLC | 0.9<br>|
|  | 12.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5649_20260131_2.jpg)<br>| ![](img125454_3.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> 1.9912647.101 1819-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mid Cap Value Fund<br> **Fidelity Advisor® Mid Cap Value Fund Class I : FMPOX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $95  | 0.89% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within information technology, where our stock picks in technology hardware & equipment helped most. Picks in real estate and consumer staples also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+413%). The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Ciena (+188%). Another notable relative contributor was our non-benchmark stake in PACS (+133%). This period we increased our investment in PACS. The company was among our biggest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care. Stock picks and an overweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-70%). This period we increased our stake in Acadia Healthcare. The second-largest relative detractor was our stake in Centene (-60%). The stock was not held at period end. Another notable relative detractor this period was avoiding Warner Bros. Discovery, a benchmark component that gained 164%.

• Notable changes in positioning include higher allocations to the information technology and health care sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $12319<br>| $14353<br>| $12776<br>| $13544<br>| $14413<br>| $18601<br>| $18975<br>| $20714<br>| $24917<br>| $28758<br>|
| Russell Midcap® Value Index<br>| $10000 | $12915<br>| $14727<br>| $13927<br>| $15732<br>| $16802<br>| $20691<br>| $20549<br>| $21046<br>| $25083<br>| $28061<br>|
| Russell 3000® Index<br>| $10000 | $12173<br>| $15235<br>| $14891<br>| $17948<br>| $21624<br>| $25688<br>| $23571<br>| $28084<br>| $35474<br>| $40910<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125455_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 15.42% | 14.82% | 11.14% |
| Russell Midcap® Value Index | 11.87%<br>| 10.80%<br>| 10.87% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 15.13% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1900294804<br>|
| Number of Holdings | 180<br>|
| Total Advisory Fee | $14539372<br>|
| Portfolio Turnover | 84%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.6 |
| Financials | 16.0 |
| Information Technology | 10.4 |
| Health Care | 9.7 |
| Consumer Discretionary | 9.2 |
| Real Estate | 8.0 |
| Materials | 7.5 |
| Utilities | 7.1 |
| Energy | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 0.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20260131_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 | 96.4 |
| Canada | 1.4 |
| Germany | 0.7 |
| Zambia | 0.7 |
| Belgium | 0.4 |
| United Kingdom | 0.2 |
| Portugal | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&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;Germany - 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;Zambia - 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; |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.2<br>|
| PACS Group Inc | 1.6<br>|
| Welltower Inc | 1.2<br>|
| Molina Healthcare Inc | 1.1<br>|
| Sempra | 1.1<br>|
| Corteva Inc | 1.0<br>|
| Reliance Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Mueller Industries Inc | 1.0<br>|
| Smurfit WestRock PLC | 0.9<br>|
|  | 12.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5649_20260131_2.jpg)<br>| ![](img125455_3.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> 1.9912648.101 1820-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mid Cap Value Fund<br> **Fidelity Advisor® Mid Cap Value Fund Class C : FMPEX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $202  | 1.89% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within information technology, where our stock picks in technology hardware & equipment helped most. Picks in real estate and consumer staples also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+413%). The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Ciena (+188%). Another notable relative contributor was our non-benchmark stake in PACS (+133%). This period we increased our investment in PACS. The company was among our biggest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care. Stock picks and an overweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-70%). This period we increased our stake in Acadia Healthcare. The second-largest relative detractor was our stake in Centene (-60%). The stock was not held at period end. Another notable relative detractor this period was avoiding Warner Bros. Discovery, a benchmark component that gained 164%.

• Notable changes in positioning include higher allocations to the information technology and health care sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $12197<br>| $14061<br>| $12388<br>| $13002<br>| $13686<br>| $17486<br>| $17644<br>| $19064<br>| $22877<br>| $26333<br>|
| Russell Midcap® Value Index<br>| $10000 | $12915<br>| $14727<br>| $13927<br>| $15732<br>| $16802<br>| $20691<br>| $20549<br>| $21046<br>| $25083<br>| $28061<br>|
| Russell 3000® Index<br>| $10000 | $12173<br>| $15235<br>| $14891<br>| $17948<br>| $21624<br>| $25688<br>| $23571<br>| $28084<br>| $35474<br>| $40910<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125456_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 13.23% | 13.64%<br>| 10.17% |
| Class C | 14.23% | 13.64% | 10.17% |
| Russell Midcap® Value Index | 11.87%<br>| 10.80%<br>| 10.87% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 15.13% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1900294804<br>|
| Number of Holdings | 180<br>|
| Total Advisory Fee | $14539372<br>|
| Portfolio Turnover | 84%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.6 |
| Financials | 16.0 |
| Information Technology | 10.4 |
| Health Care | 9.7 |
| Consumer Discretionary | 9.2 |
| Real Estate | 8.0 |
| Materials | 7.5 |
| Utilities | 7.1 |
| Energy | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 0.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20260131_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 | 96.4 |
| Canada | 1.4 |
| Germany | 0.7 |
| Zambia | 0.7 |
| Belgium | 0.4 |
| United Kingdom | 0.2 |
| Portugal | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&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;Germany - 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;Zambia - 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; |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.2<br>|
| PACS Group Inc | 1.6<br>|
| Welltower Inc | 1.2<br>|
| Molina Healthcare Inc | 1.1<br>|
| Sempra | 1.1<br>|
| Corteva Inc | 1.0<br>|
| Reliance Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Mueller Industries Inc | 1.0<br>|
| Smurfit WestRock PLC | 0.9<br>|
|  | 12.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5649_20260131_2.jpg)<br>| ![](img125456_3.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> 1.9912646.101 1818-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mid Cap Value Fund<br> **Fidelity Advisor® Mid Cap Value Fund Class A : FMPAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $122  | 1.13% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Value Index for the fiscal year, especially within information technology, where our stock picks in technology hardware & equipment helped most. Picks in real estate and consumer staples also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+413%). The company was the fund's biggest holding. The second-largest relative contributor was an overweight in Ciena (+188%). Another notable relative contributor was our non-benchmark stake in PACS (+133%). This period we increased our investment in PACS. The company was among our biggest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care. Stock picks and an overweight in materials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-70%). This period we increased our stake in Acadia Healthcare. The second-largest relative detractor was our stake in Centene (-60%). The stock was not held at period end. Another notable relative detractor this period was avoiding Warner Bros. Discovery, a benchmark component that gained 164%.

• Notable changes in positioning include higher allocations to the information technology and health care sectors.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $11580<br>| $13449<br>| $11938<br>| $12621<br>| $13392<br>| $17233<br>| $17527<br>| $19084<br>| $22901<br>| $26361<br>|
| Russell Midcap® Value Index<br>| $10000 | $12915<br>| $14727<br>| $13927<br>| $15732<br>| $16802<br>| $20691<br>| $20549<br>| $21046<br>| $25083<br>| $28061<br>|
| Russell 3000® Index<br>| $10000 | $12173<br>| $15235<br>| $14891<br>| $17948<br>| $21624<br>| $25688<br>| $23571<br>| $28084<br>| $35474<br>| $40910<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125457_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | 8.49% | 13.16%<br>| 10.18% |
| Class A (without 5.75% sales charge) | 15.11% | 14.50% | 10.83% |
| Russell Midcap® Value Index | 11.87%<br>| 10.80%<br>| 10.87% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 15.13% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1900294804<br>|
| Number of Holdings | 180<br>|
| Total Advisory Fee | $14539372<br>|
| Portfolio Turnover | 84%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.6 |
| Financials | 16.0 |
| Information Technology | 10.4 |
| Health Care | 9.7 |
| Consumer Discretionary | 9.2 |
| Real Estate | 8.0 |
| Materials | 7.5 |
| Utilities | 7.1 |
| Energy | 6.2 |
| Consumer Staples | 5.2 |
| Communication Services | 0.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20260131_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 | 96.4 |
| Canada | 1.4 |
| Germany | 0.7 |
| Zambia | 0.7 |
| Belgium | 0.4 |
| United Kingdom | 0.2 |
| Portugal | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&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;Germany - 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;Zambia - 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; |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Portugal - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Western Digital Corp | 2.2<br>|
| PACS Group Inc | 1.6<br>|
| Welltower Inc | 1.2<br>|
| Molina Healthcare Inc | 1.1<br>|
| Sempra | 1.1<br>|
| Corteva Inc | 1.0<br>|
| Reliance Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Mueller Industries Inc | 1.0<br>|
| Smurfit WestRock PLC | 0.9<br>|
|  | 12.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img5649_20260131_2.jpg)<br>| ![](img125457_3.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> 1.9912645.101 1816-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Equity-Income K6 Fund<br> **Fidelity® Equity-Income K6 Fund : FEKFX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Equity-Income K6 Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Equity-Income K6 Fund  | $37  | 0.34% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000® Value Index for the fiscal year, led by industrials, where our picks in capital goods helped most. Stock picks in health care and financials also boosted the fund's relative performance.

• The fund's non-benchmark stake in Samsung Electronics gained 212% and was the top individual relative contributor. The stock was one of the fund's largest holdings at period end. The second-largest relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+60%). An overweight in GE Vernova (+94%) also contributed, and we trimmed our stake.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in consumer staples. Also hurting our result was security selection in communication services and information technology, primarily within the semiconductors & semiconductor equipment industry.

• The largest individual relative detractor this period was avoiding Micron Technology, a benchmark component that gained 356%. A second notable relative detractor this period was avoiding Intel, a benchmark component that gained 139%. Another notable relative detractor this period was avoiding Caterpillar, a benchmark component that gained about 79%.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to materials.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

June 13, 2019 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Equity-Income K6 Fund<br>| $10000 | $10914<br>| $11784<br>| $14628<br>| $14679<br>| $15694<br>| $18887<br>| $22346<br>|
| Russell 3000® Value Index<br>| $10000 | $10830<br>| $11352<br>| $13940<br>| $13880<br>| $14673<br>| $17507<br>| $20290<br>|
| Russell 3000® Index<br>| $10000 | $11223<br>| $13521<br>| $16063<br>| $14738<br>| $17560<br>| $22181<br>| $25580<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125468_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Equity-Income K6 Fund | 18.32% | 13.65% | 12.87% |
| Russell 3000® Value Index | 15.89%<br>| 12.32%<br>| 11.24% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 15.19% |

---

**A** From June 13, 2019

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $418078221<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $1002906<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 19.8 |
| Health Care | 12.4 |
| Industrials | 12.2 |
| Information Technology | 10.8 |
| Consumer Staples | 8.9 |
| Communication Services | 8.0 |
| Consumer Discretionary | 7.7 |
| Energy | 6.9 |
| Utilities | 5.4 |
| Materials | 2.9 |
| Real Estate | 1.9 |

---

Common Stocks 96.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3457_20260131_AA.jpg) <br>|

---

Common Stocks - 96.9&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) - 3.1 <br>

---

| | |
|:---|:---|
| United States | 88.4 |
| Canada | 2.7 |
| United Kingdom | 2.5 |
| Korea (South) | 1.9 |
| Taiwan | 1.7 |
| Netherlands | 0.9 |
| Japan | 0.6 |
| Italy | 0.5 |
| Germany | 0.5 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3457_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&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; |
| &nbsp;&nbsp;United Kingdom - 2.5&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;Taiwan - 1.7&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; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;France - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 3.7<br>|
| JPMorgan Chase & Co | 3.5<br>|
| Exxon Mobil Corp | 3.2<br>|
| Wells Fargo & Co | 2.1<br>|
| Linde PLC | 2.0<br>|
| Johnson & Johnson | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Samsung Electronics Co Ltd | 1.9<br>|
| Gilead Sciences Inc | 1.9<br>|
| Walmart Inc | 1.9<br>|
|  | 24.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3457_20260131_2.jpg)<br>| ![](img125468_3.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> 1.9912638.101 3457-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Equity-Income Fund<br> **Fidelity® Equity-Income Fund : FEQIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Equity-Income Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Equity-Income Fund  | $57  | 0.52% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000® Value Index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock selection in health care and financials also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Samsung Electronics (+213%). The stock was among our largest holdings at period end. The second-largest relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+60%), and we trimmed our stake. Another notable relative contributor was an overweight in GE Vernova (+93%). This period we decreased our investment in GE Vernova.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer staples. Also hurting our result was stock picking in communication services and information technology.

• The largest individual relative detractor this period was avoiding Micron Technology, a benchmark component that gained 356%. Not owning Intel, a benchmark component that gained 139%, was the second-largest relative detractor. Another notable relative detractor this period was avoiding Caterpillar, a benchmark component that gained about 79%.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to materials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Equity-Income Fund<br>| $10000 | $12442<br>| $14628<br>| $13763<br>| $16060<br>| $17333<br>| $21441<br>| $21452<br>| $22919<br>| $27504<br>| $32508<br>|
| Russell 3000® Value Index<br>| $10000 | $12576<br>| $14670<br>| $13972<br>| $15947<br>| $16716<br>| $20527<br>| $20438<br>| $21606<br>| $25780<br>| $29877<br>|
| Russell 3000® Index<br>| $10000 | $12173<br>| $15235<br>| $14891<br>| $17948<br>| $21624<br>| $25688<br>| $23571<br>| $28084<br>| $35474<br>| $40910<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125469_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Equity-Income Fund | 18.19% | 13.40% | 12.51% |
| Russell 3000® Value Index | 15.89%<br>| 12.32%<br>| 11.57% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 15.13% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $10873694221<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $48601734<br>|
| Portfolio Turnover | 11%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 19.7 |
| Industrials | 12.3 |
| Health Care | 12.1 |
| Information Technology | 10.8 |
| Consumer Staples | 8.8 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.5 |
| Energy | 6.9 |
| Utilities | 5.4 |
| Materials | 2.9 |
| Real Estate | 1.8 |

---

Common Stocks 96.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img23_20260131_AA.jpg) <br>|

---

Common Stocks - 96.3&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) - 3.7 <br>

---

| | |
|:---|:---|
| United States | 88.4 |
| Canada | 2.7 |
| United Kingdom | 2.5 |
| Korea (South) | 1.9 |
| Taiwan | 1.7 |
| Netherlands | 0.9 |
| Japan | 0.6 |
| Italy | 0.5 |
| Germany | 0.5 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img23_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&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; |
| &nbsp;&nbsp;United Kingdom - 2.5&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;Taiwan - 1.7&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; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;France - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 3.7<br>|
| JPMorgan Chase & Co | 3.4<br>|
| Exxon Mobil Corp | 3.2<br>|
| Wells Fargo & Co | 2.1<br>|
| Linde PLC | 2.0<br>|
| Johnson & Johnson | 1.9<br>|
| Bank of America Corp | 1.9<br>|
| Samsung Electronics Co Ltd | 1.9<br>|
| Walmart Inc | 1.9<br>|
| Gilead Sciences Inc | 1.9<br>|
|  | 23.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img23_20260131_2.jpg)<br>| ![](img125469_3.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> 1.9912616.101 23-TSRA-0426 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Equity-Income Fund<br> **Fidelity® Equity-Income Fund Class K : FEIKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Equity-Income Fund for the period February 1, 2025 to January 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $49  | 0.45% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending January 31, 2026, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, beginning in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000® Value Index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock selection in health care and financials also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Samsung Electronics (+213%). The stock was among our largest holdings at period end. The second-largest relative contributor was our non-benchmark stake in Taiwan Semiconductor Manufacturing (+60%), and we trimmed our stake. Another notable relative contributor was an overweight in GE Vernova (+93%). This period we decreased our investment in GE Vernova.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer staples. Also hurting our result was stock picking in communication services and information technology.

• The largest individual relative detractor this period was avoiding Micron Technology, a benchmark component that gained 356%. Not owning Intel, a benchmark component that gained 139%, was the second-largest relative detractor. Another notable relative detractor this period was avoiding Caterpillar, a benchmark component that gained about 79%.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to materials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

January 31, 2016 through January 31, 2026.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $12456<br>| $14659<br>| $13808<br>| $16124<br>| $17420<br>| $21566<br>| $21596<br>| $23090<br>| $27734<br>| $32804<br>|
| Russell 3000® Value Index<br>| $10000 | $12576<br>| $14670<br>| $13972<br>| $15947<br>| $16716<br>| $20527<br>| $20438<br>| $21606<br>| $25780<br>| $29877<br>|
| Russell 3000® Index<br>| $10000 | $12173<br>| $15235<br>| $14891<br>| $17948<br>| $21624<br>| $25688<br>| $23571<br>| $28084<br>| $35474<br>| $40910<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |

---

![](img125470_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 18.28% | 13.50% | 12.61% |
| Russell 3000® Value Index | 15.89%<br>| 12.32%<br>| 11.57% |
| Russell 3000® Index | 15.32%<br>| 13.60%<br>| 15.13% |

---

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $10873694221<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $48601734<br>|
| Portfolio Turnover | 11%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 19.7 |
| Industrials | 12.3 |
| Health Care | 12.1 |
| Information Technology | 10.8 |
| Consumer Staples | 8.8 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.5 |
| Energy | 6.9 |
| Utilities | 5.4 |
| Materials | 2.9 |
| Real Estate | 1.8 |

---

Common Stocks 96.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img23_20260131_AA.jpg) <br>|

---

Common Stocks - 96.3&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) - 3.7 <br>

---

| | |
|:---|:---|
| United States | 88.4 |
| Canada | 2.7 |
| United Kingdom | 2.5 |
| Korea (South) | 1.9 |
| Taiwan | 1.7 |
| Netherlands | 0.9 |
| Japan | 0.6 |
| Italy | 0.5 |
| Germany | 0.5 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img23_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&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; |
| &nbsp;&nbsp;United Kingdom - 2.5&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;Taiwan - 1.7&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; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;France - 0.3&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 3.7<br>|
| JPMorgan Chase & Co | 3.4<br>|
| Exxon Mobil Corp | 3.2<br>|
| Wells Fargo & Co | 2.1<br>|
| Linde PLC | 2.0<br>|
| Johnson & Johnson | 1.9<br>|
| Bank of America Corp | 1.9<br>|
| Samsung Electronics Co Ltd | 1.9<br>|
| Walmart Inc | 1.9<br>|
| Gilead Sciences Inc | 1.9<br>|
|  | 23.9 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since February 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img23_20260131_2.jpg)<br>| ![](img125470_3.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> 1.9912615.101 2085-TSRA-0426 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, January 31, 2026, Fidelity Devonshire Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Equity-Income K6 Fund, Fidelity Mid Cap Value K6 Fund, Fidelity Series All-Sector Equity Fund and Fidelity Series Value Discovery Fund (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>January 31, 2026 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Equity-Income K6 Fund | &nbsp;&nbsp;$43800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6700  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Mid Cap Value K6 Fund | &nbsp;&nbsp;$35900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5300  | &nbsp;&nbsp;$300  |
| &nbsp;&nbsp;Fidelity Series All-Sector Equity Fund | &nbsp;&nbsp;$42800  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$400  |
| &nbsp;&nbsp;Fidelity Series Value Discovery Fund | &nbsp;&nbsp;$44300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10100  | &nbsp;&nbsp;$400  |

---

**<u>January 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Equity-Income K6 Fund | &nbsp;&nbsp;$49300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8000  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Mid Cap Value K6 Fund | &nbsp;&nbsp;$37300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$5800  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Series All-Sector Equity Fund | &nbsp;&nbsp;$43300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8700  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;Fidelity Series Value Discovery Fund | &nbsp;&nbsp;$44600  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10900  | &nbsp;&nbsp;$1000  |

---

<sup>A</sup> Amounts may reflect rounding

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Equity-Income Fund, Fidelity Mid Cap Value Fund, Fidelity Series Stock Selector Large Cap Value Fund and Fidelity Stock Selector Large Cap Value Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>January 31, 2026 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Equity-Income Fund | &nbsp;&nbsp;$59900  | &nbsp;&nbsp;$2300  | &nbsp;&nbsp;$12800  | &nbsp;&nbsp;$700  |
| &nbsp;&nbsp;Fidelity Mid Cap Value Fund | &nbsp;&nbsp;$46300  | &nbsp;&nbsp;$1700  | &nbsp;&nbsp;$8600  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Series Stock Selector Large Cap Value Fund | &nbsp;&nbsp;$41700  | &nbsp;&nbsp;$1600  | &nbsp;&nbsp;$8400  | &nbsp;&nbsp;$500  |
| &nbsp;&nbsp;Fidelity Stock Selector Large Cap Value Fund  | &nbsp;&nbsp;$46000  | &nbsp;&nbsp;$1700  | &nbsp;&nbsp;$8600  | &nbsp;&nbsp;$500  |

---

**<u>January 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Equity-Income Fund | &nbsp;&nbsp;$60100  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$18000  | &nbsp;&nbsp;$1900  |
| &nbsp;&nbsp;Fidelity Mid Cap Value Fund | &nbsp;&nbsp;$46400  | &nbsp;&nbsp;$4200  | &nbsp;&nbsp;$11200  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;Fidelity Series Stock Selector Large Cap Value Fund | &nbsp;&nbsp;$42100  | &nbsp;&nbsp;$3800  | &nbsp;&nbsp;$8400  | &nbsp;&nbsp;$1300  |
| &nbsp;&nbsp;Fidelity Stock Selector Large Cap Value Fund  | &nbsp;&nbsp;$45900  | &nbsp;&nbsp;$4200  | &nbsp;&nbsp;$8600  | &nbsp;&nbsp;$1500  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>January 31, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>January 31, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$154800 | &nbsp;&nbsp;$125000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1520400 | &nbsp;&nbsp;$2444500 |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>January 31, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>January 31, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$7975400  | &nbsp;&nbsp;$10640500  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>January 31, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>January 31, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$4293900  | &nbsp;&nbsp;$2832900  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13300800  | &nbsp;&nbsp;$15928100  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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® Stock Selector Large Cap Value Fund**

**Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125386_1.jpg)

![](img125386_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_LCV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Stock Selector Large Cap Value Fund](#Sub_Sec_Fund_5648_LCV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements5648_LCV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_LCV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_LCV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LCV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LCV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LCV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LCV-ANN)** |

---

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 (Annual Report)**

**Fidelity® Stock Selector Large Cap Value Fund**

**Schedule of Investments January 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.5%** | &nbsp;&nbsp;**Common Stocks - 96.5%** | &nbsp;&nbsp;**Common Stocks - 96.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.7%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Imperial Oil Ltd  | 55600 | 5617370 |
| FRANCE - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| IT Services - 0.9% |  |  |
| Capgemini SE  | 41256 | 6410285 |
| KOREA (SOUTH) - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Samsung Electronics Co Ltd  | 20250 | 2240338 |
| PORTUGAL - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Galp Energia SGPS SA  | 125500 | 2488779 |
| TAIWAN - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 17127 | 5661501 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 14000 | 849519 |
| UNITED STATES - 93.5%  |  |  |
| Communication Services - 8.1% |  |  |
| Diversified Telecommunication Services - 1.8% |  |  |
| Comcast Corp Class A  | 152181 | 4527384 |
| Verizon Communications Inc  | 218282 | 9717915 |
|  |  | 14245299 |
| Entertainment - 0.4% |  |  |
| Walt Disney Co/The  | 28324 | 3194947 |
| Interactive Media & Services - 4.7% |  |  |
| Alphabet Inc Class A  | 97143 | 32834334 |
| Meta Platforms Inc Class A  | 4039 | 2893944 |
|  |  | 35728278 |
| Wireless Telecommunication Services - 1.2% |  |  |
| T-Mobile US Inc  | 47699 | 9406720 |
| TOTAL COMMUNICATION SERVICES |  | 62575244 |
| Consumer Discretionary - 7.6% |  |  |
| Automobile Components - 0.2% |  |  |
| Aptiv PLC (a) | 21671 | 1641578 |
| Automobiles - 0.5% |  |  |
| General Motors Co  | 48266 | 4054344 |
| Broadline Retail - 2.6% |  |  |
| Amazon.com Inc (a) | 80587 | 19284470 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Hilton Worldwide Holdings Inc  | 11926 | 3560030 |
| McDonald's Corp  | 23816 | 7502040 |
|  |  | 11062070 |
| Household Durables - 0.5% |  |  |
| Somnigroup International Inc  | 48312 | 4244209 |
| Specialty Retail - 2.4% |  |  |
| Dick's Sporting Goods Inc  | 18915 | 3820830 |
| Lowe's Cos Inc  | 40988 | 10946255 |
| Williams-Sonoma Inc  | 16188 | 3312874 |
|  |  | 18079959 |
| TOTAL CONSUMER DISCRETIONARY |  | 58366630 |
| Consumer Staples - 6.8% |  |  |
| Beverages - 1.8% |  |  |
| Coca-Cola Co/The  | 91925 | 6876910 |
| Constellation Brands Inc Class A  | 5586 | 875326 |
| Keurig Dr Pepper Inc  | 78919 | 2165537 |
| PepsiCo Inc  | 23881 | 3668838 |
|  |  | 13586611 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Kroger Co/The  | 18254 | 1147264 |
| Target Corp  | 11165 | 1177573 |
| US Foods Holding Corp (a) | 22799 | 1906452 |
| Walmart Inc  | 87906 | 10473121 |
|  |  | 14704410 |
| Food Products - 0.5% |  |  |
| Conagra Brands Inc  | 9500 | 175845 |
| Darling Ingredients Inc (a) | 9793 | 447148 |
| Lamb Weston Holdings Inc  | 3752 | 172329 |
| McCormick & Co Inc/MD  | 4000 | 247320 |
| Mondelez International Inc  | 50527 | 2954314 |
|  |  | 3996956 |
| Household Products - 1.4% |  |  |
| Clorox Co/The  | 2500 | 281975 |
| Colgate-Palmolive Co  | 3400 | 306986 |
| Procter & Gamble Co/The  | 69293 | 10516599 |
|  |  | 11105560 |
| Personal Care Products - 0.3% |  |  |
| Kenvue Inc  | 128585 | 2237379 |
| Tobacco - 0.9% |  |  |
| Philip Morris International Inc  | 37039 | 6646278 |
| TOTAL CONSUMER STAPLES |  | 52277194 |
| Energy - 5.5% |  |  |
| Oil, Gas & Consumable Fuels - 5.5% |  |  |
| Cheniere Energy Inc  | 9600 | 2030592 |
| Core Natural Resources Inc  | 43452 | 4144452 |
| Exxon Mobil Corp  | 151500 | 21422100 |
| Phillips 66  | 41800 | 6000808 |
| Shell PLC ADR  | 65500 | 5045465 |
| Targa Resources Corp  | 19200 | 3858816 |
| TOTAL ENERGY |  | 42502233 |
| Financials - 21.1% |  |  |
| Banks - 8.5% |  |  |
| Bank of America Corp  | 309605 | 16470986 |
| Citigroup Inc  | 64800 | 7498008 |
| JPMorgan Chase & Co  | 28255 | 8642922 |
| KeyCorp  | 139382 | 2999501 |
| M&T Bank Corp  | 23600 | 5229052 |
| Truist Financial Corp  | 198600 | 10212012 |
| Wells Fargo & Co  | 164669 | 14900898 |
|  |  | 65953379 |
| Capital Markets - 6.1% |  |  |
| Blackrock Inc  | 7820 | 8750111 |
| Charles Schwab Corp/The  | 93365 | 9702491 |
| Intercontinental Exchange Inc  | 40397 | 7020191 |
| KKR & Co Inc Class A  | 40400 | 4616103 |
| MarketAxess Holdings Inc  | 18120 | 3066447 |
| Morgan Stanley  | 33900 | 6196920 |
| State Street Corp  | 56367 | 7376186 |
|  |  | 46728449 |
| Consumer Finance - 0.3% |  |  |
| SLM Corp  | 81100 | 2201865 |
| Financial Services - 1.4% |  |  |
| Apollo Global Management Inc  | 35658 | 4797427 |
| Berkshire Hathaway Inc Class B (a) | 12434 | 5974910 |
|  |  | 10772337 |
| Insurance - 4.8% |  |  |
| American Financial Group Inc/OH  | 13733 | 1788998 |
| Arthur J Gallagher & Co  | 18961 | 4728305 |
| Assurant Inc  | 12600 | 3000438 |
| Brown & Brown Inc  | 62200 | 4484620 |
| Chubb Ltd  | 37734 | 11680937 |
| Hartford Insurance Group Inc/The  | 59086 | 7980155 |
| Reinsurance Group of America Inc  | 16400 | 3325100 |
|  |  | 36988553 |
| TOTAL FINANCIALS |  | 162644583 |
| Health Care - 11.3% |  |  |
| Biotechnology - 0.9% |  |  |
| Biogen Inc (a) | 3700 | 665593 |
| Gilead Sciences Inc  | 23900 | 3392605 |
| Moderna Inc (a) | 8700 | 383409 |
| Regeneron Pharmaceuticals Inc  | 2490 | 1846211 |
| Revolution Medicines Inc (a) | 4100 | 397495 |
|  |  | 6685313 |
| Health Care Equipment & Supplies - 2.3% |  |  |
| Abbott Laboratories  | 55200 | 6033360 |
| Becton Dickinson & Co  | 5400 | 1098792 |
| Boston Scientific Corp (a) | 46200 | 4321086 |
| Edwards Lifesciences Corp (a) | 10000 | 813600 |
| Masimo Corp (a) | 6500 | 892645 |
| Medtronic PLC  | 9200 | 947232 |
| Solventum Corp (a) | 7400 | 569578 |
| Stryker Corp  | 7800 | 2882568 |
|  |  | 17558861 |
| Health Care Providers & Services - 3.2% |  |  |
| Cardinal Health Inc  | 1100 | 236368 |
| Cencora Inc  | 18100 | 6501882 |
| Centene Corp (a) | 10900 | 472188 |
| Cigna Group/The  | 7100 | 1946181 |
| CVS Health Corp  | 62700 | 4672404 |
| Elevance Health Inc  | 2400 | 829776 |
| HCA Healthcare Inc  | 3500 | 1708945 |
| Humana Inc  | 2700 | 527040 |
| Quest Diagnostics Inc  | 7800 | 1458834 |
| UnitedHealth Group Inc  | 22860 | 6559220 |
|  |  | 24912838 |
| Health Care Technology - 0.0% |  |  |
| Waystar Holding Corp (a) | 8400 | 223103 |
| Life Sciences Tools & Services - 1.7% |  |  |
| Danaher Corp  | 15000 | 3283350 |
| ICON PLC (a) | 7100 | 1279775 |
| Mettler-Toledo International Inc (a) | 500 | 686620 |
| Thermo Fisher Scientific Inc  | 13075 | 7565326 |
|  |  | 12815071 |
| Pharmaceuticals - 3.2% |  |  |
| Jazz Pharmaceuticals PLC (a) | 1100 | 180939 |
| Johnson & Johnson  | 65385 | 14858741 |
| Merck & Co Inc  | 77600 | 8556952 |
| Pfizer Inc  | 33000 | 872520 |
| Viatris Inc  | 39500 | 517055 |
|  |  | 24986207 |
| TOTAL HEALTH CARE |  | 87181393 |
| Industrials - 13.4% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| Boeing Co (a) | 62904 | 14701923 |
| Northrop Grumman Corp  | 4469 | 3093710 |
| RTX Corp  | 13782 | 2769217 |
|  |  | 20564850 |
| Air Freight & Logistics - 1.2% |  |  |
| FedEx Corp  | 28040 | 9035890 |
| Construction & Engineering - 1.4% |  |  |
| EMCOR Group Inc  | 14900 | 10738877 |
| Ground Transportation - 2.1% |  |  |
| CSX Corp  | 230700 | 8711232 |
| Knight-Swift Transportation Holdings Inc  | 30100 | 1658510 |
| U-Haul Holding Co Class N  | 116550 | 5980181 |
|  |  | 16349923 |
| Industrial Conglomerates - 0.5% |  |  |
| 3M Co  | 29936 | 4584997 |
| Machinery - 5.5% |  |  |
| Caterpillar Inc  | 6400 | 4207104 |
| Cummins Inc  | 25300 | 14644146 |
| Deere & Co  | 3400 | 1795200 |
| Parker-Hannifin Corp  | 10343 | 9679393 |
| Westinghouse Air Brake Technologies Corp  | 53225 | 12249202 |
|  |  | 42575045 |
| TOTAL INDUSTRIALS |  | 103849582 |
| Information Technology - 8.4% |  |  |
| Communications Equipment - 0.5% |  |  |
| Cisco Systems Inc  | 53410 | 4183071 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Vontier Corp  | 129559 | 4858463 |
| IT Services - 2.6% |  |  |
| Accenture PLC Class A  | 29000 | 7645560 |
| Amdocs Ltd  | 86837 | 7115424 |
| Kyndryl Holdings Inc (a) | 86700 | 1994100 |
| Twilio Inc Class A (a) | 23400 | 2818764 |
|  |  | 19573848 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| QUALCOMM Inc  | 46309 | 7019981 |
| Software - 3.0% |  |  |
| Dolby Laboratories Inc Class A  | 9800 | 629062 |
| Dropbox Inc Class A (a) | 87547 | 2230698 |
| Gen Digital Inc  | 167260 | 4012567 |
| Salesforce Inc  | 45325 | 9622044 |
| Zoom Communications Inc Class A (a) | 66329 | 6108901 |
|  |  | 22603272 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Western Digital Corp  | 25814 | 6459437 |
| TOTAL INFORMATION TECHNOLOGY |  | 64698072 |
| Materials - 3.6% |  |  |
| Chemicals - 1.4% |  |  |
| Corteva Inc  | 88022 | 6408002 |
| Mosaic Co/The  | 132600 | 3646500 |
|  |  | 10054502 |
| Construction Materials - 1.0% |  |  |
| CRH PLC  | 64722 | 7922620 |
| Containers & Packaging - 0.7% |  |  |
| Smurfit WestRock PLC  | 131388 | 5469682 |
| Metals & Mining - 0.5% |  |  |
| Reliance Inc  | 12100 | 3986950 |
| TOTAL MATERIALS |  | 27433754 |
| Real Estate - 3.8% |  |  |
| Health Care REITs - 0.6% |  |  |
| Ventas Inc  | 60300 | 4683501 |
| Industrial REITs - 0.6% |  |  |
| Prologis Inc  | 36260 | 4734106 |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (a) | 18247 | 3108012 |
| Residential REITs - 0.6% |  |  |
| Invitation Homes Inc  | 87398 | 2336148 |
| Sun Communities Inc  | 18516 | 2359494 |
|  |  | 4695642 |
| Retail REITs - 0.4% |  |  |
| Tanger Inc  | 100621 | 3292319 |
| Specialized REITs - 1.2% |  |  |
| American Tower Corp  | 9601 | 1721267 |
| Equinix Inc  | 5463 | 4484741 |
| Extra Space Storage Inc  | 17000 | 2345490 |
|  |  | 8551498 |
| TOTAL REAL ESTATE |  | 29065078 |
| Utilities - 3.9% |  |  |
| Electric Utilities - 2.3% |  |  |
| Constellation Energy Corp  | 14174 | 3978358 |
| Evergy Inc  | 42940 | 3294786 |
| Eversource Energy  | 74415 | 5144309 |
| PG&E Corp  | 324156 | 4998486 |
|  |  | 17415939 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| AES Corp/The  | 211243 | 3094710 |
| Vistra Corp  | 20587 | 3259951 |
|  |  | 6354661 |
| Multi-Utilities - 0.9% |  |  |
| Sempra  | 76165 | 6627117 |
| TOTAL UTILITIES |  | 30397717 |
| TOTAL UNITED STATES |  | 720991480 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $574,591,702) |  | <br> **744259272** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 2.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 2.0%** | &nbsp;&nbsp;**Domestic Equity Funds - 2.0%** |
|  | Shares | Value ($)<br>|
| iShares Russell 1000 Value ETF <br>(Cost $15,035,385)<br>| 71200 | **15654032** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $13,463,243)<br>| 3.70 | 13460627 | **13463319** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $603,090,330)<br>| <br>**773376623** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(1231725)** |
| **NET ASSETS - 100.0%** | **772144898** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing.

(b) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 | 10936348 | 226121686 | 223594590 | 603751 | (125) | - | 13463319 | 13460627 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2852475 | 105391011 | 108243480 | 3904 | (6) | - | - | - | 0.0% |
| Total | 13788823 | 331512697 | 331838070 | 607655 | (131) | - | 13463319 |  |  |

---

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 January 31, 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 | 62575244 | 62575244 | - | - |
| Consumer Discretionary | 58366630 | 58366630 | - | - |
| Consumer Staples | 53126713 | 53126713 | - | - |
| Energy | 50608382 | 50608382 | - | - |
| Financials | 162644583 | 162644583 | - | - |
| Health Care | 87181393 | 87181393 | - | - |
| Industrials | 103849582 | 103849582 | - | - |
| Information Technology | 79010196 | 72599911 | 6410285 | - |
| Materials | 27433754 | 27433754 | - | - |
| Real Estate | 29065078 | 29065078 | - | - |
| Utilities | 30397717 | 30397717 | - | - |
|  **Domestic Equity Funds** | 15654032 | 15654032 | - | - |
|  **Money Market Funds** | 13463319 | 13463319 | - | - |
| **Total Investments in Securities:** | 773376623 | 766966338 | 6410285 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 31, 2026** | **As of January 31, 2026** | **As of January 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $589,627,087) | $759913304 |  |
| Fidelity Central Funds (cost $13,463,243) | 13463319 |  |
| Total Investment in Securities (cost $603,090,330) |  | $773376623 |
| Cash |  | 698 |
| Foreign currency held at value (cost $6) |  | 6 |
| Receivable for investments sold |  | 604441 |
| Receivable for fund shares sold |  | 1687724 |
| Dividends receivable |  | 803737 |
| Distributions receivable from Fidelity Central Funds |  | 35557 |
| Prepaid expenses |  | 503 |
| **Total assets** |  | 776509289 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3244681 |  |
| Payable for fund shares redeemed | 575092 |  |
| Accrued management fee | 461786 |  |
| Distribution and service plan fees payable | 26581 |  |
| Other payables and accrued expenses | 56251 |  |
| **Total liabilities** |  | 4364391 |
| **Net Assets**  |  | $772144898 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $580573399 |
| Total accumulated earnings (loss) |  | 191571499 |
| **Net Assets** |  | $772144898 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($68,344,871 ÷ 2,308,531 shares)(a) |  | $29.61 |
| Maximum offering price per share (100/94.25 of $29.61) |  | $31.42 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($17,723,552 ÷ 600,670 shares)(a) |  | $29.51 |
| Maximum offering price per share (100/96.50 of $29.51) |  | $30.58 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($6,694,964 ÷ 234,356 shares)(a) |  | $28.57 |
| **Stock Selector Large Cap Value :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($633,382,893 ÷ 21,048,963 shares) |  | $30.09 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($33,928,049 ÷ 1,121,025 shares) |  | $30.27 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($12,070,569 ÷ 400,389 shares) |  | $30.15 |
| *(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** |
| <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $13320661 |
| Income from Fidelity Central Funds (including $3,904 from security lending)  |  | 607655 |
| **Total income** |  | 13928316 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $4730882 |  |
| Performance adjustment | 783977 |  |
| Distribution and service plan fees | 288057 |  |
| Custodian fees and expenses | 34812 |  |
| Independent trustees' fees and expenses | 2708 |  |
| Registration fees | 131181 |  |
| Audit fees | 65555 |  |
| Legal | 5217 |  |
| Interest | 3707 |  |
| Miscellaneous | 2383 |  |
| **Total expenses** |  | 6048479 |
| **Net Investment income (loss)** |  | 7879837 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 70118412 |  |
| Fidelity Central Funds | (131) |  |
| Foreign currency transactions | 155 |  |
| Total net realized gain (loss) |  | 70118436 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19821604 |  |
| Assets and liabilities in foreign currencies | 14263 |  |
| Total change in net unrealized appreciation (depreciation) |  | 19835867 |
| **Net gain (loss)** |  | 89954303 |
| **Net increase (decrease) in net assets resulting from operations** |  | $97834140 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7879837 | $7142208 |
| &nbsp;&nbsp;Net realized gain (loss) | 70118436<br>| 58018708<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 19835867 | 54720683<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 97834140<br>| 119881599<br>|
| Distributions to shareholders | (56053975)<br>| (58887850)<br>|
| Share transactions - net increase (decrease) | 52514929<br>| 84100423<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 94295094<br>| 145094172<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 677849804 | 532755632<br>|
| &nbsp;&nbsp;End of period | $772144898 | $677849804 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.19 | $25.42 | $24.12 | $25.78 | $21.53 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .27  | .25  | .20  | .18  |
| Net realized and unrealized gain (loss)  | 3.47  | 5.25  | 1.63  | (.01)  | 5.16  |
| Total from investment operations  | 3.71  | 5.52  | 1.88  | .19  | 5.34  |
| Distributions from net investment income  | (.30)  | (.27)  | (.23)  | (.23)  | (.20)  |
| Distributions from net realized gain  | (1.99)  | (2.48)  | (.34)  | (1.62)  | (.90)  |
| Total distributions  | (2.29)  | (2.75)  | (.58) C | (1.85)  | (1.09) C |
| Net asset value, end of period  | $29.61 | $28.19 | $25.42 | $24.12 | $25.78 |
| **Total Return** D,E | 13.65% <br>| 22.46%  | 7.86%  | 1.06%  | 24.86%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.11%  | 1.13%  | 1.22%  | 1.13%  | 1.06%  |
| Expenses net of fee waivers, if any  | 1.11% <br>| 1.12%  | 1.21%  | 1.12%  | 1.05%  |
| Expenses net of all reductions, if any  | 1.11%  | 1.12%  | 1.21%  | 1.12%  | 1.05%  |
| Net investment income (loss)  | .85%  | .96%  | 1.03%  | .85%  | .69%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $68345 | $50397 | $41371 | $39638 | $36552 |
| Portfolio turnover rate H | 94% <br>| 72%  | 70%  | 67%  | 76%  |

---

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

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

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*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 Large Cap Value Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.10 | $25.35 | $24.06 | $25.72 | $21.48 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .20  | .19  | .14  | .11  |
| Net realized and unrealized gain (loss)  | 3.45  | 5.23  | 1.63  | (.01)  | 5.15  |
| Total from investment operations  | 3.62  | 5.43  | 1.82  | .13  | 5.26  |
| Distributions from net investment income  | (.22)  | (.20)  | (.18)  | (.18)  | (.13)  |
| Distributions from net realized gain  | (1.99)  | (2.48)  | (.34)  | (1.62)  | (.90)  |
| Total distributions  | (2.21)  | (2.68)  | (.53) C | (1.79) C | (1.02) C |
| Net asset value, end of period  | $29.51 | $28.10 | $25.35 | $24.06 | $25.72 |
| **Total Return** D,E | 13.35% <br>| 22.13%  | 7.62%  | .82%  | 24.55%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.35%  | 1.37%  | 1.46%  | 1.38%  | 1.32%  |
| Expenses net of fee waivers, if any  | 1.35% <br>| 1.37%  | 1.45%  | 1.37%  | 1.31%  |
| Expenses net of all reductions, if any  | 1.35%  | 1.37%  | 1.45%  | 1.37%  | 1.31%  |
| Net investment income (loss)  | .60%  | .72%  | .80%  | .60%  | .43%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $17724 | $14744 | $12970 | $12319 | $12188 |
| Portfolio turnover rate H | 94% <br>| 72%  | 70%  | 67%  | 76%  |

---

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

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

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*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 Large Cap Value Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.26 | $24.66 | $23.42 | $25.11 | $20.99 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .06  | .05  | .01  | (.03)  |
| Net realized and unrealized gain (loss)  | 3.33  | 5.08  | 1.58  | (.02)  | 5.02  |
| Total from investment operations  | 3.36  | 5.14  | 1.63  | (.01)  | 4.99  |
| Distributions from net investment income  | (.07)  | (.07)  | (.04)  | (.07)  | -  |
| Distributions from net realized gain  | (1.99)  | (2.47)  | (.34)  | (1.62)  | (.87)  |
| Total distributions  | (2.05) C | (2.54)  | (.39) C | (1.68) C | (.87)  |
| Net asset value, end of period  | $28.57 | $27.26 | $24.66 | $23.42 | $25.11 |
| **Total Return** D,E | 12.78% <br>| 21.54%  | 7.01%  | .24%  | 23.82%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.86%  | 1.87%  | 2.02%  | 1.94%  | 1.88%  |
| Expenses net of fee waivers, if any  | 1.86% <br>| 1.87%  | 2.01%  | 1.94%  | 1.88%  |
| Expenses net of all reductions, if any  | 1.86%  | 1.87%  | 2.01%  | 1.94%  | 1.88%  |
| Net investment income (loss)  | .10%  | .22%  | .24%  | .04%  | (.14)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6695 | $7405 | $6543 | $7898 | $6948 |
| Portfolio turnover rate H | 94% <br>| 72%  | 70%  | 67%  | 76%  |

---

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

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

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*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 Large Cap Value Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.59 | $25.75 | $24.41 | $26.06 | $21.73 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .35  | .32  | .28  | .25  |
| Net realized and unrealized gain (loss)  | 3.52  | 5.32  | 1.66  | (.01)  | 5.23  |
| Total from investment operations  | 3.85  | 5.67  | 1.98  | .27  | 5.48  |
| Distributions from net investment income  | (.36)  | (.35)  | (.30)  | (.30)  | (.25)  |
| Distributions from net realized gain  | (1.99)  | (2.48)  | (.34)  | (1.62)  | (.90)  |
| Total distributions  | (2.35)  | (2.83)  | (.64)  | (1.92)  | (1.15)  |
| Net asset value, end of period  | $30.09 | $28.59 | $25.75 | $24.41 | $26.06 |
| **Total Return** C | 13.98% <br>| 22.78%  | 8.21%  | 1.36%  | 25.26%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .81%  | .83%  | .92%  | .83%  | .76%  |
| Expenses net of fee waivers, if any  | .81% <br>| .83%  | .92%  | .83%  | .75%  |
| Expenses net of all reductions, if any  | .81%  | .83%  | .92%  | .83%  | .75%  |
| Net investment income (loss)  | 1.15%  | 1.26%  | 1.33%  | 1.15%  | .99%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $633383 | $553197 | $451072 | $405895 | $446926 |
| Portfolio turnover rate F | 94% <br>| 72%  | 70%  | 67%  | 76%  |

---

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

D*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.*

E*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.*

F*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 Large Cap Value Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.75 | $25.88 | $24.53 | $26.17 | $21.82 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .36  | .32  | .28  | .26  |
| Net realized and unrealized gain (loss)  | 3.54  | 5.35  | 1.67  | (.01)  | 5.24  |
| Total from investment operations  | 3.87  | 5.71  | 1.99  | .27  | 5.50  |
| Distributions from net investment income  | (.36)  | (.36)  | (.30)  | (.30)  | (.25)  |
| Distributions from net realized gain  | (1.99)  | (2.48)  | (.34)  | (1.62)  | (.90)  |
| Total distributions  | (2.35)  | (2.84)  | (.64)  | (1.91) C | (1.15)  |
| Net asset value, end of period  | $30.27 | $28.75 | $25.88 | $24.53 | $26.17 |
| **Total Return** D | 13.97% <br>| 22.82%  | 8.20%  | 1.39%  | 25.26%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .80%  | .82%  | .92%  | .82%  | .75%  |
| Expenses net of fee waivers, if any  | .80% <br>| .82%  | .91%  | .82%  | .74%  |
| Expenses net of all reductions, if any  | .80%  | .82%  | .91%  | .82%  | .74%  |
| Net investment income (loss)  | 1.15%  | 1.27%  | 1.34%  | 1.15%  | 1.00%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $33928 | $25307 | $13168 | $10858 | $18239 |
| Portfolio turnover rate G | 94% <br>| 72%  | 70%  | 67%  | 76%  |

---

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 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*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 Large Cap Value Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.38 | $25.57 | $24.24 | $25.88 | $21.58 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .38  | .35  | .30  | .28  |
| Net realized and unrealized gain (loss)  | 3.52  | 5.29  | 1.65  | (.01)  | 5.20  |
| Total from investment operations  | 3.87  | 5.67  | 2.00  | .29  | 5.48  |
| Distributions from net investment income  | (.10)  | (.37)  | (.33)  | (.31)  | (.28)  |
| Distributions from net realized gain  | (1.99)  | (2.48)  | (.34)  | (1.62)  | (.90)  |
| Total distributions  | (2.10) C | (2.86) C | (.67)  | (1.93)  | (1.18)  |
| Net asset value, end of period  | $30.15 | $28.38 | $25.57 | $24.24 | $25.88 |
| **Total Return** D | 14.10% <br>| 22.92%  | 8.33%  | 1.46%  | 25.43%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .70%  | .73%  | .81%  | .72%  | .65%  |
| Expenses net of fee waivers, if any  | .70% <br>| .73%  | .80%  | .71%  | .65%  |
| Expenses net of all reductions, if any  | .70%  | .73%  | .80%  | .71%  | .65%  |
| Net investment income (loss)  | 1.25%  | 1.36%  | 1.44%  | 1.26%  | 1.10%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12071 | $26800 | $7632 | $5973 | $20576 |
| Portfolio turnover rate G | 94% <br>| 72%  | 70%  | 67%  | 76%  |

---

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 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*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**

For the period ended January 31, 2026

**1. Organization.**

Fidelity Stock Selector Large Cap Value Fund (the Fund) is a fund of Fidelity Devonshire 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 Large Cap Value, 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.

ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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 January 31, 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 included in dividend income, 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. As of January 31, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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 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**  | $187857881 |
| **Gross unrealized depreciation**  | <u>(19181360)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$168676521</u> |
| **Tax Cost**  | <u>$604700102</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$5528881</u> |
| **Undistributed long-term capital gain**  | <u>$17358887</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$168683732</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **January 31, 2025** |
| **Ordinary Income**  | $19606727 | $18020318 |
| **Long-term Capital Gains**  | <u>36447248</u> | <u>40867532</u> |
| **Total**  | <u>$56053975</u> | <u>$58887850</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 Stock Selector Large Cap Value Fund** | 662571202 | 658423983 |

---

**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** | .72 |
| **Class M** | .71 |
| **Class C** | .72 |
| **Stock Selector Large Cap Value** | .67 |
| **Class I** | .66 |
| **Class Z** | .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 %** |
| **Class A** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Stock Selector Large Cap Value** | .66 |
| **Class I** | .66 |
| **Class Z** | .56 |

---

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 Large Cap Value Fund** | Russell 1000 Value 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 Large Cap 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 annual performance adjustment was .11%.

**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% | 144632 | 14385 |
| **Class M** | .25% | .25% | 74220 | - |
| **Class C** | .75% | .25% | <u>69205</u> | <u>8564</u> |
|  |  |  | <u>288057</u> | <u>22949</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** | 23270 |
| **Class M** | 1533 |
| **Class C**A | <u>213</u> |
|  | <u>25016</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 Large Cap Value Fund** | 10430 |

---

**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 Stock Selector Large Cap Value Fund**  | Borrower | 15248000 | 4.38% | 3707 |

---

**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 Large Cap Value Fund** | 46555340 | 55970850 | 6828378 |

---

**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 plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Stock Selector Large Cap Value Fund** | 912 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Large Cap Value Fund** | 421 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Fidelity Stock Selector Large Cap Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $4796700 | $4551272 |
| Class M | 1165129 | 1348440 |
| Class C | 503127 | 630717 |
| Stock Selector Large Cap Value | 46050059 | 49998693 |
| Class I | 2525058 | 1516559 |
| Class Z | <u>1013902</u> | <u>842169</u> |
| Total  | <u>$56053975</u> | <u>$58887850</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** |
|  | **Year ended** <br> **January 31, 2026**  | **Year ended**<br> **January 31, 2025** | **Year ended** <br> **January 31, 2026**  | **Year ended**<br> **January 31, 2025** |
| **Fidelity Stock Selector Large Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 684361 | 250258 | $19046239 | $6935774 |
| Reinvestment of distributions  | 165181 | 164612 | 4678022 | 4406748 |
| Shares redeemed | <u>(328755)</u> | <u>(254384)</u> | <u>(9248250)</u> | <u>(7015239)</u> |
| Net increase (decrease) | <u>520787</u> | <u>160486</u> | <u>$14476011</u> | <u>$4327283</u> |
| **Class M** |  |  |  |  |
| Shares sold | 99365 | 22649 | $2861190 | $618467 |
| Reinvestment of distributions  | 41234 | 50504 | 1161808 | 1347712 |
| Shares redeemed | <u>(64687)</u> | <u>(60132)</u> | <u>(1792681)</u> | <u>(1667351)</u> |
| Net increase (decrease) | <u>75912</u> | <u>13021</u> | <u>$2230317</u> | <u>$298828</u> |
| **Class C** |  |  |  |  |
| Shares sold | 47777 | 45385 | $1273749 | $1218937 |
| Reinvestment of distributions  | 18466 | 24342 | 503127 | 630717 |
| Shares redeemed | <u>(103526)</u> | <u>(63380)</u> | <u>(2799145)</u> | <u>(1691660)</u> |
| Net increase (decrease) | <u>(37283)</u> | <u>6347</u> | <u>$(1022269)</u> | <u>$157994</u> |
| **Stock Selector Large Cap Value** |  |  |  |  |
| Shares sold | 5963964 | 3658542 | $169849956 | $104577485 |
| Reinvestment of distributions  | 1491261 | 1713825 | 42826883 | 46519946 |
| Shares redeemed | <u>(5753365)</u> | <u>(3543368)</u> | <u>(164228196)</u> | <u>(99436164)</u> |
| Net increase (decrease) | <u>1701860</u> | <u>1828999</u> | <u>$48448643</u> | <u>$51661267</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1186427 | 427110 | $33982423 | $11904751 |
| Reinvestment of distributions  | 86621 | 54971 | 2507985 | 1500104 |
| Shares redeemed | <u>(1032425)</u> | <u>(110575)</u> | <u>(30650383)</u> | <u>(3127455)</u> |
| Net increase (decrease) | <u>240623</u> | <u>371506</u> | <u>$5840025</u> | <u>$10277400</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1253567 | 697014 | $35342652 | $18889477 |
| Reinvestment of distributions  | 31581 | 28432 | 892017 | 765710 |
| Shares redeemed | <u>(1829067)</u> | <u>(79626)</u> | <u>(53692467)</u> | <u>(2277536)</u> |
| Net increase (decrease) | <u>(543919)</u> | <u>645820</u> | <u>$(17457798)</u> | <u>$17377651</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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Devonshire Trust and Shareholders of Fidelity Stock Selector Large Cap Value Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Stock Selector Large Cap Value Fund (one of the funds constituting Fidelity Devonshire Trust, referred to hereafter as the "Fund") as of January 31, 2026, the related statement of operations for the year ended January 31, 2026, the statement of changes in net assets for each of the two years in the period ended January 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2026 and the financial highlights for each of the five years in the period ended January 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

March 17, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2026, $48,551,654, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed in March and December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $348,265 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 17% and 75%; Class M designates 18% and 87%; Class C designates 19% and 100%; Fidelity Stock Selector Large Cap Value Fund designates 17% and 68%; Class I designates 17% and 68%; and Class Z designates 17% and 100% of the dividends distributed in March and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 17.11% and 86.83%; Class M designates 17.61% and 100%; Class C designates 18.50% and 100%; Fidelity Stock Selector Large Cap Value Fund designates 16.57% and 78.74%; Class I designates 16.57% and 78.74%; and Class Z designates 16.42% and 100% of the dividends distributed in March and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Class A designates 0.04% and 6.09%; Class M designates 0.04% and 0%; Class C designates 0.04% and 0%; Fidelity Stock Selector Large Cap Value Fund designates 0.04% and 5.52%; Class I designates 0.04% and 5.52%; and Class Z designates 0.04% and 0% of the dividends distributed in March and December 2025, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2027 of amounts for use in preparing 2026 income tax returns.

**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.

![](img125386_4.jpg)<br>

1.900194.116 LCV-ANN-0426

**Fidelity® Series All-Sector Equity Fund**

**Fidelity® Series Stock Selector Large Cap Value Fund**

**Fidelity® Series Value Discovery Fund**

**Annual Report**

**January 31, 2026**

![](img125388_1.jpg)

![](img125388_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EDT-LDT-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series All-Sector Equity Fund](#Sub_Sec_Fund_2115_EDT-LDT-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Stock Selector Large Cap Value Fund](#Sub_Sec_Fund_2461_EDT-LDT-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Value Discovery Fund](#Sub_Sec_Fund_2453_EDT-LDT-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2115_EDT-LDT-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EDT-LDT-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EDT-LDT-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EDT-LDT-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EDT-LDT-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EDT-LDT-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EDT-LDT-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EDT-LDT-ANN)** |

---

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 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 Funds. This report is not authorized for distribution to prospective investors in the Funds 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 Funds nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series All-Sector Equity Fund**

**Schedule of Investments January 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 10600 | 984422 |
| CANADA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc (United States)  | 37400 | 2505426 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| McEwen Inc (b)(c) | 44200 | 1067430 |
| TOTAL CANADA |  | 3572856 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Birkenstock Holding Plc (b)(c) | 106900 | 4036544 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 43600 | 5821908 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (c) | 22800 | 1031700 |
| UNITED STATES - 97.6%  |  |  |
| Communication Services - 10.4% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| AST SpaceMobile Inc Class A (c) | 43500 | 4837635 |
| Entertainment - 1.1% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (c) | 43000 | 3741859 |
| Netflix Inc (c) | 153500 | 12815715 |
| ROBLOX Corp Class A (c) | 157100 | 10330896 |
| Roku Inc Class A (c) | 51500 | 4902800 |
| Spotify Technology SA (c) | 29670 | 14845385 |
| Walt Disney Co/The  | 61087 | 6890614 |
|  |  | 53527269 |
| Interactive Media & Services - 8.3% |  |  |
| Alphabet Inc Class C  | 849320 | 287520300 |
| Meta Platforms Inc Class A  | 160540 | 115026910 |
| Pinterest Inc Class A (c) | 180800 | 4001104 |
|  |  | 406548314 |
| Media - 0.6% |  |  |
| EchoStar Corp Class A (b)(c) | 106600 | 12069252 |
| Fox Corp Class A  | 115400 | 8398812 |
| Omnicom Group Inc  | 151900 | 11702376 |
|  |  | 32170440 |
| Wireless Telecommunication Services - 0.3% |  |  |
| T-Mobile US Inc  | 85000 | 16762850 |
| TOTAL COMMUNICATION SERVICES |  | 513846508 |
| Consumer Discretionary - 10.5% |  |  |
| Automobile Components - 0.0% |  |  |
| American Axle & Manufacturing Holdings Inc (b)(c) | 165900 | 1322223 |
| Aptiv PLC (c) | 9000 | 681750 |
|  |  | 2003973 |
| Automobiles - 1.7% |  |  |
| General Motors Co  | 71800 | 6031200 |
| Tesla Inc (c) | 180400 | 77645964 |
|  |  | 83677164 |
| Broadline Retail - 4.1% |  |  |
| Amazon.com Inc (c) | 840103 | 201036648 |
| Etsy Inc (c) | 11300 | 598448 |
|  |  | 201635096 |
| Distributors - 0.2% |  |  |
| Genuine Parts Co  | 55800 | 7755642 |
| LKQ Corp  | 36000 | 1182600 |
|  |  | 8938242 |
| Diversified Consumer Services - 0.1% |  |  |
| Duolingo Inc Class A (c) | 4900 | 656894 |
| Service Corp International/US  | 34100 | 2742663 |
|  |  | 3399557 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Airbnb Inc Class A (c) | 47900 | 6196823 |
| Booking Holdings Inc  | 1900 | 9503496 |
| Caesars Entertainment Inc (c) | 20100 | 416070 |
| Carnival Corp (c) | 129200 | 3878584 |
| Cava Group Inc (b)(c) | 34000 | 2061080 |
| Chipotle Mexican Grill Inc (c) | 164600 | 6398002 |
| Churchill Downs Inc  | 3700 | 363932 |
| Domino's Pizza Inc  | 43600 | 17890388 |
| DoorDash Inc Class A (c) | 18900 | 3867318 |
| DraftKings Inc Class A (c) | 385700 | 10610607 |
| Hilton Grand Vacations Inc (c) | 19400 | 875134 |
| Lindblad Expeditions Holdings Inc (c) | 81100 | 1351937 |
| Marriott International Inc/MD Class A1  | 10400 | 3279120 |
| McDonald's Corp  | 18100 | 5701500 |
| Penn Entertainment Inc (c) | 217300 | 2790132 |
| Starbucks Corp  | 15000 | 1379250 |
| Wingstop Inc  | 2000 | 530860 |
| Wyndham Hotels & Resorts Inc  | 203900 | 14841881 |
| Wynn Resorts Ltd  | 23000 | 2471350 |
| Yum! Brands Inc  | 11400 | 1772700 |
|  |  | 96180164 |
| Household Durables - 0.1% |  |  |
| Lennar Corp Class A  | 4900 | 535815 |
| PulteGroup Inc  | 43300 | 5416397 |
|  |  | 5952212 |
| Specialty Retail - 2.0% |  |  |
| AutoZone Inc (c) | 1240 | 4593320 |
| Bath & Body Works Inc  | 14600 | 318279 |
| Burlington Stores Inc (c) | 4900 | 1449714 |
| Dick's Sporting Goods Inc  | 33900 | 6847800 |
| Floor & Decor Holdings Inc Class A (c) | 105700 | 6971972 |
| Home Depot Inc/The  | 86779 | 32506546 |
| Lithia Motors Inc Class A  | 30700 | 9929608 |
| Lowe's Cos Inc  | 101000 | 26973060 |
| Murphy USA Inc  | 5200 | 2197052 |
| Ross Stores Inc  | 52100 | 9828665 |
|  |  | 101616016 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| NIKE Inc Class B  | 193400 | 11954054 |
| PVH Corp  | 117400 | 7321064 |
|  |  | 19275118 |
| TOTAL CONSUMER DISCRETIONARY |  | 522677542 |
| Consumer Staples - 4.6% |  |  |
| Beverages - 1.3% |  |  |
| Brown-Forman Corp Class B  | 87815 | 2403496 |
| Coca-Cola Co/The  | 462850 | 34625809 |
| Constellation Brands Inc Class A  | 21094 | 3305429 |
| Keurig Dr Pepper Inc  | 422097 | 11582342 |
| PepsiCo Inc  | 86804 | 13335699 |
|  |  | 65252775 |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| BJ's Wholesale Club Holdings Inc (c) | 17233 | 1593019 |
| Costco Wholesale Corp  | 32614 | 30665314 |
| Dollar Tree Inc (c) | 14859 | 1747270 |
| Kroger Co/The  | 70789 | 4449089 |
| Performance Food Group Co (c) | 9081 | 866780 |
| Target Corp  | 31962 | 3371032 |
| US Foods Holding Corp (c) | 76623 | 6407215 |
| Walmart Inc  | 302513 | 36041399 |
|  |  | 85141118 |
| Food Products - 0.2% |  |  |
| Darling Ingredients Inc (c) | 37724 | 1722478 |
| McCormick & Co Inc/MD  | 15272 | 944267 |
| Mondelez International Inc  | 113150 | 6615881 |
|  |  | 9282626 |
| Household Products - 0.8% |  |  |
| Colgate-Palmolive Co  | 34362 | 3102545 |
| Procter & Gamble Co/The  | 246736 | 37447123 |
|  |  | 40549668 |
| Personal Care Products - 0.2% |  |  |
| Estee Lauder Cos Inc/The Class A  | 19877 | 2291421 |
| Kenvue Inc  | 379116 | 6596618 |
|  |  | 8888039 |
| Tobacco - 0.4% |  |  |
| Philip Morris International Inc  | 107821 | 19347400 |
| TOTAL CONSUMER STAPLES |  | 228461626 |
| Energy - 3.3% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| SLB Ltd  | 180500 | 8732590 |
| Oil, Gas & Consumable Fuels - 3.1% |  |  |
| Chevron Corp  | 100900 | 17849210 |
| ConocoPhillips  | 325300 | 33906019 |
| Exxon Mobil Corp  | 505424 | 71466954 |
| Murphy Oil Corp (b) | 393600 | 11843424 |
| Phillips 66  | 63500 | 9116060 |
| Valero Energy Corp  | 52800 | 9579504 |
|  |  | 153761171 |
| TOTAL ENERGY |  | 162493761 |
| Financials - 12.9% |  |  |
| Banks - 4.3% |  |  |
| Bank of America Corp  | 1060862 | 56437858 |
| Banner Corp  | 54400 | 3364096 |
| BOK Financial Corp  | 39900 | 5184606 |
| Citigroup Inc  | 200600 | 23211426 |
| First Hawaiian Inc  | 139000 | 3690450 |
| JPMorgan Chase & Co  | 45438 | 13899030 |
| KeyCorp  | 270519 | 5821569 |
| M&T Bank Corp  | 43214 | 9574926 |
| Truist Financial Corp  | 265000 | 13626300 |
| United Community Bank/SC  | 112200 | 3863046 |
| US Bancorp  | 313873 | 17611414 |
| Wells Fargo & Co  | 520648 | 47113438 |
| Wintrust Financial Corp  | 39400 | 5811106 |
|  |  | 209209265 |
| Capital Markets - 3.4% |  |  |
| Blackrock Inc  | 23653 | 26466288 |
| Blue Owl Capital Inc Class A  | 510900 | 6968676 |
| Carlyle Group Inc/The  | 109400 | 6430532 |
| Charles Schwab Corp/The  | 237500 | 24681000 |
| Evercore Inc Class A  | 19100 | 6747457 |
| Intercontinental Exchange Inc  | 86800 | 15084104 |
| KKR & Co Inc Class A  | 103800 | 11860188 |
| MarketAxess Holdings Inc  | 64834 | 10971858 |
| Moody's Corp  | 22400 | 11548544 |
| Nasdaq Inc  | 101700 | 9853713 |
| Northern Trust Corp  | 59478 | 8887798 |
| Raymond James Financial Inc  | 54200 | 8989612 |
| State Street Corp  | 99000 | 12955140 |
| Virtu Financial Inc Class A  | 178882 | 7425392 |
| Wealthfront Corp (c) | 33800 | 293383 |
|  |  | 169163685 |
| Consumer Finance - 0.4% |  |  |
| Capital One Financial Corp  | 64900 | 14208557 |
| SLM Corp  | 281848 | 7652173 |
|  |  | 21860730 |
| Financial Services - 2.7% |  |  |
| Apollo Global Management Inc  | 105534 | 14198544 |
| Berkshire Hathaway Inc Class B (c) | 37800 | 18164034 |
| Corpay Inc (c) | 30800 | 9690604 |
| Mastercard Inc Class A  | 160377 | 86409524 |
| Voya Financial Inc  | 87023 | 6671183 |
|  |  | 135133889 |
| Insurance - 2.1% |  |  |
| American Financial Group Inc/OH  | 68700 | 8949549 |
| Arthur J Gallagher & Co  | 51865 | 12933575 |
| Assurant Inc  | 32900 | 7834477 |
| Baldwin Insurance Group Inc/The Class A (c) | 191200 | 4191103 |
| Brown & Brown Inc  | 120000 | 8652000 |
| Chubb Ltd  | 103928 | 32171952 |
| Hartford Insurance Group Inc/The  | 109547 | 14795418 |
| Reinsurance Group of America Inc  | 48538 | 9841080 |
| Unum Group  | 76640 | 5822341 |
|  |  | 105191495 |
| TOTAL FINANCIALS |  | 640559064 |
| Health Care - 9.4% |  |  |
| Biotechnology - 2.1% |  |  |
| AbbVie Inc  | 195500 | 43598455 |
| Alnylam Pharmaceuticals Inc (c) | 16500 | 5577990 |
| Caris Life Sciences Inc (c) | 87500 | 2026500 |
| Cogent Biosciences Inc (c) | 85900 | 3084669 |
| Disc Medicine Inc (c) | 14600 | 1128872 |
| Gilead Sciences Inc  | 262400 | 37247680 |
| Insmed Inc (c) | 18400 | 2886408 |
| Moderna Inc (c) | 129300 | 5698251 |
| Nuvalent Inc Class A (c) | 33400 | 3436526 |
| Praxis Precision Medicines Inc (c) | 4200 | 1318800 |
|  |  | 106004151 |
| Health Care Equipment & Supplies - 1.9% |  |  |
| Abbott Laboratories  | 52400 | 5727320 |
| Boston Scientific Corp (c) | 255110 | 23860438 |
| Edwards Lifesciences Corp (c) | 182000 | 14807520 |
| Insulet Corp (c) | 19500 | 4988295 |
| Intuitive Surgical Inc (c) | 24000 | 12101280 |
| Masimo Corp (c) | 29900 | 4106167 |
| Medline Inc Class A  | 117400 | 5189080 |
| Penumbra Inc (c) | 6800 | 2435556 |
| ResMed Inc  | 36700 | 9479977 |
| Stryker Corp  | 25700 | 9497692 |
|  |  | 92193325 |
| Health Care Providers & Services - 1.2% |  |  |
| Cencora Inc  | 55800 | 20044476 |
| CVS Health Corp  | 257400 | 19181448 |
| HCA Healthcare Inc  | 5000 | 2441350 |
| Tenet Healthcare Corp (c) | 32200 | 6094816 |
| UnitedHealth Group Inc  | 37131 | 10653998 |
|  |  | 58416088 |
| Health Care Technology - 0.0% |  |  |
| Waystar Holding Corp (c) | 14600 | 387776 |
| Life Sciences Tools & Services - 1.2% |  |  |
| Danaher Corp  | 124200 | 27186138 |
| IQVIA Holdings Inc (c) | 38800 | 8929820 |
| Repligen Corp (c) | 37700 | 5631249 |
| Thermo Fisher Scientific Inc  | 31000 | 17936910 |
|  |  | 59684117 |
| Pharmaceuticals - 3.0% |  |  |
| Amylyx Pharmaceuticals Inc (c) | 123100 | 1759099 |
| Elanco Animal Health Inc (c) | 699900 | 16853592 |
| Eli Lilly & Co  | 79866 | 82833022 |
| Johnson & Johnson  | 176700 | 40155075 |
| Merck & Co Inc  | 66200 | 7299874 |
|  |  | 148900662 |
| TOTAL HEALTH CARE |  | 465586119 |
| Industrials - 9.6% |  |  |
| Aerospace & Defense - 2.8% |  |  |
| Beta Technologies Inc Class A (c) | 24600 | 528900 |
| Boeing Co (c) | 112795 | 26362447 |
| GE Aerospace  | 170289 | 52242963 |
| Howmet Aerospace Inc  | 91900 | 19122552 |
| Lockheed Martin Corp  | 19700 | 12494134 |
| Northrop Grumman Corp  | 13900 | 9622414 |
| Rocket Lab Corp  | 29600 | 2370072 |
| TransDigm Group Inc  | 11300 | 16131202 |
|  |  | 138874684 |
| Building Products - 0.8% |  |  |
| Trane Technologies PLC  | 88600 | 37263388 |
| Commercial Services & Supplies - 0.0% |  |  |
| Cintas Corp  | 23900 | 4574221 |
| Construction & Engineering - 0.3% |  |  |
| MasTec Inc (c) | 2800 | 673344 |
| Quanta Services Inc  | 25400 | 12055602 |
|  |  | 12728946 |
| Electrical Equipment - 1.6% |  |  |
| AMETEK Inc  | 120400 | 26967192 |
| Eaton Corp PLC  | 27100 | 9523482 |
| GE Vernova Inc  | 38917 | 28268141 |
| Hubbell Inc  | 16700 | 8148598 |
| Nextpower Inc Class A (c) | 8400 | 983556 |
| Vertiv Holdings Co Class A  | 37400 | 6963132 |
|  |  | 80854101 |
| Ground Transportation - 0.8% |  |  |
| CSX Corp  | 218700 | 8258112 |
| Old Dominion Freight Line Inc  | 71700 | 12418440 |
| Uber Technologies Inc (c) | 148900 | 11919445 |
| Union Pacific Corp  | 21800 | 5125180 |
|  |  | 37721177 |
| Industrial Conglomerates - 0.2% |  |  |
| Honeywell International Inc  | 35300 | 8031456 |
| Machinery - 2.8% |  |  |
| Caterpillar Inc  | 39100 | 25702776 |
| Cummins Inc  | 39600 | 22921272 |
| Dover Corp  | 84100 | 16945309 |
| Ingersoll Rand Inc  | 177500 | 15280975 |
| PACCAR Inc  | 78600 | 9660726 |
| Parker-Hannifin Corp  | 39500 | 36965680 |
| Westinghouse Air Brake Technologies Corp  | 47900 | 11023706 |
|  |  | 138500444 |
| Professional Services - 0.2% |  |  |
| TransUnion  | 57600 | 4551552 |
| Verisk Analytics Inc  | 16500 | 3588090 |
|  |  | 8139642 |
| Trading Companies & Distributors - 0.1% |  |  |
| United Rentals Inc  | 10200 | 7977012 |
| TOTAL INDUSTRIALS |  | 474665071 |
| Information Technology - 30.6% |  |  |
| Communications Equipment - 0.4% |  |  |
| Arista Networks Inc (c) | 152500 | 21615350 |
| Electronic Equipment, Instruments & Components - 1.4% |  |  |
| Coherent Corp (c) | 31800 | 6747324 |
| Flex Ltd (c) | 535261 | 33742853 |
| Jabil Inc  | 119000 | 28225610 |
|  |  | 68715787 |
| IT Services - 0.2% |  |  |
| MongoDB Inc Class A (c) | 29500 | 10954235 |
| Semiconductors & Semiconductor Equipment - 14.5% |  |  |
| Advanced Micro Devices Inc (c) | 251300 | 59490249 |
| Astera Labs Inc (c) | 123316 | 18573856 |
| Broadcom Inc  | 475800 | 157632540 |
| KLA Corp  | 8700 | 12423078 |
| Lam Research Corp  | 126400 | 29509344 |
| Marvell Technology Inc  | 15100 | 1191692 |
| Micron Technology Inc  | 47700 | 19789776 |
| NVIDIA Corp  | 2174600 | 415631299 |
|  |  | 714241834 |
| Software - 8.6% |  |  |
| AppLovin Corp Class A (c) | 92300 | 43668053 |
| Datadog Inc Class A (c) | 210800 | 27260656 |
| Microsoft Corp  | 700200 | 301289058 |
| Oracle Corp  | 92000 | 15141360 |
| Palantir Technologies Inc Class A (c) | 158200 | 23190538 |
| Samsara Inc Class A (c) | 176200 | 4942410 |
| Synopsys Inc (c) | 26200 | 12186013 |
|  |  | 427678088 |
| Technology Hardware, Storage & Peripherals - 5.5% |  |  |
| Apple Inc  | 946336 | 245555265 |
| Seagate Technology Holdings PLC  | 10900 | 4443821 |
| Western Digital Corp  | 94700 | 23696781 |
|  |  | 273695867 |
| TOTAL INFORMATION TECHNOLOGY |  | 1516901161 |
| Materials - 2.2% |  |  |
| Chemicals - 1.2% |  |  |
| Air Products and Chemicals Inc  | 17677 | 4816983 |
| Balchem Corp  | 13300 | 2263261 |
| Chemours Co/The  | 42100 | 631078 |
| Corteva Inc  | 69600 | 5066880 |
| Dow Inc  | 72400 | 1994620 |
| Ecolab Inc  | 33700 | 9503063 |
| Element Solutions Inc  | 63300 | 1842030 |
| Linde PLC  | 39186 | 17906826 |
| LyondellBasell Industries NV Class A1  | 70500 | 3454500 |
| Mosaic Co/The  | 216800 | 5962000 |
| Olin Corp  | 37900 | 788699 |
| Sherwin-Williams Co/The  | 8400 | 2978976 |
| Solstice Advanced Materials Inc  | 78250 | 4833503 |
|  |  | 62042419 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 26200 | 3207142 |
| James Hardie Industries PLC (c) | 102500 | 2356475 |
| Martin Marietta Materials Inc  | 5439 | 3545956 |
| Vulcan Materials Co  | 11900 | 3576426 |
|  |  | 12685999 |
| Containers & Packaging - 0.1% |  |  |
| Avery Dennison Corp  | 10200 | 1892202 |
| Crown Holdings Inc  | 20000 | 2093600 |
| International Paper Co  | 79300 | 3197376 |
|  |  | 7183178 |
| Metals & Mining - 0.6% |  |  |
| Alcoa Corp  | 96000 | 5453760 |
| Freeport-McMoRan Inc  | 86234 | 5193874 |
| Newmont Corp  | 115600 | 12987660 |
| Nucor Corp  | 27500 | 4887300 |
|  |  | 28522594 |
| TOTAL MATERIALS |  | 110434190 |
| Real Estate - 2.1% |  |  |
| Health Care REITs - 0.3% |  |  |
| Ventas Inc  | 204600 | 15891282 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 80300 | 10483968 |
| Terreno Realty Corp  | 54800 | 3372392 |
|  |  | 13856360 |
| Office REITs - 0.1% |  |  |
| Kilroy Realty Corp  | 126600 | 4365168 |
| Real Estate Management & Development - 0.2% |  |  |
| Jones Lang LaSalle Inc (c) | 18900 | 6764499 |
| Zillow Group Inc Class C (c) | 34300 | 2161929 |
|  |  | 8926428 |
| Residential REITs - 0.3% |  |  |
| Camden Property Trust  | 32700 | 3565935 |
| Invitation Homes Inc  | 235300 | 6289569 |
| Sun Communities Inc  | 37400 | 4765882 |
|  |  | 14621386 |
| Retail REITs - 0.1% |  |  |
| Curbline Properties Corp  | 88650 | 2149763 |
| Tanger Inc  | 155800 | 5097776 |
|  |  | 7247539 |
| Specialized REITs - 0.8% |  |  |
| American Tower Corp  | 68400 | 12262752 |
| Equinix Inc  | 12500 | 10261625 |
| Extra Space Storage Inc  | 57900 | 7988463 |
| Four Corners Property Trust Inc  | 111200 | 2741080 |
| Iron Mountain Inc  | 48100 | 4431453 |
|  |  | 37685373 |
| TOTAL REAL ESTATE |  | 102593536 |
| Utilities - 2.0% |  |  |
| Electric Utilities - 1.5% |  |  |
| Alliant Energy Corp  | 26400 | 1740024 |
| American Electric Power Co Inc  | 24000 | 2874600 |
| Constellation Energy Corp  | 30188 | 8473168 |
| Duke Energy Corp  | 67400 | 8178990 |
| Entergy Corp  | 57200 | 5484908 |
| Evergy Inc  | 44900 | 3445177 |
| Exelon Corp  | 116600 | 5221348 |
| FirstEnergy Corp  | 15200 | 719568 |
| NextEra Energy Inc  | 182714 | 16060561 |
| NRG Energy Inc  | 41807 | 6381002 |
| PG&E Corp  | 237693 | 3665226 |
| PPL Corp  | 100200 | 3632250 |
| Southern Co/The  | 39100 | 3492021 |
| Xcel Energy Inc  | 66000 | 5019960 |
|  |  | 74388803 |
| Gas Utilities - 0.0% |  |  |
| UGI Corp  | 11400 | 457253 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 47700 | 698805 |
| Talen Energy Corp (c) | 4400 | 1532784 |
| Vistra Corp  | 36500 | 5779775 |
|  |  | 8011364 |
| Multi-Utilities - 0.4% |  |  |
| Ameren Corp  | 39600 | 4089888 |
| CenterPoint Energy Inc  | 101100 | 4012659 |
| NiSource Inc  | 75300 | 3335037 |
| Sempra  | 83288 | 7246889 |
|  |  | 18684473 |
| TOTAL UTILITIES |  | 101541893 |
| TOTAL UNITED STATES |  | 4839760471 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,581,144,334) |  | <br> **4855207901** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Skyryse Inc Series B (c)(d)(e)<br>(Cost $935,370)<br>| 37900 | **991085** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Checkr Inc Series E (c)(d)<br>(Cost $1,258,308)<br>| 69906 | **498430** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/26/2026 (g) | 3.71 to 3.77 | 640000 | 638456 |
| US Treasury Bills 0% 3/26/2026 (g) | 3.55 to 3.58 | 2120000 | 2108894 |
| US Treasury Bills 0% 4/16/2026 (g) | 3.58 to 3.60 | 430000 | 426869 |
| US Treasury Bills 0% 4/2/2026 (g) | 3.54 to 3.58 | 2190000 | 2177044 |
| US Treasury Bills 0% 4/23/2026 (g) | 3.59 to 3.60 | 950000 | 942456 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $6,293,608) |  |  | **6293719** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 3.70 | 129014249 | 129040052 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 3.70 | 14365376 | 14366813 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $143,405,744) |  |  | **143406865** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $2,733,037,364)<br>| <br>**5006398000** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(42477837)** |
| **NET ASSETS - 100.0%** | **4963920163** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 S&P 500 Index Contracts (United States) | 275 | 3/2026 | 95779063 | 537620 |
| The notional amount of long futures as a percentage of Net Assets is 1.9%. | The notional amount of long futures as a percentage of Net Assets is 1.9%. | The notional amount of long futures as a percentage of Net Assets is 1.9%. | The notional amount of long futures as a percentage of Net Assets is 1.9%. | The notional amount of long futures as a percentage of Net Assets is 1.9%. |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

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

(c) Non-income producing.

(d) Level 3 security.

(e) 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 $991,085 or 0.0% of net assets.

(f) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,293,719.

(h) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(i) 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>|
| Skyryse Inc Series B | 10/21/2021 | 935370 |

---

**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 | 75196575 | 743356634 | 689516830 | 3366653 | 3673 | - | 129040052 | 129014249 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 538350 | 251597512 | 237769345 | 15787 | 296 | - | 14366813 | 14365376 | 0.0% |
| Total | 75734925 | 994954146 | 927286175 | 3382440 | 3969 | - | 143406865 |  |  |

---

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 January 31, 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 | 513846508 | 513846508 | - | - |
| Consumer Discretionary | 530251212 | 530251212 | - | - |
| Consumer Staples | 228461626 | 228461626 | - | - |
| Energy | 162493761 | 162493761 | - | - |
| Financials | 646380972 | 646380972 | - | - |
| Health Care | 465586119 | 465586119 | - | - |
| Industrials | 474665071 | 474665071 | - | - |
| Information Technology | 1516901161 | 1516901161 | - | - |
| Materials | 112486042 | 112486042 | - | - |
| Real Estate | 102593536 | 102593536 | - | - |
| Utilities | 101541893 | 101541893 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 991085 | - | - | 991085 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 498430 | - | - | 498430 |
|  **U.S. Treasury Obligations** | 6293719 | - | 6293719 | - |
|  **Money Market Funds** | 143406865 | 143406865 | - | - |
| **Total Investments in Securities:** | 5006398000 | 4998614766 | 6293719 | 1489515 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 537620 | 537620 | - | - |
| Total Assets | 537620 | 537620 | - | - |
| **Total Derivative Instruments:** | 537620 | 537620 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 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)  | 537620 | - |
| **Total Equity Risk**  | 537620 | - |
| **Total Value of Derivatives** | 537620 | - |

---

(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).

**Fidelity® Series All-Sector Equity Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 31, 2026** | **As of January 31, 2026** | **As of January 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $17,080,570) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,589,631,620) | $4862991135 |  |
| Fidelity Central Funds (cost $143,405,744) | 143406865 |  |
| Total Investment in Securities (cost $2,733,037,364) |  | $5006398000 |
| Cash |  | 37210 |
| Receivable for investments sold |  | 2359937 |
| Receivable for fund shares sold |  | 110317878 |
| Dividends receivable |  | 1587351 |
| Distributions receivable from Fidelity Central Funds |  | 370061 |
| Other receivables |  | 82023 |
| **Total assets** |  | 5121152460 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $140983176 |  |
| Payable for fund shares redeemed | 1501331 |  |
| Payable for daily variation margin on futures contracts | 371250 |  |
| Other payables and accrued expenses | 10120 |  |
| Collateral on securities loaned | 14366420 |  |
| **Total liabilities** |  | 157232297 |
| **Net Assets**  |  | $4963920163 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2572443392 |
| Total accumulated earnings (loss) |  | 2391476771 |
| **Net Assets** |  | $4963920163 |
| **Net Asset Value**, offering price and redemption price per share ($4,963,920,163 ÷ 354,169,610 shares) |  | $14.02 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $46109501 |
| Interest  |  | 128188 |
| Income from Fidelity Central Funds (including $15,787 from security lending)  |  | 3382440 |
| **Total income** |  | 49620129 |
| **Expenses** |  |  |
| Custodian fees and expenses | $57037 |  |
| Independent trustees' fees and expenses | 16327 |  |
| **Total expenses** |  | 73364 |
| **Net Investment income (loss)** |  | 49546765 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 343382124 |  |
| Fidelity Central Funds | 3969 |  |
| Futures contracts | 2298193 |  |
| Total net realized gain (loss) |  | 345684286 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 325889594 |  |
| Assets and liabilities in foreign currencies | (4861) |  |
| Futures contracts | (70974) |  |
| Total change in net unrealized appreciation (depreciation) |  | 325813759 |
| **Net gain (loss)** |  | 671498045 |
| **Net increase (decrease) in net assets resulting from operations** |  | $721044810 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $49546765 | $44708304 |
| &nbsp;&nbsp;Net realized gain (loss) | 345684286<br>| 308512456<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 325813759 | 541190689<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 721044810<br>| 894411449<br>|
| Distributions to shareholders | (328598934)<br>| (331954748)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 788169973 | 637612688 |
| Reinvestment of distributions | 328598934<br>| 331954748<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (559837810) | (726047059) |
| **Net increase (decrease) in net assets resulting from share transactions** | 556931097<br>| 243520377<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 949376973<br>| 805977078<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4014543190 | 3208566112<br>|
| &nbsp;&nbsp;End of period | $4963920163 | $4014543190 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 60492160 | 51015624 |
| Issued in reinvestment of distributions | 24333341<br>| 26427258<br>|
| &nbsp;&nbsp;Redeemed | (42259758) | (57871773) |
| &nbsp;&nbsp;Net increase (decrease) | 42565743 | 19571109 |

---

**Financial Highlights** 

**Fidelity® Series All-Sector Equity Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.88 | $10.99 | $9.37 | $11.24 | $11.39 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .15  | .14  | .12  | .13  |
| Net realized and unrealized gain (loss)  | 2.01  | 2.86  | 2.07  | (.95)  | 2.21  |
| Total from investment operations  | 2.16  | 3.01  | 2.21  | (.83)  | 2.34  |
| Distributions from net investment income  | (.15)  | (.15)  | (.14)  | (.13)  | (.14)  |
| Distributions from net realized gain  | (.87)  | (.97)  | (.46)  | (.91)  | (2.35)  |
| Total distributions  | (1.02)  | (1.12)  | (.59) C | (1.04)  | (2.49)  |
| Net asset value, end of period  | $14.02 | $12.88 | $10.99 | $9.37 | $11.24 |
| **Total Return** D | 17.24% <br>| 27.83%  | 24.16%  | (7.34)%  | 20.53%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.14%  | 1.21%  | 1.35%  | 1.26%  | 1.04%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4963920 | $4014543 | $3208566 | $2951458 | $3715243 |
| Portfolio turnover rate H | 50% <br>| 51%  | 41%  | 46%  | 44%  |

---

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 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*Amount represents less than .005%.*

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.* 

**Fidelity® Series Stock Selector Large Cap Value Fund**

**Schedule of Investments January 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.5%** | &nbsp;&nbsp;**Common Stocks - 97.5%** | &nbsp;&nbsp;**Common Stocks - 97.5%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.7%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Imperial Oil Ltd (a) | 1102200 | 111357290 |
| FRANCE - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| IT Services - 1.0% |  |  |
| Capgemini SE  | 922707 | 143368599 |
| KOREA (SOUTH) - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Samsung Electronics Co Ltd  | 395330 | 43736922 |
| PORTUGAL - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Galp Energia SGPS SA  | 2493400 | 49446380 |
| TAIWAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 374047 | 123644976 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 277900 | 16862972 |
| UNITED STATES - 94.3%  |  |  |
| Communication Services - 8.3% |  |  |
| Diversified Telecommunication Services - 1.9% |  |  |
| Comcast Corp Class A  | 2932445 | 87240239 |
| Verizon Communications Inc  | 4450987 | 198157941 |
|  |  | 285398180 |
| Entertainment - 0.4% |  |  |
| Walt Disney Co/The  | 577864 | 65183059 |
| Interactive Media & Services - 4.7% |  |  |
| Alphabet Inc Class A  | 1971049 | 666214562 |
| Meta Platforms Inc Class A  | 82755 | 59293958 |
|  |  | 725508520 |
| Wireless Telecommunication Services - 1.3% |  |  |
| T-Mobile US Inc  | 971030 | 191496826 |
| TOTAL COMMUNICATION SERVICES |  | 1267586585 |
| Consumer Discretionary - 7.5% |  |  |
| Automobile Components - 0.2% |  |  |
| Aptiv PLC (b) | 426200 | 32284650 |
| Automobiles - 0.5% |  |  |
| General Motors Co  | 950800 | 79867200 |
| Broadline Retail - 2.6% |  |  |
| Amazon.com Inc (b) | 1588793 | 380198165 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Hilton Worldwide Holdings Inc  | 235200 | 70209552 |
| McDonald's Corp  | 470100 | 148081500 |
|  |  | 218291052 |
| Household Durables - 0.5% |  |  |
| Somnigroup International Inc  | 953100 | 83729835 |
| Specialty Retail - 2.3% |  |  |
| Dick's Sporting Goods Inc  | 373200 | 75386400 |
| Lowe's Cos Inc  | 809000 | 216051540 |
| Williams-Sonoma Inc  | 318900 | 65262885 |
|  |  | 356700825 |
| TOTAL CONSUMER DISCRETIONARY |  | 1151071727 |
| Consumer Staples - 6.8% |  |  |
| Beverages - 1.8% |  |  |
| Coca-Cola Co/The  | 1816956 | 135926479 |
| Constellation Brands Inc Class A  | 111381 | 17453403 |
| Keurig Dr Pepper Inc  | 1559900 | 42803656 |
| PepsiCo Inc  | 473123 | 72685886 |
|  |  | 268869424 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Kroger Co/The  | 360729 | 22671818 |
| Target Corp  | 223725 | 23596276 |
| US Foods Holding Corp (b) | 449981 | 37627411 |
| Walmart Inc  | 1738108 | 207078187 |
|  |  | 290973692 |
| Food Products - 0.5% |  |  |
| Conagra Brands Inc  | 187000 | 3461370 |
| Darling Ingredients Inc (b) | 192175 | 8774711 |
| Lamb Weston Holdings Inc  | 74628 | 3427663 |
| McCormick & Co Inc/MD  | 78800 | 4872204 |
| Mondelez International Inc  | 998912 | 58406385 |
|  |  | 78942333 |
| Household Products - 1.4% |  |  |
| Clorox Co/The  | 49700 | 5605663 |
| Colgate-Palmolive Co  | 67500 | 6094575 |
| Procter & Gamble Co/The  | 1369985 | 207922623 |
|  |  | 219622861 |
| Personal Care Products - 0.3% |  |  |
| Kenvue Inc  | 2541345 | 44219403 |
| Tobacco - 0.9% |  |  |
| Philip Morris International Inc  | 731703 | 131296786 |
| TOTAL CONSUMER STAPLES |  | 1033924499 |
| Energy - 5.5% |  |  |
| Oil, Gas & Consumable Fuels - 5.5% |  |  |
| Cheniere Energy Inc  | 190181 | 40227085 |
| Core Natural Resources Inc  | 873367 | 83301744 |
| Exxon Mobil Corp  | 3006400 | 425104961 |
| Phillips 66  | 830000 | 119154800 |
| Shell PLC ADR  | 1298800 | 100046564 |
| Targa Resources Corp  | 380200 | 76412596 |
| TOTAL ENERGY |  | 844247750 |
| Financials - 20.9% |  |  |
| Banks - 8.5% |  |  |
| Bank of America Corp  | 6071091 | 322982041 |
| Citigroup Inc  | 1270201 | 146974958 |
| JPMorgan Chase & Co  | 553936 | 169443483 |
| KeyCorp  | 2733387 | 58822488 |
| M&T Bank Corp  | 463305 | 102654489 |
| Truist Financial Corp  | 3893835 | 200220996 |
| Wells Fargo & Co  | 3259628 | 294963738 |
|  |  | 1296062193 |
| Capital Markets - 6.0% |  |  |
| Blackrock Inc  | 153076 | 171282859 |
| Charles Schwab Corp/The  | 1831409 | 190320023 |
| Intercontinental Exchange Inc  | 792496 | 137719955 |
| KKR & Co Inc Class A  | 792225 | 90519629 |
| MarketAxess Holdings Inc  | 354310 | 59959881 |
| Morgan Stanley  | 662242 | 121057838 |
| State Street Corp  | 1106728 | 144826426 |
|  |  | 915686611 |
| Consumer Finance - 0.2% |  |  |
| SLM Corp  | 1425900 | 38713185 |
| Financial Services - 1.4% |  |  |
| Apollo Global Management Inc  | 698662 | 93997985 |
| Berkshire Hathaway Inc Class B (b) | 244366 | 117425194 |
|  |  | 211423179 |
| Insurance - 4.8% |  |  |
| American Financial Group Inc/OH  | 280419 | 36530183 |
| Arthur J Gallagher & Co  | 371909 | 92742947 |
| Assurant Inc  | 248035 | 59064575 |
| Brown & Brown Inc  | 1218657 | 87865170 |
| Chubb Ltd  | 743015 | 230007723 |
| Hartford Insurance Group Inc/The  | 1158473 | 156463363 |
| Reinsurance Group of America Inc  | 322700 | 65427425 |
|  |  | 728101386 |
| TOTAL FINANCIALS |  | 3189986554 |
| Health Care - 11.4% |  |  |
| Biotechnology - 0.8% |  |  |
| Biogen Inc (b) | 73500 | 13221915 |
| Gilead Sciences Inc  | 478300 | 67894685 |
| Moderna Inc (b) | 173900 | 7663773 |
| Regeneron Pharmaceuticals Inc  | 49200 | 36479340 |
| Revolution Medicines Inc (b) | 82500 | 7998375 |
|  |  | 133258088 |
| Health Care Equipment & Supplies - 2.3% |  |  |
| Abbott Laboratories  | 1105900 | 120874870 |
| Becton Dickinson & Co  | 106300 | 21629924 |
| Boston Scientific Corp (b) | 925800 | 86590074 |
| Edwards Lifesciences Corp (b) | 199600 | 16239456 |
| Masimo Corp (b) | 129400 | 17770502 |
| Medtronic PLC  | 183300 | 18872568 |
| Solventum Corp (b) | 150000 | 11545500 |
| Stryker Corp  | 156800 | 57947008 |
|  |  | 351469902 |
| Health Care Providers & Services - 3.3% |  |  |
| Cardinal Health Inc  | 22500 | 4834800 |
| Cencora Inc  | 362400 | 130181328 |
| Centene Corp (b) | 220059 | 9532956 |
| Cigna Group/The  | 141500 | 38786565 |
| CVS Health Corp  | 1254700 | 93500244 |
| Elevance Health Inc  | 48100 | 16630094 |
| HCA Healthcare Inc  | 70200 | 34276554 |
| Humana Inc  | 54850 | 10706720 |
| Quest Diagnostics Inc  | 155867 | 29151805 |
| UnitedHealth Group Inc  | 458100 | 131442633 |
|  |  | 499043699 |
| Health Care Technology - 0.0% |  |  |
| Waystar Holding Corp (b) | 168000 | 4462079 |
| Life Sciences Tools & Services - 1.7% |  |  |
| Danaher Corp  | 299700 | 65601333 |
| ICON PLC (b) | 141700 | 25541425 |
| Mettler-Toledo International Inc (b) | 9800 | 13457752 |
| Thermo Fisher Scientific Inc  | 260700 | 150843627 |
|  |  | 255444137 |
| Pharmaceuticals - 3.3% |  |  |
| Jazz Pharmaceuticals PLC (b) | 21300 | 3503637 |
| Johnson & Johnson  | 1308506 | 297357989 |
| Merck & Co Inc  | 1553100 | 171260337 |
| Pfizer Inc  | 660300 | 17458332 |
| Viatris Inc  | 789200 | 10330628 |
|  |  | 499910923 |
| TOTAL HEALTH CARE |  | 1743588828 |
| Industrials - 13.3% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| Boeing Co (b) | 1225815 | 286497482 |
| Northrop Grumman Corp  | 87756 | 60749969 |
| RTX Corp  | 271892 | 54631259 |
|  |  | 401878710 |
| Air Freight & Logistics - 1.1% |  |  |
| FedEx Corp  | 534589 | 172271305 |
| Construction & Engineering - 1.4% |  |  |
| EMCOR Group Inc  | 294300 | 212110839 |
| Ground Transportation - 2.1% |  |  |
| CSX Corp  | 4556800 | 172064768 |
| Knight-Swift Transportation Holdings Inc  | 567000 | 31241700 |
| U-Haul Holding Co Class N  | 2302800 | 118156668 |
|  |  | 321463136 |
| Industrial Conglomerates - 0.6% |  |  |
| 3M Co  | 591316 | 90565959 |
| Machinery - 5.5% |  |  |
| Caterpillar Inc  | 127400 | 83747664 |
| Cummins Inc  | 499500 | 289120590 |
| Deere & Co  | 67100 | 35428800 |
| Parker-Hannifin Corp  | 204057 | 190964703 |
| Westinghouse Air Brake Technologies Corp  | 1049959 | 241637564 |
|  |  | 840899321 |
| TOTAL INDUSTRIALS |  | 2039189270 |
| Information Technology - 9.1% |  |  |
| Communications Equipment - 0.6% |  |  |
| Cisco Systems Inc  | 1190918 | 93272698 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Vontier Corp  | 2584344 | 96912900 |
| IT Services - 2.7% |  |  |
| Accenture PLC Class A  | 596800 | 157340352 |
| Amdocs Ltd  | 1851634 | 151722890 |
| Kyndryl Holdings Inc (b) | 1905000 | 43815000 |
| Twilio Inc Class A (b) | 512800 | 61771888 |
|  |  | 414650130 |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| QUALCOMM Inc  | 1032592 | 156530621 |
| Software - 3.3% |  |  |
| Dolby Laboratories Inc Class A  | 215200 | 13813687 |
| Dropbox Inc Class A (a)(b) | 1771447 | 45136470 |
| Gen Digital Inc  | 3730348 | 89491049 |
| Salesforce Inc  | 1009541 | 214315459 |
| Zoom Communications Inc Class A (b) | 1310843 | 120728640 |
|  |  | 483485305 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Western Digital Corp  | 578847 | 144844885 |
| TOTAL INFORMATION TECHNOLOGY |  | 1389696539 |
| Materials - 3.6% |  |  |
| Chemicals - 1.4% |  |  |
| Corteva Inc  | 1770900 | 128921520 |
| Mosaic Co/The  | 2667100 | 73345250 |
|  |  | 202266770 |
| Construction Materials - 1.0% |  |  |
| CRH PLC  | 1301500 | 159316615 |
| Containers & Packaging - 0.7% |  |  |
| Smurfit WestRock PLC  | 2642562 | 110009856 |
| Metals & Mining - 0.5% |  |  |
| Reliance Inc  | 244400 | 80529800 |
| TOTAL MATERIALS |  | 552123041 |
| Real Estate - 3.8% |  |  |
| Health Care REITs - 0.6% |  |  |
| Ventas Inc  | 1203400 | 93468078 |
| Industrial REITs - 0.6% |  |  |
| Prologis Inc  | 723163 | 94416161 |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (b) | 363300 | 61880889 |
| Residential REITs - 0.6% |  |  |
| Invitation Homes Inc  | 1743100 | 46593063 |
| Sun Communities Inc  | 369000 | 47021670 |
|  |  | 93614733 |
| Retail REITs - 0.4% |  |  |
| Tanger Inc  | 2008961 | 65733204 |
| Specialized REITs - 1.2% |  |  |
| American Tower Corp  | 190600 | 34170768 |
| Equinix Inc  | 108450 | 89029859 |
| Extra Space Storage Inc  | 339700 | 46868409 |
|  |  | 170069036 |
| TOTAL REAL ESTATE |  | 579182101 |
| Utilities - 4.1% |  |  |
| Electric Utilities - 2.4% |  |  |
| Constellation Energy Corp  | 289333 | 81209986 |
| Evergy Inc  | 877700 | 67345921 |
| Eversource Energy  | 1521500 | 105181296 |
| PG&E Corp  | 6627648 | 102198332 |
|  |  | 355935535 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| AES Corp/The  | 4316700 | 63239655 |
| Vistra Corp  | 421600 | 66760360 |
|  |  | 130000015 |
| Multi-Utilities - 0.9% |  |  |
| Sempra  | 1556700 | 135448467 |
| TOTAL UTILITIES |  | 621384017 |
| TOTAL UNITED STATES |  | 14411980911 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $11,455,330,607) |  | <br> **14900398050** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 0.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 0.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 0.9%** |
|  | Shares | Value ($)<br>|
| iShares Russell 1000 Value ETF (a)<br>(Cost $135,310,219)<br>| 658500 | **144777810** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 235521389 | 235568493 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.70 | 136334034 | 136347668 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $371,915,301) |  |  | **371916161** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $11,962,556,127)<br>| <br>**15417092021** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(121575342)** |
| **NET ASSETS - 100.0%** | **15295516679** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

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

(b) Non-income producing.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 162815033 | 3675240040 | 3602500952 | 10548808 | 14373 | (1) | 235568493 | 235521389 | 0.4% |
| Fidelity Securities Lending Cash Central Fund | 55457250 | 2180933099 | 2100039839 | 192082 | (2842) | - | 136347668 | 136334034 | 0.4% |
| Total | 218272283 | 5856173139 | 5702540791 | 10740890 | 11531 | (1) | 371916161 |  |  |

---

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 January 31, 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 | 1267586585 | 1267586585 | - | - |
| Consumer Discretionary | 1151071727 | 1151071727 | - | - |
| Consumer Staples | 1050787471 | 1050787471 | - | - |
| Energy | 1005051420 | 1005051420 | - | - |
| Financials | 3189986554 | 3189986554 | - | - |
| Health Care | 1743588828 | 1743588828 | - | - |
| Industrials | 2039189270 | 2039189270 | - | - |
| Information Technology | 1700447036 | 1557078437 | 143368599 | - |
| Materials | 552123041 | 552123041 | - | - |
| Real Estate | 579182101 | 579182101 | - | - |
| Utilities | 621384017 | 621384017 | - | - |
|  **Domestic Equity Funds** | 144777810 | 144777810 | - | - |
|  **Money Market Funds** | 371916161 | 371916161 | - | - |
| **Total Investments in Securities:** | 15417092021 | 15273723422 | 143368599 | - |

---

**Fidelity® Series Stock Selector Large Cap Value Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 31, 2026** | **As of January 31, 2026** | **As of January 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $127,220,611) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $11,590,640,826) | $15045175860 |  |
| Fidelity Central Funds (cost $371,915,301) | 371916161 |  |
| Total Investment in Securities (cost $11,962,556,127) |  | $15417092021 |
| Cash |  | 698953 |
| Foreign currency held at value (cost $471,426) |  | 471207 |
| Receivable for investments sold |  | 98935926 |
| Receivable for fund shares sold |  | 164661229 |
| Dividends receivable |  | 14501175 |
| Distributions receivable from Fidelity Central Funds |  | 738937 |
| **Total assets** |  | 15697099448 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $255793836 |  |
| Payable for fund shares redeemed | 9423841 |  |
| Other payables and accrued expenses | 20342 |  |
| Collateral on securities loaned | 136344750 |  |
| **Total liabilities** |  | 401582769 |
| **Net Assets**  |  | $15295516679 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11424160662 |
| Total accumulated earnings (loss) |  | 3871356017 |
| **Net Assets** |  | $15295516679 |
| **Net Asset Value**, offering price and redemption price per share ($15,295,516,679 ÷ 1,020,808,926 shares) |  | $14.98 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $249766883 |
| Income from Fidelity Central Funds (including $192,082 from security lending)  |  | 10740890 |
| **Total income** |  | 260507773 |
| **Expenses** |  |  |
| Custodian fees and expenses | $127429 |  |
| Independent trustees' fees and expenses | 50577 |  |
| Interest | 13392 |  |
| **Total expenses** |  | 191398 |
| **Net Investment income (loss)** |  | 260316375 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1313218888 |  |
| Fidelity Central Funds | 11531 |  |
| Foreign currency transactions | 177708 |  |
| Total net realized gain (loss) |  | 1313408127 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 411401618 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 20558 |  |
| Total change in net unrealized appreciation (depreciation) |  | 411422175 |
| **Net gain (loss)** |  | 1724830302 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1985146677 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $260316375 | $243947412 |
| &nbsp;&nbsp;Net realized gain (loss) | 1313408127<br>| 1349305199<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 411422175 | 960250842<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1985146677<br>| 2553503453<br>|
| Distributions to shareholders | (1338408923)<br>| (1377773018)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2649900455 | 2918919501 |
| Reinvestment of distributions | 1338408923<br>| 1377773018<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1954204691) | (3363460179) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2034104687<br>| 933232340<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2680842441<br>| 2108962775<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12614674238 | 10505711463<br>|
| &nbsp;&nbsp;End of period | $15295516679 | $12614674238 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 179599055 | 207042790 |
| Issued in reinvestment of distributions | 93804117<br>| 98198799<br>|
| &nbsp;&nbsp;Redeemed | (129511125) | (230710552) |
| &nbsp;&nbsp;Net increase (decrease) | 143892047 | 74531037 |

---

**Financial Highlights** 

**Fidelity® Series Stock Selector Large Cap Value Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.39 | $13.09 | $12.61 | $13.90 | $12.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .29  | .28  | .25  | .26  |
| Net realized and unrealized gain (loss)  | 1.76  | 2.74  | .86  | (.03)  | 3.04  |
| Total from investment operations  | 2.04  | 3.03  | 1.14  | .22  | 3.30  |
| Distributions from net investment income  | (.28)  | (.31)  | (.28)  | (.27)  | (.27)  |
| Distributions from net realized gain  | (1.16)  | (1.42)  | (.38)  | (1.23)  | (1.77)  |
| Total distributions  | (1.45) C | (1.73)  | (.66)  | (1.51) C | (2.04)  |
| Net asset value, end of period  | $14.98 | $14.39 | $13.09 | $12.61 | $13.90 |
| **Total Return** D | 14.85% <br>| 23.72%  | 9.32%  | 2.10%  | 26.30%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.95%  | 2.06%  | 2.25%  | 1.98%  | 1.75%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15295517 | $12614674 | $10505711 | $9672739 | $10883597 |
| Portfolio turnover rate H | 76% <br>| 80%  | 72%  | 72%  | 81%  |

---

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 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*Amount represents less than .005%.*

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.* 

**Fidelity® Series Value Discovery Fund**

**Schedule of Investments January 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.6%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Alimentation Couche-Tard Inc  | 1430000 | 74395917 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Canadian Natural Resources Ltd (United States)  | 2276600 | 84712286 |
| Imperial Oil Ltd (United States)  | 1084200 | 109775250 |
| Parex Resources Inc (a) | 2556369 | 37923588 |
| TOTAL ENERGY |  | 232411124 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Nutrien Ltd (United States)  | 1413000 | 97341570 |
| TOTAL CANADA |  | 404148611 |
| FRANCE - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 107500 | 69381000 |
| MONACO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Dynagas LNG Partners LP  | 1472115 | 5564594 |
| TAIWAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 135500 | 44790880 |
| UNITED KINGDOM - 4.0%  |  |  |
| Consumer Staples - 1.3% |  |  |
| Beverages - 0.7% |  |  |
| Diageo PLC  | 4762000 | 109575035 |
| Tobacco - 0.6% |  |  |
| British American Tobacco PLC ADR  | 1631300 | 98987284 |
| TOTAL CONSUMER STAPLES |  | 208562319 |
| Health Care - 1.6% |  |  |
| Pharmaceuticals - 1.6% |  |  |
| Astrazeneca PLC ADR  | 2596154 | 240845207 |
| Utilities - 1.1% |  |  |
| Multi-Utilities - 1.1% |  |  |
| National Grid PLC  | 10528445 | 178873594 |
| TOTAL UNITED KINGDOM |  | 628281120 |
| UNITED STATES - 91.8%  |  |  |
| Communication Services - 7.7% |  |  |
| Entertainment - 1.4% |  |  |
| Walt Disney Co/The  | 1968200 | 222012960 |
| Interactive Media & Services - 6.3% |  |  |
| Alphabet Inc Class A  | 1924700 | 650548600 |
| Alphabet Inc Class C  | 733100 | 248176343 |
| Meta Platforms Inc Class A  | 108300 | 77596950 |
|  |  | 976321893 |
| TOTAL COMMUNICATION SERVICES |  | 1198334853 |
| Consumer Discretionary - 7.4% |  |  |
| Broadline Retail - 2.9% |  |  |
| Amazon.com Inc (b) | 1848400 | 442322120 |
| Diversified Consumer Services - 0.7% |  |  |
| H&R Block Inc  | 2830564 | 111665750 |
| Household Durables - 0.9% |  |  |
| Lennar Corp Class A  | 250400 | 27381240 |
| Mohawk Industries Inc (b) | 393300 | 46558854 |
| Taylor Morrison Home Corp (b) | 214500 | 13073775 |
| Toll Brothers Inc  | 179400 | 25921506 |
| TopBuild Corp (b) | 63400 | 29674370 |
|  |  | 142609745 |
| Specialty Retail - 2.5% |  |  |
| Lowe's Cos Inc  | 477200 | 127441032 |
| Murphy USA Inc  | 92400 | 39039924 |
| Ross Stores Inc  | 900100 | 169803865 |
| Ulta Beauty Inc (b) | 90200 | 58391872 |
|  |  | 394676693 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Lululemon Athletica Inc (b) | 387600 | 67636200 |
| TOTAL CONSUMER DISCRETIONARY |  | 1158910508 |
| Consumer Staples - 8.5% |  |  |
| Beverages - 1.8% |  |  |
| Constellation Brands Inc Class A  | 340100 | 53293670 |
| Keurig Dr Pepper Inc  | 8520800 | 233810752 |
|  |  | 287104422 |
| Consumer Staples Distribution & Retail - 2.5% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 355600 | 32871664 |
| Kroger Co/The  | 1913200 | 120244620 |
| Sprouts Farmers Market Inc (b) | 575100 | 40780341 |
| Target Corp  | 706900 | 74556743 |
| US Foods Holding Corp (b) | 1286930 | 107613087 |
|  |  | 376066455 |
| Food Products - 1.3% |  |  |
| McCormick & Co Inc/MD  | 728000 | 45012240 |
| Mondelez International Inc  | 2771400 | 162043758 |
|  |  | 207055998 |
| Household Products - 2.3% |  |  |
| Colgate-Palmolive Co  | 1265600 | 114271024 |
| Procter & Gamble Co/The  | 1623800 | 246444126 |
|  |  | 360715150 |
| Tobacco - 0.6% |  |  |
| Philip Morris International Inc  | 556000 | 99768640 |
| TOTAL CONSUMER STAPLES |  | 1330710665 |
| Energy - 7.5% |  |  |
| Oil, Gas & Consumable Fuels - 7.5% |  |  |
| ConocoPhillips  | 2160800 | 225220184 |
| Exxon Mobil Corp  | 4599900 | 650425860 |
| Shell PLC ADR  | 3756000 | 289324680 |
| TOTAL ENERGY |  | 1164970724 |
| Financials - 23.3% |  |  |
| Banks - 9.6% |  |  |
| Bank of America Corp  | 7608500 | 404772200 |
| JPMorgan Chase & Co  | 236300 | 72281807 |
| M&T Bank Corp  | 957044 | 212052239 |
| PNC Financial Services Group Inc/The  | 1184400 | 264476520 |
| US Bancorp  | 4133700 | 231941907 |
| Wells Fargo & Co  | 3314100 | 299892909 |
|  |  | 1485417582 |
| Capital Markets - 2.7% |  |  |
| Bank of New York Mellon Corp/The  | 690600 | 82816752 |
| Blackrock Inc  | 84100 | 94102854 |
| Northern Trust Corp  | 1427300 | 213281439 |
| State Street Corp  | 198000 | 25910280 |
|  |  | 416111325 |
| Consumer Finance - 1.1% |  |  |
| Capital One Financial Corp  | 777400 | 170196182 |
| Financial Services - 3.0% |  |  |
| Berkshire Hathaway Inc Class B (b) | 416266 | 200028301 |
| Global Payments Inc  | 590800 | 42383992 |
| PayPal Holdings Inc  | 1200200 | 63238538 |
| Sycamore Partners LLC rights (b)(c) | 23544600 | 12714084 |
| Visa Inc Class A  | 457300 | 147172859 |
|  |  | 465537774 |
| Insurance - 6.4% |  |  |
| Chubb Ltd  | 1013139 | 313627309 |
| Fidelity National Financial Inc  | 635200 | 34548528 |
| Hartford Insurance Group Inc/The  | 793200 | 107129592 |
| Marsh & McLennan Cos Inc  | 788300 | 148350177 |
| Travelers Companies Inc/The  | 1051870 | 299267534 |
| Willis Towers Watson PLC  | 263700 | 83716839 |
|  |  | 986639979 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.5% |  |  |
| Annaly Capital Management Inc  | 3605700 | 82967157 |
| TOTAL FINANCIALS |  | 3606869999 |
| Health Care - 9.2% |  |  |
| Biotechnology - 1.8% |  |  |
| Biogen Inc (b) | 521100 | 93740679 |
| Gilead Sciences Inc  | 1333100 | 189233545 |
|  |  | 282974224 |
| Health Care Providers & Services - 2.3% |  |  |
| Cigna Group/The  | 992507 | 272056094 |
| CVS Health Corp  | 1149700 | 85675644 |
|  |  | 357731738 |
| Life Sciences Tools & Services - 1.3% |  |  |
| Thermo Fisher Scientific Inc  | 363200 | 210151151 |
| Pharmaceuticals - 3.8% |  |  |
| GSK PLC ADR  | 4477900 | 231059640 |
| Merck & Co Inc  | 3238600 | 357120422 |
| Pfizer Inc rights (b)(c) | 235125 | 1152113 |
|  |  | 589332175 |
| TOTAL HEALTH CARE |  | 1440189288 |
| Industrials - 14.2% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| Lockheed Martin Corp  | 190400 | 120755488 |
| Northrop Grumman Corp  | 87900 | 60849654 |
| Textron Inc  | 1128600 | 99384516 |
|  |  | 280989658 |
| Air Freight & Logistics - 3.6% |  |  |
| CH Robinson Worldwide Inc  | 680800 | 132721960 |
| Expeditors International of Washington Inc  | 392100 | 62947734 |
| FedEx Corp  | 617400 | 198957150 |
| United Parcel Service Inc Class B  | 1570600 | 166829132 |
|  |  | 561455976 |
| Electrical Equipment - 0.9% |  |  |
| Emerson Electric Co  | 343800 | 50524848 |
| Regal Rexnord Corp  | 581378 | 93892547 |
|  |  | 144417395 |
| Ground Transportation - 0.7% |  |  |
| Knight-Swift Transportation Holdings Inc  | 1380500 | 76065550 |
| Werner Enterprises Inc (a) | 1136800 | 38935400 |
|  |  | 115000950 |
| Machinery - 4.9% |  |  |
| Allison Transmission Holdings Inc  | 1015600 | 110395720 |
| Cummins Inc  | 175200 | 101409264 |
| Deere & Co  | 265600 | 140236800 |
| Dover Corp  | 450300 | 90730947 |
| PACCAR Inc  | 475600 | 58455996 |
| Pentair PLC  | 1287200 | 135632264 |
| Westinghouse Air Brake Technologies Corp  | 448400 | 103194776 |
|  |  | 740055767 |
| Professional Services - 1.6% |  |  |
| ExlService Holdings Inc (b) | 1560100 | 61077915 |
| Leidos Holdings Inc  | 376400 | 70868592 |
| Maximus Inc  | 708900 | 66948516 |
| SS&C Technologies Holdings Inc  | 602100 | 49305969 |
|  |  | 248200992 |
| Trading Companies & Distributors - 0.7% |  |  |
| Ferguson Enterprises Inc  | 283600 | 71597656 |
| Rush Enterprises Inc Class A  | 641979 | 41208632 |
|  |  | 112806288 |
| TOTAL INDUSTRIALS |  | 2202927026 |
| Information Technology - 7.7% |  |  |
| Communications Equipment - 2.0% |  |  |
| Cisco Systems Inc  | 4053175 | 317444666 |
| IT Services - 1.4% |  |  |
| Accenture PLC Class A  | 580500 | 153043020 |
| GoDaddy Inc Class A (b) | 594600 | 59769192 |
|  |  | 212812212 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Advanced Micro Devices Inc (b) | 134800 | 31911204 |
| Analog Devices Inc  | 49500 | 15388560 |
| Intel Corp (b) | 1937500 | 90035625 |
| Micron Technology Inc  | 378400 | 156990592 |
| QUALCOMM Inc  | 364200 | 55209078 |
|  |  | 349535059 |
| Software - 2.0% |  |  |
| Gen Digital Inc  | 6236228 | 149607110 |
| Salesforce Inc  | 754600 | 160194034 |
|  |  | 309801144 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Western Digital Corp  | 62700 | 15689421 |
| TOTAL INFORMATION TECHNOLOGY |  | 1205282502 |
| Materials - 4.2% |  |  |
| Chemicals - 1.9% |  |  |
| Cabot Corp  | 333700 | 24089803 |
| CF Industries Holdings Inc  | 811400 | 75646822 |
| Corteva Inc  | 1454200 | 105865760 |
| Mosaic Co/The  | 2950100 | 81127750 |
| Scotts Miracle-Gro Co/The  | 131500 | 8444930 |
|  |  | 295175065 |
| Construction Materials - 0.7% |  |  |
| CRH PLC  | 879000 | 107598390 |
| Containers & Packaging - 0.6% |  |  |
| Crown Holdings Inc  | 1004400 | 105140592 |
| Metals & Mining - 1.0% |  |  |
| Newmont Corp  | 1319900 | 148290765 |
| TOTAL MATERIALS |  | 656204812 |
| Real Estate - 0.2% |  |  |
| Specialized REITs - 0.2% |  |  |
| Lamar Advertising Co Class A  | 249400 | 32000513 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 1.5% |  |  |
| Eversource Energy  | 1558900 | 107766757 |
| PG&E Corp  | 7998900 | 123343038 |
|  |  | 231109795 |
| Gas Utilities - 0.4% |  |  |
| National Fuel Gas Co  | 271100 | 22704625 |
| UGI Corp  | 1032500 | 41413575 |
|  |  | 64118200 |
| TOTAL UTILITIES |  | 295227995 |
| TOTAL UNITED STATES |  | 14291628885 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $11,756,891,559) |  | <br> **15443795090** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 3.70 | 124559223 | 124584135 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 3.70 | 29941732 | 29944726 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $154,528,861) |  |  | **154528861** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $11,911,420,420)<br>| <br>**15598323951** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(21689250)** |
| **NET ASSETS - 100.0%** | **15576634701** |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(d) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(e) 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 | 212419950 | 2726458022 | 2814294508 | 8676620 | 671 | - | 124584135 | 124559223 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 58668058 | 1633284651 | 1662009909 | 352106 | 1926 | - | 29944726 | 29941732 | 0.1% |
| Total | 271088008 | 4359742673 | 4476304417 | 9028726 | 2597 | - | 154528861 |  |  |

---

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 January 31, 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 | 1198334853 | 1198334853 | - | - |
| Consumer Discretionary | 1228291508 | 1158910508 | 69381000 | - |
| Consumer Staples | 1613668901 | 1504093866 | 109575035 | - |
| Energy | 1402946442 | 1402946442 | - | - |
| Financials | 3606869999 | 3594155915 | - | 12714084 |
| Health Care | 1681034495 | 1679882382 | - | 1152113 |
| Industrials | 2202927026 | 2202927026 | - | - |
| Information Technology | 1250073382 | 1250073382 | - | - |
| Materials | 753546382 | 753546382 | - | - |
| Real Estate | 32000513 | 32000513 | - | - |
| Utilities | 474101589 | 295227995 | 178873594 | - |
|  **Money Market Funds** | 154528861 | 154528861 | - | - |
| **Total Investments in Securities:** | 15598323951 | 15226628125 | 357829629 | 13866197 |

---

**Fidelity® Series Value Discovery Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 31, 2026** | **As of January 31, 2026** | **As of January 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $39,470,052) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $11,756,891,559) | $15443795090 |  |
| Fidelity Central Funds (cost $154,528,861) | 154528861 |  |
| Total Investment in Securities (cost $11,911,420,420) |  | $15598323951 |
| Foreign currency held at value (cost $1,121,354) |  | 1134798 |
| Receivable for investments sold |  | 46634610 |
| Receivable for fund shares sold |  | 78372581 |
| Dividends receivable |  | 15114235 |
| Distributions receivable from Fidelity Central Funds |  | 373588 |
| **Total assets** |  | 15739953763 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $95021024 |  |
| Payable for fund shares redeemed | 38335459 |  |
| Other payables and accrued expenses | 19779 |  |
| Collateral on securities loaned | 29942800 |  |
| **Total liabilities** |  | 163319062 |
| **Net Assets**  |  | $15576634701 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11493603113 |
| Total accumulated earnings (loss) |  | 4083031588 |
| **Net Assets** |  | $15576634701 |
| **Net Asset Value**, offering price and redemption price per share ($15,576,634,701 ÷ 880,159,018 shares) |  | $17.70 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $301109666 |
| Interest  |  | 2111 |
| Income from Fidelity Central Funds (including $352,106 from security lending)  |  | 9028726 |
| **Total income** |  | 310140503 |
| **Expenses** |  |  |
| Custodian fees and expenses | $119577 |  |
| Independent trustees' fees and expenses | 51583 |  |
| Interest | 1090 |  |
| Total expenses before reductions | 172250 |  |
| Expense reductions | (7831) |  |
| Total expenses after reductions |  | 164419 |
| **Net Investment income (loss)** |  | 309976084 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1017261708 |  |
| Fidelity Central Funds | 2597 |  |
| Foreign currency transactions | 58053 |  |
| Total net realized gain (loss) |  | 1017322358 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1183084226 |  |
| Assets and liabilities in foreign currencies | 446929 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1183531155 |
| **Net gain (loss)** |  | 2200853513 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2510829597 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $309976084 | $276289838 |
| &nbsp;&nbsp;Net realized gain (loss) | 1017322358<br>| 374729531<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1183531155 | 665936463<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2510829597<br>| 1316955832<br>|
| Distributions to shareholders | (941889244)<br>| (551495427)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2694967418 | 4085791331 |
| Reinvestment of distributions | 941889244<br>| 551495427<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2359678589) | (2905074864) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1277178073<br>| 1732211894<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2846118426<br>| 2497672299<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12730516275 | 10232843976<br>|
| &nbsp;&nbsp;End of period | $15576634701 | $12730516275 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 159958968 | 258656270 |
| Issued in reinvestment of distributions | 56338265<br>| 34594540<br>|
| &nbsp;&nbsp;Redeemed | (137616767) | (179905045) |
| &nbsp;&nbsp;Net increase (decrease) | 78680466 | 113345765 |

---

**Financial Highlights** 

**Fidelity® Series Value Discovery Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.88 | $14.87 | $15.21 | $16.34 | $14.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .38  | .36  | .32  | .31  |
| Net realized and unrealized gain (loss)  | 2.58  | 1.38  | .06  | (.10)  | 3.15  |
| Total from investment operations  | 2.95  | 1.76  | .42  | .22  | 3.46  |
| Distributions from net investment income  | (.37)  | (.38)  | (.35)  | (.32)  | (.33)  |
| Distributions from net realized gain  | (.76)  | (.37)  | (.41)  | (1.03)  | (1.08)  |
| Total distributions  | (1.13)  | (.75)  | (.76)  | (1.35)  | (1.41)  |
| Net asset value, end of period  | $17.70 | $15.88 | $14.87 | $15.21 | $16.34 |
| **Total Return** C | 19.07% <br>| 11.85%  | 2.93%  | 1.55%  | 24.35%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions F | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any F | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any F | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.27%  | 2.37%  | 2.43%  | 2.12%  | 1.87%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15576635 | $12730516 | $10232844 | $9006992 | $9131187 |
| Portfolio turnover rate G | 65% <br>| 50%  | 32%  | 35%  | 38%  |

---

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

D*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.*

E*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.*

F*Amount represents less than .005%.*

G*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**

For the period ended January 31, 2026

**1. Organization.**

Fidelity Series All-Sector Equity Fund, Fidelity Series Stock Selector Large Cap Value Fund and Fidelity Series Value Discovery Fund (the Funds) are funds of Fidelity Devonshire Trust (the Trust). 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. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts.

**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.**

Each 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. Each Fund operates as a single operating segment. Each 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. Each 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 each 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 each 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, each 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 each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each 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 each 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.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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 January 31, 2026 is included at the end of each 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 Funds' 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 for certain Funds 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 Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, 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 Funds represent a return of capital or capital gain. The Funds determine 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, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable, as applicable. Fidelity Series Value Discovery Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** 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, each 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. As of January 31, 2026, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 each 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 determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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 for each Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Series All-Sector Equity Fund**  | 2739242979 | 2328859042 | (61704021) | 2267155021 |
| **Fidelity Series Stock Selector Large Cap Value Fund**  | 11999645768 | 3812250167 | (394803914) | 3417446253 |
| **Fidelity Series Value Discovery Fund**  | 11931660667 | 3959515989 | (292852705) | 3666663284 |

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The tax-based components of distributable earnings as of period end were as follows for each Fund:

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| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Series All-Sector Equity Fund**  | 27554902 | 96852546 | 2267069321 |
| **Fidelity Series Stock Selector Large Cap Value Fund**  | 141170914 | 312721896 | 3417446034 |
| **Fidelity Series Value Discovery Fund**  | 173782547 | 242153166 | 3667095875 |

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The tax character of distributions paid was as follows:

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| | | | |
|:---|:---|:---|:---|
| **January 31, 2026** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Series All-Sector Equity Fund**  | 67380145 | 261218789 | 328598934 |
| **Fidelity Series Stock Selector Large Cap Value Fund**  | 592659530 | 745749393 | 1338408923 |
| **Fidelity Series Value Discovery Fund**  | 308748718 | 633140526 | 941889244 |

---

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| | | | |
|:---|:---|:---|:---|
| **January 31, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Series All-Sector Equity Fund**  | 45319918 | 286634830 | 331954748 |
| **Fidelity Series Stock Selector Large Cap Value Fund**  | 482153897 | 895619121 | 1377773018 |
| **Fidelity Series Value Discovery Fund**  | 282599900 | 268895527 | 551495427 |

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**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.** Each 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.<br>|

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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 and subsequent daily payments are made or received by a fund depending on the daily 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 daily 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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series All-Sector Equity Fund** | 2414452048 | 2155793604 |
| **Fidelity Series Stock Selector Large Cap Value Fund** | 10955280358 | 10066150461 |
| **Fidelity Series Value Discovery Fund** | 9442334519 | 8734110795 |

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**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:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series All-Sector Equity Fund** | 37582 |
| **Fidelity Series Stock Selector Large Cap Value Fund** | 205852 |
| **Fidelity Series Value Discovery Fund** | 137873 |

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**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each 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 each 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Series Stock Selector Large Cap Value Fund**  | Borrower | 104580000 | 4.61% | 13392 |
| **Fidelity Series Value Discovery Fund**  | Borrower | 8564000 | 4.58% | 1090 |

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**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.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series All-Sector Equity Fund** | 166439791 | 158150700 | 21725475 |
| **Fidelity Series Stock Selector Large Cap Value Fund** | 923530335 | 733754833 | 132823693 |
| **Fidelity Series Value Discovery Fund** | 807557091 | 547429506 | 69004476 |

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**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 borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Series All-Sector Equity Fund** | 1711 | 2640 | - |
| **Fidelity Series Stock Selector Large Cap Value Fund** | 20479 | - | - |
| **Fidelity Series Value Discovery Fund** | 37763 | 966 | - |

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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.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series All-Sector Equity Fund** | 3406626 |
| **Fidelity Series Value Discovery Fund** | 12274651 |

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**9. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

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| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Series Value Discovery Fund**  | 7831 |

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**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.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Devonshire Trust and the Shareholders of Fidelity Series All-Sector Equity Fund and Fidelity Series Value Discovery Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Fidelity Series All-Sector Equity Fund and Fidelity Series Value Discovery Fund: (the "Funds"), each a fund of Fidelity Devonshire Trust, including the schedules of investments, as of January 31, 2026, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2026, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 17, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Devonshire Trust and Shareholders of Fidelity Series Stock Selector Large Cap Value Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Series Stock Selector Large Cap Value Fund (one of the funds constituting Fidelity Devonshire Trust, referred to hereafter as the "Fund") as of January 31, 2026, the related statement of operations for the year ended January 31, 2026, the statement of changes in net assets for each of the two years in the period ended January 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2026 and the financial highlights for each of the five years in the period ended January 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

March 17, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended January 31, 2026, or, if subsequently determined to be different, the net capital gain of such year.

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| | |
|:---|:---|
| **Fidelity Series All-Sector Equity Fund** | $288413940 |
| **Fidelity Series Stock Selector Large Cap Value Fund** | $901462980 |
| **Fidelity Series Value Discovery Fund** | $775955526 |

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A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

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| | |
|:---|:---|
| **Fidelity Series All-Sector Equity Fund** |  |
| March 2025 | 95% |
| December 2025 | 61% |
| **Fidelity Series Stock Selector Large Cap Value Fund** |  |
| March 2025 | 13% |
| December 2025 | 40% |
| **Fidelity Series Value Discovery Fund** |  |
| March 2025 | 67% |
| December 2025 | 71% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Fidelity Series All-Sector Equity Fund** |  |
| March 2025 | 95.50% |
| December 2025 | 63.01% |
| **Fidelity Series Stock Selector Large Cap Value Fund** |  |
| March 2025 | 12.30% |
| December 2025 | 45.73% |
| **Fidelity Series Value Discovery Fund** |  |
| March 2025 | 51.86% |
| December 2025 | 89.39% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | |
|:---|:---|
| **Fidelity Series All-Sector Equity Fund** |  |
| March 2025 | 0.55% |
| December 2025 | 4.44% |
| **Fidelity Series Stock Selector Large Cap Value Fund** |  |
| March 2025 | 0.04% |
| December 2025 | 3.94% |
| **Fidelity Series Value Discovery Fund** |  |
| March 2025 | 0.16% |
| December 2025 | 5.16% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Series All-Sector Equity Fund** | $3323845 |
| **Fidelity Series Stock Selector Large Cap Value Fund** | $10398252 |
| **Fidelity Series Value Discovery Fund** | $8877421 |

---

The funds will notify shareholders in January 2027 of amounts for use in preparing 2026 income tax returns.

**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.

![](img125388_4.jpg)<br>

1.956971.113 EDT-LDT-ANN-0426

**Fidelity® Mid Cap Value K6 Fund**

**Annual Report**

**January 31, 2026**

![](img125392_1.jpg)

![](img125392_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MCVK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid Cap Value K6 Fund](#Sub_Sec_Fund_2956_MCVK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2956_MCVK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MCVK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MCVK6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCVK6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCVK6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCVK6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCVK6-ANN)** |

---

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 1-800-835-5092 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 (Annual Report)**

**Fidelity® Mid Cap Value K6 Fund**

**Schedule of Investments January 31, 2026**

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>|
| BELGIUM - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Syensqo SA  | 4400 | 370408 |
| CANADA - 1.4%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Cenovus Energy Inc (United States) (a) | 23085 | 455236 |
| Secure Waste Infrastructure Corp  | 38300 | 494203 |
| TOTAL ENERGY |  | 949439 |
| Materials - 0.5% |  |  |
| Paper & Forest Products - 0.5% |  |  |
| Interfor Corp (b) | 67300 | 502655 |
| TOTAL CANADA |  | 1452094 |
| GERMANY - 0.7%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| BioNTech SE ADR (b) | 2307 | 262421 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Siemens Energy AG (b) | 2900 | 496893 |
| TOTAL GERMANY |  | 759314 |
| PORTUGAL - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Galp Energia SGPS SA  | 9900 | 196326 |
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Subsea 7 SA  | 9800 | 249923 |
| UNITED STATES - 96.2%  |  |  |
| Communication Services - 0.9% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| ZoomInfo Technologies Inc (b) | 43683 | 351648 |
| Media - 0.6% |  |  |
| Nexstar Media Group Inc  | 2863 | 608044 |
| TOTAL COMMUNICATION SERVICES |  | 959692 |
| Consumer Discretionary - 9.2% |  |  |
| Automobile Components - 0.7% |  |  |
| Patrick Industries Inc  | 5454 | 688131 |
| Distributors - 0.6% |  |  |
| LKQ Corp  | 19168 | 629669 |
| Diversified Consumer Services - 1.1% |  |  |
| Driven Brands Holdings Inc (b) | 20789 | 323269 |
| Laureate Education Inc (b) | 23508 | 806324 |
|  |  | 1129593 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Carnival Corp (b) | 11700 | 351234 |
| Expedia Group Inc Class A  | 862 | 228292 |
| Hilton Grand Vacations Inc (b) | 9273 | 418305 |
|  |  | 997831 |
| Household Durables - 2.2% |  |  |
| KB Home  | 8232 | 473669 |
| Newell Brands Inc  | 34292 | 145741 |
| PulteGroup Inc  | 5717 | 715140 |
| Somnigroup International Inc  | 5107 | 448650 |
| Whirlpool Corp (a) | 6781 | 542412 |
|  |  | 2325612 |
| Specialty Retail - 3.0% |  |  |
| Academy Sports & Outdoors Inc  | 5875 | 323184 |
| Bath & Body Works Inc  | 22341 | 487034 |
| Gap Inc/The  | 11647 | 325883 |
| Lithia Motors Inc Class A  | 1442 | 466400 |
| Murphy USA Inc  | 1426 | 602499 |
| Signet Jewelers Ltd  | 5863 | 540979 |
| Upbound Group Inc  | 21453 | 405462 |
|  |  | 3151441 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Crocs Inc (b) | 4253 | 356912 |
| PVH Corp  | 3434 | 214144 |
|  |  | 571056 |
| TOTAL CONSUMER DISCRETIONARY |  | 9493333 |
| Consumer Staples - 5.2% |  |  |
| Beverages - 1.3% |  |  |
| Keurig Dr Pepper Inc  | 19365 | 531375 |
| Primo Brands Corp Class A  | 41005 | 776635 |
|  |  | 1308010 |
| Consumer Staples Distribution & Retail - 1.4% |  |  |
| Dollar Tree Inc (b) | 2876 | 338189 |
| Grocery Outlet Holding Corp (b) | 17528 | 167041 |
| US Foods Holding Corp (b) | 11151 | 932447 |
|  |  | 1437677 |
| Food Products - 1.9% |  |  |
| Bunge Global SA  | 7531 | 857631 |
| Darling Ingredients Inc (b) | 10160 | 463906 |
| Ingredion Inc  | 5530 | 653093 |
|  |  | 1974630 |
| Personal Care Products - 0.6% |  |  |
| Kenvue Inc  | 36283 | 631324 |
| TOTAL CONSUMER STAPLES |  | 5351641 |
| Energy - 4.9% |  |  |
| Energy Equipment & Services - 1.4% |  |  |
| Baker Hughes Co Class A  | 16400 | 919056 |
| Weatherford International PLC  | 5350 | 503328 |
|  |  | 1422384 |
| Oil, Gas & Consumable Fuels - 3.5% |  |  |
| Cheniere Energy Inc  | 3419 | 723187 |
| Core Natural Resources Inc  | 2292 | 218611 |
| Ovintiv Inc  | 10323 | 448741 |
| Phillips 66  | 3439 | 493703 |
| Sunoco LP  | 10593 | 609945 |
| Targa Resources Corp  | 3893 | 782415 |
| Valero Energy Corp  | 2131 | 386627 |
|  |  | 3663229 |
| TOTAL ENERGY |  | 5085613 |
| Financials - 15.8% |  |  |
| Banks - 2.6% |  |  |
| East West Bancorp Inc  | 4799 | 549197 |
| First Citizens BancShares Inc/NC Class A  | 340 | 703654 |
| M&T Bank Corp  | 3917 | 867890 |
| Western Alliance Bancorp  | 6790 | 605329 |
|  |  | 2726070 |
| Capital Markets - 2.4% |  |  |
| Ameriprise Financial Inc  | 1786 | 941561 |
| Blue Owl Capital Inc Class A  | 30493 | 415924 |
| Raymond James Financial Inc  | 3495 | 579681 |
| State Street Corp  | 4488 | 587300 |
|  |  | 2524466 |
| Consumer Finance - 3.9% |  |  |
| Ally Financial Inc  | 9889 | 418107 |
| Capital One Financial Corp  | 2744 | 600744 |
| Credit Acceptance Corp (a)(b) | 1446 | 720455 |
| FirstCash Holdings Inc  | 3750 | 639375 |
| OneMain Holdings Inc  | 11159 | 731361 |
| SLM Corp  | 30706 | 833668 |
|  |  | 3943710 |
| Financial Services - 3.4% |  |  |
| Apollo Global Management Inc  | 5362 | 721403 |
| Corebridge Financial Inc  | 14784 | 455791 |
| Global Payments Inc  | 7747 | 555770 |
| NCR Atleos Corp (b) | 7122 | 265651 |
| Shift4 Payments Inc Class A (a)(b) | 4700 | 277488 |
| Voya Financial Inc  | 6068 | 465173 |
| Walker & Dunlop Inc  | 5900 | 371051 |
| WEX Inc (b) | 2716 | 417992 |
|  |  | 3530319 |
| Insurance - 3.5% |  |  |
| First American Financial Corp  | 7108 | 449083 |
| Globe Life Inc  | 5409 | 758450 |
| Hartford Insurance Group Inc/The  | 7059 | 953389 |
| Reinsurance Group of America Inc  | 4395 | 891086 |
| Travelers Companies Inc/The  | 2092 | 595195 |
|  |  | 3647203 |
| TOTAL FINANCIALS |  | 16371768 |
| Health Care - 9.5% |  |  |
| Biotechnology - 0.3% |  |  |
| Moderna Inc (b) | 7470 | 329202 |
| Health Care Equipment & Supplies - 2.5% |  |  |
| Baxter International Inc  | 25661 | 515016 |
| Becton Dickinson & Co  | 2385 | 485300 |
| Lantheus Holdings Inc (b) | 4800 | 321216 |
| QuidelOrtho Corp (b) | 16077 | 436812 |
| Solventum Corp (b) | 7306 | 562343 |
| Teleflex Inc  | 2201 | 229718 |
|  |  | 2550405 |
| Health Care Providers & Services - 5.3% |  |  |
| Acadia Healthcare Co Inc (b) | 48513 | 652015 |
| BrightSpring Health Services Inc (b) | 7035 | 276264 |
| Cigna Group/The  | 2229 | 610991 |
| CVS Health Corp  | 5499 | 409785 |
| Molina Healthcare Inc (b) | 6217 | 1116511 |
| PACS Group Inc (b) | 49251 | 1662715 |
| Tenet Healthcare Corp (b) | 3907 | 739517 |
|  |  | 5467798 |
| Life Sciences Tools & Services - 1.4% |  |  |
| ICON PLC (b) | 3804 | 685671 |
| IQVIA Holdings Inc (b) | 3530 | 812430 |
|  |  | 1498101 |
| TOTAL HEALTH CARE |  | 9845506 |
| Industrials - 19.1% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| ATI Inc (b) | 3106 | 373652 |
| Air Freight & Logistics - 0.8% |  |  |
| GXO Logistics Inc (b) | 14449 | 817669 |
| Building Products - 2.0% |  |  |
| Gibraltar Industries Inc (b) | 4900 | 251174 |
| Griffon Corp  | 6223 | 506864 |
| Masterbrand Inc (a)(b) | 33007 | 400045 |
| Owens Corning  | 4091 | 490265 |
| UFP Industries Inc  | 4096 | 423035 |
|  |  | 2071383 |
| Commercial Services & Supplies - 0.9% |  |  |
| Brink's Co/The  | 2990 | 379850 |
| HNI Corp  | 2207 | 105472 |
| MillerKnoll Inc  | 20400 | 409632 |
|  |  | 894954 |
| Construction & Engineering - 1.5% |  |  |
| Centuri Holdings Inc (b) | 18383 | 507371 |
| EMCOR Group Inc  | 614 | 442528 |
| WillScot Holdings Corp  | 30881 | 618546 |
|  |  | 1568445 |
| Electrical Equipment - 0.7% |  |  |
| Regal Rexnord Corp  | 4450 | 718675 |
| Ground Transportation - 2.3% |  |  |
| Ryder System Inc  | 3504 | 670245 |
| Saia Inc (b) | 2185 | 731691 |
| U-Haul Holding Co Class N  | 8189 | 420178 |
| XPO Inc (b) | 3540 | 524309 |
|  |  | 2346423 |
| Machinery - 5.4% |  |  |
| Allison Transmission Holdings Inc  | 7593 | 825359 |
| CNH Industrial NV Class A  | 55520 | 597395 |
| Cummins Inc  | 1397 | 808612 |
| Flowserve Corp  | 7710 | 602537 |
| Gates Industrial Corp PLC (b) | 19175 | 441409 |
| Mueller Industries Inc  | 7336 | 998723 |
| Oshkosh Corp  | 4104 | 590237 |
| Terex Corp  | 12114 | 690498 |
|  |  | 5554770 |
| Marine Transportation - 0.5% |  |  |
| Matson Inc  | 3288 | 527066 |
| Passenger Airlines - 0.5% |  |  |
| United Airlines Holdings Inc (b) | 4809 | 492057 |
| Professional Services - 2.6% |  |  |
| Amentum Holdings Inc (b) | 13160 | 470865 |
| First Advantage Corp (a)(b) | 26836 | 362286 |
| Genpact Ltd  | 8572 | 378025 |
| KBR Inc  | 7069 | 302624 |
| SS&C Technologies Holdings Inc  | 7582 | 620890 |
| TransUnion  | 7121 | 562701 |
|  |  | 2697391 |
| Trading Companies & Distributors - 1.5% |  |  |
| GATX Corp  | 2930 | 532996 |
| Herc Holdings Inc  | 3886 | 557020 |
| Rush Enterprises Inc Class A  | 7891 | 506523 |
|  |  | 1596539 |
| TOTAL INDUSTRIALS |  | 19659024 |
| Information Technology - 10.4% |  |  |
| Communications Equipment - 0.9% |  |  |
| Ciena Corp (b) | 3677 | 925905 |
| Electronic Equipment, Instruments & Components - 3.1% |  |  |
| Arrow Electronics Inc (b) | 4474 | 592760 |
| Avnet Inc  | 9965 | 621716 |
| Coherent Corp (b) | 2606 | 552941 |
| Sanmina Corp (b) | 5656 | 801343 |
| TD SYNNEX Corp  | 3778 | 599455 |
|  |  | 3168215 |
| IT Services - 0.7% |  |  |
| GoDaddy Inc Class A (b) | 4132 | 415349 |
| Kyndryl Holdings Inc (b) | 14688 | 337824 |
|  |  | 753173 |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| First Solar Inc (b) | 3357 | 757071 |
| MKS Inc  | 1496 | 352173 |
| ON Semiconductor Corp (b) | 12877 | 771204 |
| Qnity Electronics Inc  | 2700 | 259686 |
|  |  | 2140134 |
| Software - 0.5% |  |  |
| Gen Digital Inc  | 17602 | 422272 |
| Zoom Communications Inc Class A (b) | 2217 | 204185 |
|  |  | 626457 |
| Technology Hardware, Storage & Peripherals - 3.1% |  |  |
| Sandisk Corp/DE  | 1564 | 901255 |
| Western Digital Corp  | 9192 | 2300114 |
|  |  | 3201369 |
| TOTAL INFORMATION TECHNOLOGY |  | 10815253 |
| Materials - 6.0% |  |  |
| Chemicals - 1.8% |  |  |
| Avient Corp  | 11200 | 404880 |
| Corteva Inc  | 14555 | 1059604 |
| Mosaic Co/The  | 14117 | 388218 |
|  |  | 1852702 |
| Construction Materials - 1.0% |  |  |
| CRH PLC  | 4299 | 526241 |
| Eagle Materials Inc  | 2345 | 477934 |
|  |  | 1004175 |
| Containers & Packaging - 0.9% |  |  |
| Smurfit WestRock PLC  | 23154 | 963901 |
| Metals & Mining - 1.8% |  |  |
| Reliance Inc  | 3127 | 1030347 |
| Steel Dynamics Inc  | 4572 | 820994 |
|  |  | 1851341 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 5947 | 498001 |
| TOTAL MATERIALS |  | 6170120 |
| Real Estate - 8.0% |  |  |
| Health Care REITs - 2.4% |  |  |
| American Healthcare REIT Inc  | 16336 | 766322 |
| Ventas Inc  | 7199 | 559146 |
| Welltower Inc  | 6028 | 1135434 |
|  |  | 2460902 |
| Industrial REITs - 1.4% |  |  |
| Americold Realty Trust Inc  | 35233 | 437242 |
| Prologis Inc  | 4541 | 592873 |
| Rexford Industrial Realty Inc  | 11472 | 464960 |
|  |  | 1495075 |
| Real Estate Management & Development - 1.0% |  |  |
| Compass Inc Class A (b) | 47137 | 590156 |
| Jones Lang LaSalle Inc (b) | 1117 | 399785 |
|  |  | 989941 |
| Residential REITs - 0.5% |  |  |
| Sun Communities Inc  | 4349 | 554192 |
| Specialized REITs - 2.7% |  |  |
| Equinix Inc  | 717 | 588607 |
| Iron Mountain Inc  | 9907 | 912732 |
| Outfront Media Inc  | 18602 | 452401 |
| Public Storage  | 3043 | 840446 |
|  |  | 2794186 |
| TOTAL REAL ESTATE |  | 8294296 |
| Utilities - 7.2% |  |  |
| Electric Utilities - 3.4% |  |  |
| Constellation Energy Corp  | 894 | 250928 |
| Eversource Energy  | 11836 | 818223 |
| NRG Energy Inc  | 3450 | 526574 |
| PG&E Corp  | 66738 | 1029100 |
| PPL Corp  | 22317 | 808991 |
|  |  | 3433816 |
| Gas Utilities - 0.8% |  |  |
| UGI Corp  | 21445 | 860159 |
| Independent Power and Renewable Electricity Producers - 1.1% |  |  |
| AES Corp/The  | 48155 | 705471 |
| Vistra Corp  | 2579 | 408384 |
|  |  | 1113855 |
| Multi-Utilities - 1.9% |  |  |
| CenterPoint Energy Inc  | 22200 | 881118 |
| Sempra  | 12838 | 1117034 |
|  |  | 1998152 |
| TOTAL UTILITIES |  | 7405982 |
| TOTAL UNITED STATES |  | 99452228 |
| ZAMBIA - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| First Quantum Minerals Ltd (b) | 26800 | 757560 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $84,171,003) |  | <br> **103237853** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (c)(d)<br>(Cost $1,786,148)<br>| 3.70 | 1785969 | **1786148** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.5%**<br> (Cost $85,957,151)<br>| <br>**105024001** |
| **NET OTHER ASSETS (LIABILITIES) - (1.5)%**  | **(1506998)** |
| **NET ASSETS - 100.0%** | **103517003** |

---

**Legend**

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

(b) Non-income producing.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 352486 | 17619712 | 17972137 | 9724 | (61) | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 434900 | 23823300 | 22472099 | 14223 | 48 | (1) | 1786148 | 1785969 | 0.0% |
| Total | 787386 | 41443012 | 40444236 | 23947 | (13) | (1) | 1786148 |  |  |

---

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 January 31, 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 | 959692 | 959692 | - | - |
| Consumer Discretionary | 9493333 | 9493333 | - | - |
| Consumer Staples | 5351641 | 5351641 | - | - |
| Energy | 6481301 | 6481301 | - | - |
| Financials | 16371768 | 16371768 | - | - |
| Health Care | 10107927 | 10107927 | - | - |
| Industrials | 20155917 | 20155917 | - | - |
| Information Technology | 10815253 | 10815253 | - | - |
| Materials | 7800743 | 7800743 | - | - |
| Real Estate | 8294296 | 8294296 | - | - |
| Utilities | 7405982 | 7405982 | - | - |
|  **Money Market Funds** | 1786148 | 1786148 | - | - |
| **Total Investments in Securities:** | 105024001 | 105024001 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 31, 2026** | **As of January 31, 2026** | **As of January 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,750,011) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $84,171,003) | $103237853 |  |
| Fidelity Central Funds (cost $1,786,148) | 1786148 |  |
| Total Investment in Securities (cost $85,957,151) |  | $105024001 |
| Cash |  | 25232 |
| Receivable for investments sold |  | 1152001 |
| Receivable for fund shares sold |  | 81842 |
| Dividends receivable |  | 22087 |
| Distributions receivable from Fidelity Central Funds |  | 1255 |
| **Total assets** |  | 106306418 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $930498 |  |
| Payable for fund shares redeemed | 34805 |  |
| Accrued management fee | 38012 |  |
| Collateral on securities loaned | 1786100 |  |
| **Total liabilities** |  | 2789415 |
| **Net Assets**  |  | $103517003 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $82185263 |
| Total accumulated earnings (loss) |  | 21331740 |
| **Net Assets** |  | $103517003 |
| **Net Asset Value**, offering price and redemption price per share ($103,517,003 ÷ 7,587,617 shares) |  | $13.64 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $1079805 |
| Income from Fidelity Central Funds (including $14,223 from security lending)  |  | 23947 |
| **Total income** |  | 1103752 |
| **Expenses** |  |  |
| Management fee | $315503 |  |
| Independent trustees' fees and expenses | 233 |  |
| Total expenses before reductions | 315736 |  |
| Expense reductions | (193) |  |
| Total expenses after reductions |  | 315543 |
| **Net Investment income (loss)** |  | 788209 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3672595 |  |
| Fidelity Central Funds | (13) |  |
| Foreign currency transactions | (950) |  |
| Total net realized gain (loss) |  | 3671632 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 13907146 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 20 |  |
| Total change in net unrealized appreciation (depreciation) |  | 13907165 |
| **Net gain (loss)** |  | 17578797 |
| **Net increase (decrease) in net assets resulting from operations** |  | $18367006 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $788209 | $569177 |
| &nbsp;&nbsp;Net realized gain (loss) | 3671632<br>| 8527932<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 13907165 | (187145)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 18367006<br>| 8909964<br>|
| Distributions to shareholders | (3338570)<br>| (7920228)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 72575825 | 31183898 |
| Reinvestment of distributions | 3338570<br>| 7920228<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (17543562) | (50289274) |
| **Net increase (decrease) in net assets resulting from share transactions** | 58370833<br>| (11185148)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 73399269<br>| (10195412)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 30117734 | 40313146<br>|
| &nbsp;&nbsp;End of period | $103517003 | $30117734 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 6404821 | 1925661 |
| Issued in reinvestment of distributions | 272642<br>| 642438<br>|
| &nbsp;&nbsp;Redeemed | (1457101) | (2931745) |
| &nbsp;&nbsp;Net increase (decrease) | 5220362 | (363646) |

---

**Financial Highlights** 

**Fidelity® Mid Cap Value K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.72 | $14.76 | $13.65 | $13.55 | $10.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .21  | .20  | .19 C | .19  |
| Net realized and unrealized gain (loss)  | 1.65  | 2.50  | 1.10  | .12  | 2.91  |
| Total from investment operations  | 1.79  | 2.71  | 1.30  | .31  | 3.10  |
| Distributions from net investment income  | (.11) D | (.37) D | (.17)  | (.21)  | (.19)  |
| Distributions from net realized gain  | (.76) D | (4.38) D | (.03)  | -  | -  |
| Total distributions  | (.87)  | (4.75)  | (.19) E | (.21)  | (.19)  |
| Net asset value, end of period  | $13.64 | $12.72 | $14.76 | $13.65 | $13.55 |
| **Total Return** F | 15.20% <br>| 19.49%  | 9.58%  | 2.41%  | 29.17%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% <br>| .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | 1.12%  | 1.29%  | 1.48%  | 1.45% C | 1.45%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $103517 | $30118 | $40313 | $36374 | $34992 |
| Portfolio turnover rate I | 97% J<br>| 140%  | 84% J | 85% J | 100%  |

---

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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.23%.*

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

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

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*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**

For the period ended January 31, 2026

**1. Organization.**

Fidelity Mid Cap Value K6 Fund (the Fund) is a fund of Fidelity Devonshire Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

**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 January 31, 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 included in dividend income, 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.

**Expenses.** 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. As of January 31, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications.

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, partnerships, 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**  | $21905932 |
| **Gross unrealized depreciation**  | <u>(3125047)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$18780885</u> |
| **Tax Cost**  | <u>$86243116</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2086972</u> |
| **Undistributed long-term capital gain**  | <u>$463851</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$18780917</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **January 31, 2025** |
| **Ordinary Income**  | $1171067 | $3258071 |
| **Long-term Capital Gains**  | <u>2167503</u> | <u>4662157</u> |
| **Total**  | <u>$3338570</u> | <u>$7920228</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 Mid Cap Value K6 Fund** | 99093891 | 66042422 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Mid Cap Value K6 Fund** | 1983981 | 22795942 |

---

**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 that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**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 Mid Cap Value K6 Fund** | 2572 |

---

**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 Mid Cap Value K6 Fund** | 3729244 | 2451104 | 414134 |

---

**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 borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Mid Cap Value K6 Fund** | 1474 | - | - |

---

**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 by $193.

**9. 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.

**10. 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Devonshire Trust and the Shareholders of Fidelity Mid Cap Value K6 Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Mid Cap Value K6 Fund (the "Fund"), a fund of Fidelity Devonshire Trust, including the schedule of investments, as of January 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 17, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2026, $1,472,498, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $5,610 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 12% and 71% of the dividends distributed in March and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 4.71% and 81.89% of the dividends distributed in March and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.10% and 15.32% of the dividends distributed in March and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2027 of amounts for use in preparing 2026 income tax returns.

**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.

![](img125392_4.jpg)<br>

1.9883983.108 MCVK6-ANN-0426

**Fidelity® Mid Cap Value Fund**

**Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125393_1.jpg)

![](img125393_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MCV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid Cap Value Fund](#Sub_Sec_Fund_5649_MCV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements5649_MCV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MCV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MCV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCV-ANN)** |

---

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 (Annual Report)**

**Fidelity® Mid Cap Value Fund**

**Schedule of Investments January 31, 2026**

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>|
| BELGIUM - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Syensqo SA  | 82300 | 6928307 |
| CANADA - 1.4%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Cenovus Energy Inc (United States) (a) | 425846 | 8397683 |
| Secure Waste Infrastructure Corp (a) | 706300 | 9113716 |
| TOTAL ENERGY |  | 17511399 |
| Materials - 0.5% |  |  |
| Paper & Forest Products - 0.5% |  |  |
| Interfor Corp (b) | 1225600 | 9153859 |
| TOTAL CANADA |  | 26665258 |
| GERMANY - 0.7%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| BioNTech SE ADR (a)(b) | 43052 | 4897165 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Siemens Energy AG (b) | 53900 | 9235352 |
| TOTAL GERMANY |  | 14132517 |
| PORTUGAL - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Galp Energia SGPS SA  | 179000 | 3549732 |
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Subsea 7 SA  | 184100 | 4694975 |
| UNITED STATES - 96.2%  |  |  |
| Communication Services - 0.9% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| ZoomInfo Technologies Inc (b) | 800800 | 6446440 |
| Media - 0.6% |  |  |
| Nexstar Media Group Inc  | 52814 | 11216637 |
| TOTAL COMMUNICATION SERVICES |  | 17663077 |
| Consumer Discretionary - 9.2% |  |  |
| Automobile Components - 0.7% |  |  |
| Patrick Industries Inc (a) | 100962 | 12738376 |
| Distributors - 0.6% |  |  |
| LKQ Corp  | 353600 | 11615760 |
| Diversified Consumer Services - 1.1% |  |  |
| Driven Brands Holdings Inc (b) | 383500 | 5963425 |
| Laureate Education Inc (b) | 428422 | 14694875 |
|  |  | 20658300 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Carnival Corp (b) | 215300 | 6463306 |
| Expedia Group Inc Class A  | 15900 | 4210956 |
| Hilton Grand Vacations Inc (b) | 169854 | 7662114 |
|  |  | 18336376 |
| Household Durables - 2.2% |  |  |
| KB Home  | 151126 | 8695790 |
| Newell Brands Inc  | 620356 | 2636513 |
| PulteGroup Inc  | 103500 | 12946815 |
| Somnigroup International Inc  | 93266 | 8193418 |
| Whirlpool Corp (a) | 123929 | 9913081 |
|  |  | 42385617 |
| Specialty Retail - 3.0% |  |  |
| Academy Sports & Outdoors Inc  | 108367 | 5961269 |
| Bath & Body Works Inc  | 412300 | 8988140 |
| Gap Inc/The  | 210645 | 5893846 |
| Lithia Motors Inc Class A  | 26331 | 8516499 |
| Murphy USA Inc  | 26300 | 11112013 |
| Signet Jewelers Ltd  | 107691 | 9936649 |
| Upbound Group Inc  | 395739 | 7479467 |
|  |  | 57887883 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Crocs Inc (b) | 78216 | 6563887 |
| PVH Corp  | 62530 | 3899370 |
|  |  | 10463257 |
| TOTAL CONSUMER DISCRETIONARY |  | 174085569 |
| Consumer Staples - 5.2% |  |  |
| Beverages - 1.3% |  |  |
| Keurig Dr Pepper Inc  | 356100 | 9771384 |
| Primo Brands Corp Class A  | 746079 | 14130736 |
|  |  | 23902120 |
| Consumer Staples Distribution & Retail - 1.4% |  |  |
| Dollar Tree Inc (b) | 52801 | 6208870 |
| Grocery Outlet Holding Corp (b) | 320913 | 3058300 |
| US Foods Holding Corp (b) | 203424 | 17010315 |
|  |  | 26277485 |
| Food Products - 1.9% |  |  |
| Bunge Global SA  | 138612 | 15785136 |
| Darling Ingredients Inc (b) | 187340 | 8553944 |
| Ingredion Inc  | 102013 | 12047735 |
|  |  | 36386815 |
| Personal Care Products - 0.6% |  |  |
| Kenvue Inc  | 668100 | 11624940 |
| TOTAL CONSUMER STAPLES |  | 98191360 |
| Energy - 4.9% |  |  |
| Energy Equipment & Services - 1.3% |  |  |
| Baker Hughes Co Class A  | 298793 | 16744360 |
| Weatherford International PLC  | 99811 | 9390218 |
|  |  | 26134578 |
| Oil, Gas & Consumable Fuels - 3.6% |  |  |
| Cheniere Energy Inc  | 63047 | 13335701 |
| Core Natural Resources Inc  | 41867 | 3993274 |
| Ovintiv Inc  | 190424 | 8277731 |
| Phillips 66  | 63439 | 9107303 |
| Sunoco LP  | 195400 | 11251132 |
| Targa Resources Corp  | 71715 | 14413282 |
| Valero Energy Corp  | 39300 | 7130199 |
|  |  | 67508622 |
| TOTAL ENERGY |  | 93643200 |
| Financials - 16.0% |  |  |
| Banks - 2.6% |  |  |
| East West Bancorp Inc  | 88269 | 10101504 |
| First Citizens BancShares Inc/NC Class A  | 6206 | 12843751 |
| M&T Bank Corp  | 71566 | 15856880 |
| Western Alliance Bancorp  | 124362 | 11086872 |
|  |  | 49889007 |
| Capital Markets - 2.4% |  |  |
| Ameriprise Financial Inc  | 32200 | 16975518 |
| Blue Owl Capital Inc Class A  | 557700 | 7607028 |
| Raymond James Financial Inc  | 64477 | 10694155 |
| State Street Corp  | 81990 | 10729211 |
|  |  | 46005912 |
| Consumer Finance - 4.0% |  |  |
| Ally Financial Inc  | 182429 | 7713098 |
| Capital One Financial Corp  | 50610 | 11080047 |
| Credit Acceptance Corp (a)(b) | 26600 | 13253184 |
| FirstCash Holdings Inc  | 69181 | 11795361 |
| OneMain Holdings Inc  | 205840 | 13490754 |
| SLM Corp  | 588727 | 15983938 |
|  |  | 73316382 |
| Financial Services - 3.4% |  |  |
| Apollo Global Management Inc  | 97559 | 13125588 |
| Corebridge Financial Inc  | 269650 | 8313310 |
| Global Payments Inc  | 142900 | 10251646 |
| NCR Atleos Corp (b) | 131052 | 4888239 |
| Shift4 Payments Inc Class A (a)(b) | 86500 | 5106960 |
| Voya Financial Inc  | 110242 | 8451152 |
| Walker & Dunlop Inc  | 108400 | 6817276 |
| WEX Inc (b) | 49757 | 7657602 |
|  |  | 64611773 |
| Insurance - 3.6% |  |  |
| First American Financial Corp  | 154092 | 9735532 |
| Globe Life Inc  | 100000 | 14022000 |
| Hartford Insurance Group Inc/The  | 128714 | 17384113 |
| Reinsurance Group of America Inc  | 83595 | 16948886 |
| Travelers Companies Inc/The  | 38582 | 10976965 |
|  |  | 69067496 |
| TOTAL FINANCIALS |  | 302890570 |
| Health Care - 9.5% |  |  |
| Biotechnology - 0.3% |  |  |
| Moderna Inc (a)(b) | 137800 | 6072846 |
| Health Care Equipment & Supplies - 2.5% |  |  |
| Baxter International Inc  | 470500 | 9442935 |
| Becton Dickinson & Co  | 44000 | 8953120 |
| Lantheus Holdings Inc (b) | 87100 | 5828732 |
| QuidelOrtho Corp (b) | 296569 | 8057780 |
| Solventum Corp (b) | 133456 | 10272108 |
| Teleflex Inc  | 40100 | 4185237 |
|  |  | 46739912 |
| Health Care Providers & Services - 5.3% |  |  |
| Acadia Healthcare Co Inc (a)(b) | 895569 | 12036447 |
| BrightSpring Health Services Inc (b) | 131100 | 5148297 |
| Cigna Group/The  | 41809 | 11460265 |
| CVS Health Corp  | 100176 | 7465116 |
| Molina Healthcare Inc (b) | 114133 | 20497145 |
| PACS Group Inc (b) | 901430 | 30432277 |
| Tenet Healthcare Corp (b) | 71081 | 13454212 |
|  |  | 100493759 |
| Life Sciences Tools & Services - 1.4% |  |  |
| ICON PLC (b) | 70080 | 12631920 |
| IQVIA Holdings Inc (b) | 64300 | 14798645 |
|  |  | 27430565 |
| TOTAL HEALTH CARE |  | 180737082 |
| Industrials - 19.1% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| ATI Inc (b) | 57700 | 6941310 |
| Air Freight & Logistics - 0.8% |  |  |
| GXO Logistics Inc (b) | 263127 | 14890357 |
| Building Products - 2.0% |  |  |
| Gibraltar Industries Inc (b) | 89200 | 4572392 |
| Griffon Corp  | 114700 | 9342315 |
| Masterbrand Inc (a)(b) | 601300 | 7287756 |
| Owens Corning  | 74850 | 8970024 |
| UFP Industries Inc  | 75476 | 7795161 |
|  |  | 37967648 |
| Commercial Services & Supplies - 0.8% |  |  |
| Brink's Co/The  | 54510 | 6924950 |
| HNI Corp  | 31383 | 1499794 |
| MillerKnoll Inc  | 379077 | 7611866 |
|  |  | 16036610 |
| Construction & Engineering - 1.5% |  |  |
| Centuri Holdings Inc (b) | 336539 | 9288476 |
| EMCOR Group Inc  | 11213 | 8081545 |
| WillScot Holdings Corp  | 570558 | 11428278 |
|  |  | 28798299 |
| Electrical Equipment - 0.7% |  |  |
| Regal Rexnord Corp  | 81520 | 13165480 |
| Ground Transportation - 2.3% |  |  |
| Ryder System Inc  | 65250 | 12481020 |
| Saia Inc (b) | 39992 | 13392122 |
| U-Haul Holding Co Class N  | 148669 | 7628206 |
| XPO Inc (b) | 65747 | 9737788 |
|  |  | 43239136 |
| Machinery - 5.5% |  |  |
| Allison Transmission Holdings Inc  | 138585 | 15064190 |
| CNH Industrial NV Class A  | 1024189 | 11020274 |
| Cummins Inc  | 25500 | 14759910 |
| Flowserve Corp  | 142300 | 11120745 |
| Gates Industrial Corp PLC (b) | 353107 | 8128523 |
| Mueller Industries Inc  | 134300 | 18283602 |
| Oshkosh Corp (a) | 75555 | 10866320 |
| Terex Corp  | 221311 | 12614727 |
|  |  | 101858291 |
| Marine Transportation - 0.5% |  |  |
| Matson Inc  | 59900 | 9601970 |
| Passenger Airlines - 0.5% |  |  |
| United Airlines Holdings Inc (b) | 88700 | 9075784 |
| Professional Services - 2.6% |  |  |
| Amentum Holdings Inc (b) | 241844 | 8653178 |
| First Advantage Corp (a)(b) | 486567 | 6568655 |
| Genpact Ltd  | 155249 | 6846481 |
| KBR Inc  | 141135 | 6041989 |
| SS&C Technologies Holdings Inc  | 139379 | 11413746 |
| TransUnion  | 130600 | 10320012 |
|  |  | 49844061 |
| Trading Companies & Distributors - 1.5% |  |  |
| GATX Corp  | 53200 | 9677612 |
| Herc Holdings Inc  | 71689 | 10275901 |
| Rush Enterprises Inc Class A  | 144003 | 9243553 |
|  |  | 29197066 |
| TOTAL INDUSTRIALS |  | 360616012 |
| Information Technology - 10.4% |  |  |
| Communications Equipment - 0.9% |  |  |
| Ciena Corp (b) | 64775 | 16310993 |
| Electronic Equipment, Instruments & Components - 3.1% |  |  |
| Arrow Electronics Inc (b) | 82069 | 10873322 |
| Avnet Inc  | 183435 | 11444510 |
| Coherent Corp (b) | 47760 | 10133716 |
| Sanmina Corp (b) | 104000 | 14734720 |
| TD SYNNEX Corp  | 69116 | 10966636 |
|  |  | 58152904 |
| IT Services - 0.7% |  |  |
| GoDaddy Inc Class A (b) | 76700 | 7709884 |
| Kyndryl Holdings Inc (b) | 269083 | 6188909 |
|  |  | 13898793 |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| First Solar Inc (b) | 61953 | 13971641 |
| MKS Inc  | 27500 | 6473775 |
| ON Semiconductor Corp (b) | 253017 | 15153188 |
| Qnity Electronics Inc  | 49500 | 4760910 |
|  |  | 40359514 |
| Software - 0.5% |  |  |
| Gen Digital Inc  | 319500 | 7664805 |
| Zoom Communications Inc Class A (b) | 41100 | 3785309 |
|  |  | 11450114 |
| Technology Hardware, Storage & Peripherals - 3.1% |  |  |
| Sandisk Corp/DE  | 28089 | 16186286 |
| Western Digital Corp  | 167703 | 41964322 |
|  |  | 58150608 |
| TOTAL INFORMATION TECHNOLOGY |  | 198322926 |
| Materials - 5.9% |  |  |
| Chemicals - 1.8% |  |  |
| Avient Corp  | 205100 | 7414365 |
| Corteva Inc  | 266698 | 19415614 |
| Mosaic Co/The  | 258559 | 7110373 |
|  |  | 33940352 |
| Construction Materials - 1.0% |  |  |
| CRH PLC  | 79996 | 9792310 |
| Eagle Materials Inc  | 42800 | 8723068 |
|  |  | 18515378 |
| Containers & Packaging - 0.9% |  |  |
| Smurfit WestRock PLC  | 422560 | 17591173 |
| Metals & Mining - 1.8% |  |  |
| Reliance Inc  | 57115 | 18819393 |
| Steel Dynamics Inc  | 83305 | 14959078 |
|  |  | 33778471 |
| Paper & Forest Products - 0.4% |  |  |
| Louisiana-Pacific Corp  | 108500 | 9085790 |
| TOTAL MATERIALS |  | 112911164 |
| Real Estate - 8.0% |  |  |
| Health Care REITs - 2.4% |  |  |
| American Healthcare REIT Inc  | 301202 | 14129386 |
| Ventas Inc  | 132789 | 10313721 |
| Welltower Inc  | 110360 | 20787410 |
|  |  | 45230517 |
| Industrial REITs - 1.5% |  |  |
| Americold Realty Trust Inc  | 652700 | 8100007 |
| Prologis Inc  | 83475 | 10898496 |
| Rexford Industrial Realty Inc  | 211528 | 8573230 |
|  |  | 27571733 |
| Real Estate Management & Development - 1.0% |  |  |
| Compass Inc Class A (b) | 868495 | 10873557 |
| Jones Lang LaSalle Inc (b) | 20289 | 7261636 |
|  |  | 18135193 |
| Residential REITs - 0.4% |  |  |
| Sun Communities Inc  | 80228 | 10223454 |
| Specialized REITs - 2.7% |  |  |
| Equinix Inc  | 13200 | 10836276 |
| Iron Mountain Inc  | 180725 | 16650194 |
| Outfront Media Inc  | 339061 | 8245964 |
| Public Storage  | 55467 | 15319431 |
|  |  | 51051865 |
| TOTAL REAL ESTATE |  | 152212762 |
| Utilities - 7.1% |  |  |
| Electric Utilities - 3.3% |  |  |
| Constellation Energy Corp  | 16471 | 4623079 |
| Eversource Energy  | 215577 | 14902838 |
| NRG Energy Inc  | 63225 | 9650032 |
| PG&E Corp  | 1219106 | 18798615 |
| PPL Corp  | 407167 | 14759804 |
|  |  | 62734368 |
| Gas Utilities - 0.8% |  |  |
| UGI Corp  | 390442 | 15660629 |
| Independent Power and Renewable Electricity Producers - 1.1% |  |  |
| AES Corp/The  | 887570 | 13002901 |
| Vistra Corp  | 48169 | 7627561 |
|  |  | 20630462 |
| Multi-Utilities - 1.9% |  |  |
| CenterPoint Energy Inc  | 407800 | 16185582 |
| Sempra  | 234741 | 20424814 |
|  |  | 36610396 |
| TOTAL UTILITIES |  | 135635855 |
| TOTAL UNITED STATES |  | 1826909577 |
| ZAMBIA - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| First Quantum Minerals Ltd (b) | 494700 | 13983772 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,490,733,026) |  | <br> **1896864138** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 978510 | 978706 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.70 | 60946806 | 60952901 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $61,931,607) |  |  | **61931607** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.1%**<br> (Cost $1,552,664,633)<br>| <br>**1958795745** |
| **NET OTHER ASSETS (LIABILITIES) - (3.1)%**  | **(58500941)** |
| **NET ASSETS - 100.0%** | **1900294804** |

---

**Legend**

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

(b) Non-income producing.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 2813365 | 129284096 | 131118861 | 44263 | 106 | - | 978706 | 978510 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 50634920 | 601058332 | 590739526 | 459901 | (825) | - | 60952901 | 60946806 | 0.2% |
| Total | 53448285 | 730342428 | 721858387 | 504164 | (719) | - | 61931607 |  |  |

---

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 January 31, 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 | 17663077 | 17663077 | - | - |
| Consumer Discretionary | 174085569 | 174085569 | - | - |
| Consumer Staples | 98191360 | 98191360 | - | - |
| Energy | 119399306 | 119399306 | - | - |
| Financials | 302890570 | 302890570 | - | - |
| Health Care | 185634247 | 185634247 | - | - |
| Industrials | 369851364 | 369851364 | - | - |
| Information Technology | 198322926 | 198322926 | - | - |
| Materials | 142977102 | 142977102 | - | - |
| Real Estate | 152212762 | 152212762 | - | - |
| Utilities | 135635855 | 135635855 | - | - |
|  **Money Market Funds** | 61931607 | 61931607 | - | - |
| **Total Investments in Securities:** | 1958795745 | 1958795745 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 31, 2026** | **As of January 31, 2026** | **As of January 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $63,619,676) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,490,733,026) | $1896864138 |  |
| Fidelity Central Funds (cost $61,931,607) | 61931607 |  |
| Total Investment in Securities (cost $1,552,664,633) |  | $1958795745 |
| Cash |  | 1165 |
| Receivable for investments sold |  | 20964116 |
| Receivable for fund shares sold |  | 861965 |
| Dividends receivable |  | 445045 |
| Distributions receivable from Fidelity Central Funds |  | 16592 |
| Prepaid expenses |  | 1173 |
| **Total assets** |  | 1981085801 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $17177159 |  |
| Payable for fund shares redeemed | 1253246 |  |
| Accrued management fee | 1285950 |  |
| Distribution and service plan fees payable | 76521 |  |
| Other payables and accrued expenses | 56113 |  |
| Collateral on securities loaned | 60942008 |  |
| **Total liabilities** |  | 80790997 |
| **Net Assets**  |  | $1900294804 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1450831828 |
| Total accumulated earnings (loss) |  | 449462976 |
| **Net Assets** |  | $1900294804 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($224,068,070 ÷ 6,943,034 shares)(a) |  | $32.27 |
| Maximum offering price per share (100/94.25 of $32.27) |  | $34.24 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($39,201,098 ÷ 1,225,100 shares)(a) |  | $32.00 |
| Maximum offering price per share (100/96.50 of $32.00) |  | $33.16 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($15,948,757 ÷ 521,132 shares)(a) |  | $30.60 |
| **Mid Cap Value :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,373,250,590 ÷ 41,488,408 shares) |  | $33.10 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($151,163,647 ÷ 4,624,663 shares) |  | $32.69 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($96,662,642 ÷ 2,956,375 shares) |  | $32.70 |
| *(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** |
| <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $28426136 |
| Interest  |  | 22 |
| Income from Fidelity Central Funds (including $459,901 from security lending)  |  | 504164 |
| **Total income** |  | 28930322 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $11314669 |  |
| Performance adjustment | 3224703 |  |
| Distribution and service plan fees | 847350 |  |
| Custodian fees and expenses | 51311 |  |
| Independent trustees' fees and expenses | 6886 |  |
| Registration fees | 133457 |  |
| Audit fees | 67518 |  |
| Legal | 3759 |  |
| Interest | 16825 |  |
| Miscellaneous | 17140 |  |
| **Total expenses** |  | 15683618 |
| **Net Investment income (loss)** |  | 13246704 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 120373832 |  |
| Redemptions in-kind | 5482157 |  |
| Fidelity Central Funds | (719) |  |
| Foreign currency transactions | (55206) |  |
| Written options | 184577 |  |
| Total net realized gain (loss) |  | 125984641 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 106074721 |  |
| Assets and liabilities in foreign currencies | 928 |  |
| Total change in net unrealized appreciation (depreciation) |  | 106075649 |
| **Net gain (loss)** |  | 232060290 |
| **Net increase (decrease) in net assets resulting from operations** |  | $245306994 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $13246704 | $15964382 |
| &nbsp;&nbsp;Net realized gain (loss) | 125984641<br>| 243602070<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 106075649 | 73998099<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 245306994<br>| 333564551<br>|
| Distributions to shareholders | (148996135)<br>| (181614291)<br>|
| Share transactions - net increase (decrease) | (114793592)<br>| 84092578<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (18482733)<br>| 236042838<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1918777537 | 1682734699<br>|
| &nbsp;&nbsp;End of period | $1900294804 | $1918777537 |

---

**Financial Highlights** 

**Fidelity Advisor® Mid Cap Value Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.51 | $28.08 | $26.06 | $28.85 | $22.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .19  | .19  | .22 C | .29  |
| Net realized and unrealized gain (loss)  | 4.13  | 5.30  | 2.11  | .08  | 6.21  |
| Total from investment operations  | 4.28  | 5.49  | 2.30  | .30  | 6.50  |
| Distributions from net investment income  | (.18)  | (.21)  | (.16)  | (.28)  | (.32)  |
| Distributions from net realized gain  | (2.34)  | (2.85)  | (.11)  | (2.81)  | -  |
| Total distributions  | (2.52)  | (3.06)  | (.28) D | (3.09)  | (.32)  |
| Net asset value, end of period  | $32.27 | $30.51 | $28.08 | $26.06 | $28.85 |
| **Total Return** E,F | 15.11% <br>| 20.00%  | 8.89%  | 1.70%  | 28.68%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.13%  | 1.13%  | 1.20%  | 1.08%  | .86%  |
| Expenses net of fee waivers, if any  | 1.13% <br>| 1.12%  | 1.19%  | 1.08%  | .86%  |
| Expenses net of all reductions, if any  | 1.13%  | 1.12%  | 1.19%  | 1.08%  | .86%  |
| Net investment income (loss)  | .51%  | .61%  | .75%  | .84% C | 1.05%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $224068 | $210235 | $183034 | $172188 | $167448 |
| Portfolio turnover rate I | 84% J<br>| 96%  | 78% J | 70% J | 80%  |

---

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 .61%.*

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

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*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.*

**Fidelity Advisor® Mid Cap Value Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.28 | $27.89 | $25.89 | $28.68 | $22.54 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .11  | .13  | .15 C | .22  |
| Net realized and unrealized gain (loss)  | 4.08  | 5.26  | 2.08  | .08  | 6.18  |
| Total from investment operations  | 4.16  | 5.37  | 2.21  | .23  | 6.40  |
| Distributions from net investment income  | (.11)  | (.13)  | (.10)  | (.22)  | (.26)  |
| Distributions from net realized gain  | (2.34)  | (2.85)  | (.11)  | (2.81)  | -  |
| Total distributions  | (2.44) D | (2.98)  | (.21)  | (3.02) D | (.26)  |
| Net asset value, end of period  | $32.00 | $30.28 | $27.89 | $25.89 | $28.68 |
| **Total Return** E,F | 14.82% <br>| 19.70%  | 8.62%  | 1.45%  | 28.38%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | 1.38%  | 1.38%  | 1.46%  | 1.34%  | 1.12%  |
| Expenses net of fee waivers, if any  | 1.38% <br>| 1.37%  | 1.45%  | 1.34%  | 1.12%  |
| Expenses net of all reductions, if any  | 1.38%  | 1.37%  | 1.45%  | 1.34%  | 1.12%  |
| Net investment income (loss)  | .26%  | .36%  | .50%  | .58% C | .79%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39201 | $40061 | $37407 | $37165 | $38920 |
| Portfolio turnover rate I | 84% J<br>| 96%  | 78% J | 70% J | 80%  |

---

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 .35%.*

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

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*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.*

**Fidelity Advisor® Mid Cap Value Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.11 | $26.87 | $24.99 | $27.79 | $21.84 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.07)  | (.04)  | (.01)  | .02 C | .08  |
| Net realized and unrealized gain (loss)  | 3.90  | 5.07  | 2.00  | .07  | 5.98  |
| Total from investment operations  | 3.83  | 5.03  | 1.99  | .09  | 6.06  |
| Distributions from net investment income  | -  | -  | -  | (.08)  | (.11)  |
| Distributions from net realized gain  | (2.34)  | (2.79)  | (.11)  | (2.81)  | -  |
| Total distributions  | (2.34)  | (2.79)  | (.11)  | (2.89)  | (.11)  |
| Net asset value, end of period  | $30.60 | $29.11 | $26.87 | $24.99 | $27.79 |
| **Total Return** D,E | 14.23% <br>| 19.12%  | 8.05%  | .90%  | 27.76%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.89%  | 1.87%  | 1.98%  | 1.85%  | 1.62%  |
| Expenses net of fee waivers, if any  | 1.89% <br>| 1.87%  | 1.97%  | 1.85%  | 1.62%  |
| Expenses net of all reductions, if any  | 1.89%  | 1.87%  | 1.97%  | 1.85%  | 1.62%  |
| Net investment income (loss)  | (.24)%  | (.13)%  | (.02)%  | .07% C | .28%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15949 | $18034 | $22641 | $34139 | $43673 |
| Portfolio turnover rate H | 84% I<br>| 96%  | 78% I | 70% I | 80%  |

---

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 (.16)%.*

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

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

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*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.*

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

**Fidelity® Mid Cap Value Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.21 | $28.65 | $26.57 | $29.34 | $23.03 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .29  | .27  | .30 C | .38  |
| Net realized and unrealized gain (loss)  | 4.24  | 5.41  | 2.15  | .09  | 6.32  |
| Total from investment operations  | 4.48  | 5.70  | 2.42  | .39  | 6.70  |
| Distributions from net investment income  | (.25)  | (.29)  | (.23)  | (.35)  | (.39)  |
| Distributions from net realized gain  | (2.34)  | (2.85)  | (.11)  | (2.81)  | -  |
| Total distributions  | (2.59)  | (3.14)  | (.34)  | (3.16)  | (.39)  |
| Net asset value, end of period  | $33.10 | $31.21 | $28.65 | $26.57 | $29.34 |
| **Total Return** D | 15.45% <br>| 20.35%  | 9.20%  | 2.00%  | 29.11%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .84%  | .83%  | .91%  | .79%  | .57%  |
| Expenses net of fee waivers, if any  | .84% <br>| .83%  | .90%  | .79%  | .57%  |
| Expenses net of all reductions, if any  | .84%  | .83%  | .90%  | .79%  | .57%  |
| Net investment income (loss)  | .81%  | .90%  | 1.05%  | 1.13% C | 1.34%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1373251 | $1333585 | $1119427 | $1113891 | $1172691 |
| Portfolio turnover rate G | 84% H<br>| 96%  | 78% H | 70% H | 80%  |

---

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 .90%.*

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*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.*

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

**Fidelity Advisor® Mid Cap Value Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.83 | $28.34 | $26.29 | $29.06 | $22.82 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .27  | .26  | .29 C | .37  |
| Net realized and unrealized gain (loss)  | 4.19  | 5.35  | 2.13  | .09  | 6.26  |
| Total from investment operations  | 4.41  | 5.62  | 2.39  | .38  | 6.63  |
| Distributions from net investment income  | (.22)  | (.28)  | (.23)  | (.35)  | (.39)  |
| Distributions from net realized gain  | (2.34)  | (2.85)  | (.11)  | (2.81)  | -  |
| Total distributions  | (2.55) D | (3.13)  | (.34)  | (3.15) D | (.39)  |
| Net asset value, end of period  | $32.69 | $30.83 | $28.34 | $26.29 | $29.06 |
| **Total Return** E | 15.42% <br>| 20.29%  | 9.16%  | 2.01%  | 29.06%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .89%  | .88%  | .94%  | .81%  | .59%  |
| Expenses net of fee waivers, if any  | .89% <br>| .87%  | .93%  | .81%  | .59%  |
| Expenses net of all reductions, if any  | .89%  | .87%  | .93%  | .81%  | .59%  |
| Net investment income (loss)  | .76%  | .86%  | 1.02%  | 1.11% C | 1.32%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $151164 | $183714 | $169757 | $139456 | $128301 |
| Portfolio turnover rate H | 84% I<br>| 96%  | 78% I | 70% I | 80%  |

---

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 .88%.*

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

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*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.*

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

**Fidelity Advisor® Mid Cap Value Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.82 | $28.31 | $26.26 | $29.03 | $22.80 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .26  | .31  | .30  | .32 C | .41  |
| Net realized and unrealized gain (loss)  | 4.19  | 5.36  | 2.12  | .10  | 6.25  |
| Total from investment operations  | 4.45  | 5.67  | 2.42  | .42  | 6.66  |
| Distributions from net investment income  | (.24)  | (.31)  | (.26)  | (.38)  | (.43)  |
| Distributions from net realized gain  | (2.34)  | (2.85)  | (.11)  | (2.81)  | -  |
| Total distributions  | (2.57) D | (3.16)  | (.37)  | (3.19)  | (.43)  |
| Net asset value, end of period  | $32.70 | $30.82 | $28.31 | $26.26 | $29.03 |
| **Total Return** E | 15.56% <br>| 20.48%  | 9.31%  | 2.15%  | 29.20%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .76%  | .74%  | .79%  | .67%  | .45%  |
| Expenses net of fee waivers, if any  | .76% <br>| .74%  | .78%  | .67%  | .45%  |
| Expenses net of all reductions, if any  | .76%  | .74%  | .78%  | .67%  | .45%  |
| Net investment income (loss)  | .88%  | .99%  | 1.17%  | 1.25% C | 1.45%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $96663 | $133149 | $150467 | $86903 | $62684 |
| Portfolio turnover rate H | 84% I<br>| 96%  | 78% I | 70% I | 80%  |

---

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 1.02%.*

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

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*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.*

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

**Notes to Financial Statements**

For the period ended January 31, 2026

**1. Organization.**

Fidelity Mid Cap Value Fund (the Fund) is a fund of Fidelity Devonshire 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, Mid Cap Value, 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 January 31, 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 included in dividend income, 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. As of January 31, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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), partnerships, redemptions in-kind 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**  | $474363087 |
| **Gross unrealized depreciation**  | <u>(75836056)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$398527031</u> |
| **Tax Cost**  | <u>$1560268714</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$51975155</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$398528279</u> |

---

The Fund intends to elect to defer to its next fiscal year $443,675 of ordinary losses recognized during the period January 1, 2026 to January 31, 2026.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **January 31, 2025** |
| **Ordinary Income**  | $12926259 | $70296879 |
| **Long-term Capital Gains**  | <u>136069876</u> | <u>111317412</u> |
| **Total**  | <u>$148996135</u> | <u>$181614291</u> |

---

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. 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.<br>|

---

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.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**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 Mid Cap Value Fund** | 1489528966 | 1715601619 |

---

**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 Mid Cap Value Fund** | 797298 | - | 5482157 | 5482157 | 22795942 |

---

**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** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Mid Cap Value** | .68 |
| **Class I** | .71 |
| **Class Z** | .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 %** |
| **Class A** | .68 |
| **Class M** | .68 |
| **Class C** | .68 |
| **Mid Cap Value** | .64 |
| **Class I** | .69 |
| **Class Z** | .56 |

---

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 Mid Cap 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 Mid Cap Value 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 annual performance adjustment was .18%.

**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% | 509241 | 11803 |
| **Class M** | .25% | .25% | 183308 | 432 |
| **Class C** | .75% | .25% | <u>154801</u> | <u>11015</u> |
|  |  |  | <u>847350</u> | <u>23250</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** | 28655 |
| **Class M** | 1838 |
| **Class C**A | <u>103</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>30596</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 Mid Cap Value Fund** | 58533 |

---

**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 Mid Cap Value Fund**. | Borrower | 10287462 | 4.53% | 16825 |

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**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.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Mid Cap Value Fund** | 87017952 | 73316201 | 11370719 |

---

**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 plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid Cap Value Fund** | 2321 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Mid Cap Value Fund** | 47767 | 2235 | 6839145 |

---

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 Mid Cap Value Fund** | 4341662 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Fidelity Mid Cap Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $17048732 | $19503730 |
| Class M | 3031563 | 3653048 |
| Class C | 1291832 | 1681942 |
| Mid Cap Value | 105118724 | 123148659 |
| Class I | 12869976 | 18499208 |
| Class Z | <u>9635308</u> | <u>15127704</u> |
| Total  | <u>$148996135</u> | <u>$181614291</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** |
|  | **Year ended** <br> **January 31, 2026**  | **Year ended**<br> **January 31, 2025** | **Year ended** <br> **January 31, 2026**  | **Year ended**<br> **January 31, 2025** |
| **Fidelity Mid Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 649308 | 831456 | $18887272 | $26017015 |
| Reinvestment of distributions  | 574313 | 650179 | 16700239 | 19156997 |
| Shares redeemed | <u>(1170570)</u> | <u>(1110602)</u> | <u>(34305287)</u> | <u>(34253630)</u> |
| Net increase (decrease) | <u>53051</u> | <u>371033</u> | <u>$1282224</u> | <u>$10920382</u> |
| **Class M** |  |  |  |  |
| Shares sold | 60545 | 91977 | $1717506 | $2854529 |
| Reinvestment of distributions  | 104830 | 124084 | 3013416 | 3629121 |
| Shares redeemed | <u>(263277)</u> | <u>(234543)</u> | <u>(7499853)</u> | <u>(7109620)</u> |
| Net increase (decrease) | <u>(97902)</u> | <u>(18482)</u> | <u>$(2768931)</u> | <u>$(625970)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 52367 | 59358 | $1435227 | $1770589 |
| Reinvestment of distributions  | 47075 | 59731 | 1291048 | 1681644 |
| Shares redeemed | <u>(197836)</u> | <u>(342255)</u> | <u>(5424188)</u> | <u>(10128885)</u> |
| Net increase (decrease) | <u>(98394)</u> | <u>(223166)</u> | <u>$(2697913)</u> | <u>$(6676652)</u> |
| **Mid Cap Value** |  |  |  |  |
| Shares sold | 4722830 | 6828842 | $143251318 | $219338424 |
| Reinvestment of distributions  | 3300525 | 3836838 | 98341767 | 115604604 |
| Shares redeemed | <u>(9262324)</u> | <u>(7016018)</u> | <u>(273900737)</u> | <u>(225729180)</u> |
| Net increase (decrease) | <u>(1238969)</u> | <u>3649662</u> | <u>$(32307652)</u> | <u>$109213848</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1596906 | 2744632 | $46471752 | $86375636 |
| Reinvestment of distributions  | 433901 | 612481 | 12678819 | 18229443 |
| Shares redeemed | <u>(3364414)</u> | <u>(3389860)</u> | <u>(98531717)</u> | <u>(104211877)</u> |
| Net increase (decrease) | <u>(1333607)</u> | <u>(32747)</u> | <u>$(39381146)</u> | <u>$393202</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 2030163 | 2553765 | $59763715 | $79894988 |
| Reinvestment of distributions  | 300803 | 430463 | 8744074 | 12809716 |
| Shares redeemed | <u>(3694443)</u> | <u>(3978851)</u> | <u>(107427963)</u> | <u>(121836936)</u> |
| Net increase (decrease) | <u>(1363477)</u> | <u>(994623)</u> | <u>$(38920174)</u> | <u>$(29132232)</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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Devonshire Trust and Shareholders of Fidelity Mid Cap Value Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Mid Cap Value Fund (one of the funds constituting Fidelity Devonshire Trust, referred to hereafter as the "Fund") as of January 31, 2026, the related statement of operations for the year ended January 31, 2026, the statement of changes in net assets for each of the two years in the period ended January 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2026 and the financial highlights for each of the five years in the period ended January 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

March 16, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2026, $122,084,965, or, if subsequently determined to be different, the net capital gain of such year.

Class A, Class M, Mid Cap Value, Class I and Class Z designate 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A, Class M, Mid Cap Value, Class I and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2027 of amounts for use in preparing 2026 income tax returns.

**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.

![](img125393_4.jpg)<br>

1.900180.116 MCV-ANN-0426

**Fidelity® Equity-Income K6 Fund**

**Annual Report**

**January 31, 2026**

![](img125396_1.jpg)

![](img125396_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EQU-K6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Equity-Income K6 Fund](#Sub_Sec_Fund_3457_EQU-K6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3457_EQU-K6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EQU-K6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EQU-K6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EQU-K6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EQU-K6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EQU-K6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EQU-K6-ANN)** |

---

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 1-800-835-5092 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 (Annual Report)**

**Fidelity® Equity-Income K6 Fund**

**Schedule of Investments January 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.9%** | &nbsp;&nbsp;**Common Stocks - 96.9%** | &nbsp;&nbsp;**Common Stocks - 96.9%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.7%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Restaurant Brands International Inc  | 35176 | 2356777 |
| Consumer Staples - 0.8% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Alimentation Couche-Tard Inc  | 33721 | 1754339 |
| Metro Inc/CN  | 26367 | 1750313 |
| TOTAL CONSUMER STAPLES |  | 3504652 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Canadian Natural Resources Ltd  | 62867 | 2337573 |
| Imperial Oil Ltd  | 30117 | 3042776 |
| TOTAL ENERGY |  | 5380349 |
| TOTAL CANADA |  | 11241778 |
| FRANCE - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Vallourec SACA  | 56078 | 1187191 |
| GERMANY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Industrial Conglomerates - 0.5% |  |  |
| Siemens AG  | 6415 | 1939449 |
| ITALY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Prysmian SpA  | 18323 | 2181690 |
| JAPAN - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Industrial Conglomerates - 0.6% |  |  |
| Hitachi Ltd  | 67816 | 2353224 |
| KOREA (SOUTH) - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Technology Hardware, Storage & Peripherals - 1.9% |  |  |
| Samsung Electronics Co Ltd  | 73150 | 8092874 |
| NETHERLANDS - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| NXP Semiconductors NV  | 16204 | 3664373 |
| TAIWAN - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 21753 | 7190672 |
| UNITED KINGDOM - 2.5%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Personal Care Products - 0.3% |  |  |
| Unilever PLC  | 20710 | 1408889 |
| Tobacco - 0.2% |  |  |
| Imperial Brands PLC  | 17389 | 732386 |
| TOTAL CONSUMER STAPLES |  | 2141275 |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Astrazeneca PLC  | 24761 | 4613323 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Rolls-Royce Holdings PLC  | 215701 | 3605869 |
| TOTAL UNITED KINGDOM |  | 10360467 |
| UNITED STATES - 85.3%  |  |  |
| Communication Services - 8.0% |  |  |
| Diversified Telecommunication Services - 2.0% |  |  |
| AT&T Inc  | 108325 | 2839198 |
| Comcast Corp Class A  | 82939 | 2467435 |
| Verizon Communications Inc  | 68542 | 3051490 |
|  |  | 8358123 |
| Entertainment - 1.1% |  |  |
| Walt Disney Co/The  | 39335 | 4436988 |
| Interactive Media & Services - 4.1% |  |  |
| Alphabet Inc Class A  | 45156 | 15262728 |
| Meta Platforms Inc Class A  | 2363 | 1693090 |
|  |  | 16955818 |
| Media - 0.0% |  |  |
| Versant Media Group Inc Class A  | 3317 | 108068 |
| Wireless Telecommunication Services - 0.8% |  |  |
| T-Mobile US Inc  | 19205 | 3787418 |
| TOTAL COMMUNICATION SERVICES |  | 33646415 |
| Consumer Discretionary - 7.1% |  |  |
| Broadline Retail - 0.8% |  |  |
| Amazon.com Inc (a) | 13228 | 3165460 |
| Diversified Consumer Services - 0.3% |  |  |
| H&R Block Inc  | 28750 | 1134188 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| McDonald's Corp  | 15325 | 4827375 |
| Starbucks Corp  | 18767 | 1725626 |
|  |  | 6553001 |
| Specialty Retail - 3.3% |  |  |
| Burlington Stores Inc (a) | 7644 | 2261554 |
| Dick's Sporting Goods Inc  | 10121 | 2044442 |
| Lowe's Cos Inc  | 19810 | 5290459 |
| TJX Cos Inc/The  | 29210 | 4375950 |
|  |  | 13972405 |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| Columbia Sportswear Co  | 2302 | 127254 |
| NIKE Inc Class B  | 21500 | 1328915 |
| Tapestry Inc  | 26312 | 3339256 |
|  |  | 4795425 |
| TOTAL CONSUMER DISCRETIONARY |  | 29620479 |
| Consumer Staples - 7.6% |  |  |
| Beverages - 1.8% |  |  |
| Coca-Cola Co/The  | 63740 | 4768389 |
| Keurig Dr Pepper Inc  | 99856 | 2740049 |
|  |  | 7508438 |
| Consumer Staples Distribution & Retail - 3.3% |  |  |
| Albertsons Cos Inc Class A  | 27754 | 462104 |
| BJ's Wholesale Club Holdings Inc (a) | 24225 | 2239359 |
| Costco Wholesale Corp  | 376 | 353534 |
| Target Corp  | 26129 | 2755826 |
| Walmart Inc  | 67580 | 8051481 |
|  |  | 13862304 |
| Food Products - 0.6% |  |  |
| JM Smucker Co  | 9521 | 998372 |
| Mondelez International Inc  | 26850 | 1569920 |
|  |  | 2568292 |
| Household Products - 1.6% |  |  |
| Procter & Gamble Co/The  | 44892 | 6813259 |
| Personal Care Products - 0.3% |  |  |
| Kenvue Inc  | 69658 | 1212049 |
| TOTAL CONSUMER STAPLES |  | 31964342 |
| Energy - 5.3% |  |  |
| Oil, Gas & Consumable Fuels - 5.3% |  |  |
| Chevron Corp  | 8582 | 1518156 |
| Enterprise Products Partners LP  | 60337 | 2002585 |
| Exxon Mobil Corp  | 95123 | 13450392 |
| Phillips 66  | 8616 | 1236913 |
| Shell PLC  | 64481 | 2478618 |
| Valero Energy Corp  | 7090 | 1286339 |
| TOTAL ENERGY |  | 21973003 |
| Financials - 19.8% |  |  |
| Banks - 11.4% |  |  |
| Bank of America Corp  | 153311 | 8156145 |
| Huntington Bancshares Inc/OH  | 172896 | 3022222 |
| JPMorgan Chase & Co  | 45931 | 14049834 |
| M&T Bank Corp  | 18724 | 4148677 |
| PNC Financial Services Group Inc/The  | 26788 | 5981760 |
| US Bancorp  | 55699 | 3125271 |
| Wells Fargo & Co  | 98309 | 8895981 |
|  |  | 47379890 |
| Capital Markets - 1.8% |  |  |
| Blackrock Inc  | 2936 | 3285208 |
| Charles Schwab Corp/The  | 41091 | 4270177 |
|  |  | 7555385 |
| Consumer Finance - 0.8% |  |  |
| Capital One Financial Corp  | 14405 | 3153687 |
| Financial Services - 0.9% |  |  |
| Apollo Global Management Inc  | 14580 | 1961593 |
| Visa Inc Class A  | 5935 | 1910061 |
|  |  | 3871654 |
| Insurance - 4.9% |  |  |
| American Financial Group Inc/OH  | 19199 | 2501053 |
| Chubb Ltd  | 21053 | 6517167 |
| Hartford Insurance Group Inc/The  | 31310 | 4228729 |
| Marsh & McLennan Cos Inc  | 15926 | 2997114 |
| Travelers Companies Inc/The  | 15224 | 4331380 |
|  |  | 20575443 |
| TOTAL FINANCIALS |  | 82536059 |
| Health Care - 11.3% |  |  |
| Biotechnology - 3.4% |  |  |
| AbbVie Inc  | 27682 | 6173362 |
| Gilead Sciences Inc  | 56889 | 8075394 |
|  |  | 14248756 |
| Health Care Providers & Services - 1.4% |  |  |
| Cigna Group/The  | 6110 | 1674812 |
| UnitedHealth Group Inc  | 14781 | 4241112 |
|  |  | 5915924 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Danaher Corp  | 16743 | 3664875 |
| Pharmaceuticals - 5.6% |  |  |
| Eli Lilly & Co  | 3110 | 3225537 |
| GSK PLC  | 116444 | 3011435 |
| Johnson & Johnson  | 36044 | 8191000 |
| Merck & Co Inc  | 60238 | 6642444 |
| Royalty Pharma PLC Class A  | 46435 | 1935411 |
|  |  | 23005827 |
| TOTAL HEALTH CARE |  | 46835382 |
| Industrials - 9.7% |  |  |
| Aerospace & Defense - 3.4% |  |  |
| GE Aerospace  | 13743 | 4216215 |
| General Dynamics Corp  | 8810 | 3093103 |
| Huntington Ingalls Industries Inc  | 7835 | 3294696 |
| Northrop Grumman Corp  | 4938 | 3418380 |
|  |  | 14022394 |
| Building Products - 0.8% |  |  |
| Johnson Controls International plc  | 29097 | 3470108 |
| Commercial Services & Supplies - 0.4% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 18767 | 806141 |
| Veralto Corp  | 9089 | 899629 |
|  |  | 1705770 |
| Electrical Equipment - 1.5% |  |  |
| AMETEK Inc  | 12430 | 2784071 |
| GE Vernova Inc  | 4552 | 3306437 |
|  |  | 6090508 |
| Ground Transportation - 0.9% |  |  |
| Norfolk Southern Corp  | 12760 | 3716222 |
| Machinery - 2.1% |  |  |
| Crane Co  | 14717 | 2687913 |
| ITT Inc  | 33163 | 6045615 |
|  |  | 8733528 |
| Professional Services - 0.1% |  |  |
| KBR Inc  | 11945 | 511365 |
| Trading Companies & Distributors - 0.5% |  |  |
| Watsco Inc (b) | 5889 | 2275804 |
| TOTAL INDUSTRIALS |  | 40525699 |
| Information Technology - 6.3% |  |  |
| Communications Equipment - 1.3% |  |  |
| Cisco Systems Inc  | 71101 | 5568630 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Crane NXT Co  | 18259 | 922445 |
| IT Services - 1.7% |  |  |
| Accenture PLC Class A  | 9802 | 2584199 |
| Amdocs Ltd  | 25417 | 2082669 |
| IBM Corporation  | 8100 | 2484270 |
|  |  | 7151138 |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Analog Devices Inc  | 9643 | 2997816 |
| Broadcom Inc  | 4711 | 1560754 |
|  |  | 4558570 |
| Software - 1.5% |  |  |
| Gen Digital Inc  | 45286 | 1086411 |
| Microsoft Corp  | 12019 | 5171656 |
|  |  | 6258067 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Apple Inc  | 7565 | 1962966 |
| TOTAL INFORMATION TECHNOLOGY |  | 26421816 |
| Materials - 2.9% |  |  |
| Chemicals - 2.0% |  |  |
| Linde PLC  | 18054 | 8250136 |
| Containers & Packaging - 0.9% |  |  |
| Ball Corp  | 35762 | 2033785 |
| Crown Holdings Inc  | 19167 | 2006402 |
|  |  | 4040187 |
| TOTAL MATERIALS |  | 12290323 |
| Real Estate - 1.9% |  |  |
| Specialized REITs - 1.9% |  |  |
| American Tower Corp  | 9496 | 1702442 |
| Lamar Advertising Co Class A  | 26967 | 3460136 |
| Public Storage  | 10813 | 2986442 |
| TOTAL REAL ESTATE |  | 8149020 |
| Utilities - 5.4% |  |  |
| Electric Utilities - 3.6% |  |  |
| Constellation Energy Corp  | 10402 | 2919633 |
| Exelon Corp  | 27921 | 1250302 |
| FirstEnergy Corp  | 22218 | 1051800 |
| NextEra Energy Inc  | 64231 | 5645906 |
| PG&E Corp  | 76666 | 1182190 |
| Southern Co/The  | 34152 | 3050115 |
|  |  | 15099946 |
| Gas Utilities - 0.1% |  |  |
| Southwest Gas Holdings Inc  | 9132 | 756311 |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| Vistra Corp  | 14813 | 2345639 |
| Multi-Utilities - 1.1% |  |  |
| Ameren Corp  | 14071 | 1453253 |
| CenterPoint Energy Inc  | 38047 | 1510085 |
| WEC Energy Group Inc  | 13995 | 1548827 |
|  |  | 4512165 |
| TOTAL UTILITIES |  | 22714061 |
| TOTAL UNITED STATES |  | 356676599 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $302,213,993) |  | <br> **404888317** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 12853419 | 12855990 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.70 | 625937 | 626000 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $13,481,990) |  |  | **13481990** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $315,695,983)<br>| <br>**418370307** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(292086)** |
| **NET ASSETS - 100.0%** | **418078221** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 6878469 | 120232344 | 114254747 | 239228 | (76) | - | 12855990 | 12853419 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2124798 | 21043602 | 22542645 | 4524 | 245 | - | 626000 | 625937 | 0.0% |
| Total | 9003267 | 141275946 | 136797392 | 243752 | 169 | - | 13481990 |  |  |

---

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 January 31, 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 | 33646415 | 33646415 | - | - |
| Consumer Discretionary | 31977256 | 31977256 | - | - |
| Consumer Staples | 37610269 | 35468994 | 2141275 | - |
| Energy | 28540543 | 26061925 | 2478618 | - |
| Financials | 82536059 | 82536059 | - | - |
| Health Care | 51448705 | 43823947 | 7624758 | - |
| Industrials | 50605931 | 42707389 | 7898542 | - |
| Information Technology | 45369735 | 45369735 | - | - |
| Materials | 12290323 | 12290323 | - | - |
| Real Estate | 8149020 | 8149020 | - | - |
| Utilities | 22714061 | 22714061 | - | - |
|  **Money Market Funds** | 13481990 | 13481990 | - | - |
| **Total Investments in Securities:** | 418370307 | 398227114 | 20143193 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 31, 2026** | **As of January 31, 2026** | **As of January 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $618,320) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $302,213,993) | $404888317 |  |
| Fidelity Central Funds (cost $13,481,990) | 13481990 |  |
| Total Investment in Securities (cost $315,695,983) |  | $418370307 |
| Cash |  | 245 |
| Foreign currency held at value (cost $169) |  | 173 |
| Receivable for fund shares sold |  | 707125 |
| Dividends receivable |  | 502116 |
| Distributions receivable from Fidelity Central Funds |  | 37796 |
| **Total assets** |  | 419617762 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $798087 |  |
| Accrued management fee | 115454 |  |
| Collateral on securities loaned | 626000 |  |
| **Total liabilities** |  | 1539541 |
| **Net Assets**  |  | $418078221 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $315601320 |
| Total accumulated earnings (loss) |  | 102476901 |
| **Net Assets** |  | $418078221 |
| **Net Asset Value**, offering price and redemption price per share ($418,078,221 ÷ 22,166,049 shares) |  | $18.86 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $6233900 |
| Interest  |  | 93 |
| Income from Fidelity Central Funds (including $4,524 from security lending)  |  | 243752 |
| **Total income** |  | 6477745 |
| **Expenses** |  |  |
| Management fee | $1002906 |  |
| Independent trustees' fees and expenses | 1057 |  |
| Total expenses before reductions | 1003963 |  |
| Expense reductions | (61) |  |
| Total expenses after reductions |  | 1003902 |
| **Net Investment income (loss)** |  | 5473843 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4210124 |  |
| Fidelity Central Funds | 169 |  |
| Foreign currency transactions | (8269) |  |
| Total net realized gain (loss) |  | 4202024 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 44600895 |  |
| Assets and liabilities in foreign currencies | 7897 |  |
| Total change in net unrealized appreciation (depreciation) |  | 44608792 |
| **Net gain (loss)** |  | 48810816 |
| **Net increase (decrease) in net assets resulting from operations** |  | $54284659 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5473843 | $3810308 |
| &nbsp;&nbsp;Net realized gain (loss) | 4202024<br>| 2432203<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 44608792 | 27991161<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 54284659<br>| 34233672<br>|
| Distributions to shareholders | (9261673)<br>| (6676667)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 211672914 | 89957174 |
| Reinvestment of distributions | 9261673<br>| 6676667<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (83311192) | (44117821) |
| **Net increase (decrease) in net assets resulting from share transactions** | 137623395<br>| 52516020<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 182646381<br>| 80073025<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 235431840 | 155358815<br>|
| &nbsp;&nbsp;End of period | $418078221 | $235431840 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 12162358 | 5701358 |
| Issued in reinvestment of distributions | 529521<br>| 427966<br>|
| &nbsp;&nbsp;Redeemed | (4876352) | (2802878) |
| &nbsp;&nbsp;Net increase (decrease) | 7815527 | 3326446 |

---

**Financial Highlights** 

**Fidelity® Equity-Income K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.41 | $14.09 | $13.46 | $13.68 | $11.44 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .32  | .30  | .29  | .27  | .24  |
| Net realized and unrealized gain (loss)  | 2.64  | 2.53  | .62  | (.24)  | 2.51  |
| Total from investment operations  | 2.96  | 2.83  | .91  | .03  | 2.75  |
| Distributions from net investment income  | (.31)  | (.32)  | (.28)  | (.25)  | (.23)  |
| Distributions from net realized gain  | (.20)  | (.19)  | -  | - C | (.27)  |
| Total distributions  | (.51)  | (.51)  | (.28)  | (.25)  | (.51) D |
| Net asset value, end of period  | $18.86 | $16.41 | $14.09 | $13.46 | $13.68 |
| **Total Return** E | 18.32% <br>| 20.35%  | 6.91%  | .35%  | 24.13%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .34%  | .34%  | .34%  | .34%  | .34%  |
| Expenses net of fee waivers, if any  | .34% <br>| .34%  | .34%  | .34%  | .34%  |
| Expenses net of all reductions, if any  | .34%  | .34%  | .34%  | .34%  | .34%  |
| Net investment income (loss)  | 1.85%  | 1.94%  | 2.16%  | 2.12%  | 1.81%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $418078 | $235432 | $155359 | $157286 | $107954 |
| Portfolio turnover rate H | 14% I<br>| 23%  | 36% I | 37% I | 43% I |

---

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 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*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.* 

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

**Notes to Financial Statements**

For the period ended January 31, 2026

**1. Organization.**

Fidelity Equity-Income K6 Fund (the Fund) is a fund of Fidelity Devonshire Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

**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 January 31, 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 included in dividend income, 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.

**Expenses.** 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. As of January 31, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 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 foreign currency transactions, passive foreign investment companies (PFIC), partnerships 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**  | $110107435 |
| **Gross unrealized depreciation**  | <u>(8605754)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$101501681</u> |
| **Tax Cost**  | <u>$316868626</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$651891</u> |
| **Undistributed long-term capital gain**  | <u>$723570</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$101101439</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **January 31, 2025** |
| **Ordinary Income**  | $6290173 | $4026634 |
| **Long-term Capital Gains**  | <u>2971500</u> | <u>2650033</u> |
| **Total**  | <u>$9261673</u> | <u>$6676667</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 Equity-Income K6 Fund** | 165668191 | 41483502 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Equity-Income K6 Fund** | 257356 | 4287547 |

---

**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 that is based on an annual rate of .34% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**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 Equity-Income K6 Fund** | 518 |

---

**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 Equity-Income K6 Fund** | 8169783 | 4043200 | 62673 |

---

**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 borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (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 2026 unless extended or renewed.

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Equity-Income K6 Fund** | 490 | - | - |

---

**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 by $61.

**9. 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.

**10. 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Devonshire Trust and the Shareholders of Fidelity Equity-Income K6 Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Equity-Income K6 Fund (the "Fund"), a fund of Fidelity Devonshire Trust, including the schedule of investments, as of January 31, 2026, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

March 16, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2026, $3,695,069, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.76%% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $191,762 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 79%, 71%, 71%, and 71% of the dividends distributed in April, July, October, and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 90.94%, 87.42%, 87.42%, and 87.42% of the dividends distributed in April, July, October, and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 2.85%, 3.95%, 3.95%, and 3.95% of the dividends distributed in April, July, October, and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2027 of amounts for use in preparing 2026 income tax returns.

**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.

![](img125396_4.jpg)<br>

1.9893876.106 EQU-K6-ANN-0426

**Fidelity® Equity-Income Fund**

**Annual Report**

**January 31, 2026**

![](img125397_1.jpg)

![](img125397_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EQU-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Equity-Income Fund](#Sub_Sec_Fund_23_EQU-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements23_EQU-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EQU-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EQU-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EQU-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EQU-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EQU-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EQU-ANN)** |

---

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 (Annual Report)**

**Fidelity® Equity-Income Fund**

**Schedule of Investments January 31, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.7%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Restaurant Brands International Inc  | 924129 | 61916270 |
| Consumer Staples - 0.8% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Alimentation Couche-Tard Inc  | 815642 | 42433870 |
| Metro Inc/CN  | 672392 | 44635195 |
| TOTAL CONSUMER STAPLES |  | 87069065 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Canadian Natural Resources Ltd  | 1647253 | 61249527 |
| Imperial Oil Ltd  | 849896 | 85866554 |
| TOTAL ENERGY |  | 147116081 |
| TOTAL CANADA |  | 296101416 |
| FRANCE - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Vallourec SACA  | 1408722 | 29823139 |
| GERMANY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Industrial Conglomerates - 0.5% |  |  |
| Siemens AG  | 162103 | 49008647 |
| ITALY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Prysmian SpA  | 471844 | 56181714 |
| JAPAN - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Industrial Conglomerates - 0.6% |  |  |
| Hitachi Ltd  | 1774816 | 61586357 |
| KOREA (SOUTH) - 1.9%  |  |  |
| Information Technology - 1.9% |  |  |
| Technology Hardware, Storage & Peripherals - 1.9% |  |  |
| Samsung Electronics Co Ltd  | 1875214 | 207462344 |
| NETHERLANDS - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| NXP Semiconductors NV  | 427411 | 96654724 |
| TAIWAN - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 569222 | 188162024 |
| UNITED KINGDOM - 2.5%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Personal Care Products - 0.3% |  |  |
| Unilever PLC  | 514008 | 34967670 |
| Tobacco - 0.2% |  |  |
| Imperial Brands PLC  | 463808 | 19534563 |
| TOTAL CONSUMER STAPLES |  | 54502233 |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Astrazeneca PLC  | 651893 | 121456854 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Rolls-Royce Holdings PLC  | 5688304 | 95091245 |
| TOTAL UNITED KINGDOM |  | 271050332 |
| UNITED STATES - 84.7%  |  |  |
| Communication Services - 8.1% |  |  |
| Diversified Telecommunication Services - 2.0% |  |  |
| AT&T Inc  | 2856627 | 74872194 |
| Comcast Corp Class A  | 2187194 | 65069021 |
| Verizon Communications Inc  | 1807403 | 80465582 |
|  |  | 220406797 |
| Entertainment - 1.1% |  |  |
| Walt Disney Co/The  | 1036192 | 116882458 |
| Interactive Media & Services - 4.1% |  |  |
| Alphabet Inc Class A  | 1171857 | 396087666 |
| Meta Platforms Inc Class A  | 64058 | 45897557 |
|  |  | 441985223 |
| Media - 0.0% |  |  |
| Versant Media Group Inc Class A  | 87487 | 2850326 |
| Wireless Telecommunication Services - 0.9% |  |  |
| T-Mobile US Inc  | 507815 | 100146196 |
| TOTAL COMMUNICATION SERVICES |  | 882271000 |
| Consumer Discretionary - 7.0% |  |  |
| Broadline Retail - 0.8% |  |  |
| Amazon.com Inc (b) | 348345 | 83358959 |
| Diversified Consumer Services - 0.3% |  |  |
| H&R Block Inc  | 689350 | 27194857 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| McDonald's Corp  | 385970 | 121580550 |
| Starbucks Corp  | 469912 | 43208408 |
|  |  | 164788958 |
| Specialty Retail - 3.3% |  |  |
| Burlington Stores Inc (b) | 198081 | 58604245 |
| Dick's Sporting Goods Inc  | 258599 | 52236998 |
| Lowe's Cos Inc  | 500590 | 133687565 |
| TJX Cos Inc/The  | 770571 | 115439242 |
|  |  | 359968050 |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| Columbia Sportswear Co  | 60098 | 3322217 |
| NIKE Inc Class B  | 526200 | 32524422 |
| Tapestry Inc  | 691525 | 87761438 |
|  |  | 123608077 |
| TOTAL CONSUMER DISCRETIONARY |  | 758918901 |
| Consumer Staples - 7.5% |  |  |
| Beverages - 1.8% |  |  |
| Coca-Cola Co/The  | 1603713 | 119973770 |
| Keurig Dr Pepper Inc  | 2632397 | 72232973 |
|  |  | 192206743 |
| Consumer Staples Distribution & Retail - 3.3% |  |  |
| Albertsons Cos Inc Class A  | 796147 | 13255848 |
| BJ's Wholesale Club Holdings Inc (b) | 630085 | 58245057 |
| Costco Wholesale Corp  | 10296 | 9680814 |
| Target Corp  | 688741 | 72641513 |
| Walmart Inc  | 1734183 | 206610563 |
|  |  | 360433795 |
| Food Products - 0.6% |  |  |
| JM Smucker Co  | 254779 | 26716126 |
| Mondelez International Inc  | 663834 | 38814374 |
|  |  | 65530500 |
| Household Products - 1.6% |  |  |
| Procter & Gamble Co/The  | 1144886 | 173759348 |
| Personal Care Products - 0.2% |  |  |
| Kenvue Inc  | 1647608 | 28668379 |
| TOTAL CONSUMER STAPLES |  | 820598765 |
| Energy - 5.2% |  |  |
| Oil, Gas & Consumable Fuels - 5.2% |  |  |
| Chevron Corp  | 207398 | 36688706 |
| Enterprise Products Partners LP  | 1517649 | 50370770 |
| Exxon Mobil Corp  | 2463285 | 348308500 |
| Phillips 66  | 203399 | 29199960 |
| Shell PLC  | 1700260 | 65357163 |
| Valero Energy Corp  | 168113 | 30500742 |
| TOTAL ENERGY |  | 560425841 |
| Financials - 19.7% |  |  |
| Banks - 11.3% |  |  |
| Bank of America Corp  | 3945262 | 209887938 |
| Huntington Bancshares Inc/OH  | 4557133 | 79658685 |
| JPMorgan Chase & Co  | 1193378 | 365042397 |
| M&T Bank Corp  | 495056 | 109689558 |
| PNC Financial Services Group Inc/The  | 680092 | 151864544 |
| US Bancorp  | 1467401 | 82335870 |
| Wells Fargo & Co  | 2533535 | 229259582 |
|  |  | 1227738574 |
| Capital Markets - 1.8% |  |  |
| Blackrock Inc  | 76264 | 85334840 |
| Charles Schwab Corp/The  | 1031109 | 107152847 |
|  |  | 192487687 |
| Consumer Finance - 0.8% |  |  |
| Capital One Financial Corp  | 379839 | 83158152 |
| Financial Services - 0.9% |  |  |
| Apollo Global Management Inc  | 376820 | 50697363 |
| Visa Inc Class A  | 145607 | 46860701 |
|  |  | 97558064 |
| Insurance - 4.9% |  |  |
| American Financial Group Inc/OH  | 505402 | 65838718 |
| Chubb Ltd  | 535680 | 165825101 |
| Hartford Insurance Group Inc/The  | 825559 | 111499999 |
| Marsh & McLennan Cos Inc  | 416429 | 78367774 |
| Travelers Companies Inc/The  | 402144 | 114413989 |
|  |  | 535945581 |
| TOTAL FINANCIALS |  | 2136888058 |
| Health Care - 11.0% |  |  |
| Biotechnology - 3.3% |  |  |
| AbbVie Inc  | 704358 | 157078878 |
| Gilead Sciences Inc  | 1455374 | 206590339 |
|  |  | 363669217 |
| Health Care Providers & Services - 1.4% |  |  |
| Cigna Group/The  | 151648 | 41568233 |
| UnitedHealth Group Inc  | 373008 | 107027186 |
|  |  | 148595419 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Danaher Corp  | 441589 | 96659416 |
| Pharmaceuticals - 5.4% |  |  |
| Eli Lilly & Co  | 81575 | 84605511 |
| GSK PLC  | 3070175 | 79399821 |
| Johnson & Johnson  | 925245 | 210261926 |
| Merck & Co Inc  | 1539418 | 169751623 |
| Royalty Pharma PLC Class A  | 1132450 | 47200516 |
|  |  | 591219397 |
| TOTAL HEALTH CARE |  | 1200143449 |
| Industrials - 9.8% |  |  |
| Aerospace & Defense - 3.4% |  |  |
| GE Aerospace  | 362519 | 111217205 |
| General Dynamics Corp  | 231290 | 81203606 |
| Huntington Ingalls Industries Inc  | 206769 | 86948432 |
| Northrop Grumman Corp  | 129909 | 89930804 |
|  |  | 369300047 |
| Building Products - 0.8% |  |  |
| Johnson Controls International plc  | 767313 | 91509748 |
| Commercial Services & Supplies - 0.4% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 490833 | 21083848 |
| Veralto Corp  | 239127 | 23668791 |
|  |  | 44752639 |
| Electrical Equipment - 1.5% |  |  |
| AMETEK Inc  | 327672 | 73391975 |
| GE Vernova Inc  | 118687 | 86210676 |
|  |  | 159602651 |
| Ground Transportation - 0.9% |  |  |
| Norfolk Southern Corp  | 335740 | 97780918 |
| Machinery - 2.1% |  |  |
| Crane Co  | 389107 | 71066502 |
| ITT Inc  | 842529 | 153593037 |
|  |  | 224659539 |
| Professional Services - 0.2% |  |  |
| KBR Inc  | 410704 | 17582237 |
| Trading Companies & Distributors - 0.5% |  |  |
| Watsco Inc (a) | 153790 | 59432146 |
| TOTAL INDUSTRIALS |  | 1064619925 |
| Information Technology - 6.3% |  |  |
| Communications Equipment - 1.3% |  |  |
| Cisco Systems Inc  | 1799860 | 140965035 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Crane NXT Co  | 531822 | 26867647 |
| IT Services - 1.8% |  |  |
| Accenture PLC Class A  | 255091 | 67252192 |
| Amdocs Ltd  | 656086 | 53759687 |
| IBM Corporation  | 212200 | 65081740 |
|  |  | 186093619 |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Analog Devices Inc  | 254257 | 79043416 |
| Broadcom Inc  | 117261 | 38848569 |
|  |  | 117891985 |
| Software - 1.5% |  |  |
| Gen Digital Inc  | 1067788 | 25616234 |
| Microsoft Corp  | 315380 | 135704860 |
|  |  | 161321094 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Apple Inc  | 187983 | 48777829 |
| TOTAL INFORMATION TECHNOLOGY |  | 681917209 |
| Materials - 2.9% |  |  |
| Chemicals - 2.0% |  |  |
| Linde PLC  | 461808 | 211032402 |
| Containers & Packaging - 0.9% |  |  |
| Ball Corp  | 901938 | 51293214 |
| Crown Holdings Inc  | 473362 | 49551534 |
|  |  | 100844748 |
| TOTAL MATERIALS |  | 311877150 |
| Real Estate - 1.8% |  |  |
| Specialized REITs - 1.8% |  |  |
| American Tower Corp  | 238066 | 42680472 |
| Lamar Advertising Co Class A  | 712325 | 91398421 |
| Public Storage  | 278961 | 77046239 |
| TOTAL REAL ESTATE |  | 211125132 |
| Utilities - 5.4% |  |  |
| Electric Utilities - 3.7% |  |  |
| Constellation Energy Corp  | 274222 | 76968631 |
| Exelon Corp  | 751627 | 33657857 |
| FirstEnergy Corp (a) | 619063 | 29306442 |
| NextEra Energy Inc  | 1627802 | 143083796 |
| PG&E Corp  | 1834148 | 28282562 |
| Southern Co/The  | 901250 | 80490638 |
|  |  | 391789926 |
| Gas Utilities - 0.2% |  |  |
| Southwest Gas Holdings Inc  | 276068 | 22863951 |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| Vistra Corp  | 375756 | 59500963 |
| Multi-Utilities - 1.0% |  |  |
| Ameren Corp  | 342430 | 35366170 |
| CenterPoint Energy Inc  | 940511 | 37328882 |
| WEC Energy Group Inc (a) | 346298 | 38324800 |
|  |  | 111019852 |
| TOTAL UTILITIES |  | 585174692 |
| TOTAL UNITED STATES |  | 9213960122 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,956,892,519) |  | <br> **10469990819** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 290837729 | 290895897 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.70 | 45646235 | 45650799 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $336,547,363) |  |  | **336546696** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $6,293,439,882)<br>| <br>**10806537515** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **67156706** |
| **NET ASSETS - 100.0%** | **10873694221** |

---

**Legend**

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

(b) Non-income producing.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 260663994 | 761594544 | 731359790 | 6791016 | (2184) | (667) | 290895897 | 290837729 | 0.5% |
| Fidelity Securities Lending Cash Central Fund | 2656800 | 1693727322 | 1650737391 | 130796 | 4068 | - | 45650799 | 45646235 | 0.1% |
| Total | 263320794 | 2455321866 | 2382097181 | 6921812 | 1884 | (667) | 336546696 |  |  |

---

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 January 31, 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 | 882271000 | 882271000 | - | - |
| Consumer Discretionary | 820835171 | 820835171 | - | - |
| Consumer Staples | 962170063 | 907667830 | 54502233 | - |
| Energy | 737365061 | 672007898 | 65357163 | - |
| Financials | 2136888058 | 2136888058 | - | - |
| Health Care | 1321600303 | 1120743628 | 200856675 | - |
| Industrials | 1326487888 | 1120801639 | 205686249 | - |
| Information Technology | 1174196301 | 1174196301 | - | - |
| Materials | 311877150 | 311877150 | - | - |
| Real Estate | 211125132 | 211125132 | - | - |
| Utilities | 585174692 | 585174692 | - | - |
|  **Money Market Funds** | 336546696 | 336546696 | - | - |
| **Total Investments in Securities:** | 10806537515 | 10280135195 | 526402320 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 31, 2026** | **As of January 31, 2026** | **As of January 31, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $63,207,284) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,956,892,519) | $10469990819 |  |
| Fidelity Central Funds (cost $336,547,363) | 336546696 |  |
| Total Investment in Securities (cost $6,293,439,882) |  | $10806537515 |
| Cash |  | 6425 |
| Foreign currency held at value (cost $507,915) |  | 517141 |
| Receivable for fund shares sold |  | 106463162 |
| Dividends receivable |  | 14923740 |
| Distributions receivable from Fidelity Central Funds |  | 923692 |
| Prepaid expenses |  | 6308 |
| Other receivables |  | 120997 |
| **Total assets** |  | 10929498980 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $5522146 |  |
| Accrued management fee | 4489918 |  |
| Other payables and accrued expenses | 145964 |  |
| Collateral on securities loaned | 45646731 |  |
| **Total liabilities** |  | 55804759 |
| **Net Assets**  |  | $10873694221 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6317745999 |
| Total accumulated earnings (loss) |  | 4555948222 |
| **Net Assets** |  | $10873694221 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Equity-Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($10,136,743,651 ÷ 116,936,289 shares) |  | $86.69 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($736,950,570 ÷ 8,509,781 shares) |  | $86.60 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** | <br> **Year ended January 31, 2026** |
| **Investment Income** |  |  |
| Dividends  |  | $203435795 |
| Interest  |  | 11219 |
| Income from Fidelity Central Funds (including $130,796 from security lending)  |  | 6921812 |
| **Total income** |  | 210368826 |
| **Expenses** |  |  |
| Management fee | $48601734 |  |
| Custodian fees and expenses | 88329 |  |
| Independent trustees' fees and expenses | 35936 |  |
| Registration fees | 140635 |  |
| Audit fees | 112448 |  |
| Legal | 16640 |  |
| Miscellaneous | 32029 |  |
| **Total expenses** |  | 49027751 |
| **Net Investment income (loss)** |  | 161341075 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 354422808 |  |
| Redemptions in-kind | 2146295 |  |
| Fidelity Central Funds | 1884 |  |
| Foreign currency transactions | (188422) |  |
| Total net realized gain (loss) |  | 356382565 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1101864091 |  |
| Fidelity Central Funds  | (667) |  |
| Assets and liabilities in foreign currencies | 441015 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1102304439 |
| **Net gain (loss)** |  | 1458687004 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1620028079 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $161341075 | $148632982 |
| &nbsp;&nbsp;Net realized gain (loss) | 356382565<br>| 316510005<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1102304439 | 1040814825<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1620028079<br>| 1505957812<br>|
| Distributions to shareholders | (462143383)<br>| (462968350)<br>|
| Share transactions - net increase (decrease) | 575380594<br>| 391356195<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1733265290<br>| 1434345657<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 9140428931 | 7706083274<br>|
| &nbsp;&nbsp;End of period | $10873694221 | $9140428931 |

---

**Financial Highlights** 

**Fidelity® Equity-Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $76.89 | $67.64 | $66.16 | $69.17 | $61.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | 1.36  | 1.32  | 1.25  | 1.27  | 1.12  |
| Net realized and unrealized gain (loss)  | 12.34  | 11.99  | 3.11  | (1.37)  | 13.26  |
| Total from investment operations  | 13.70  | 13.31  | 4.36  | (.10)  | 14.38  |
| Distributions from net investment income  | (1.41)  | (1.28)  | (1.20)  | (1.23)  | (1.09)  |
| Distributions from net realized gain  | (2.49)  | (2.78)  | (1.68)  | (1.67)  | (5.86)  |
| Total distributions  | (3.90)  | (4.06)  | (2.88)  | (2.91) C | (6.95)  |
| Net asset value, end of period  | $86.69 | $76.89 | $67.64 | $66.16 | $69.17 |
| **Total Return** D | 18.19% <br>| 20.01%  | 6.83%  | .05%  | 23.70%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .52%  | .54%  | .57%  | .57%  | .57%  |
| Expenses net of fee waivers, if any  | .52% <br>| .53%  | .57%  | .57%  | .57%  |
| Expenses net of all reductions, if any  | .52%  | .53%  | .57%  | .57%  | .57%  |
| Net investment income (loss)  | 1.70%  | 1.76%  | 1.92%  | 1.94%  | 1.59%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10136744 | $8459192 | $7147239 | $6698906 | $7162591 |
| Portfolio turnover rate G | 11% H<br>| 19%  | 17% H | 22% H | 27% H |

---

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 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*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.*

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

**Fidelity® Equity-Income Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended January 31,** | **2026**  | **2025**  | **2024**  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $76.81 | $67.57 | $66.10 | $69.11 | $61.69 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | 1.42  | 1.37  | 1.30  | 1.33  | 1.17  |
| Net realized and unrealized gain (loss)  | 12.33  | 11.99  | 3.10  | (1.38)  | 13.26  |
| Total from investment operations  | 13.75  | 13.36  | 4.40  | (.05)  | 14.43  |
| Distributions from net investment income  | (1.47)  | (1.34)  | (1.26)  | (1.29)  | (1.15)  |
| Distributions from net realized gain  | (2.49)  | (2.78)  | (1.68)  | (1.67)  | (5.86)  |
| Total distributions  | (3.96)  | (4.12)  | (2.93) C | (2.96)  | (7.01)  |
| Net asset value, end of period  | $86.60 | $76.81 | $67.57 | $66.10 | $69.11 |
| **Total Return** D | 18.28% <br>| 20.11%  | 6.92%  | .14%  | 23.80%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .45%  | .46%  | .49%  | .49%  | .49%  |
| Expenses net of fee waivers, if any  | .45% <br>| .46%  | .48%  | .48%  | .48%  |
| Expenses net of all reductions, if any  | .45%  | .46%  | .48%  | .48%  | .48%  |
| Net investment income (loss)  | 1.78%  | 1.84%  | 2.00%  | 2.03%  | 1.67%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $736951 | $681237 | $558844 | $541489 | $718546 |
| Portfolio turnover rate G | 11% H<br>| 19%  | 17% H | 22% H | 27% H |

---

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 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*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.*

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

**Notes to Financial Statements**

For the period ended January 31, 2026

**1. Organization.**

Fidelity Equity-Income Fund (the Fund) is a fund of Fidelity Devonshire 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 Equity-Income 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 January 31, 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 included in dividend income, 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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. As of January 31, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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), redemptions in-kind, partnerships, 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**  | $4686768343 |
| **Gross unrealized depreciation**  | <u>(157914412)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$4528853931</u> |
| **Tax Cost**  | <u>$6277683584</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$12054163</u> |
| **Undistributed long-term capital gain**  | <u>$31276914</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$4512617145</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **January 31, 2026** | **January 31, 2025** |
| **Ordinary Income**  | $165712324 | $142811344 |
| **Long-term Capital Gains**  | <u>296431059</u> | <u>320157006</u> |
| **Total**  | <u>$462143383</u> | <u>$462968350</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 Equity-Income Fund** | 1178776226 | 1035290900 |

---

**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 Equity-Income Fund** | 55032 | - | 2146295 | 2146295 | 4287547 |

---

**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 management fee rate that may vary by class. 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. When determining a class's management 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 management 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 %** |
| **Equity-Income** | .53 |
| **Class K** | .45 |

---

One-twelfth of the management 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 management 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 %** |
| **Equity-Income** | .52 |
| **Class K** | .44 |

---

**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 Equity-Income Fund** | $62685 |

---

**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 Equity-Income Fund** | 7641 |

---

**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 Equity-Income Fund** | 164133050 | 126557660 | 33669432 |

---

**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 plus a .10% spread adjustment, (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 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Equity-Income Fund** | 12144 |

---

**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. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Equity-Income Fund** | 14293 | - | - |

---

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 Equity-Income Fund** | 18458153 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **January 31, 2026** | **Year ended**<br> **January 31, 2025** |
| **Fidelity Equity-Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Equity-Income | $430344593 | $427563514 |
| Class K | <u>31798790</u> | <u>35404836</u> |
| Total  | <u>$462143383</u> | <u>$462968350</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** |
|  | **Year ended** <br> **January 31, 2026**  | **Year ended**<br> **January 31, 2025** | **Year ended** <br> **January 31, 2026**  | **Year ended**<br> **January 31, 2025** |
| **Fidelity Equity-Income Fund** |  |  |  |  |
| **Equity-Income** |  |  |  |  |
| Shares sold | 19014920 | 16104696 | $1552656044 | $1226359600 |
| Reinvestment of distributions  | 4795654 | 5303523 | 391328233 | 391413602 |
| Shares redeemed | <u>(16897966)</u> | <u>(17057720)</u> | <u>(1348779878)</u> | <u>(1270954611)</u> |
| Net increase (decrease) | <u>6912608</u> | <u>4350499</u> | <u>$595204399</u> | <u>$346818591</u> |
| **Class K** |  |  |  |  |
| Shares sold | 2410525 | 1972170 | $194534278 | $147211752 |
| Reinvestment of distributions  | 390121 | 480007 | 31793814 | 35404836 |
| Shares redeemed | <u>(3160113)</u> | <u>(1853063)</u> | <u>(246151897)</u> | <u>(138078984)</u> |
| Net increase (decrease) | <u>(359467)</u> | <u>599114</u> | <u>$(19823805)</u> | <u>$44537604</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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Devonshire Trust and Shareholders of Fidelity Equity-Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Equity-Income Fund (one of the funds constituting Fidelity Devonshire Trust, referred to hereafter as the "Fund") as of January 31, 2026, the related statement of operations for the year ended January 31, 2026, the statement of changes in net assets for each of the two years in the period ended January 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2026 and the financial highlights for each of the five years in the period ended January 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

March 13, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2026, $348,324,574, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.66% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $5,309,357 of distributions paid during the fiscal year ended 2026 as qualifying to be taxed as section 163(j) interest dividends.

Equity-Income designates 89%, 86%, 86%, and 86%; and Class K designates 88%, 82%, 82%, and 83%; of the dividends distributed in April, July, October, and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Equity-Income and Class K designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

**Board Approval of Investment Advisory Contract and Management Fees**

**Fidelity Equity-Income Fund**

At its November 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2025 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its November 2025 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the estimated total expense ratio of each New Class of the fund. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee and proposed maximum class-level management fee rate for each New Class of the fund is below the median of its competitor funds. The Board also considered that the estimated total net expense ratio of Class A, Class C, Class I and Class Z of the fund is below the median of those funds and classes used by the Board for management fee comparisons and that the estimated total net expense ratio of Class M is above the median of those funds and classes used by the Board for management fee comparisons primarily because of higher 12b-1 fees.

The Board noted that the difference in management fee rates between classes of the fund is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are 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.

Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by Fidelity in providing services to the fund and the level of Fidelity's profitability. At its May 2025 meeting, the Board concluded that it was satisfied that the profitability of Fidelity in connection with the operation of the fund was not excessive.

**Economies of Scale.** The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the fund and of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2025 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable in light of all of the surrounding circumstances and that the fund's Amended Contract should be approved through May 31, 2026.

![](img125397_4.jpg)<br>

1.471443.129 EQU-ANN-0426

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>Purchase 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 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 trust's 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99cert.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.](ex99906cert.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 Devonshire 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; March 25, 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; March 25, 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; March 25, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## 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 Devonshire 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:

March 25, 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 Devonshire 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:

March 25, 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 Devonshire 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: March 25, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: March 25, 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>