# EDGAR Filing Document

**Accession Number:** 0000081205
**File Stem:** 0000081205-26-000021
**Filing Date:** 2026-3
**Character Count:** 514811
**Document Hash:** fa20b1212d7274805f70acdcea52ecb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000081205-26-000021.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000081205-26-000021

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 60

**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 PURITAN TRUST
- **CENTRAL INDEX KEY:** 0000081205

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00649
- **FILM NUMBER:** 26789030

**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 PURITAN FUND
- **DATE OF NAME CHANGE:** 19870414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PURITAN FUND INC
- **DATE OF NAME CHANGE:** 19810106

## Series and Classes Contracts Data

### Fidelity Low-Priced Stock Fund (Series ID: S000007152)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000019556 | Fidelity Low-Priced Stock Fund                  | FLPSX           |
| C000064275 | Class K                                         | FLPKX           |
| C000254539 | Fidelity Advisor Low-Priced Stock Fund: Class C | FLPEX           |
| C000254540 | Fidelity Advisor Low-Priced Stock Fund: Class M | FLPDX           |
| C000254541 | Fidelity Advisor Low-Priced Stock Fund: Class I | FLPFX           |
| C000254542 | Fidelity Advisor Low-Priced Stock Fund: Class Z | FLPGX           |
| C000254543 | Fidelity Advisor Low-Priced Stock Fund: Class A | FLPCX           |

### Fidelity Value Discovery Fund (Series ID: S000007154)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000019558 | Fidelity Value Discovery Fund                  | FVDFX           |
| C000064277 | Class K                                        | FVDKX           |
| C000257441 | Fidelity Advisor Value Discovery Fund: Class Z | FVDOX           |
| C000257442 | Fidelity Advisor Value Discovery Fund: Class I | FVDNX           |
| C000257443 | Fidelity Advisor Value Discovery Fund: Class A | FVDJX           |
| C000257444 | Fidelity Advisor Value Discovery Fund: Class M | FVDLX           |
| C000257445 | Fidelity Advisor Value Discovery Fund: Class C | FVDMX           |

### Fidelity Series Intrinsic Opportunities Fund (Series ID: S000039222)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000120659 | Fidelity Series Intrinsic Opportunities Fund | FDMLX           |

### Fidelity Low-Priced Stock K6 Fund (Series ID: S000057291)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000182867 | Fidelity Low-Priced Stock K6 Fund | FLKSX           |

### Fidelity Value Discovery K6 Fund (Series ID: S000057292)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000182868 | Fidelity Value Discovery K6 Fund | FDVKX           |

?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>811-00649</u>

<u>Fidelity Puritan Trust</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;July 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;January 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Value Discovery K6 Fund<br> **Fidelity® Value Discovery K6 Fund : FDVKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Discovery K6 Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Value Discovery K6 Fund  | $25  | 0.45% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $174854169<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 59%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.0 |
| Industrials | 14.2 |
| Health Care | 10.8 |
| Consumer Staples | 10.5 |
| Energy | 9.0 |
| Consumer Discretionary | 8.0 |
| Information Technology | 8.0 |
| Communication Services | 7.7 |
| Materials | 4.8 |
| Utilities | 3.2 |
| Real Estate | 0.1 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2943_20260131_AA.jpg) <br>|

---

Common Stocks - 99.3&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) - 0.7 <br>

---

| | |
|:---|:---|
| United States | 92.2 |
| United Kingdom | 4.3 |
| Canada | 2.7 |
| France | 0.5 |
| Taiwan | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2943_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.3&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;France - 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;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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 4.2<br>|
| Exxon Mobil Corp | 4.1<br>|
| Amazon.com Inc | 3.0<br>|
| Bank of America Corp | 2.7<br>|
| Merck & Co Inc | 2.2<br>|
| Chubb Ltd | 2.1<br>|
| Cisco Systems Inc | 2.0<br>|
| Shell PLC ADR | 2.0<br>|
| Travelers Companies Inc/The | 1.9<br>|
| Wells Fargo & Co | 1.8<br>|
|  | 26.0 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2943_20260131_1.jpg)<br>| ![](img125485_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915348.101 2943-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Value Discovery Fund<br> **Fidelity® Value Discovery Fund : FVDFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Discovery Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Value Discovery Fund  | $24  | 0.45% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3728307070<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.3 |
| Industrials | 13.9 |
| Health Care | 10.9 |
| Consumer Staples | 10.3 |
| Energy | 9.0 |
| Information Technology | 8.1 |
| Consumer Discretionary | 7.9 |
| Communication Services | 7.7 |
| Materials | 4.7 |
| Utilities | 3.1 |
| 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)** |
| ![](img1173_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 | 92.5 |
| United Kingdom | 4.2 |
| Canada | 2.6 |
| France | 0.4 |
| Taiwan | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1173_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.2&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; |

---

---

| | |
|:---|:---|
| **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 | 2.7<br>|
| Merck & Co Inc | 2.2<br>|
| Cisco Systems Inc | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Travelers Companies Inc/The | 1.9<br>|
| Shell PLC ADR | 1.9<br>|
| Wells Fargo & Co | 1.9<br>|
|  | 26.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1173_20260131_1.jpg)<br>| ![](img125486_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915253.101 832-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Value Discovery Fund<br> **Fidelity® Value Discovery Fund Class K : FVDKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Discovery Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $21  | 0.38% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3728307070<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.3 |
| Industrials | 13.9 |
| Health Care | 10.9 |
| Consumer Staples | 10.3 |
| Energy | 9.0 |
| Information Technology | 8.1 |
| Consumer Discretionary | 7.9 |
| Communication Services | 7.7 |
| Materials | 4.7 |
| Utilities | 3.1 |
| 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)** |
| ![](img1173_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 | 92.5 |
| United Kingdom | 4.2 |
| Canada | 2.6 |
| France | 0.4 |
| Taiwan | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1173_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.2&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; |

---

---

| | |
|:---|:---|
| **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 | 2.7<br>|
| Merck & Co Inc | 2.2<br>|
| Cisco Systems Inc | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Travelers Companies Inc/The | 1.9<br>|
| Shell PLC ADR | 1.9<br>|
| Wells Fargo & Co | 1.9<br>|
|  | 26.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1173_20260131_1.jpg)<br>| ![](img125487_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915252.101 2103-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Series Intrinsic Opportunities Fund<br> **Fidelity® Series Intrinsic Opportunities Fund : FDMLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Intrinsic Opportunities Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2951862768<br>|
| Number of Holdings | 264<br>|
| Portfolio Turnover | 28%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.5 |
| Industrials | 17.6 |
| Consumer Discretionary | 13.3 |
| Health Care | 9.7 |
| Information Technology | 9.2 |
| Energy | 7.5 |
| Consumer Staples | 6.3 |
| Materials | 5.8 |
| Real Estate | 1.5 |
| Utilities | 1.2 |
| Communication Services | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2455_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 | 88.0 |
| Japan | 2.6 |
| United Kingdom | 1.7 |
| France | 1.1 |
| China | 0.8 |
| Greece | 0.7 |
| Spain | 0.7 |
| Puerto Rico | 0.6 |
| Canada | 0.6 |
| Others | 3.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2455_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Greece - 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;Spain - 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;Puerto Rico - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 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;Others - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 1.6<br>|
| Performance Food Group Co | 1.2<br>|
| Elanco Animal Health Inc | 1.1<br>|
| Gilead Sciences Inc | 1.1<br>|
| Diamondback Energy Inc | 1.1<br>|
| Silgan Holdings Inc | 1.1<br>|
| TD SYNNEX Corp | 1.1<br>|
| Stifel Financial Corp | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Citigroup Inc | 0.9<br>|
|  | 11.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2455_20260131_1.jpg)<br>| ![](img125507_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915318.101 2455-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Low-Priced Stock K6 Fund<br> **Fidelity® Low-Priced Stock K6 Fund : FLKSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Low-Priced Stock K6 Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Low-Priced Stock K6 Fund  | $27  | 0.50% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4212097786<br>|
| Number of Holdings | 559<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.6 |
| Industrials | 16.9 |
| Consumer Discretionary | 13.9 |
| Information Technology | 12.1 |
| Health Care | 9.3 |
| Energy | 8.5 |
| Consumer Staples | 7.4 |
| Materials | 5.6 |
| Real Estate | 1.3 |
| Utilities | 1.2 |
| Communication Services | 0.4 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2955_20260131_AA.jpg) <br>|

---

Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 64.3 |
| Japan | 8.4 |
| United Kingdom | 6.0 |
| Canada | 2.6 |
| Korea (South) | 2.5 |
| France | 2.5 |
| China | 2.5 |
| Taiwan | 1.5 |
| Sweden | 1.4 |
| Others | 8.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2955_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 64.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 8.4&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;United Kingdom - 6.0&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;Korea (South) - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 1.5&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;Sweden - 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;Others - 8.3&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)**  |  |
| Wells Fargo & Co | 1.6<br>|
| TotalEnergies SE (United States) | 1.4<br>|
| Ovintiv Inc | 1.1<br>|
| PG&E Corp | 1.0<br>|
| Gilead Sciences Inc | 1.0<br>|
| Samsung Electronics Co Ltd | 1.0<br>|
| TD SYNNEX Corp | 1.0<br>|
| Primo Brands Corp Class A | 0.9<br>|
| Elanco Animal Health Inc | 0.8<br>|
| Cenovus Energy Inc | 0.8<br>|
|  | 10.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2955_20260131_1.jpg)<br>| ![](img125581_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915350.101 2955-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Low-Priced Stock Fund<br> **Fidelity® Low-Priced Stock Fund : FLPSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Low-Priced Stock Fund  | $35  | 0.65% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $23756662714<br>|
| Number of Holdings | 561<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 17.1 |
| Consumer Discretionary | 13.9 |
| Information Technology | 12.3 |
| Health Care | 9.5 |
| Energy | 8.4 |
| Consumer Staples | 7.2 |
| Materials | 5.6 |
| Real Estate | 1.3 |
| Utilities | 1.2 |
| Communication Services | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img256_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.1 <br>

---

| | |
|:---|:---|
| United States | 63.4 |
| Japan | 8.7 |
| United Kingdom | 5.8 |
| Korea (South) | 2.9 |
| China | 2.8 |
| Canada | 2.6 |
| France | 2.5 |
| Taiwan | 1.4 |
| Netherlands | 1.4 |
| Others | 8.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img256_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 63.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 8.7&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 - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 2.8&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 - 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 - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 8.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 1.5<br>|
| TotalEnergies SE (United States) | 1.4<br>|
| PG&E Corp | 1.0<br>|
| Ovintiv Inc | 1.0<br>|
| TD SYNNEX Corp | 1.0<br>|
| Samsung Electronics Co Ltd | 1.0<br>|
| Gilead Sciences Inc | 0.9<br>|
| Primo Brands Corp Class A | 0.9<br>|
| Kingboard Holdings Ltd | 0.9<br>|
| Elanco Animal Health Inc | 0.8<br>|
|  | 10.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img256_20260131_1.jpg)<br>| ![](img125582_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915224.101 316-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Low-Priced Stock Fund<br> **Fidelity® Low-Priced Stock Fund Class K : FLPKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $31  | 0.58% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $23756662714<br>|
| Number of Holdings | 561<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 17.1 |
| Consumer Discretionary | 13.9 |
| Information Technology | 12.3 |
| Health Care | 9.5 |
| Energy | 8.4 |
| Consumer Staples | 7.2 |
| Materials | 5.6 |
| Real Estate | 1.3 |
| Utilities | 1.2 |
| Communication Services | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img256_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.1 <br>

---

| | |
|:---|:---|
| United States | 63.4 |
| Japan | 8.7 |
| United Kingdom | 5.8 |
| Korea (South) | 2.9 |
| China | 2.8 |
| Canada | 2.6 |
| France | 2.5 |
| Taiwan | 1.4 |
| Netherlands | 1.4 |
| Others | 8.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img256_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 63.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 8.7&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 - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 2.8&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 - 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 - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 8.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 1.5<br>|
| TotalEnergies SE (United States) | 1.4<br>|
| PG&E Corp | 1.0<br>|
| Ovintiv Inc | 1.0<br>|
| TD SYNNEX Corp | 1.0<br>|
| Samsung Electronics Co Ltd | 1.0<br>|
| Gilead Sciences Inc | 0.9<br>|
| Primo Brands Corp Class A | 0.9<br>|
| Kingboard Holdings Ltd | 0.9<br>|
| Elanco Animal Health Inc | 0.8<br>|
|  | 10.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img256_20260131_1.jpg)<br>| ![](img125583_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915223.101 2095-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Low-Priced Stock Fund<br> **Fidelity Advisor® Low-Priced Stock Fund Class A : FLPCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $51  | 0.95% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $23756662714<br>|
| Number of Holdings | 561<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 17.1 |
| Consumer Discretionary | 13.9 |
| Information Technology | 12.3 |
| Health Care | 9.5 |
| Energy | 8.4 |
| Consumer Staples | 7.2 |
| Materials | 5.6 |
| Real Estate | 1.3 |
| Utilities | 1.2 |
| Communication Services | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img256_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.1 <br>

---

| | |
|:---|:---|
| United States | 63.4 |
| Japan | 8.7 |
| United Kingdom | 5.8 |
| Korea (South) | 2.9 |
| China | 2.8 |
| Canada | 2.6 |
| France | 2.5 |
| Taiwan | 1.4 |
| Netherlands | 1.4 |
| Others | 8.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img256_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 63.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 8.7&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 - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 2.8&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 - 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 - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 8.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 1.5<br>|
| TotalEnergies SE (United States) | 1.4<br>|
| PG&E Corp | 1.0<br>|
| Ovintiv Inc | 1.0<br>|
| TD SYNNEX Corp | 1.0<br>|
| Samsung Electronics Co Ltd | 1.0<br>|
| Gilead Sciences Inc | 0.9<br>|
| Primo Brands Corp Class A | 0.9<br>|
| Kingboard Holdings Ltd | 0.9<br>|
| Elanco Animal Health Inc | 0.8<br>|
|  | 10.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img256_20260131_1.jpg)<br>| ![](img125645_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918479.101 7809-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Low-Priced Stock Fund<br> **Fidelity Advisor® Low-Priced Stock Fund Class M : FLPDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $64  | 1.20% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $23756662714<br>|
| Number of Holdings | 561<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 17.1 |
| Consumer Discretionary | 13.9 |
| Information Technology | 12.3 |
| Health Care | 9.5 |
| Energy | 8.4 |
| Consumer Staples | 7.2 |
| Materials | 5.6 |
| Real Estate | 1.3 |
| Utilities | 1.2 |
| Communication Services | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img256_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.1 <br>

---

| | |
|:---|:---|
| United States | 63.4 |
| Japan | 8.7 |
| United Kingdom | 5.8 |
| Korea (South) | 2.9 |
| China | 2.8 |
| Canada | 2.6 |
| France | 2.5 |
| Taiwan | 1.4 |
| Netherlands | 1.4 |
| Others | 8.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img256_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 63.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 8.7&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 - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 2.8&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 - 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 - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 8.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 1.5<br>|
| TotalEnergies SE (United States) | 1.4<br>|
| PG&E Corp | 1.0<br>|
| Ovintiv Inc | 1.0<br>|
| TD SYNNEX Corp | 1.0<br>|
| Samsung Electronics Co Ltd | 1.0<br>|
| Gilead Sciences Inc | 0.9<br>|
| Primo Brands Corp Class A | 0.9<br>|
| Kingboard Holdings Ltd | 0.9<br>|
| Elanco Animal Health Inc | 0.8<br>|
|  | 10.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img256_20260131_1.jpg)<br>| ![](img125646_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918483.101 7810-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Low-Priced Stock Fund<br> **Fidelity Advisor® Low-Priced Stock Fund Class C : FLPEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $90  | 1.70% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $23756662714<br>|
| Number of Holdings | 561<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 17.1 |
| Consumer Discretionary | 13.9 |
| Information Technology | 12.3 |
| Health Care | 9.5 |
| Energy | 8.4 |
| Consumer Staples | 7.2 |
| Materials | 5.6 |
| Real Estate | 1.3 |
| Utilities | 1.2 |
| Communication Services | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img256_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.1 <br>

---

| | |
|:---|:---|
| United States | 63.4 |
| Japan | 8.7 |
| United Kingdom | 5.8 |
| Korea (South) | 2.9 |
| China | 2.8 |
| Canada | 2.6 |
| France | 2.5 |
| Taiwan | 1.4 |
| Netherlands | 1.4 |
| Others | 8.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img256_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 63.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 8.7&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 - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 2.8&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 - 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 - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 8.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 1.5<br>|
| TotalEnergies SE (United States) | 1.4<br>|
| PG&E Corp | 1.0<br>|
| Ovintiv Inc | 1.0<br>|
| TD SYNNEX Corp | 1.0<br>|
| Samsung Electronics Co Ltd | 1.0<br>|
| Gilead Sciences Inc | 0.9<br>|
| Primo Brands Corp Class A | 0.9<br>|
| Kingboard Holdings Ltd | 0.9<br>|
| Elanco Animal Health Inc | 0.8<br>|
|  | 10.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img256_20260131_1.jpg)<br>| ![](img125647_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918481.101 7811-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Low-Priced Stock Fund<br> **Fidelity Advisor® Low-Priced Stock Fund Class I : FLPFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $37  | 0.70% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $23756662714<br>|
| Number of Holdings | 561<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 17.1 |
| Consumer Discretionary | 13.9 |
| Information Technology | 12.3 |
| Health Care | 9.5 |
| Energy | 8.4 |
| Consumer Staples | 7.2 |
| Materials | 5.6 |
| Real Estate | 1.3 |
| Utilities | 1.2 |
| Communication Services | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img256_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.1 <br>

---

| | |
|:---|:---|
| United States | 63.4 |
| Japan | 8.7 |
| United Kingdom | 5.8 |
| Korea (South) | 2.9 |
| China | 2.8 |
| Canada | 2.6 |
| France | 2.5 |
| Taiwan | 1.4 |
| Netherlands | 1.4 |
| Others | 8.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img256_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 63.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 8.7&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 - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 2.8&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 - 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 - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 8.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 1.5<br>|
| TotalEnergies SE (United States) | 1.4<br>|
| PG&E Corp | 1.0<br>|
| Ovintiv Inc | 1.0<br>|
| TD SYNNEX Corp | 1.0<br>|
| Samsung Electronics Co Ltd | 1.0<br>|
| Gilead Sciences Inc | 0.9<br>|
| Primo Brands Corp Class A | 0.9<br>|
| Kingboard Holdings Ltd | 0.9<br>|
| Elanco Animal Health Inc | 0.8<br>|
|  | 10.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img256_20260131_1.jpg)<br>| ![](img125648_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918485.101 7812-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Low-Priced Stock Fund<br> **Fidelity Advisor® Low-Priced Stock Fund Class Z : FLPGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $31  | 0.58% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $23756662714<br>|
| Number of Holdings | 561<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 17.1 |
| Consumer Discretionary | 13.9 |
| Information Technology | 12.3 |
| Health Care | 9.5 |
| Energy | 8.4 |
| Consumer Staples | 7.2 |
| Materials | 5.6 |
| Real Estate | 1.3 |
| Utilities | 1.2 |
| Communication Services | 0.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img256_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.1 <br>

---

| | |
|:---|:---|
| United States | 63.4 |
| Japan | 8.7 |
| United Kingdom | 5.8 |
| Korea (South) | 2.9 |
| China | 2.8 |
| Canada | 2.6 |
| France | 2.5 |
| Taiwan | 1.4 |
| Netherlands | 1.4 |
| Others | 8.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img256_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 63.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 8.7&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 - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 2.8&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 - 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 - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 8.5&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 1.5<br>|
| TotalEnergies SE (United States) | 1.4<br>|
| PG&E Corp | 1.0<br>|
| Ovintiv Inc | 1.0<br>|
| TD SYNNEX Corp | 1.0<br>|
| Samsung Electronics Co Ltd | 1.0<br>|
| Gilead Sciences Inc | 0.9<br>|
| Primo Brands Corp Class A | 0.9<br>|
| Kingboard Holdings Ltd | 0.9<br>|
| Elanco Animal Health Inc | 0.8<br>|
|  | 10.4 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img256_20260131_1.jpg)<br>| ![](img125649_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918487.101 7813-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Value Discovery Fund<br> **Fidelity® Advisor Value Discovery Fund Class A : FVDJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Discovery Fund for the period September 11, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $31  | 0.74% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3728307070<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.3 |
| Industrials | 13.9 |
| Health Care | 10.9 |
| Consumer Staples | 10.3 |
| Energy | 9.0 |
| Information Technology | 8.1 |
| Consumer Discretionary | 7.9 |
| Communication Services | 7.7 |
| Materials | 4.7 |
| Utilities | 3.1 |
| 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)** |
| ![](img1173_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 | 92.5 |
| United Kingdom | 4.2 |
| Canada | 2.6 |
| France | 0.4 |
| Taiwan | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1173_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.2&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; |

---

---

| | |
|:---|:---|
| **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 | 2.7<br>|
| Merck & Co Inc | 2.2<br>|
| Cisco Systems Inc | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Travelers Companies Inc/The | 1.9<br>|
| Shell PLC ADR | 1.9<br>|
| Wells Fargo & Co | 1.9<br>|
|  | 26.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1173_20260131_1.jpg)<br>| ![](img125671_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918541.100 9011-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Value Discovery Fund<br> **Fidelity® Advisor Value Discovery Fund Class M : FVDLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Discovery Fund for the period September 11, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $41  | 0.99% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3728307070<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.3 |
| Industrials | 13.9 |
| Health Care | 10.9 |
| Consumer Staples | 10.3 |
| Energy | 9.0 |
| Information Technology | 8.1 |
| Consumer Discretionary | 7.9 |
| Communication Services | 7.7 |
| Materials | 4.7 |
| Utilities | 3.1 |
| 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)** |
| ![](img1173_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 | 92.5 |
| United Kingdom | 4.2 |
| Canada | 2.6 |
| France | 0.4 |
| Taiwan | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1173_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.2&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; |

---

---

| | |
|:---|:---|
| **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 | 2.7<br>|
| Merck & Co Inc | 2.2<br>|
| Cisco Systems Inc | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Travelers Companies Inc/The | 1.9<br>|
| Shell PLC ADR | 1.9<br>|
| Wells Fargo & Co | 1.9<br>|
|  | 26.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1173_20260131_1.jpg)<br>| ![](img125672_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918543.100 9012-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Value Discovery Fund<br> **Fidelity® Advisor Value Discovery Fund Class C : FVDMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Discovery Fund for the period September 11, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $61  | 1.49% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3728307070<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.3 |
| Industrials | 13.9 |
| Health Care | 10.9 |
| Consumer Staples | 10.3 |
| Energy | 9.0 |
| Information Technology | 8.1 |
| Consumer Discretionary | 7.9 |
| Communication Services | 7.7 |
| Materials | 4.7 |
| Utilities | 3.1 |
| 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)** |
| ![](img1173_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 | 92.5 |
| United Kingdom | 4.2 |
| Canada | 2.6 |
| France | 0.4 |
| Taiwan | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1173_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.2&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; |

---

---

| | |
|:---|:---|
| **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 | 2.7<br>|
| Merck & Co Inc | 2.2<br>|
| Cisco Systems Inc | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Travelers Companies Inc/The | 1.9<br>|
| Shell PLC ADR | 1.9<br>|
| Wells Fargo & Co | 1.9<br>|
|  | 26.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1173_20260131_1.jpg)<br>| ![](img125673_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918545.100 9013-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Value Discovery Fund<br> **Fidelity® Advisor Value Discovery Fund Class I : FVDNX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Discovery Fund for the period September 11, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $21  | 0.51% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3728307070<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.3 |
| Industrials | 13.9 |
| Health Care | 10.9 |
| Consumer Staples | 10.3 |
| Energy | 9.0 |
| Information Technology | 8.1 |
| Consumer Discretionary | 7.9 |
| Communication Services | 7.7 |
| Materials | 4.7 |
| Utilities | 3.1 |
| 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)** |
| ![](img1173_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 | 92.5 |
| United Kingdom | 4.2 |
| Canada | 2.6 |
| France | 0.4 |
| Taiwan | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1173_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.2&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; |

---

---

| | |
|:---|:---|
| **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 | 2.7<br>|
| Merck & Co Inc | 2.2<br>|
| Cisco Systems Inc | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Travelers Companies Inc/The | 1.9<br>|
| Shell PLC ADR | 1.9<br>|
| Wells Fargo & Co | 1.9<br>|
|  | 26.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1173_20260131_1.jpg)<br>| ![](img125674_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918547.100 9016-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Value Discovery Fund<br> **Fidelity® Advisor Value Discovery Fund Class Z : FVDOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Value Discovery Fund for the period September 11, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $17  | 0.40% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3728307070<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.3 |
| Industrials | 13.9 |
| Health Care | 10.9 |
| Consumer Staples | 10.3 |
| Energy | 9.0 |
| Information Technology | 8.1 |
| Consumer Discretionary | 7.9 |
| Communication Services | 7.7 |
| Materials | 4.7 |
| Utilities | 3.1 |
| 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)** |
| ![](img1173_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 | 92.5 |
| United Kingdom | 4.2 |
| Canada | 2.6 |
| France | 0.4 |
| Taiwan | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1173_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 4.2&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; |

---

---

| | |
|:---|:---|
| **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 | 2.7<br>|
| Merck & Co Inc | 2.2<br>|
| Cisco Systems Inc | 2.1<br>|
| Chubb Ltd | 2.1<br>|
| Travelers Companies Inc/The | 1.9<br>|
| Shell PLC ADR | 1.9<br>|
| Wells Fargo & Co | 1.9<br>|
|  | 26.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1173_20260131_1.jpg)<br>| ![](img125675_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918549.100 9017-TSRS-0426 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

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

**Fidelity® Value Discovery K6 Fund**

**Semi-Annual Report**

**January 31, 2026**

![](img125793_1.jpg)

![](img125793_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FVDK6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Value Discovery K6 Fund](#Sub_Sec_Fund_2943_FVDK6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2943_FVDK6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FVDK6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FVDK6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FVDK6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FVDK6-SANN)** |

---

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

You may also call 1-800-835-5092 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 (Semi-Annual Report)**

**Fidelity® Value Discovery K6 Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.7%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Alimentation Couche-Tard Inc  | 16169 | 841194 |
| Energy - 1.6% |  |  |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Canadian Natural Resources Ltd (United States)  | 26830 | 998344 |
| Imperial Oil Ltd (United States) (a) | 12069 | 1221987 |
| Parex Resources Inc (a) | 35338 | 524237 |
| TOTAL ENERGY |  | 2744568 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Nutrien Ltd (United States)  | 15862 | 1092733 |
| TOTAL CANADA |  | 4678495 |
| FRANCE - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 1441 | 930028 |
| TAIWAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1500 | 495840 |
| UNITED KINGDOM - 4.3%  |  |  |
| Consumer Staples - 1.4% |  |  |
| Beverages - 0.7% |  |  |
| Diageo PLC  | 56019 | 1289014 |
| Tobacco - 0.7% |  |  |
| British American Tobacco PLC ADR  | 18791 | 1140238 |
| TOTAL CONSUMER STAPLES |  | 2429252 |
| Health Care - 1.6% |  |  |
| Pharmaceuticals - 1.6% |  |  |
| Astrazeneca PLC ADR  | 29856 | 2769741 |
| Utilities - 1.3% |  |  |
| Multi-Utilities - 1.3% |  |  |
| National Grid PLC  | 131591 | 2235672 |
| TOTAL UNITED KINGDOM |  | 7434665 |
| UNITED STATES - 91.5%  |  |  |
| Communication Services - 7.7% |  |  |
| Entertainment - 1.4% |  |  |
| Walt Disney Co/The  | 22083 | 2490962 |
| Interactive Media & Services - 6.3% |  |  |
| Alphabet Inc Class A  | 21917 | 7407946 |
| Alphabet Inc Class C  | 8147 | 2758004 |
| Meta Platforms Inc Class A  | 1241 | 889177 |
|  |  | 11055127 |
| TOTAL COMMUNICATION SERVICES |  | 13546089 |
| Consumer Discretionary - 7.5% |  |  |
| Broadline Retail - 3.0% |  |  |
| Amazon.com Inc (b) | 20886 | 4998020 |
| Diversified Consumer Services - 0.7% |  |  |
| H&R Block Inc  | 32007 | 1262676 |
| Household Durables - 0.9% |  |  |
| Lennar Corp Class A  | 3347 | 365994 |
| Mohawk Industries Inc (b) | 4687 | 554848 |
| Taylor Morrison Home Corp (b) | 2501 | 152436 |
| Toll Brothers Inc  | 2092 | 302273 |
| TopBuild Corp (b) | 601 | 281298 |
|  |  | 1656849 |
| Specialty Retail - 2.5% |  |  |
| Lowe's Cos Inc  | 5532 | 1477376 |
| Murphy USA Inc  | 1050 | 443636 |
| Ross Stores Inc  | 10285 | 1940265 |
| Ulta Beauty Inc (b) | 892 | 577445 |
|  |  | 4438722 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Lululemon Athletica Inc (b) | 4405 | 768672 |
| TOTAL CONSUMER DISCRETIONARY |  | 13124939 |
| Consumer Staples - 8.6% |  |  |
| Beverages - 1.8% |  |  |
| Constellation Brands Inc Class A  | 3914 | 613323 |
| Keurig Dr Pepper Inc  | 94072 | 2581336 |
|  |  | 3194659 |
| Consumer Staples Distribution & Retail - 2.5% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 3332 | 308010 |
| Kroger Co/The  | 22036 | 1384963 |
| Sprouts Farmers Market Inc (b) | 6400 | 453824 |
| Target Corp  | 8569 | 903772 |
| US Foods Holding Corp (b) | 14690 | 1228378 |
|  |  | 4278947 |
| Food Products - 1.3% |  |  |
| McCormick & Co Inc/MD  | 8400 | 519372 |
| Mondelez International Inc  | 31345 | 1832742 |
|  |  | 2352114 |
| Household Products - 2.4% |  |  |
| Colgate-Palmolive Co  | 14419 | 1301891 |
| Procter & Gamble Co/The  | 18314 | 2779516 |
|  |  | 4081407 |
| Tobacco - 0.6% |  |  |
| Philip Morris International Inc  | 6299 | 1130293 |
| TOTAL CONSUMER STAPLES |  | 15037420 |
| Energy - 7.4% |  |  |
| Oil, Gas & Consumable Fuels - 7.4% |  |  |
| ConocoPhillips  | 23100 | 2407713 |
| Exxon Mobil Corp  | 50181 | 7095594 |
| Shell PLC ADR  | 44274 | 3410426 |
| TOTAL ENERGY |  | 12913733 |
| Financials - 23.0% |  |  |
| Banks - 9.5% |  |  |
| Bank of America Corp  | 88338 | 4699582 |
| JPMorgan Chase & Co  | 2444 | 747594 |
| M&T Bank Corp  | 11080 | 2454996 |
| PNC Financial Services Group Inc/The  | 13233 | 2954929 |
| US Bancorp  | 45573 | 2557101 |
| Wells Fargo & Co  | 35559 | 3217734 |
|  |  | 16631936 |
| Capital Markets - 2.5% |  |  |
| Bank of New York Mellon Corp/The  | 8243 | 988501 |
| Blackrock Inc  | 575 | 643391 |
| Northern Trust Corp  | 15806 | 2361891 |
| State Street Corp  | 2499 | 327018 |
|  |  | 4320801 |
| Consumer Finance - 1.1% |  |  |
| Capital One Financial Corp  | 8807 | 1928117 |
| Financial Services - 2.9% |  |  |
| Berkshire Hathaway Inc Class B (b) | 4323 | 2077332 |
| Global Payments Inc  | 6700 | 480658 |
| PayPal Holdings Inc  | 14039 | 739715 |
| Sycamore Partners LLC rights (b)(c) | 271260 | 146480 |
| Visa Inc Class A  | 5209 | 1676412 |
|  |  | 5120597 |
| Insurance - 6.4% |  |  |
| Chubb Ltd  | 11463 | 3548486 |
| Fidelity National Financial Inc  | 7436 | 404444 |
| Hartford Insurance Group Inc/The  | 8824 | 1191769 |
| Marsh & McLennan Cos Inc  | 8925 | 1679596 |
| Travelers Companies Inc/The  | 11927 | 3393351 |
| Willis Towers Watson PLC  | 3010 | 955585 |
|  |  | 11173231 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| Annaly Capital Management Inc  | 42942 | 988095 |
| TOTAL FINANCIALS |  | 40162777 |
| Health Care - 9.2% |  |  |
| Biotechnology - 1.8% |  |  |
| Biogen Inc (b) | 5800 | 1043362 |
| Gilead Sciences Inc  | 14683 | 2084252 |
|  |  | 3127614 |
| Health Care Providers & Services - 2.3% |  |  |
| Cigna Group/The  | 10859 | 2976560 |
| CVS Health Corp  | 12925 | 963171 |
|  |  | 3939731 |
| Life Sciences Tools & Services - 1.3% |  |  |
| Thermo Fisher Scientific Inc  | 3904 | 2258893 |
| Pharmaceuticals - 3.8% |  |  |
| GSK PLC ADR  | 54379 | 2805956 |
| Merck & Co Inc  | 35029 | 3862649 |
| Pfizer Inc rights (b)(c) | 2800 | 13720 |
|  |  | 6682325 |
| TOTAL HEALTH CARE |  | 16008563 |
| Industrials - 14.2% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| Lockheed Martin Corp  | 1828 | 1159354 |
| Northrop Grumman Corp  | 946 | 654878 |
| Textron Inc  | 12628 | 1112022 |
|  |  | 2926254 |
| Air Freight & Logistics - 3.6% |  |  |
| CH Robinson Worldwide Inc  | 7441 | 1450623 |
| Expeditors International of Washington Inc  | 4479 | 719058 |
| FedEx Corp  | 6718 | 2164876 |
| United Parcel Service Inc Class B  | 17735 | 1883812 |
|  |  | 6218369 |
| Electrical Equipment - 1.0% |  |  |
| Emerson Electric Co  | 4046 | 594600 |
| Regal Rexnord Corp  | 6667 | 1076721 |
|  |  | 1671321 |
| Ground Transportation - 0.6% |  |  |
| Knight-Swift Transportation Holdings Inc  | 15256 | 840605 |
| Werner Enterprises Inc  | 13227 | 453024 |
|  |  | 1293629 |
| Machinery - 4.8% |  |  |
| Allison Transmission Holdings Inc  | 11319 | 1230375 |
| Cummins Inc  | 1797 | 1040140 |
| Deere & Co  | 3067 | 1619376 |
| Dover Corp  | 5108 | 1029211 |
| PACCAR Inc  | 5585 | 686452 |
| Pentair PLC  | 14638 | 1542406 |
| Westinghouse Air Brake Technologies Corp  | 5111 | 1176246 |
|  |  | 8324206 |
| Professional Services - 1.7% |  |  |
| ExlService Holdings Inc (b) | 17954 | 702899 |
| Leidos Holdings Inc  | 4295 | 808663 |
| Maximus Inc  | 8973 | 847410 |
| SS&C Technologies Holdings Inc  | 7212 | 590591 |
|  |  | 2949563 |
| Trading Companies & Distributors - 0.8% |  |  |
| Ferguson Enterprises Inc  | 3300 | 833118 |
| Rush Enterprises Inc Class A  | 8500 | 545615 |
|  |  | 1378733 |
| TOTAL INDUSTRIALS |  | 24762075 |
| Information Technology - 7.7% |  |  |
| Communications Equipment - 2.0% |  |  |
| Cisco Systems Inc  | 43616 | 3416005 |
| IT Services - 1.4% |  |  |
| Accenture PLC Class A  | 6603 | 1740815 |
| GoDaddy Inc Class A (b) | 6804 | 683938 |
|  |  | 2424753 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Advanced Micro Devices Inc (b) | 1500 | 355095 |
| Analog Devices Inc  | 600 | 186528 |
| Intel Corp (b) | 21961 | 1020528 |
| Micron Technology Inc  | 4091 | 1697274 |
| QUALCOMM Inc  | 4291 | 650473 |
|  |  | 3909898 |
| Software - 2.0% |  |  |
| Gen Digital Inc  | 71707 | 1720251 |
| Salesforce Inc  | 8574 | 1820174 |
|  |  | 3540425 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Western Digital Corp  | 700 | 175161 |
| TOTAL INFORMATION TECHNOLOGY |  | 13466242 |
| Materials - 4.2% |  |  |
| Chemicals - 2.0% |  |  |
| Cabot Corp  | 3700 | 267103 |
| CF Industries Holdings Inc  | 9742 | 908247 |
| Corteva Inc  | 16653 | 1212339 |
| Mosaic Co/The  | 34025 | 935688 |
| Scotts Miracle-Gro Co/The  | 1500 | 96330 |
|  |  | 3419707 |
| Construction Materials - 0.6% |  |  |
| CRH PLC  | 9245 | 1131680 |
| Containers & Packaging - 0.6% |  |  |
| Crown Holdings Inc  | 10124 | 1059780 |
| Metals & Mining - 1.0% |  |  |
| Newmont Corp  | 14864 | 1669970 |
| TOTAL MATERIALS |  | 7281137 |
| Real Estate - 0.1% |  |  |
| Specialized REITs - 0.1% |  |  |
| Lamar Advertising Co Class A  | 3188 | 409051 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 1.4% |  |  |
| Eversource Energy  | 16050 | 1109537 |
| PG&E Corp  | 90793 | 1400028 |
|  |  | 2509565 |
| Gas Utilities - 0.5% |  |  |
| National Fuel Gas Co  | 3000 | 251250 |
| UGI Corp  | 13673 | 548424 |
|  |  | 799674 |
| TOTAL UTILITIES |  | 3309239 |
| TOTAL UNITED STATES |  | 160021265 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $129,005,140) |  | <br> **173560293** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (d) | 3.70 | 3930324 | 3931111 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 3.70 | 1625343 | 1625505 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $5,556,616) |  |  | **5556616** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.4%**<br> (Cost $134,561,756)<br>| <br>**179116909** |
| **NET OTHER ASSETS (LIABILITIES) - (2.4)%**  | **(4262740)** |
| **NET ASSETS - 100.0%** | **174854169** |

---

**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 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 | 2432201 | 19531813 | 18032938 | 33539 | 35 | - | 3931111 | 3930324 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1246500 | 12645611 | 12266668 | 1593 | 62 | - | 1625505 | 1625343 | 0.0% |
| Total | 3678701 | 32177424 | 30299606 | 35132 | 97 | - | 5556616 |  |  |

---

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 | 13546089 | 13546089 | - | - |
| Consumer Discretionary | 14054967 | 13124939 | 930028 | - |
| Consumer Staples | 18307866 | 17018852 | 1289014 | - |
| Energy | 15658301 | 15658301 | - | - |
| Financials | 40162777 | 40016297 | - | 146480 |
| Health Care | 18778304 | 18764584 | - | 13720 |
| Industrials | 24762075 | 24762075 | - | - |
| Information Technology | 13962082 | 13962082 | - | - |
| Materials | 8373870 | 8373870 | - | - |
| Real Estate | 409051 | 409051 | - | - |
| Utilities | 5544911 | 3309239 | 2235672 | - |
|  **Money Market Funds** | 5556616 | 5556616 | - | - |
| **Total Investments in Securities:** | 179116909 | 174501995 | 4454714 | 160200 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,517,814) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $129,005,140) | $173560293 |  |
| Fidelity Central Funds (cost $5,556,616) | 5556616 |  |
| Total Investment in Securities (cost $134,561,756) |  | $179116909 |
| Foreign currency held at value (cost $99) |  | 100 |
| Receivable for investments sold |  | 552952 |
| Receivable for fund shares sold |  | 64770 |
| Dividends receivable |  | 190539 |
| Distributions receivable from Fidelity Central Funds |  | 4569 |
| **Total assets** |  | 179929839 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3011182 |  |
| Payable for fund shares redeemed | 375017 |  |
| Accrued management fee | 64024 |  |
| Other payables and accrued expenses | 4 |  |
| Collateral on securities loaned | 1625443 |  |
| **Total liabilities** |  | 5075670 |
| **Net Assets**  |  | $174854169 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $124840509 |
| Total accumulated earnings (loss) |  | 50013660 |
| **Net Assets** |  | $174854169 |
| **Net Asset Value**, offering price and redemption price per share ($174,854,169 ÷ 13,868,975 shares) |  | $12.61 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1730952 |
| Income from Fidelity Central Funds (including $1,593 from security lending)  |  | 35132 |
| **Total income** |  | 1766084 |
| **Expenses** |  |  |
| Management fee | $365376 |  |
| Independent trustees' fees and expenses | 330 |  |
| Total expenses before reductions | 365706 |  |
| Expense reductions | (350) |  |
| Total expenses after reductions |  | 365356 |
| **Net Investment income (loss)** |  | 1400728 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 10524427 |  |
| Fidelity Central Funds | 97 |  |
| Foreign currency transactions | (1130) |  |
| Total net realized gain (loss) |  | 10523394 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 12117298 |  |
| Assets and liabilities in foreign currencies | 2756 |  |
| Total change in net unrealized appreciation (depreciation) |  | 12120054 |
| **Net gain (loss)** |  | 22643448 |
| **Net increase (decrease) in net assets resulting from operations** |  | $24044176 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1400728 | $3017134 |
| &nbsp;&nbsp;Net realized gain (loss) | 10523394<br>| 15344315<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 12120054 | (10321202)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 24044176<br>| 8040247<br>|
| Distributions to shareholders | (20421805)<br>| (15724201)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 14890902 | 46597213 |
| Reinvestment of distributions | 20421805<br>| 15724201<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (21008091) | (67559839) |
| **Net increase (decrease) in net assets resulting from share transactions** | 14304616<br>| (5238425)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 17926987<br>| (12922379)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 156927182 | 169849561<br>|
| &nbsp;&nbsp;End of period | $174854169 | $156927182 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1205768 | 3793635 |
| Issued in reinvestment of distributions | 1727718<br>| 1288707<br>|
| &nbsp;&nbsp;Redeemed | (1690744) | (5494041) |
| &nbsp;&nbsp;Net increase (decrease) | 1242742 | (411699) |

---

**Financial Highlights** 

**Fidelity® Value Discovery K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.43 | $13.03 | $12.40 | $12.99 | $14.22 | $10.15 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .23  | .24  | .21  | .21  | .19  |
| Net realized and unrealized gain (loss)  | 1.71  | .37  | .96  | .51  | (.12)  | 4.09  |
| Total from investment operations  | 1.82  | .60  | 1.20  | .72  | .09  | 4.28  |
| Distributions from net investment income  | (.23)  | (.31)  | (.22)  | (.17)  | (.20)  | (.21)  |
| Distributions from net realized gain  | (1.40)  | (.90)  | (.35)  | (1.14)  | (1.12)  | -  |
| Total distributions  | (1.64) C | (1.20) C | (.57)  | (1.31)  | (1.32)  | (.21)  |
| Net asset value, end of period  | $12.61 | $12.43 | $13.03 | $12.40 | $12.99 | $14.22 |
| **Total Return** D,E | 15.84% <br>| 4.99%  | 10.25%  | 6.14%  | .60%  | 42.84%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .45% H | .45%  | .46%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% H<br>| .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45% H | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | 1.73% H | 1.84%  | 2.02%  | 1.76%  | 1.52%  | 1.51%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $174854 | $156927 | $169850 | $194289 | $137450 | $180575 |
| Portfolio turnover rate I | 59% H<br>| 61% J | 29%  | 43% J | 37% J | 55%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Value Discovery K6 Fund (the Fund) is a fund of Fidelity Puritan 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. 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), 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** | $47459232 |
| **Gross unrealized depreciation** | <u>(3086434)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$44372798</u> |
| **Tax cost** | <u>$134744111</u> |

---

The Fund elected to defer to its next fiscal year approximately $879,796 of capital losses recognized during the period November 1, 2024 to July 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Value Discovery K6 Fund** | 47285332 | 51587212 |

---

**Prior Year 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 Value Discovery K6 Fund** | 59971 | 735247 |

---

**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 Value Discovery K6 Fund** | 812 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Value Discovery K6 Fund** | 4382618 | 3342928 | 814992 |

---

**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 Value Discovery K6 Fund** | 170 | - | - |

---

**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 $350.

**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.

**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.

![](img125793_4.jpg)<br>

1.9884002.108 FVDK6-SANN-0426

**Fidelity® Value Discovery Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125794_1.jpg)

![](img125794_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FVD-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Value Discovery Fund](#Sub_Sec_Fund_1173_FVD-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1173_FVD-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FVD-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FVD-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FVD-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FVD-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Value Discovery Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

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  | 343333 | 17861939 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Canadian Natural Resources Ltd (United States)  | 542308 | 20179281 |
| Imperial Oil Ltd (United States) (a) | 266464 | 26979481 |
| Parex Resources Inc (a) | 654893 | 9715300 |
| TOTAL ENERGY |  | 56874062 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Nutrien Ltd (United States)  | 332925 | 22935203 |
| TOTAL CANADA |  | 97671204 |
| FRANCE - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| LVMH Moet Hennessy Louis Vuitton SE  | 24863 | 16046696 |
| TAIWAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 32200 | 10644032 |
| UNITED KINGDOM - 4.2%  |  |  |
| Consumer Staples - 1.3% |  |  |
| Beverages - 0.7% |  |  |
| Diageo PLC  | 1138871 | 26205760 |
| Tobacco - 0.6% |  |  |
| British American Tobacco PLC ADR  | 381600 | 23155488 |
| TOTAL CONSUMER STAPLES |  | 49361248 |
| Health Care - 1.7% |  |  |
| Pharmaceuticals - 1.7% |  |  |
| Astrazeneca PLC ADR  | 639220 | 59300440 |
| Utilities - 1.2% |  |  |
| Multi-Utilities - 1.2% |  |  |
| National Grid PLC  | 2739827 | 46548441 |
| TOTAL UNITED KINGDOM |  | 155210129 |
| UNITED STATES - 91.6%  |  |  |
| Communication Services - 7.7% |  |  |
| Entertainment - 1.4% |  |  |
| Walt Disney Co/The  | 468466 | 52842965 |
| Interactive Media & Services - 6.3% |  |  |
| Alphabet Inc Class A  | 464570 | 157024660 |
| Alphabet Inc Class C  | 174296 | 59004425 |
| Meta Platforms Inc Class A  | 26213 | 18781614 |
|  |  | 234810699 |
| TOTAL COMMUNICATION SERVICES |  | 287653664 |
| Consumer Discretionary - 7.5% |  |  |
| Broadline Retail - 2.9% |  |  |
| Amazon.com Inc (b) | 441399 | 105626781 |
| Diversified Consumer Services - 0.8% |  |  |
| H&R Block Inc  | 713871 | 28162211 |
| Household Durables - 0.9% |  |  |
| Lennar Corp Class A  | 61260 | 6698781 |
| Mohawk Industries Inc (b) | 87331 | 10338244 |
| Taylor Morrison Home Corp (b) | 53099 | 3236384 |
| Toll Brothers Inc  | 42671 | 6165533 |
| TopBuild Corp (b) | 16499 | 7722357 |
|  |  | 34161299 |
| Specialty Retail - 2.5% |  |  |
| Lowe's Cos Inc  | 114515 | 30582376 |
| Murphy USA Inc  | 21344 | 9018053 |
| Ross Stores Inc  | 219817 | 41468477 |
| Ulta Beauty Inc (b) | 21469 | 13898172 |
|  |  | 94967078 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Lululemon Athletica Inc (b) | 88789 | 15493680 |
| TOTAL CONSUMER DISCRETIONARY |  | 278411049 |
| Consumer Staples - 8.5% |  |  |
| Beverages - 1.8% |  |  |
| Constellation Brands Inc Class A  | 79300 | 12426310 |
| Keurig Dr Pepper Inc  | 2012635 | 55226704 |
|  |  | 67653014 |
| Consumer Staples Distribution & Retail - 2.5% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 80620 | 7452513 |
| Kroger Co/The  | 464531 | 29195774 |
| Sprouts Farmers Market Inc (b) | 134100 | 9509031 |
| Target Corp  | 173764 | 18326889 |
| US Foods Holding Corp (b) | 304691 | 25478261 |
|  |  | 89962468 |
| Food Products - 1.3% |  |  |
| McCormick & Co Inc/MD  | 170500 | 10542015 |
| Mondelez International Inc  | 668744 | 39101462 |
|  |  | 49643477 |
| Household Products - 2.3% |  |  |
| Colgate-Palmolive Co  | 296300 | 26752927 |
| Procter & Gamble Co/The  | 389687 | 59142796 |
|  |  | 85895723 |
| Tobacco - 0.6% |  |  |
| Philip Morris International Inc  | 128700 | 23093928 |
| TOTAL CONSUMER STAPLES |  | 316248610 |
| Energy - 7.5% |  |  |
| Oil, Gas & Consumable Fuels - 7.5% |  |  |
| ConocoPhillips  | 507390 | 52885260 |
| Exxon Mobil Corp  | 1091799 | 154380379 |
| Shell PLC ADR  | 929744 | 71618180 |
| TOTAL ENERGY |  | 278883819 |
| Financials - 23.3% |  |  |
| Banks - 9.6% |  |  |
| Bank of America Corp  | 1838031 | 97783250 |
| JPMorgan Chase & Co  | 53841 | 16469423 |
| M&T Bank Corp  | 239691 | 53108335 |
| PNC Financial Services Group Inc/The  | 281716 | 62907183 |
| US Bancorp  | 1010737 | 56712453 |
| Wells Fargo & Co  | 769802 | 69659383 |
|  |  | 356640027 |
| Capital Markets - 2.7% |  |  |
| Bank of New York Mellon Corp/The  | 167930 | 20138166 |
| Blackrock Inc  | 20802 | 23276190 |
| Northern Trust Corp  | 349643 | 52247153 |
| State Street Corp  | 38470 | 5034184 |
|  |  | 100695693 |
| Consumer Finance - 1.1% |  |  |
| Capital One Financial Corp  | 190940 | 41802494 |
| Financial Services - 3.0% |  |  |
| Berkshire Hathaway Inc Class B (b) | 97994 | 47089057 |
| Global Payments Inc  | 139100 | 9979034 |
| PayPal Holdings Inc  | 280194 | 14763422 |
| Sycamore Partners LLC rights (b)(c) | 5855570 | 3162008 |
| Visa Inc Class A  | 110192 | 35463091 |
|  |  | 110456612 |
| Insurance - 6.4% |  |  |
| Chubb Ltd  | 242814 | 75165502 |
| Fidelity National Financial Inc  | 147500 | 8022524 |
| Hartford Insurance Group Inc/The  | 192017 | 25933816 |
| Marsh & McLennan Cos Inc  | 196200 | 36922878 |
| Travelers Companies Inc/The  | 254984 | 72545498 |
| Willis Towers Watson PLC  | 60148 | 19095186 |
|  |  | 237685404 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.5% |  |  |
| Annaly Capital Management Inc  | 845880 | 19463699 |
| TOTAL FINANCIALS |  | 866743929 |
| Health Care - 9.2% |  |  |
| Biotechnology - 1.8% |  |  |
| Biogen Inc (b) | 120100 | 21604789 |
| Gilead Sciences Inc  | 313238 | 44464134 |
|  |  | 66068923 |
| Health Care Providers & Services - 2.3% |  |  |
| Cigna Group/The  | 231247 | 63387115 |
| CVS Health Corp  | 285505 | 21275833 |
|  |  | 84662948 |
| Life Sciences Tools & Services - 1.3% |  |  |
| Thermo Fisher Scientific Inc  | 85673 | 49571255 |
| Pharmaceuticals - 3.8% |  |  |
| GSK PLC ADR  | 1134160 | 58522656 |
| Merck & Co Inc  | 752631 | 82992620 |
| Pfizer Inc rights (b)(c) | 53600 | 262640 |
|  |  | 141777916 |
| TOTAL HEALTH CARE |  | 342081042 |
| Industrials - 13.9% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| Lockheed Martin Corp  | 42989 | 27264484 |
| Northrop Grumman Corp  | 20792 | 14393469 |
| Textron Inc  | 261580 | 23034735 |
|  |  | 64692688 |
| Air Freight & Logistics - 3.6% |  |  |
| CH Robinson Worldwide Inc  | 157356 | 30676552 |
| Expeditors International of Washington Inc  | 87800 | 14095412 |
| FedEx Corp  | 147023 | 47378162 |
| United Parcel Service Inc Class B  | 384135 | 40802820 |
|  |  | 132952946 |
| Electrical Equipment - 0.9% |  |  |
| Emerson Electric Co  | 77343 | 11366327 |
| Regal Rexnord Corp  | 136498 | 22044427 |
|  |  | 33410754 |
| Ground Transportation - 0.7% |  |  |
| Knight-Swift Transportation Holdings Inc  | 320679 | 17669413 |
| Werner Enterprises Inc  | 257473 | 8818450 |
|  |  | 26487863 |
| Machinery - 4.7% |  |  |
| Allison Transmission Holdings Inc  | 233944 | 25429713 |
| Cummins Inc  | 39444 | 22830976 |
| Deere & Co  | 66155 | 34929840 |
| Dover Corp  | 103989 | 20952744 |
| PACCAR Inc  | 106600 | 13102206 |
| Pentair PLC  | 319441 | 33659498 |
| Westinghouse Air Brake Technologies Corp  | 106056 | 24407728 |
|  |  | 175312705 |
| Professional Services - 1.6% |  |  |
| ExlService Holdings Inc (b) | 367600 | 14391540 |
| Leidos Holdings Inc  | 86852 | 16352495 |
| Maximus Inc  | 188778 | 17828194 |
| SS&C Technologies Holdings Inc  | 143900 | 11783971 |
|  |  | 60356200 |
| Trading Companies & Distributors - 0.7% |  |  |
| Ferguson Enterprises Inc  | 62922 | 15885288 |
| Rush Enterprises Inc Class A  | 152079 | 9761951 |
|  |  | 25647239 |
| TOTAL INDUSTRIALS |  | 518860395 |
| Information Technology - 7.8% |  |  |
| Communications Equipment - 2.1% |  |  |
| Cisco Systems Inc  | 989353 | 77486127 |
| IT Services - 1.4% |  |  |
| Accenture PLC Class A  | 139500 | 36777780 |
| GoDaddy Inc Class A (b) | 144456 | 14520717 |
|  |  | 51298497 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Advanced Micro Devices Inc (b) | 33100 | 7835763 |
| Analog Devices Inc  | 12100 | 3761648 |
| Intel Corp (b) | 475800 | 22110426 |
| Micron Technology Inc  | 93566 | 38818662 |
| QUALCOMM Inc  | 84266 | 12773883 |
|  |  | 85300382 |
| Software - 2.0% |  |  |
| Gen Digital Inc  | 1499755 | 35979122 |
| Salesforce Inc  | 179184 | 38038972 |
|  |  | 74018094 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Western Digital Corp  | 15400 | 3853542 |
| TOTAL INFORMATION TECHNOLOGY |  | 291956642 |
| Materials - 4.1% |  |  |
| Chemicals - 1.9% |  |  |
| Cabot Corp  | 84300 | 6085617 |
| CF Industries Holdings Inc  | 195387 | 18215930 |
| Corteva Inc  | 343500 | 25006800 |
| Mosaic Co/The  | 695123 | 19115883 |
| Scotts Miracle-Gro Co/The  | 30400 | 1952288 |
|  |  | 70376518 |
| Construction Materials - 0.7% |  |  |
| CRH PLC  | 203877 | 24956584 |
| Containers & Packaging - 0.5% |  |  |
| Crown Holdings Inc  | 224674 | 23518873 |
| Metals & Mining - 1.0% |  |  |
| Newmont Corp  | 318180 | 35747523 |
| TOTAL MATERIALS |  | 154599498 |
| Real Estate - 0.2% |  |  |
| Specialized REITs - 0.2% |  |  |
| Lamar Advertising Co Class A  | 66012 | 8469999 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 1.5% |  |  |
| Eversource Energy  | 347748 | 24039819 |
| PG&E Corp  | 1939345 | 29904700 |
|  |  | 53944519 |
| Gas Utilities - 0.4% |  |  |
| National Fuel Gas Co  | 68000 | 5695000 |
| UGI Corp  | 258712 | 10376938 |
|  |  | 16071938 |
| TOTAL UTILITIES |  | 70016457 |
| TOTAL UNITED STATES |  | 3413925104 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,779,328,150) |  | <br> **3693497165** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 3.70 | 38111555 | 38119178 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 3.70 | 8919969 | 8920860 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $47,040,038) |  |  | **47040038** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $2,826,368,188)<br>| <br>**3740537203** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(12230133)** |
| **NET ASSETS - 100.0%** | **3728307070** |

---

**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 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 | 65177818 | 512008831 | 541317847 | 871196 | 1673 | - | 38119178 | 38111555 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 27575100 | 219525415 | 238177556 | 62514 | (2099) | - | 8920860 | 8919969 | 0.0% |
| Total | 92752918 | 731534246 | 779495403 | 933710 | (426) | - | 47040038 |  |  |

---

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.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization 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 | 287653664 | 287653664 | - | - |
| Consumer Discretionary | 294457745 | 278411049 | 16046696 | - |
| Consumer Staples | 383471797 | 357266037 | 26205760 | - |
| Energy | 335757881 | 335757881 | - | - |
| Financials | 866743929 | 863581921 | - | 3162008 |
| Health Care | 401381482 | 401118842 | - | 262640 |
| Industrials | 518860395 | 518860395 | - | - |
| Information Technology | 302600674 | 302600674 | - | - |
| Materials | 177534701 | 177534701 | - | - |
| Real Estate | 8469999 | 8469999 | - | - |
| Utilities | 116564898 | 70016457 | 46548441 | - |
|  **Money Market Funds** | 47040038 | 47040038 | - | - |
| **Total Investments in Securities:** | 3740537203 | 3648311658 | 88800897 | 3424648 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $8,286,645) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,779,328,150) | $3693497165 |  |
| Fidelity Central Funds (cost $47,040,038) | 47040038 |  |
| Total Investment in Securities (cost $2,826,368,188) |  | $3740537203 |
| Foreign currency held at value (cost $337,690) |  | 343554 |
| Receivable for investments sold |  | 93619074 |
| Receivable for fund shares sold |  | 8305685 |
| Dividends receivable |  | 2804206 |
| Reclaims receivable |  | 1909234 |
| Distributions receivable from Fidelity Central Funds |  | 138414 |
| Prepaid expenses |  | 2108 |
| Receivable from investment adviser for expense reductions |  | 47818 |
| Other receivables |  | 31895 |
| **Total assets** |  | 3847739191 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9370964 |  |
| Payable for fund shares redeemed | 99666700 |  |
| Accrued management fee | 1395874 |  |
| Distribution and service plan fees payable | 49106 |  |
| Other payables and accrued expenses | 26517 |  |
| Collateral on securities loaned | 8922960 |  |
| **Total liabilities** |  | 119432121 |
| **Net Assets**  |  | $3728307070 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2688680007 |
| Total accumulated earnings (loss) |  | 1039627063 |
| **Net Assets** |  | $3728307070 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($130,800,164 ÷ 3,260,041 shares)(a) |  | $40.12 |
| Maximum offering price per share (100/94.25 of $40.12) |  | $42.57 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($32,534,152 ÷ 811,274 shares)(a) |  | $40.10 |
| Maximum offering price per share (100/96.50 of $40.10) |  | $41.55 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($10,164,936 ÷ 253,562 shares)(a) |  | $40.09 |
| **Value Discovery :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,164,557,822 ÷ 78,766,222 shares) |  | $40.18 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($67,777,859 ÷ 1,686,508 shares) |  | $40.19 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($125,099,223 ÷ 3,117,087 shares) |  | $40.13 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($197,372,914 ÷ 4,916,695 shares) |  | $40.14 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $36048325 |
| Interest  |  | 1640 |
| Income from Fidelity Central Funds (including $62,514 from security lending)  |  | 933710 |
| **Total income** |  | 36983675 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $10506155 |  |
| Performance adjustment | (3006650) |  |
| Distribution and service plan fees | 206723 |  |
| Custodian fees and expenses | 24243 |  |
| Independent trustees' fees and expenses | 6851 |  |
| Registration fees | 150808 |  |
| Audit fees | 36412 |  |
| Legal | 8004 |  |
| Interest | 13907 |  |
| Miscellaneous | 42957 |  |
| Total expenses before reductions | 7989410 |  |
| Expense reductions | (97823) |  |
| Total expenses after reductions |  | 7891587 |
| **Net Investment income (loss)** |  | 29092088 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 204656311 |  |
| Fidelity Central Funds | (426) |  |
| Foreign currency transactions | 25784 |  |
| Total net realized gain (loss) |  | 204681669 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 268546263 |  |
| Assets and liabilities in foreign currencies | 43240 |  |
| Total change in net unrealized appreciation (depreciation) |  | 268589503 |
| **Net gain (loss)** |  | 473271172 |
| **Net increase (decrease) in net assets resulting from operations** |  | $502363260 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $29092088 | $57137471 |
| &nbsp;&nbsp;Net realized gain (loss) | 204681669<br>| 186339109<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 268589503 | (103222515)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 502363260<br>| 140254065<br>|
| Distributions to shareholders | (291824704)<br>| (162973359)<br>|
| Share transactions - net increase (decrease) | 368925549<br>| 40710463<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 579464105<br>| 17991169<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3148842965 | 3130851796<br>|
| &nbsp;&nbsp;End of period | $3728307070 | $3148842965 |

---

**Financial Highlights** 

**Fidelity® Advisor Value Discovery Fund Class A**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.81 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .21  |
| Net realized and unrealized gain (loss)  | 3.52  |
| Total from investment operations  | 3.73  |
| Distributions from net investment income  | (.69)  |
| Distributions from net realized gain  | (2.73)  |
| Total distributions  | (3.42)  |
| Net asset value, end of period  | $40.12 |
| **Total Return** D,E,F | 10.11% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .75% I |
| Expenses net of fee waivers, if any  | .74% I<br>|
| Expenses net of all reductions, if any  | .74% I |
| Net investment income (loss)  | 1.41% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $130800 |
| Portfolio turnover rate J | 77% I,K<br>|

---

A*For the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

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

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

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

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

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

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

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

I*Annualized.*

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

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Advisor Value Discovery Fund Class M**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.81 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .17  |
| Net realized and unrealized gain (loss)  | 3.52  |
| Total from investment operations  | 3.69  |
| Distributions from net investment income  | (.67)  |
| Distributions from net realized gain  | (2.73)  |
| Total distributions  | (3.40)  |
| Net asset value, end of period  | $40.10 |
| **Total Return** D,E,F | 9.98% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.00% I |
| Expenses net of fee waivers, if any  | .99% I<br>|
| Expenses net of all reductions, if any  | .99% I |
| Net investment income (loss)  | 1.16% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $32534 |
| Portfolio turnover rate J | 77% I,K<br>|

---

A*For the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

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

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

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

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

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

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

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

I*Annualized.*

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

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Advisor Value Discovery Fund Class C**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.81 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .10  |
| Net realized and unrealized gain (loss)  | 3.52  |
| Total from investment operations  | 3.62  |
| Distributions from net investment income  | (.61)  |
| Distributions from net realized gain  | (2.73)  |
| Total distributions  | (3.34)  |
| Net asset value, end of period  | $40.09 |
| **Total Return** D,E,F | 9.79% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.50% I |
| Expenses net of fee waivers, if any  | 1.49% I<br>|
| Expenses net of all reductions, if any  | 1.49% I |
| Net investment income (loss)  | .66% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $10165 |
| Portfolio turnover rate J | 77% I,K<br>|

---

A*For the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

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

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

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

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

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

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

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

I*Annualized.*

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

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.96 | $38.03 | $36.46 | $36.10 | $37.95 | $26.99 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .68  | .66  | .48  | .45  | .40  |
| Net realized and unrealized gain (loss)  | 5.31  | 1.18  | 2.74  | 1.53  | (.48)  | 10.98  |
| Total from investment operations  | 5.64  | 1.86  | 3.40  | 2.01  | (.03)  | 11.38  |
| Distributions from net investment income  | (.69)  | (.68)  | (.58)  | (.44)  | (.43)  | (.42)  |
| Distributions from net realized gain  | (2.73)  | (1.25)  | (1.26)  | (1.21)  | (1.40)  | -  |
| Total distributions  | (3.42)  | (1.93)  | (1.83) C | (1.65)  | (1.82) C | (.42)  |
| Net asset value, end of period  | $40.18 | $37.96 | $38.03 | $36.46 | $36.10 | $37.95 |
| **Total Return** D,E | 15.64% <br>| 5.09%  | 9.99%  | 5.83%  | (.21)%  | 42.65%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .45% H | .49%  | .64%  | .84%  | .80%  | .75%  |
| Expenses net of fee waivers, if any  | .45% H<br>| .49%  | .64%  | .83%  | .80%  | .75%  |
| Expenses net of all reductions, if any  | .45% H | .49%  | .64%  | .83%  | .80%  | .74%  |
| Net investment income (loss)  | 1.71% H | 1.82%  | 1.85%  | 1.37%  | 1.20%  | 1.21%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3164558 | $3086942 | $3065870 | $2911436 | $2895400 | $3192073 |
| Portfolio turnover rate I | 77% H,J<br>| 59% K | 33%  | 24% K | 34% K | 36%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

**Fidelity® Value Discovery Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $37.98 | $38.07 | $36.49 | $36.13 | $37.98 | $27.01 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .34  | .71  | .70  | .51  | .49  | .44  |
| Net realized and unrealized gain (loss)  | 5.32  | 1.18  | 2.74  | 1.54  | (.48)  | 10.97  |
| Total from investment operations  | 5.66  | 1.89  | 3.44  | 2.05  | .01  | 11.41  |
| Distributions from net investment income  | (.72)  | (.73)  | (.60)  | (.47)  | (.46)  | (.44)  |
| Distributions from net realized gain  | (2.73)  | (1.25)  | (1.26)  | (1.21)  | (1.40)  | -  |
| Total distributions  | (3.45)  | (1.98)  | (1.86)  | (1.69) C | (1.86)  | (.44)  |
| Net asset value, end of period  | $40.19 | $37.98 | $38.07 | $36.49 | $36.13 | $37.98 |
| **Total Return** D,E | 15.68% <br>| 5.17%  | 10.10%  | 5.92%  | (.12)%  | 42.76%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .38% H | .41%  | .52%  | .75%  | .70%  | .65%  |
| Expenses net of fee waivers, if any  | .38% H<br>| .41%  | .52%  | .74%  | .70%  | .65%  |
| Expenses net of all reductions, if any  | .38% H | .41%  | .52%  | .74%  | .70%  | .65%  |
| Net investment income (loss)  | 1.78% H | 1.89%  | 1.97%  | 1.47%  | 1.30%  | 1.30%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $67778 | $61901 | $64982 | $17672 | $59650 | $87856 |
| Portfolio turnover rate I | 77% H,J<br>| 59% K | 33%  | 24% K | 34% K | 36%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

**Fidelity® Advisor Value Discovery Fund Class I**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.81 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .24  |
| Net realized and unrealized gain (loss)  | 3.53  |
| Total from investment operations  | 3.77  |
| Distributions from net investment income  | (.72)  |
| Distributions from net realized gain  | (2.73)  |
| Total distributions  | (3.45)  |
| Net asset value, end of period  | $40.13 |
| **Total Return** D,E | 10.21% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .51% H |
| Expenses net of fee waivers, if any  | .51% H<br>|
| Expenses net of all reductions, if any  | .51% H |
| Net investment income (loss)  | 1.65% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $125099 |
| Portfolio turnover rate I | 77% H,J<br>|

---

A*For the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

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

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

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

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

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

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

H*Annualized.*

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

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Advisor Value Discovery Fund Class Z**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.81 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .26  |
| Net realized and unrealized gain (loss)  | 3.53  |
| Total from investment operations  | 3.79  |
| Distributions from net investment income  | (.73)  |
| Distributions from net realized gain  | (2.73)  |
| Total distributions  | (3.46)  |
| Net asset value, end of period  | $40.14 |
| **Total Return** D,E | 10.26% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .40% H |
| Expenses net of fee waivers, if any  | .40% H<br>|
| Expenses net of all reductions, if any  | .40% H |
| Net investment income (loss)  | 1.75% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $197373 |
| Portfolio turnover rate I | 77% H,J<br>|

---

A*For the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

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

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

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

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

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

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

H*Annualized.*

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

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Value Discovery Fund (the Fund) is a fund of Fidelity Puritan 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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on September 11, 2025. The Fund offers Class A, Class M, Class C, Class I, Value Discovery, Class K 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. 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 reclaims receivable.

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind 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** | $971431687 |
| **Gross unrealized depreciation** | <u>(63613514)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$907818173</u> |
| **Tax cost** | <u>$2832719030</u> |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Value Discovery Fund** | 1291166563 | 1355318993 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Value Discovery Fund** | 19643 | 219837 | 735247 |

---

**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** | .70 |
| **Class M** | .70 |
| **Class C** | .72 |
| **Value Discovery** | .65 |
| **Class K** | .56 |
| **Class I** | .68 |
| **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** | .66 |
| **Class M** | .66 |
| **Class C** | .66 |
| **Value Discovery** | .61 |
| **Class K** | .54 |
| **Class I** | .67 |
| **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 Value Discovery Fund** | Russell 3000 Value Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Value Discovery. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.18)%. The performance adjustment rate may differ for classes that were not in existence for the entire reporting period.

**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% | 112604 | - |
| **Class M** | .25% | .25% | 56280 | - |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>37839</u> | <u>2068</u> |
|  |  |  | <u>206723</u> | <u>2068</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** | 7008 |
| **Class M** | 479 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>97</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>7584</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 Value Discovery Fund** | 17278 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Value Discovery Fund**  | Borrower | 55260000 | 4.53% | 13907 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Value Discovery Fund** | 95388942 | 77110544 | 9949877 |

---

**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 Value Discovery Fund** | 2743 |

---

**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 Value Discovery Fund** | 6630 | 1990 | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $18,460.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Class A** | 2874 |
| **Class M** | 721 |
| **Class C** | 246 |
| **Value Discovery** | 73028 |
| **Class K** | 1540 |
| **Class I** | 660 |
| **Class Z** | <u>294</u> |
|  | <u>79363</u> |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026 A** | **Year ended**<br> **July 31, 2025** |
| **Fidelity Value Discovery Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $3839489 | $- |
| Class M | 939653 | - |
| Class C | 299022 | - |
| Value Discovery | 279768259 | 159609686 |
| Class K | 5709779 | 3363673 |
| Class I | 915257 | - |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>353245</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>-</u> |
| Total  | <u>$291824704</u> | <u>$162973359</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **January 31, 2026 A**  | **Year ended**<br> **July 31, 2025** | **Six months ended** <br> **January 31, 2026 A** | **Year ended**<br> **July 31, 2025** |
| **Fidelity Value Discovery Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 74419 | - | $2883755 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 3254775 | - | 122021412 | - |
| Reinvestment of distributions  | 96509 | - | 3721208 | - |
| Shares redeemed | <u>(165662)</u> | <u>-</u> | <u>(6375086)</u> | <u>-</u> |
| Net increase (decrease) | <u>3260041</u> | <u>-</u> | <u>$122251289</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 11694 | - | $456303 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 816811 | - | 30614083 | - |
| Reinvestment of distributions  | 23951 | - | 923135 | - |
| Shares redeemed | <u>(41182)</u> | <u>-</u> | <u>(1580762)</u> | <u>-</u> |
| Net increase (decrease) | <u>811274</u> | <u>-</u> | <u>$30412759</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 10824 | - | $419658 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 281499 | - | 10550568 | - |
| Reinvestment of distributions  | 7184 | - | 276750 | - |
| Shares redeemed | <u>(45945)</u> | <u>-</u> | <u>(1778718)</u> | <u>-</u> |
| Net increase (decrease) | <u>253562</u> | <u>-</u> | <u>$9468258</u> | <u>$</u> <u>-</u> |
| **Value Discovery** |  |  |  |  |
| Shares sold | 10693316 | 21472566 | $413444322 | $798650113 |
| Reinvestment of distributions  | 4559959 | 2570570 | 172037267 | 94828810 |
| Shares redeemed | <u>(17809476)</u> | <u>(23338672)</u> | <u>(690962626)</u> | <u>(849906651)</u> |
| Net increase (decrease) | <u>(2556201)</u> | <u>704464</u> | <u>$(105481037)</u> | <u>$43572272</u> |
| **Class K** |  |  |  |  |
| Shares sold | 16250 | 62913 | $632698 | $2342212 |
| Reinvestment of distributions  | 151124 | 91149 | 5709779 | 3363673 |
| Shares redeemed | <u>(110696)</u> | <u>(231125)</u> | <u>(4333517)</u> | <u>(8567694)</u> |
| Net increase (decrease) | <u>56678</u> | <u>(77063)</u> | <u>$2008960</u> | <u>$(2861809)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 2445822 | - | $94923872 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 825855 | - | 30961317 | - |
| Reinvestment of distributions  | 21191 | - | 816743 | - |
| Shares redeemed | <u>(175781)</u> | <u>-</u> | <u>(6715238)</u> | <u>-</u> |
| Net increase (decrease) | <u>3117087</u> | <u>-</u> | <u>$119986694</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 4725622 | - | $183289960 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 344780 | - | 12925803 | - |
| Reinvestment of distributions  | 7211 | - | 277876 | - |
| Shares redeemed | <u>(160918)</u> | <u>-</u> | <u>(6215013)</u> | <u>-</u> |
| Net increase (decrease) | <u>4916695</u> | <u>-</u> | <u>$190278626</u> | <u>$</u> <u>-</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

**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.

**13. Reorganization Information.**

On September 19, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Equity Value Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on September 11, 2025. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Equity Value Fund** | 206644068 | 45539880 |  |  |  |
| **Class A** |  |  | 122021412 | 5247854 | .6202107229 |
| **Class M** |  |  | 30614083 | 1314061 | .6215928495 |
| **Class C** |  |  | 10550568 | 464633 | .6058511206 |
| **Class I** |  |  | 30961317 | 1288749 | .6408188850 |
| **Class Z** |  |  | 12925803 | 543143 | .6347879435 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Value Discovery Fund** | 3273967273 | 3481040456 |

---

Pro forma results of operations of the combined entity for the entire period ended January 31, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $29574670  |
| **Total net realized gain (loss)** | 208282716  |
| **Total change in net unrealized appreciation (depreciation)** | <u>273800704</u>  |
| **Net increase (decrease) in net assets resulting from operations** | <u>$511658090</u>  |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's accompanying Statement of Operations since September 19, 2025.

**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.

![](img125794_4.jpg)<br>

1.783113.123 FVD-SANN-0426

**Fidelity® Series Intrinsic Opportunities Fund**

**Semi-Annual Report**

**January 31, 2026**

![](img125800_1.jpg)

![](img125800_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_O2T-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Intrinsic Opportunities Fund](#Sub_Sec_Fund_2455_O2T-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2455_O2T-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_O2T-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_O2T-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_O2T-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_O2T-SANN)** |

---

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

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

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

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

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

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

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

**Fidelity® Series Intrinsic Opportunities Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

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>|
| AUSTRIA - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Construction Materials - 0.4% |  |  |
| Wienerberger AG  | 306200 | 10126421 |
| Containers & Packaging - 0.1% |  |  |
| Mayr Melnhof Karton AG  | 36100 | 4090833 |
| TOTAL AUSTRIA |  | 14217254 |
| CANADA - 0.6%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Alimentation Couche-Tard Inc  | 328400 | 17085048 |
| CHINA - 0.8%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Shenzhou International Group Holdings Ltd  | 384100 | 3063124 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Sinopharm Group Co Ltd H Shares  | 3767437 | 10069518 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Kingboard Holdings Ltd  | 1479800 | 5993378 |
| VSTECS Holdings Ltd  | 5253800 | 5218762 |
| TOTAL INFORMATION TECHNOLOGY |  | 11212140 |
| TOTAL CHINA |  | 24344782 |
| FRANCE - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| IPSOS SA  | 19400 | 824169 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Maisons du Monde SA (a)(b)(c)(d) | 240700 | 456502 |
| Mr Bricolage SA (a) | 144948 | 969032 |
| TOTAL CONSUMER DISCRETIONARY |  | 1425534 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Societe LDC SADIR  | 17300 | 1937869 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Vallourec SACA  | 37400 | 791771 |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| TotalEnergies SE (United States)  | 169183 | 12248849 |
| TOTAL ENERGY |  | 13040620 |
| Industrials - 0.2% |  |  |
| Ground Transportation - 0.2% |  |  |
| Stef SA  | 29960 | 4446238 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Sopra Steria Group  | 54100 | 9888451 |
| TOTAL FRANCE |  | 31562881 |
| GERMANY - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Mercedes-Benz Group AG  | 37900 | 2590247 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| JOST Werke SE (c)(d) | 113400 | 8428052 |
| TOTAL GERMANY |  | 11018299 |
| GREECE - 0.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Distributors - 0.1% |  |  |
| Autohellas Tourist and Trading SA  | 237000 | 3646445 |
| Specialty Retail - 0.2% |  |  |
| JUMBO SA  | 218100 | 6473462 |
| TOTAL CONSUMER DISCRETIONARY |  | 10119907 |
| Consumer Staples - 0.4% |  |  |
| Personal Care Products - 0.4% |  |  |
| Sarantis SA  | 738584 | 11871516 |
| TOTAL GREECE |  | 21991423 |
| HONG KONG - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Pico Far East Holdings Ltd  | 10600000 | 3812803 |
| Financials - 0.2% |  |  |
| Consumer Finance - 0.2% |  |  |
| Aeon Credit Service Asia Co Ltd  | 4561940 | 4350489 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| EcoGreen International Group Ltd (a)(e) | 1000000 | 1 |
| TOTAL HONG KONG |  | 8163293 |
| INDIA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| Euro Ceramics Ltd (a)(e) | 5000 | 0 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Redington Ltd  | 739442 | 2189037 |
| TOTAL INDIA |  | 2189037 |
| ITALY - 0.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Brembo NV  | 53200 | 639434 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.3% |  |  |
| Coca-Cola HBC AG  | 110900 | 5994126 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| MARR SpA (b) | 406500 | 4317329 |
| TOTAL CONSUMER STAPLES |  | 10311455 |
| TOTAL ITALY |  | 10950889 |
| JAPAN - 2.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Daikyonishikawa Corp  | 8053 | 42617 |
| Specialty Retail - 0.1% |  |  |
| ARCLANDS CORP  | 345500 | 4272984 |
| TOTAL CONSUMER DISCRETIONARY |  | 4315601 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| S Foods Inc  | 68100 | 1335510 |
| Household Products - 0.0% |  |  |
| Transaction Co Ltd  | 65000 | 501066 |
| TOTAL CONSUMER STAPLES |  | 1836576 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Zenkoku Hosho Co Ltd  | 85000 | 1687806 |
| Industrials - 1.0% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| Hamakyorex Co Ltd  | 380800 | 4505330 |
| Machinery - 0.3% |  |  |
| Daiwa Industries Ltd  | 598600 | 6006887 |
| Tocalo Co Ltd  | 149700 | 2496612 |
|  |  | 8503499 |
| Professional Services - 0.0% |  |  |
| Altech Corp  | 35953 | 610058 |
| Quick Co Ltd  | 277281 | 1556973 |
| Will Group Inc  | 102800 | 790463 |
|  |  | 2957494 |
| Trading Companies & Distributors - 0.5% |  |  |
| ITOCHU Corp  | 595000 | 7617531 |
| Mitani Corp  | 344665 | 5300483 |
| Totech Corp  | 65643 | 1705123 |
|  |  | 14623137 |
| TOTAL INDUSTRIALS |  | 30589460 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Riken Keiki Co Ltd  | 50800 | 1079943 |
| IT Services - 0.0% |  |  |
| TDC Soft Inc  | 226914 | 1793201 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Renesas Electronics Corp  | 690600 | 11481541 |
| SUMCO Corp  | 483400 | 5041404 |
|  |  | 16522945 |
| Software - 0.2% |  |  |
| Cresco Ltd  | 201600 | 2180656 |
| System Research Co Ltd (b) | 187600 | 2380760 |
|  |  | 4561416 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| MCJ Co Ltd  | 366800 | 3728201 |
| TOTAL INFORMATION TECHNOLOGY |  | 27685706 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| C Uyemura & Co Ltd  | 41800 | 4823908 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Kansai Electric Power Co Inc/The  | 341400 | 5444399 |
| TOTAL JAPAN |  | 76383456 |
| KOREA (SOUTH) - 0.3%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| InBody Co Ltd  | 27500 | 618912 |
| Value Added Technology Co Ltd  | 55500 | 789999 |
| TOTAL HEALTH CARE |  | 1408911 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Soulbrain Co Ltd  | 23710 | 7983798 |
| TOTAL KOREA (SOUTH) |  | 9392709 |
| MEXICO - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Genomma Lab Internacional SAB de CV  | 1685400 | 1614420 |
| NETHERLANDS - 0.4%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Acomo NV  | 173300 | 5104715 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.0% |  |  |
| Van Lanschot Kempen NV depository receipt  | 24700 | 1496113 |
| Insurance - 0.2% |  |  |
| ASR Nederland NV  | 61500 | 4459963 |
| TOTAL FINANCIALS |  | 5956076 |
| TOTAL NETHERLANDS |  | 11060791 |
| NORWAY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Europris ASA (c)(d) | 496226 | 4560096 |
| PUERTO RICO - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.2% |  |  |
| First BanCorp/Puerto Rico  | 300100 | 6638212 |
| Financial Services - 0.4% |  |  |
| EVERTEC Inc  | 355300 | 10662553 |
| TOTAL PUERTO RICO |  | 17300765 |
| SINGAPORE - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Hour Glass Ltd/The  | 1753400 | 3087506 |
| SPAIN - 0.7%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.4% |  |  |
| CIE Automotive SA  | 378000 | 12904194 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bankinter SA  | 155300 | 2654504 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| Logista Integral SA  | 124500 | 4548295 |
| TOTAL SPAIN |  | 20106993 |
| SWEDEN - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.2% |  |  |
| AQ Group AB  | 208320 | 4581520 |
| Trading Companies & Distributors - 0.1% |  |  |
| Alligo AB B Shares  | 236687 | 3369285 |
| TOTAL SWEDEN |  | 7950805 |
| SWITZERLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Garrett Motion Inc  | 556100 | 10032044 |
| UNITED KINGDOM - 1.7%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.1% |  |  |
| B&M European Value Retail SA  | 1435000 | 3462777 |
| Distributors - 0.3% |  |  |
| Inchcape PLC  | 831700 | 9292233 |
| Diversified Consumer Services - 0.0% |  |  |
| ME Group International PLC  | 357100 | 677252 |
| Specialty Retail - 0.1% |  |  |
| Dunelm Group PLC  | 129500 | 1637340 |
| TOTAL CONSUMER DISCRETIONARY |  | 15069602 |
| Consumer Staples - 0.2% |  |  |
| Tobacco - 0.2% |  |  |
| Imperial Brands PLC  | 132400 | 5576394 |
| Industrials - 1.0% |  |  |
| Industrial Conglomerates - 0.4% |  |  |
| DCC PLC  | 184600 | 11710416 |
| Passenger Airlines - 0.1% |  |  |
| JET2 PLC  | 252465 | 4273346 |
| Trading Companies & Distributors - 0.5% |  |  |
| RS GROUP PLC  | 1412049 | 12945588 |
| TOTAL INDUSTRIALS |  | 28929350 |
| TOTAL UNITED KINGDOM |  | 49575346 |
| UNITED STATES - 84.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Cars.com Inc (a) | 684300 | 7773648 |
| Media - 0.0% |  |  |
| Thryv Holdings Inc (a) | 466144 | 2242153 |
| TOTAL COMMUNICATION SERVICES |  | 10015801 |
| Consumer Discretionary - 11.2% |  |  |
| Automobile Components - 1.5% |  |  |
| Aptiv PLC (a) | 174000 | 13180500 |
| LCI Industries  | 52600 | 7715894 |
| Lear Corp  | 78300 | 9168147 |
| Patrick Industries Inc  | 108150 | 13645286 |
|  |  | 43709827 |
| Automobiles - 1.1% |  |  |
| General Motors Co  | 285600 | 23990400 |
| Harley-Davidson Inc  | 437600 | 8664480 |
|  |  | 32654880 |
| Broadline Retail - 0.1% |  |  |
| Macy's Inc  | 217400 | 4352347 |
| Diversified Consumer Services - 0.6% |  |  |
| Carriage Services Inc  | 116300 | 4990433 |
| Grand Canyon Education Inc (a) | 36000 | 6258240 |
| Laureate Education Inc (a) | 161696 | 5546173 |
|  |  | 16794846 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Cheesecake Factory Inc/The (b) | 228600 | 13249656 |
| Household Durables - 2.3% |  |  |
| DR Horton Inc  | 72800 | 10835552 |
| KB Home  | 192300 | 11064942 |
| M/I Homes Inc (a) | 78700 | 10522190 |
| Meritage Homes Corp  | 190700 | 13255557 |
| TopBuild Corp (a) | 20600 | 9641830 |
| Tri Pointe Homes Inc (a) | 374000 | 12472900 |
|  |  | 67792971 |
| Leisure Products - 0.3% |  |  |
| BRP Inc Subordinate Voting Shares  | 47100 | 3554854 |
| Brunswick Corp/DE  | 77900 | 6249138 |
|  |  | 9803992 |
| Specialty Retail - 2.7% |  |  |
| Academy Sports & Outdoors Inc  | 233100 | 12822831 |
| Advance Auto Parts Inc (b) | 153900 | 7388739 |
| Bath & Body Works Inc  | 339000 | 7390200 |
| Caleres Inc  | 226667 | 2769871 |
| Dick's Sporting Goods Inc  | 58600 | 11837200 |
| Lithia Motors Inc Class A  | 7600 | 2458144 |
| Murphy USA Inc  | 31100 | 13140061 |
| Signet Jewelers Ltd  | 148600 | 13711322 |
| Ulta Beauty Inc (a) | 6900 | 4466784 |
|  |  | 75985152 |
| Textiles, Apparel & Luxury Goods - 2.2% |  |  |
| Crocs Inc (a) | 158300 | 13284536 |
| Lululemon Athletica Inc (a) | 16600 | 2896700 |
| Oxford Industries Inc (b) | 123000 | 4532550 |
| PVH Corp  | 58700 | 3660532 |
| Steven Madden Ltd  | 320100 | 14045988 |
| VF Corp  | 534900 | 10478691 |
| Wolverine World Wide Inc  | 909487 | 16116110 |
|  |  | 65015107 |
| TOTAL CONSUMER DISCRETIONARY |  | 329358778 |
| Consumer Staples - 4.3% |  |  |
| Beverages - 1.8% |  |  |
| Constellation Brands Inc Class A  | 90200 | 14134340 |
| Keurig Dr Pepper Inc  | 409400 | 11233936 |
| Primo Brands Corp Class A  | 1406100 | 26631534 |
|  |  | 51999810 |
| Consumer Staples Distribution & Retail - 2.3% |  |  |
| Albertsons Cos Inc Class A  | 648800 | 10802520 |
| Dollar Tree Inc (a) | 105800 | 12441022 |
| Grocery Outlet Holding Corp (a) | 314900 | 3000997 |
| Performance Food Group Co (a) | 355400 | 33922930 |
| Target Corp  | 69100 | 7287977 |
|  |  | 67455446 |
| Food Products - 0.2% |  |  |
| Armanino Foods of Distinction Inc  | 126028 | 1499607 |
| Ingredion Inc  | 17200 | 2031320 |
| Smithfield Foods Inc  | 166700 | 3984130 |
|  |  | 7515057 |
| TOTAL CONSUMER STAPLES |  | 126970313 |
| Energy - 7.0% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Cactus Inc Class A  | 205800 | 11572134 |
| Oil, Gas & Consumable Fuels - 6.6% |  |  |
| Antero Resources Corp (a) | 615900 | 22400283 |
| Chord Energy Corp  | 193900 | 19436536 |
| Core Natural Resources Inc  | 214909 | 20498020 |
| Diamondback Energy Inc  | 191000 | 31314450 |
| Energy Transfer LP  | 690500 | 12739725 |
| Gulfport Energy Corp (a) | 49800 | 10167666 |
| Northern Oil & Gas Inc (b) | 349000 | 8725000 |
| Ovintiv Inc  | 612300 | 26616681 |
| Range Resources Corp  | 635400 | 24049890 |
| Shell PLC  | 313339 | 12044598 |
| Sunococorp LLC  | 114793 | 6155201 |
| Unit Corp  | 9900 | 325512 |
|  |  | 194473562 |
| TOTAL ENERGY |  | 206045696 |
| Financials - 23.3% |  |  |
| Banks - 10.9% |  |  |
| ACNB Corp  | 25200 | 1273103 |
| Associated Banc-Corp  | 577800 | 15750828 |
| Bar Harbor Bankshares  | 45972 | 1558911 |
| Cadence Bank  | 344400 | 14502684 |
| Camden National Corp  | 44243 | 2104640 |
| Citigroup Inc  | 230900 | 26717439 |
| East West Bancorp Inc  | 123300 | 14110452 |
| FNB Corp/PA  | 1063800 | 18669690 |
| Hancock Whitney Corp  | 195100 | 13422880 |
| KeyCorp  | 1191400 | 25638928 |
| Old National Bancorp/IN  | 559600 | 13671028 |
| Pinnacle Financial Partners Inc  | 233385 | 22192580 |
| Plumas Bancorp  | 133092 | 6669240 |
| QCR Holdings Inc  | 91300 | 8240738 |
| United Community Bank/SC  | 506900 | 17452567 |
| US Bancorp  | 444800 | 24957728 |
| Washington Trust Bancorp Inc  | 131900 | 4533403 |
| Webster Financial Corp  | 336900 | 22157913 |
| Wells Fargo & Co  | 514700 | 46575203 |
| West BanCorp Inc  | 164600 | 3905958 |
| Wintrust Financial Corp  | 120800 | 17816792 |
|  |  | 321922705 |
| Capital Markets - 5.8% |  |  |
| AllianceBernstein Holding LP  | 434800 | 18496392 |
| Ameriprise Financial Inc  | 20000 | 10543800 |
| Bank of New York Mellon Corp/The  | 97100 | 11644232 |
| Federated Hermes Inc Class B  | 296400 | 15792192 |
| Lazard Inc  | 466922 | 25083050 |
| LPL Financial Holdings Inc  | 27500 | 10023750 |
| Raymond James Financial Inc  | 124600 | 20666156 |
| SEI Investments Co  | 85900 | 7546315 |
| State Street Corp  | 180400 | 23607144 |
| Stifel Financial Corp  | 234200 | 28876860 |
|  |  | 172279891 |
| Consumer Finance - 1.2% |  |  |
| Capital One Financial Corp  | 76946 | 16845788 |
| OneMain Holdings Inc  | 285800 | 18731332 |
|  |  | 35577120 |
| Financial Services - 0.9% |  |  |
| Corpay Inc (a) | 51000 | 16046130 |
| Essent Group Ltd  | 145800 | 9173735 |
|  |  | 25219865 |
| Insurance - 4.5% |  |  |
| American Financial Group Inc/OH  | 113100 | 14733537 |
| First American Financial Corp  | 257200 | 16249896 |
| Hartford Insurance Group Inc/The  | 83500 | 11277510 |
| Primerica Inc  | 69400 | 18254976 |
| Reinsurance Group of America Inc  | 60600 | 12286650 |
| Selective Insurance Group Inc  | 164300 | 13814344 |
| Stewart Information Services Corp  | 189599 | 12784661 |
| Travelers Companies Inc/The  | 58900 | 16757639 |
| Unum Group  | 237100 | 18012487 |
|  |  | 134171700 |
| TOTAL FINANCIALS |  | 689171281 |
| Health Care - 9.4% |  |  |
| Biotechnology - 1.6% |  |  |
| Biogen Inc (a) | 87800 | 15794342 |
| Gilead Sciences Inc  | 231200 | 32818840 |
|  |  | 48613182 |
| Health Care Providers & Services - 6.0% |  |  |
| Cigna Group/The  | 63900 | 17515629 |
| CVS Health Corp  | 300200 | 22370904 |
| Elevance Health Inc  | 29100 | 10061034 |
| Henry Schein Inc (a) | 294500 | 22228860 |
| Labcorp Holdings Inc  | 90600 | 24599712 |
| Molina Healthcare Inc (a) | 79700 | 14313323 |
| Quest Diagnostics Inc  | 65600 | 12269168 |
| Tenet Healthcare Corp (a) | 85200 | 16126656 |
| UnitedHealth Group Inc  | 57500 | 16498475 |
| Universal Health Services Inc Class B  | 85600 | 17227856 |
|  |  | 173211617 |
| Life Sciences Tools & Services - 0.7% |  |  |
| Avantor Inc (a) | 446100 | 4871412 |
| ICON PLC (a) | 92300 | 16637075 |
|  |  | 21508487 |
| Pharmaceuticals - 1.1% |  |  |
| Elanco Animal Health Inc (a) | 1385700 | 33367656 |
| TOTAL HEALTH CARE |  | 276700942 |
| Industrials - 14.6% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| Cadre Holdings Inc (b) | 159200 | 6369592 |
| Huntington Ingalls Industries Inc  | 58600 | 24641886 |
| Textron Inc  | 88700 | 7810922 |
| V2X Inc (a) | 98600 | 6786638 |
|  |  | 45609038 |
| Air Freight & Logistics - 0.7% |  |  |
| FedEx Corp  | 52700 | 16982575 |
| Radiant Logistics Inc (a) | 533350 | 3589446 |
|  |  | 20572021 |
| Building Products - 1.5% |  |  |
| Builders FirstSource Inc (a) | 91900 | 10513360 |
| Gibraltar Industries Inc (a) | 199900 | 10246874 |
| Hayward Holdings Inc (a) | 697952 | 11264945 |
| Janus International Group Inc (a) | 1729700 | 11865742 |
|  |  | 43890921 |
| Commercial Services & Supplies - 0.5% |  |  |
| Brady Corp Class A  | 172000 | 14872840 |
| HNI Corp  | 19601 | 936732 |
|  |  | 15809572 |
| Construction & Engineering - 0.7% |  |  |
| Bowman Consulting Group Ltd (a) | 88800 | 3092904 |
| WillScot Holdings Corp  | 893300 | 17892799 |
|  |  | 20985703 |
| Electrical Equipment - 0.9% |  |  |
| Acuity Inc  | 35600 | 11008944 |
| Allient Inc (b) | 272500 | 16625225 |
|  |  | 27634169 |
| Ground Transportation - 0.2% |  |  |
| Proficient Auto Logistics Inc (a) | 195085 | 1966457 |
| Universal Logistics Holdings Inc  | 171038 | 2738318 |
|  |  | 4704775 |
| Machinery - 4.1% |  |  |
| Cummins Inc  | 22400 | 12965568 |
| Enpro Inc  | 53700 | 12822486 |
| Esab Corp  | 64500 | 7810950 |
| Gates Industrial Corp PLC (a)(b) | 777200 | 17891144 |
| Hillman Solutions Corp (a) | 846700 | 7933579 |
| Miller Industries Inc/TN (b) | 146400 | 5998008 |
| Terex Corp  | 337423 | 19233111 |
| Timken Co/The  | 251600 | 23446604 |
| Toro Co/The  | 108100 | 9891150 |
|  |  | 117992600 |
| Professional Services - 2.8% |  |  |
| CACI International Inc (a) | 19600 | 12163368 |
| Cbiz Inc (a) | 172540 | 6789449 |
| Concentrix Corp (b) | 155200 | 5796720 |
| Genpact Ltd  | 435800 | 19218780 |
| KBR Inc  | 230600 | 9871986 |
| Maximus Inc  | 176000 | 16621440 |
| Science Applications International Corp  | 129100 | 13137216 |
|  |  | 83598959 |
| Trading Companies & Distributors - 1.7% |  |  |
| Core & Main Inc Class A (a) | 260700 | 13910952 |
| Global Industrial Co  | 357496 | 10925077 |
| Rush Enterprises Inc Class A  | 391750 | 25146433 |
|  |  | 49982462 |
| TOTAL INDUSTRIALS |  | 430780220 |
| Information Technology - 7.6% |  |  |
| Electronic Equipment, Instruments & Components - 4.0% |  |  |
| Belden Inc  | 111900 | 13149369 |
| CDW Corp/DE  | 49700 | 6281583 |
| Crane NXT Co (b) | 451712 | 22820490 |
| Insight Enterprises Inc (a) | 52600 | 4419452 |
| Sanmina Corp (a) | 100000 | 14168000 |
| TD SYNNEX Corp  | 184393 | 29257638 |
| Vontier Corp  | 707000 | 26512500 |
|  |  | 116609032 |
| IT Services - 1.3% |  |  |
| Amdocs Ltd  | 230900 | 18919946 |
| Cognizant Technology Solutions Corp Class A  | 73300 | 6014998 |
| Kyndryl Holdings Inc (a) | 558900 | 12854700 |
|  |  | 37789644 |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Diodes Inc (a) | 245400 | 14525226 |
| Micron Technology Inc  | 43400 | 18005792 |
| MKS Inc  | 62400 | 14689584 |
|  |  | 47220602 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Dell Technologies Inc Class C  | 116600 | 13343704 |
| Seagate Technology Holdings PLC  | 23200 | 9458408 |
|  |  | 22802112 |
| TOTAL INFORMATION TECHNOLOGY |  | 224421390 |
| Materials - 4.8% |  |  |
| Chemicals - 1.3% |  |  |
| Axalta Coating Systems Ltd (a) | 400700 | 13455506 |
| Element Solutions Inc  | 528400 | 15376440 |
| Perimeter Solutions Inc (a) | 348576 | 9115262 |
|  |  | 37947208 |
| Construction Materials - 0.8% |  |  |
| Eagle Materials Inc  | 92000 | 18750520 |
| RHI Magnesita NV  | 133700 | 5067671 |
|  |  | 23818191 |
| Containers & Packaging - 2.3% |  |  |
| Graphic Packaging Holding CO  | 916900 | 13432585 |
| Packaging Corp of America  | 96200 | 21409310 |
| Silgan Holdings Inc  | 715000 | 30852250 |
|  |  | 65694145 |
| Metals & Mining - 0.4% |  |  |
| Warrior Met Coal Inc (b) | 145400 | 12984220 |
| TOTAL MATERIALS |  | 140443764 |
| Real Estate - 1.5% |  |  |
| Industrial REITs - 0.3% |  |  |
| STAG Industrial Inc Class A  | 269700 | 10116447 |
| Real Estate Management & Development - 0.5% |  |  |
| Jones Lang LaSalle Inc (a) | 39800 | 14244818 |
| Residential REITs - 0.3% |  |  |
| Camden Property Trust  | 80000 | 8724000 |
| Specialized REITs - 0.4% |  |  |
| Outfront Media Inc  | 475700 | 11569024 |
| TOTAL REAL ESTATE |  | 44654289 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| PG&E Corp  | 1866100 | 28775262 |
| TOTAL UNITED STATES |  | 2507337736 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,177,003,397) |  | <br> **2859925573** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 78594739 | 78610458 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 38095220 | 38099029 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $116,709,487) |  |  | **116709487** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $2,293,712,884)<br>| <br>**2976635060** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(24772292)** |
| **NET ASSETS - 100.0%** | **2951862768** |

---

**Legend**

(a) Non-income producing.

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,444,650 or 0.5% of net assets.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $13,444,650 or 0.5% of net assets.

(e) Level 3 security.

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

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

**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 | 63946656 | 207267745 | 192602579 | 1368502 | (1364) | - | 78610458 | 78594739 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 89014030 | 182096683 | 233012337 | 79120 | 653 | - | 38099029 | 38095220 | 0.1% |
| Total | 152960686 | 389364428 | 425614916 | 1447622 | (711) | - | 116709487 |  |  |

---

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 | 14652773 | 14652773 | - | - |
| Consumer Discretionary | 397166067 | 394575820 | 2590247 | - |
| Consumer Staples | 180693886 | 175117492 | 5576394 | - |
| Energy | 219086316 | 207041718 | 12044598 | - |
| Financials | 721120921 | 721120921 | - | - |
| Health Care | 289793791 | 289793791 | - | - |
| Industrials | 515672420 | 508054889 | 7617531 | - |
| Information Technology | 275396724 | 263915183 | 11481541 | - |
| Materials | 167468725 | 167468724 | - | 1 |
| Real Estate | 44654289 | 44654289 | - | - |
| Utilities | 34219661 | 34219661 | - | - |
|  **Money Market Funds** | 116709487 | 116709487 | - | - |
| **Total Investments in Securities:** | 2976635060 | 2937324748 | 39310311 | 1 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $53,103,026) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,177,003,397) | $2859925573 |  |
| Fidelity Central Funds (cost $116,709,487) | 116709487 |  |
| Total Investment in Securities (cost $2,293,712,884) |  | $2976635060 |
| Cash |  | 13583 |
| Foreign currency held at value (cost $233,600) |  | 237853 |
| Receivable for investments sold |  | 9325447 |
| Receivable for fund shares sold |  | 8089010 |
| Dividends receivable |  | 995891 |
| Reclaims receivable |  | 9359822 |
| Distributions receivable from Fidelity Central Funds |  | 257823 |
| Receivable from investment adviser for expense reductions |  | 578 |
| Other receivables |  | 429413 |
| **Total assets** |  | 3005344480 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $5071140 |  |
| Payable for fund shares redeemed | 9997827 |  |
| Other payables and accrued expenses | 341945 |  |
| Collateral on securities loaned | 38070800 |  |
| **Total liabilities** |  | 53481712 |
| **Net Assets**  |  | $2951862768 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2204176740 |
| Total accumulated earnings (loss) |  | 747686028 |
| **Net Assets** |  | $2951862768 |
| **Net Asset Value**, offering price and redemption price per share ($2,951,862,768 ÷ 265,701,045 shares) |  | $11.11 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $25076299 |
| Income from Fidelity Central Funds (including $79,120 from security lending)  |  | 1447622 |
| **Total income** |  | 26523921 |
| **Expenses** |  |  |
| Custodian fees and expenses | $44458 |  |
| Independent trustees' fees and expenses | 5785 |  |
| Total expenses before reductions | 50243 |  |
| Expense reductions | (2710) |  |
| Total expenses after reductions |  | 47533 |
| **Net Investment income (loss)** |  | 26476388 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 133384089 |  |
| Fidelity Central Funds | (711) |  |
| Foreign currency transactions | 737 |  |
| Total net realized gain (loss) |  | 133384115 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $11,246)  | 144475623 |  |
| Assets and liabilities in foreign currencies | 349737 |  |
| Total change in net unrealized appreciation (depreciation) |  | 144825360 |
| **Net gain (loss)** |  | 278209475 |
| **Net increase (decrease) in net assets resulting from operations** |  | $304685863 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $26476388 | $68957184 |
| &nbsp;&nbsp;Net realized gain (loss) | 133384115<br>| 298718282<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 144825360 | (286825943)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 304685863<br>| 80849523<br>|
| Distributions to shareholders | (309784851)<br>| (338182295)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 90311922 | 631957174 |
| Reinvestment of distributions | 309784851<br>| 338182295<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (249543423) | (942343254) |
| **Net increase (decrease) in net assets resulting from share transactions** | 150553350<br>| 27796215<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 145454362<br>| (229536557)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2806408406 | 3035944963<br>|
| &nbsp;&nbsp;End of period | $2951862768 | $2806408406 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 8255919 | 57610586 |
| Issued in reinvestment of distributions | 28575341<br>| 30769784<br>|
| &nbsp;&nbsp;Redeemed | (22598010) | (85626864) |
| &nbsp;&nbsp;Net increase (decrease) | 14233250 | 2753506 |

---

**Financial Highlights** 

**Fidelity® Series Intrinsic Opportunities Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.16 | $12.21 | $12.93 | $18.82 | $22.41 | $15.29 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .27  | .22  | .31  | .40  | .40  |
| Net realized and unrealized gain (loss)  | 1.09  | .04  | 1.72  | 1.30  | (.31)  | 7.49  |
| Total from investment operations  | 1.19  | .31  | 1.94  | 1.61  | .09  | 7.89  |
| Distributions from net investment income  | (.30)  | (.24)  | (.26)  | (.35)  | (.51)  | (.44)  |
| Distributions from net realized gain  | (.94)  | (1.11)  | (2.40)  | (7.15)  | (3.17)  | (.33)  |
| Total distributions  | (1.24)  | (1.36) C | (2.66)  | (7.50)  | (3.68)  | (.77)  |
| Net asset value, end of period  | $11.11 | $11.16 | $12.21 | $12.93 | $18.82 | $22.41 |
| **Total Return** D,E | 11.16% <br>| 2.99%  | 20.21%  | 13.61%  | .18%  | 53.18%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | -% H,I | -% I | -% I | .01%  | .01%  | .01%  |
| Expenses net of fee waivers, if any I | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any I | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.85% H | 2.43%  | 2.03%  | 2.29%  | 1.99%  | 2.08%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2951863 | $2806408 | $3035945 | $2771751 | $7621850 | $13891352 |
| Portfolio turnover rate J | 28% H<br>| 34%  | 21%  | 35%  | 18%  | 10%  |

---

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

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

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

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

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

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

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

H*Annualized.*

I*Amount represents less than .005%.*

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

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Series Intrinsic Opportunities Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and 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. 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.

**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 reclaims 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

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.

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** | $805965492 |
| **Gross unrealized depreciation** | <u>(123293587)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$682671905</u> |
| **Tax cost** | <u>$2293963155</u> |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Intrinsic Opportunities Fund** | 391704143 | 518500981 |

---

**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 does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, 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:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Intrinsic Opportunities Fund** | 9573 |

---

**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 Series Intrinsic Opportunities Fund** | 28204373 | 45356561 | 21231953 |

---

**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 Series Intrinsic Opportunities Fund** | 8369 | - | - |

---

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 Series Intrinsic Opportunities Fund** | 16999586 |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through November 30, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $1,585.

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 $1,125.

**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.

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 Fund.

**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.

**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.

![](img125800_4.jpg)<br>

1.951015.113 O2T-SANN-0426

**Fidelity® Low-Priced Stock K6 Fund**

**Semi-Annual Report**

**January 31, 2026**

![](img125817_1.jpg)

![](img125817_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_LPSK6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Low-Priced Stock K6 Fund](#Sub_Sec_Fund_2955_LPSK6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2955_LPSK6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LPSK6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LPSK6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LPSK6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LPSK6-SANN)** |

---

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

You may also call 1-800-835-5092 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 (Semi-Annual Report)**

**Fidelity® Low-Priced Stock K6 Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Amotiv Ltd  | 333371 | 1947679 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Inghams Group Ltd  | 1016796 | 1770115 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| AUB Group Ltd  | 119493 | 2513742 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Servcorp Ltd  | 207446 | 1113748 |
| TOTAL AUSTRALIA |  | 7345284 |
| AUSTRIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Construction Materials - 0.3% |  |  |
| Wienerberger AG  | 363297 | 12014691 |
| Containers & Packaging - 0.1% |  |  |
| Mayr Melnhof Karton AG  | 40505 | 4590005 |
| TOTAL AUSTRIA |  | 16604696 |
| BELGIUM - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| Econocom Group SA/NV  | 599487 | 1243553 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Melexis NV  | 15547 | 1174825 |
| X-Fab Silicon Foundries SE (b)(c)(d) | 343926 | 2089323 |
|  |  | 3264148 |
| TOTAL BELGIUM |  | 4507701 |
| BRAZIL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Hypera SA  | 1309500 | 6272860 |
| CANADA - 2.6%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Mty Food Group Inc  | 175644 | 5470614 |
| Specialty Retail - 0.1% |  |  |
| Bmtc Group Inc  | 357849 | 3395446 |
| Leon's Furniture Ltd  | 28935 | 584799 |
|  |  | 3980245 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Gildan Activewear Inc (a) | 70653 | 4590512 |
| TOTAL CONSUMER DISCRETIONARY |  | 14041371 |
| Consumer Staples - 1.1% |  |  |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Alimentation Couche-Tard Inc  | 531469 | 27649737 |
| Metro Inc/CN  | 225335 | 14958345 |
| North West Co Inc/The  | 11727 | 418646 |
| TOTAL CONSUMER STAPLES |  | 43026728 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| PHX Energy Services Corp (a) | 219626 | 1350031 |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Cenovus Energy Inc (a) | 1671205 | 32978576 |
| TOTAL ENERGY |  | 34328607 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Goodfellow Inc  | 130063 | 1169149 |
| Richelieu Hardware Ltd  | 93032 | 2782112 |
| TOTAL INDUSTRIALS |  | 3951261 |
| Materials - 0.2% |  |  |
| Paper & Forest Products - 0.2% |  |  |
| Stella-Jones Inc  | 135010 | 9052556 |
| Western Forest Prods Inc (b) | 61413 | 681490 |
| TOTAL MATERIALS |  | 9734046 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Real Matters Inc (b) | 656056 | 2996855 |
| TOTAL CANADA |  | 108078868 |
| CHINA - 2.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Netease Inc  | 133759 | 3468382 |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.1% |  |  |
| Vipshop Holdings Ltd Class A ADR  | 183201 | 3134569 |
| Household Durables - 0.2% |  |  |
| Chervon Holdings Ltd (a) | 2098041 | 6483111 |
| Gree Electric Appliances Inc of Zhuhai A Shares (China)  | 622246 | 3464008 |
|  |  | 9947119 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Best Pacific International Holdings Ltd (c) | 5453396 | 2247787 |
| Shenzhou International Group Holdings Ltd  | 777943 | 6203946 |
|  |  | 8451733 |
| TOTAL CONSUMER DISCRETIONARY |  | 21533421 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunjuice Holdings Co Ltd  | 37000 | 184033 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| China Petroleum & Chemical Corp H Shares  | 9220405 | 6349865 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Far East Horizon Ltd  | 2179698 | 2179112 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.5% |  |  |
| Sinopharm Group Co Ltd H Shares  | 7470578 | 19967188 |
| Pharmaceuticals - 0.1% |  |  |
| China Medical System Holdings Ltd  | 2763393 | 4962866 |
| Consun Pharmaceutical Group Ltd  | 627257 | 1450894 |
|  |  | 6413760 |
| TOTAL HEALTH CARE |  | 26380948 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Sinopec Engineering Group Co Ltd H Shares  | 496573 | 472921 |
| Machinery - 0.1% |  |  |
| Haitian International Holdings Ltd  | 1185996 | 3670893 |
| Precision Tsugami China Corp Ltd (c) | 215395 | 1158023 |
| TK Group Holdings Ltd  | 1034406 | 329703 |
|  |  | 5158619 |
| Trading Companies & Distributors - 0.0% |  |  |
| Horizon Construction Development Ltd  | 104016 | 13314 |
| Transportation Infrastructure - 0.1% |  |  |
| Qingdao Port International Co Ltd H Shares (c)(d) | 3032188 | 2914931 |
| TOTAL INDUSTRIALS |  | 8559785 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Kingboard Holdings Ltd  | 5597855 | 22672026 |
| VSTECS Holdings Ltd  | 13620371 | 13529535 |
| TOTAL INFORMATION TECHNOLOGY |  | 36201561 |
| TOTAL CHINA |  | 104857107 |
| FRANCE - 2.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| IPSOS SA  | 82813 | 3518140 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 183930 | 6830358 |
| Household Durables - 0.0% |  |  |
| SEB SA  | 36505 | 2061440 |
| Specialty Retail - 0.0% |  |  |
| Maisons du Monde SA (b)(c)(d) | 133935 | 254016 |
| Mr Bricolage SA (b) | 87462 | 584716 |
|  |  | 838732 |
| TOTAL CONSUMER DISCRETIONARY |  | 9730530 |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Vallourec SACA  | 55504 | 1175039 |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| TotalEnergies SE (United States) (a) | 752499 | 54480929 |
| TOTAL ENERGY |  | 55655968 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Antin Infrastructure Partners SA  | 309898 | 3820311 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Societe BIC SA  | 6319 | 407468 |
| Ground Transportation - 0.2% |  |  |
| Stef SA  | 52250 | 7754204 |
| Professional Services - 0.0% |  |  |
| Synergie SA  | 20843 | 758482 |
| Trading Companies & Distributors - 0.0% |  |  |
| Thermador Groupe  | 10002 | 933057 |
| TOTAL INDUSTRIALS |  | 9853211 |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| Alten SA  | 23619 | 2312534 |
| Neurones  | 11238 | 536835 |
| Sopra Steria Group  | 103730 | 18959870 |
|  |  | 21809239 |
| Software - 0.0% |  |  |
| Linedata Services  | 8056 | 405840 |
| TOTAL INFORMATION TECHNOLOGY |  | 22215079 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Groupe Guillin  | 64586 | 1887130 |
| TOTAL FRANCE |  | 106680369 |
| GERMANY - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Mercedes-Benz Group AG  | 76741 | 5244806 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| DWS Group GmbH & Co KGaA (c)(d) | 24128 | 1767488 |
| Insurance - 0.0% |  |  |
| Talanx AG  | 3652 | 461027 |
| TOTAL FINANCIALS |  | 2228515 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Takkt AG  | 295025 | 1265943 |
| Machinery - 0.0% |  |  |
| JOST Werke SE (c)(d) | 10349 | 769153 |
| Stabilus SE  | 34803 | 800322 |
|  |  | 1569475 |
| Trading Companies & Distributors - 0.1% |  |  |
| Brenntag SE  | 28655 | 1745863 |
| TOTAL INDUSTRIALS |  | 4581281 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| BRANICKS Group AG (b) | 98198 | 226745 |
| Instone Real Estate Group SE (c)(d) | 237565 | 2418924 |
| TOTAL REAL ESTATE |  | 2645669 |
| TOTAL GERMANY |  | 14700271 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Patria Investments Ltd Class A  | 202662 | 2960892 |
| GREECE - 1.0%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Distributors - 0.0% |  |  |
| Autohellas Tourist and Trading SA  | 29266 | 450282 |
| Specialty Retail - 0.2% |  |  |
| JUMBO SA  | 311383 | 9242210 |
| TOTAL CONSUMER DISCRETIONARY |  | 9692492 |
| Consumer Staples - 0.2% |  |  |
| Personal Care Products - 0.2% |  |  |
| Sarantis SA  | 491712 | 7903457 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Eurobank SA  | 2212260 | 10843221 |
| National Bank of Greece SA  | 529405 | 9359613 |
| TOTAL FINANCIALS |  | 20202834 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Metlen Energy & Metals PLC  | 81654 | 4452274 |
| TOTAL GREECE |  | 42251057 |
| HONG KONG - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Pico Far East Holdings Ltd  | 2894235 | 1041052 |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| Cross-Harbour Holdings Ltd/The  | 124570 | 129480 |
| Specialty Retail - 0.0% |  |  |
| Goldlion Holdings Ltd  | 3326715 | 408808 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Sun Hing Vision Group Holdings Ltd (b) | 1655879 | 76307 |
| Victory City International Holdings Ltd (b)(e) | 4590144 | 5 |
|  |  | 76312 |
| TOTAL CONSUMER DISCRETIONARY |  | 614600 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Pacific Andes International Holdings Ltd (b)(e) | 3104000 | 4 |
| Pacific Andes Resources Development Ltd (b)(e) | 1379862 | 11 |
| TOTAL CONSUMER STAPLES |  | 15 |
| Financials - 0.1% |  |  |
| Consumer Finance - 0.1% |  |  |
| Aeon Credit Service Asia Co Ltd  | 2219548 | 2116669 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ASMPT Ltd  | 294916 | 3922348 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| EcoGreen International Group Ltd (b)(e) | 6170931 | 8 |
| TOTAL HONG KONG |  | 7694692 |
| INDIA - 0.5%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Oil & Natural Gas Corp Ltd  | 1013869 | 2973916 |
| Oil India Ltd  | 430100 | 2392441 |
| Petronet LNG Ltd  | 925700 | 2925181 |
| TOTAL ENERGY |  | 8291538 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Redington Ltd  | 4032422 | 11937542 |
| TOTAL INDIA |  | 20229080 |
| INDONESIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Selamat Sempurna Tbk PT  | 10711206 | 1115029 |
| IRELAND - 0.5%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| AIB Group PLC  | 804622 | 9013020 |
| Bank of Ireland Group PLC  | 356890 | 7253013 |
| TOTAL FINANCIALS |  | 16266033 |
| Industrials - 0.1% |  |  |
| Machinery - 0.0% |  |  |
| Mincon Group Plc  | 236568 | 143012 |
| Marine Transportation - 0.1% |  |  |
| Irish Continental Group PLC unit  | 801408 | 6060674 |
| TOTAL INDUSTRIALS |  | 6203686 |
| TOTAL IRELAND |  | 22469719 |
| ISLE OF MAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Strix Group PLC (b) | 1109585 | 714360 |
| ISRAEL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Max Stock Ltd  | 216153 | 1953965 |
| ITALY - 0.9%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Brembo NV  | 322633 | 3877871 |
| Pirelli & C SpA (c)(d) | 337922 | 2541927 |
| TOTAL CONSUMER DISCRETIONARY |  | 6419798 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.4% |  |  |
| Coca-Cola HBC AG  | 284543 | 15379500 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| MARR SpA  | 42930 | 455948 |
| MARR SpA  | 9186 | 97562 |
|  |  | 553510 |
| TOTAL CONSUMER STAPLES |  | 15933010 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Banca Generali SpA  | 59214 | 3983244 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 71530 | 3929080 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Interpump Group SpA  | 60658 | 3514519 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Sesa SpA  | 49336 | 5231074 |
| TOTAL ITALY |  | 39010725 |
| JAPAN - 8.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| RKB Mainichi Holdings Corp  | 5550 | 204413 |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.0% |  |  |
| Daikyonishikawa Corp  | 78464 | 415237 |
| Automobiles - 0.1% |  |  |
| Isuzu Motors Ltd  | 222003 | 3564729 |
| Distributors - 0.3% |  |  |
| Arata Corp  | 202102 | 4022190 |
| Central Automotive Products Ltd  | 112352 | 1517289 |
| PALTAC Corp  | 100206 | 3129981 |
|  |  | 8669460 |
| Diversified Consumer Services - 0.0% |  |  |
| Aucnet Inc  | 66427 | 880772 |
| Gakkyusha Co Ltd  | 30094 | 467472 |
| JP-Holdings Inc  | 137432 | 620735 |
|  |  | 1968979 |
| Household Durables - 0.0% |  |  |
| FJ Next Holdings Co Ltd  | 211046 | 1997818 |
| Leisure Products - 0.0% |  |  |
| Roland Corp  | 50630 | 1244812 |
| Specialty Retail - 0.1% |  |  |
| ARCLANDS CORP  | 194320 | 2403260 |
| Hamee Corp (a) | 98179 | 303241 |
| Syuppin Co Ltd  | 47125 | 352615 |
|  |  | 3059116 |
| TOTAL CONSUMER DISCRETIONARY |  | 20920151 |
| Consumer Staples - 1.1% |  |  |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Belc Co Ltd  | 162233 | 8029884 |
| Blue Zones Holdings Co Ltd  | 121812 | 6988684 |
| Cosmos Pharmaceutical Corp  | 62027 | 2783520 |
| Create SD Holdings Co Ltd  | 284571 | 5966871 |
| G-7 Holdings Inc  | 249886 | 2357415 |
| Genky DrugStores Co Ltd  | 317190 | 8638898 |
| Halows Co Ltd  | 193641 | 5686859 |
| Kato Sangyo Co Ltd  | 58447 | 2458581 |
| YAKUODO Holdings Co Ltd  | 21320 | 276487 |
|  |  | 43187199 |
| Food Products - 0.1% |  |  |
| Pickles Holdings Co Ltd  | 49131 | 396832 |
| S Foods Inc  | 149727 | 2936298 |
|  |  | 3333130 |
| Household Products - 0.0% |  |  |
| Transaction Co Ltd  | 142097 | 1095384 |
| TOTAL CONSUMER STAPLES |  | 47615713 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Fuyo General Lease Co Ltd  | 45073 | 1264875 |
| Zenkoku Hosho Co Ltd  | 526063 | 10445797 |
| TOTAL FINANCIALS |  | 11710672 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Fukuda Denshi Co Ltd  | 78563 | 4304822 |
| Nakanishi Inc  | 62067 | 867077 |
| Techno Medica Co Ltd  | 3665 | 52716 |
|  |  | 5224615 |
| Health Care Providers & Services - 0.3% |  |  |
| Ship Healthcare Holdings Inc  | 382594 | 6295397 |
| WIN-Partners Co Ltd  | 373875 | 3198569 |
|  |  | 9493966 |
| Health Care Technology - 0.0% |  |  |
| Software Service Inc  | 7030 | 581442 |
| TOTAL HEALTH CARE |  | 15300023 |
| Industrials - 3.1% |  |  |
| Air Freight & Logistics - 0.3% |  |  |
| AIT Corp  | 22387 | 323885 |
| AZ-COM MARUWA Holdings Inc  | 689396 | 4418977 |
| Hamakyorex Co Ltd  | 681298 | 8060589 |
| Senko Group Holdings Co Ltd  | 78451 | 975061 |
|  |  | 13778512 |
| Building Products - 0.2% |  |  |
| Kondotec Inc  | 219520 | 2114915 |
| Nihon Dengi Co Ltd  | 84595 | 5783246 |
| Nihon Flush Co Ltd  | 153954 | 816724 |
|  |  | 8714885 |
| Commercial Services & Supplies - 0.1% |  |  |
| CTS Co Ltd  | 64435 | 424265 |
| Green Cross Holdings Co Ltd  | 20356 | 176780 |
| Prestige International Inc  | 373555 | 1670329 |
|  |  | 2271374 |
| Construction & Engineering - 0.1% |  |  |
| Dai-Dan Co Ltd  | 93942 | 1625592 |
| Daiichi Kensetsu Corp  | 19933 | 485574 |
| Raiznext Corp  | 244744 | 3985235 |
|  |  | 6096401 |
| Electrical Equipment - 0.1% |  |  |
| Aichi Electric Co Ltd  | 58030 | 2868503 |
| Ground Transportation - 0.2% |  |  |
| Sakai Moving Service Co Ltd  | 352056 | 6633467 |
| Machinery - 0.4% |  |  |
| Anest Iwata Corp  | 97985 | 1046583 |
| Daiwa Industries Ltd  | 115900 | 1163044 |
| Estic Corp  | 58848 | 395083 |
| Hosokawa Micron Corp  | 17187 | 680772 |
| Nadex Co Ltd  | 90688 | 573685 |
| Shinwa Co Ltd/Nagoya  | 40446 | 816708 |
| Takeuchi Manufacturing Co Ltd  | 83216 | 3435967 |
| Teikoku Electric Manufacturing Co Ltd  | 96839 | 1905368 |
| Tocalo Co Ltd  | 330721 | 5515579 |
| Trinity Industrial Corp  | 61054 | 517200 |
| Yamada Corp  | 8618 | 375325 |
|  |  | 16425314 |
| Professional Services - 0.3% |  |  |
| Altech Corp  | 122331 | 2075738 |
| Artner Co Ltd (a) | 38752 | 518580 |
| Careerlink Co Ltd  | 25811 | 439968 |
| Creek & River Co Ltd  | 1911 | 18769 |
| Gakujo Co Ltd  | 43233 | 495297 |
| Ifis Japan Ltd  | 24591 | 109004 |
| Persol Holdings Co Ltd  | 3079483 | 5380539 |
| Quick Co Ltd  | 420894 | 2363381 |
| WDB Holdings Co Ltd  | 111464 | 1154541 |
| Will Group Inc  | 143406 | 1102695 |
|  |  | 13658512 |
| Trading Companies & Distributors - 1.4% |  |  |
| Chori Co Ltd  | 160757 | 4092676 |
| Inaba Denki Sangyo Co Ltd  | 130496 | 2169593 |
| ITOCHU Corp  | 1602550 | 20516765 |
| Mitani Corp  | 470918 | 7242083 |
| Parker Corp  | 230327 | 2198197 |
| Sanyo Trading Co Ltd  | 48089 | 493133 |
| Senshu Electric Co Ltd  | 173999 | 6487298 |
| Totech Corp  | 348531 | 9053338 |
| Yamazen Corp  | 20327 | 187167 |
| Yuasa Trading Co Ltd  | 70940 | 2594471 |
|  |  | 55034721 |
| Transportation Infrastructure - 0.0% |  |  |
| Daito Koun Co Ltd  | 3056 | 46188 |
| TOTAL INDUSTRIALS |  | 125527877 |
| Information Technology - 1.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Daiwabo Holdings Co Ltd  | 251519 | 4934168 |
| Dexerials Corp  | 270376 | 4696988 |
| Maruwa Co Ltd/Aichi  | 11819 | 3638260 |
| Nippo Ltd  | 86985 | 1658088 |
| Riken Keiki Co Ltd  | 39546 | 840697 |
|  |  | 15768201 |
| IT Services - 0.3% |  |  |
| Argo Graphics Inc  | 493208 | 4585981 |
| Asahi Intelligence Service Co Ltd  | 53792 | 444907 |
| Avant Group Corp  | 35970 | 380479 |
| Densan System Holdings Co Ltd  | 22461 | 470961 |
| DTS Corp  | 417039 | 3389991 |
| Future Corp  | 59883 | 733640 |
| Information Planning Co  | 19673 | 821191 |
| TDC Soft Inc  | 164897 | 1303108 |
| TIS Inc  | 85133 | 2474336 |
|  |  | 14604594 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Japan Material Co Ltd  | 51039 | 588353 |
| Renesas Electronics Corp  | 1055891 | 17554671 |
| SUMCO Corp  | 981869 | 10239962 |
|  |  | 28382986 |
| Software - 0.3% |  |  |
| Cresco Ltd  | 165781 | 1793211 |
| Focus Systems Corp  | 62732 | 743818 |
| Fukui Computer Holdings Inc  | 31328 | 640690 |
| KSK Co Ltd/Inagi  | 87081 | 2464557 |
| NE Inc  | 98179 | 459937 |
| NSW Inc/Japan  | 27449 | 437913 |
| Pro-Ship Inc  | 206296 | 2146140 |
| System Research Co Ltd  | 35724 | 453359 |
| WingArc1st Inc  | 116221 | 2448181 |
|  |  | 11587806 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Elecom Co Ltd  | 86291 | 917775 |
| MCJ Co Ltd  | 365506 | 3715049 |
|  |  | 4632824 |
| TOTAL INFORMATION TECHNOLOGY |  | 74976411 |
| Materials - 0.9% |  |  |
| Chemicals - 0.5% |  |  |
| C Uyemura & Co Ltd  | 129440 | 14937958 |
| JCU Corp  | 72196 | 2635742 |
| Kansai Paint Co Ltd  | 270758 | 4315227 |
| Muto Seiko Co  | 1189 | 17156 |
|  |  | 21906083 |
| Construction Materials - 0.2% |  |  |
| Mitani Sekisan Co Ltd  | 159605 | 7889495 |
| Vertex Corp/Japan  | 9353 | 80017 |
|  |  | 7969512 |
| Containers & Packaging - 0.2% |  |  |
| Kohsoku Corp  | 227872 | 4424628 |
| Pack Corp/The  | 668633 | 5594984 |
|  |  | 10019612 |
| TOTAL MATERIALS |  | 39895207 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Arealink Co Ltd  | 140503 | 1007743 |
| Starts Corp Inc  | 53910 | 1705153 |
| TOTAL REAL ESTATE |  | 2712896 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Kansai Electric Power Co Inc/The  | 605587 | 9657461 |
| TOTAL JAPAN |  | 348520824 |
| KOREA (SOUTH) - 2.5%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.1% |  |  |
| Snt Holdings Co Ltd  | 156602 | 5861524 |
| Household Durables - 0.0% |  |  |
| Cuckoo Holdings Co Ltd  | 96050 | 1797548 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Youngone Corp  | 48504 | 3039169 |
| Youngone Holdings Co Ltd  | 136145 | 19426093 |
|  |  | 22465262 |
| TOTAL CONSUMER DISCRETIONARY |  | 30124334 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.0% |  |  |
| Otoki Corp  | 13533 | 3600765 |
| Tobacco - 0.2% |  |  |
| KT&G Corp  | 61630 | 6537989 |
| TOTAL CONSUMER STAPLES |  | 10138754 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Korea Ratings Corp  | 16800 | 1122139 |
| Financial Services - 0.0% |  |  |
| Nice Information & Telecom Inc  | 46280 | 776793 |
| TOTAL FINANCIALS |  | 1898932 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| InBody Co Ltd  | 84200 | 1894998 |
| Interojo Co Ltd  | 15800 | 191138 |
| Value Added Technology Co Ltd  | 91887 | 1307939 |
| Vieworks Co Ltd  | 41000 | 798391 |
|  |  | 4192466 |
| Pharmaceuticals - 0.1% |  |  |
| Daewon Pharmaceutical Co Ltd (b) | 52430 | 418145 |
| Daihan Pharmaceutical Co Ltd  | 50300 | 1007227 |
| Huons Co Ltd  | 83366 | 1580284 |
| Korea United Pharm Inc  | 6200 | 81542 |
| Kwang Dong Pharmaceutical Co Ltd  | 464252 | 1929677 |
|  |  | 5016875 |
| TOTAL HEALTH CARE |  | 9209341 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Fursys Inc  | 36364 | 1059039 |
| S-1 Corp  | 124870 | 6851483 |
|  |  | 7910522 |
| Electrical Equipment - 0.0% |  |  |
| Vitzrocell Co Ltd  | 54700 | 791808 |
| Machinery - 0.0% |  |  |
| Hy-Lok Corp (b) | 10000 | 231952 |
| Professional Services - 0.0% |  |  |
| e-Credible Co Ltd (b) | 38775 | 419361 |
| TOTAL INDUSTRIALS |  | 9353643 |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| MAKUS Inc  | 60800 | 1001647 |
| SAMT Co Ltd  | 15500 | 49148 |
|  |  | 1050795 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| Samsung Electronics Co Ltd  | 356780 | 39471984 |
| TOTAL INFORMATION TECHNOLOGY |  | 40522779 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Miwon Commercial Co Ltd  | 5490 | 526018 |
| Soulbrain Co Ltd  | 16400 | 5522323 |
| TOTAL MATERIALS |  | 6048341 |
| TOTAL KOREA (SOUTH) |  | 107296124 |
| MALAYSIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Scientex BHD  | 1830100 | 1792031 |
| MEXICO - 0.2%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola Femsa SAB de CV ADR  | 26890 | 2804359 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Corporativo Fragua SAB de CV  | 44526 | 1350379 |
| Food Products - 0.0% |  |  |
| Gruma SAB de CV Series B  | 59941 | 1079356 |
| TOTAL CONSUMER STAPLES |  | 5234094 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Qualitas Controladora SAB de CV  | 130373 | 1215999 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Medica Sur SAB de CV  | 159071 | 530206 |
| Pharmaceuticals - 0.1% |  |  |
| Genomma Lab Internacional SAB de CV  | 2473428 | 2369260 |
| TOTAL HEALTH CARE |  | 2899466 |
| TOTAL MEXICO |  | 9349559 |
| NETHERLANDS - 1.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Acomo NV  | 18613 | 548264 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.3% |  |  |
| Van Lanschot Kempen NV depository receipt  | 175571 | 10634579 |
| Insurance - 0.1% |  |  |
| ASR Nederland NV  | 99393 | 7207952 |
| TOTAL FINANCIALS |  | 17842531 |
| Industrials - 0.8% |  |  |
| Machinery - 0.6% |  |  |
| Aalberts NV  | 628205 | 24171105 |
| Trading Companies & Distributors - 0.2% |  |  |
| IMCD NV  | 94401 | 8815342 |
| TOTAL INDUSTRIALS |  | 32986447 |
| TOTAL NETHERLANDS |  | 51377242 |
| NEW ZEALAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Hallenstein Glasson Holdings Ltd  | 104132 | 620708 |
| NORWAY - 0.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Europris ASA (c)(d) | 455456 | 4185438 |
| Specialty Retail - 0.0% |  |  |
| Kid ASA (c)(d) | 30567 | 396112 |
| TOTAL CONSUMER DISCRETIONARY |  | 4581550 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| SpareBank 1 Nord Norge  | 410796 | 6263567 |
| Sparebank 1 Oestlandet  | 350128 | 7121445 |
| SpareBank 1 Sor-Norge ASA  | 206673 | 4176166 |
|  |  | 17561178 |
| Capital Markets - 0.0% |  |  |
| ABG Sundal Collier Holding ASA  | 898646 | 754898 |
| TOTAL FINANCIALS |  | 18316076 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Multiconsult ASA (a)(c)(d) | 33739 | 595569 |
| Norconsult Norge AS  | 181172 | 854079 |
| TOTAL INDUSTRIALS |  | 1449648 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Selvaag Bolig ASA  | 68247 | 245195 |
| TOTAL NORWAY |  | 24592469 |
| PERU - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Intercorp Financial Services Inc (United States) (c) | 74329 | 3640634 |
| PHILIPPINES - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Century Pacific Food Inc  | 2993935 | 1933374 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Robinsons Land Corp  | 5649982 | 1735579 |
| TOTAL PHILIPPINES |  | 3668953 |
| POLAND - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Eurocash SA (a)(b) | 385290 | 738482 |
| PORTUGAL - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Ibersol SGPS SA  | 221182 | 2792197 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Corticeira Amorim SGPS SA  | 277277 | 2198804 |
| TOTAL PORTUGAL |  | 4991001 |
| PUERTO RICO - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.2% |  |  |
| First BanCorp/Puerto Rico  | 339295 | 7505205 |
| Financial Services - 0.3% |  |  |
| EVERTEC Inc  | 416048 | 12485601 |
| TOTAL PUERTO RICO |  | 19990806 |
| SINGAPORE - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Hour Glass Ltd/The  | 292481 | 515020 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Delfi Ltd  | 1179551 | 825250 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Boustead Singapore Ltd  | 950574 | 1457134 |
| Professional Services - 0.0% |  |  |
| HRnetgroup Ltd (c) | 723098 | 423480 |
| Trading Companies & Distributors - 0.0% |  |  |
| KS Energy Ltd (b)(e) | 921857 | 7 |
| TOTAL INDUSTRIALS |  | 1880621 |
| Real Estate - 0.0% |  |  |
| Industrial REITs - 0.0% |  |  |
| Mapletree Industrial Trust  | 784816 | 1301754 |
| TOTAL SINGAPORE |  | 4522645 |
| SPAIN - 0.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| CIE Automotive SA  | 387021 | 13212154 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bankinter SA  | 394923 | 6750319 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Prim SA  | 143308 | 2174338 |
| Pharmaceuticals - 0.1% |  |  |
| Faes Farma SA  | 516009 | 3198936 |
| TOTAL HEALTH CARE |  | 5373274 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| Logista Integral SA  | 184354 | 6734910 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Miquel y Costas & Miquel SA  | 74737 | 1240253 |
| TOTAL SPAIN |  | 33310910 |
| SWEDEN - 1.4%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.2% |  |  |
| Autoliv Inc  | 56297 | 6825449 |
| Automobiles - 0.0% |  |  |
| Kabe Group AB B Shares  | 23891 | 557881 |
| Broadline Retail - 0.1% |  |  |
| Rusta AB  | 542138 | 4978601 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Betsson AB B Shares  | 526419 | 6181694 |
| Household Durables - 0.1% |  |  |
| JM AB  | 264498 | 4056180 |
| Specialty Retail - 0.1% |  |  |
| BHG Group AB (b) | 818076 | 2821363 |
| TOTAL CONSUMER DISCRETIONARY |  | 25421168 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Viva Wine Group AB  | 460708 | 1758526 |
| Industrials - 0.5% |  |  |
| Building Products - 0.0% |  |  |
| Inwido AB  | 2566 | 44305 |
| Electrical Equipment - 0.3% |  |  |
| AQ Group AB  | 432443 | 9510591 |
| Machinery - 0.2% |  |  |
| Beijer Alma AB B Shares  | 276241 | 8202722 |
| Trading Companies & Distributors - 0.0% |  |  |
| Alligo AB B Shares  | 101831 | 1449584 |
| TOTAL INDUSTRIALS |  | 19207202 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| KNOW IT AB  | 58905 | 771072 |
| Proact IT Group AB  | 98624 | 1127131 |
| TOTAL INFORMATION TECHNOLOGY |  | 1898203 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| KB Components AB  | 240701 | 1080891 |
| Metals & Mining - 0.3% |  |  |
| Alleima AB  | 1021387 | 8926745 |
| Boliden AB (b) | 23508 | 1653675 |
|  |  | 10580420 |
| TOTAL MATERIALS |  | 11661311 |
| TOTAL SWEDEN |  | 59946410 |
| SWITZERLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Garrett Motion Inc  | 423469 | 7639381 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Vontobel Holding AG  | 42804 | 3687661 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| Bossard Holding AG Series A  | 9970 | 1960339 |
| TOTAL SWITZERLAND |  | 13287381 |
| TAIWAN - 1.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Formosa Optical Technology Co Ltd  | 161000 | 500877 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Hi-Clearance Inc  | 273882 | 1184378 |
| Pharmaceuticals - 0.0% |  |  |
| Syngen Biotech Co Ltd  | 55000 | 234358 |
| TOTAL HEALTH CARE |  | 1418736 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| United Integrated Services Co Ltd  | 60200 | 1731716 |
| Trading Companies & Distributors - 0.0% |  |  |
| Lumax International Corp Ltd  | 148200 | 561061 |
| TOTAL INDUSTRIALS |  | 2292777 |
| Information Technology - 1.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| FLEXium Interconnect Inc (b) | 92700 | 175033 |
| Hon Hai Precision Industry Co Ltd  | 685900 | 4791413 |
| Simplo Technology Co Ltd  | 1052000 | 11514842 |
| Thinking Electronic Industrial Co Ltd  | 724900 | 3835207 |
| Tripod Technology Corp  | 586000 | 6952542 |
| Yageo Corp  | 111632 | 981400 |
|  |  | 28250437 |
| IT Services - 0.0% |  |  |
| Dimerco Data System Corp  | 177318 | 623548 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Parade Technologies Ltd  | 95000 | 1592111 |
| Powertech Technology Inc  | 456000 | 3669381 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 178000 | 9813054 |
| Topco Scientific Co Ltd  | 1056031 | 10806210 |
|  |  | 25880756 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| TSC Auto ID Technology Co Ltd  | 480046 | 2950386 |
| TOTAL INFORMATION TECHNOLOGY |  | 57705127 |
| TOTAL TAIWAN |  | 61917517 |
| UNITED KINGDOM - 6.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| 4imprint Group PLC  | 29201 | 1630253 |
| Consumer Discretionary - 1.8% |  |  |
| Broadline Retail - 0.2% |  |  |
| B&M European Value Retail SA  | 3193878 | 7707100 |
| Distributors - 0.4% |  |  |
| Inchcape PLC  | 1410028 | 15753647 |
| Diversified Consumer Services - 0.0% |  |  |
| ME Group International PLC  | 2364209 | 4483800 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Greggs PLC  | 247359 | 5439273 |
| Hollywood Bowl Group PLC  | 824977 | 2923740 |
| J D Wetherspoon PLC  | 245363 | 2251153 |
|  |  | 10614166 |
| Household Durables - 0.4% |  |  |
| Barratt Redrow PLC  | 1116476 | 5944940 |
| Vistry Group PLC (b) | 1104140 | 10050174 |
|  |  | 15995114 |
| Specialty Retail - 0.3% |  |  |
| Dunelm Group PLC  | 215946 | 2730325 |
| JD Sports Fashion PLC  | 1942239 | 2173437 |
| Pets at Home Group Plc  | 2328425 | 6518761 |
|  |  | 11422523 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Coats Group PLC  | 3900222 | 4541675 |
| Dr Martens PLC  | 5041581 | 4646239 |
|  |  | 9187914 |
| TOTAL CONSUMER DISCRETIONARY |  | 75164264 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.4% |  |  |
| AG Barr PLC  | 511014 | 4461190 |
| Diageo PLC  | 562130 | 12934778 |
|  |  | 17395968 |
| Food Products - 0.0% |  |  |
| Fevara PLC  | 522766 | 972845 |
| Tobacco - 0.6% |  |  |
| British American Tobacco PLC  | 120522 | 7281168 |
| Imperial Brands PLC  | 347404 | 14631885 |
|  |  | 21913053 |
| TOTAL CONSUMER STAPLES |  | 40281866 |
| Financials - 0.7% |  |  |
| Capital Markets - 0.3% |  |  |
| Rathbones Group PLC  | 455107 | 13731542 |
| Insurance - 0.4% |  |  |
| Aviva PLC  | 1272162 | 11067770 |
| Hiscox Ltd  | 255884 | 5189058 |
|  |  | 16256828 |
| TOTAL FINANCIALS |  | 29988370 |
| Industrials - 1.8% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| QinetiQ Group PLC  | 541839 | 3718248 |
| Building Products - 0.0% |  |  |
| Norcros PLC  | 140933 | 686530 |
| Commercial Services & Supplies - 0.3% |  |  |
| Mitie Group PLC  | 5356960 | 12285409 |
| Electrical Equipment - 0.0% |  |  |
| Volex PLC  | 302455 | 1827211 |
| Industrial Conglomerates - 0.7% |  |  |
| DCC PLC  | 375141 | 23797709 |
| Machinery - 0.1% |  |  |
| Bodycote PLC  | 279367 | 2849837 |
| Luxfer Holdings PLC  | 128182 | 1940675 |
|  |  | 4790512 |
| Passenger Airlines - 0.1% |  |  |
| JET2 PLC  | 313923 | 5313614 |
| Professional Services - 0.0% |  |  |
| Wilmington PLC  | 379061 | 1545691 |
| Trading Companies & Distributors - 0.5% |  |  |
| Bunzl PLC  | 125943 | 3531829 |
| RS GROUP PLC  | 1817284 | 16660760 |
|  |  | 20192589 |
| TOTAL INDUSTRIALS |  | 74157513 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pinewood Technologies Group PLC (b) | 861791 | 5565974 |
| Materials - 0.4% |  |  |
| Chemicals - 0.0% |  |  |
| Essentra PLC  | 1316953 | 1820073 |
| Construction Materials - 0.3% |  |  |
| SigmaRoc PLC (b) | 5532744 | 10826145 |
| Metals & Mining - 0.1% |  |  |
| Hill & Smith PLC  | 88788 | 2709295 |
| TOTAL MATERIALS |  | 15355513 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| LSL Property Services PLC  | 204288 | 740774 |
| Savills PLC  | 481582 | 7103726 |
| TOTAL REAL ESTATE |  | 7844500 |
| TOTAL UNITED KINGDOM |  | 249988253 |
| UNITED STATES - 62.5%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Cars.com Inc (a)(b) | 674044 | 7657140 |
| Media - 0.0% |  |  |
| Thryv Holdings Inc (b) | 150078 | 721875 |
| TOTAL COMMUNICATION SERVICES |  | 8379015 |
| Consumer Discretionary - 8.1% |  |  |
| Automobile Components - 1.3% |  |  |
| Aptiv PLC (b) | 202125 | 15310969 |
| LCI Industries  | 81721 | 11987653 |
| Lear Corp  | 86264 | 10100652 |
| Patrick Industries Inc  | 123010 | 15520172 |
|  |  | 52919446 |
| Automobiles - 0.8% |  |  |
| General Motors Co  | 309095 | 25963980 |
| Harley-Davidson Inc (a) | 446658 | 8843828 |
|  |  | 34807808 |
| Diversified Consumer Services - 0.4% |  |  |
| Carriage Services Inc  | 66974 | 2873854 |
| Grand Canyon Education Inc (b) | 38700 | 6727608 |
| Laureate Education Inc (b) | 251420 | 8623706 |
|  |  | 18225168 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Cheesecake Factory Inc/The (a) | 221603 | 12844110 |
| Household Durables - 1.7% |  |  |
| DR Horton Inc  | 67334 | 10021993 |
| KB Home  | 194179 | 11173060 |
| M/I Homes Inc (b) | 80836 | 10807773 |
| Meritage Homes Corp  | 237693 | 16522040 |
| TopBuild Corp (b) | 17819 | 8340183 |
| Tri Pointe Homes Inc (b) | 405972 | 13539166 |
|  |  | 70404215 |
| Leisure Products - 0.1% |  |  |
| BRP Inc Subordinate Voting Shares  | 62828 | 4741918 |
| Specialty Retail - 1.7% |  |  |
| Academy Sports & Outdoors Inc  | 224405 | 12344519 |
| Advance Auto Parts Inc (a) | 125933 | 6046043 |
| Bath & Body Works Inc  | 343486 | 7487995 |
| Caleres Inc  | 286783 | 3504488 |
| Dick's Sporting Goods Inc  | 46588 | 9410776 |
| Lithia Motors Inc Class A  | 10900 | 3525496 |
| Murphy USA Inc  | 28104 | 11874221 |
| Signet Jewelers Ltd  | 187549 | 17305147 |
|  |  | 71498685 |
| Textiles, Apparel & Luxury Goods - 1.8% |  |  |
| Crocs Inc (a)(b) | 214491 | 18000086 |
| Lululemon Athletica Inc (b) | 9428 | 1645186 |
| Oxford Industries Inc (a) | 107924 | 3976999 |
| PVH Corp  | 51129 | 3188404 |
| Samsonite Group SA (c)(d) | 1940545 | 4913401 |
| Steven Madden Ltd  | 355264 | 15588984 |
| VF Corp  | 621777 | 12180611 |
| Wolverine World Wide Inc  | 1025206 | 18166651 |
|  |  | 77660322 |
| TOTAL CONSUMER DISCRETIONARY |  | 343101672 |
| Consumer Staples - 3.2% |  |  |
| Beverages - 1.4% |  |  |
| Constellation Brands Inc Class A  | 93735 | 14688275 |
| Keurig Dr Pepper Inc  | 338174 | 9279494 |
| Primo Brands Corp Class A (a) | 1941290 | 36768033 |
|  |  | 60735802 |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Albertsons Cos Inc Class A  | 494505 | 8233508 |
| Dollar Tree Inc (b) | 100383 | 11804037 |
| Grocery Outlet Holding Corp (b) | 318870 | 3038831 |
| Performance Food Group Co (b) | 340398 | 32490989 |
| Target Corp  | 69999 | 7382795 |
|  |  | 62950160 |
| Food Products - 0.3% |  |  |
| Armanino Foods of Distinction Inc  | 249336 | 2966849 |
| Ingredion Inc  | 24500 | 2893450 |
| Smithfield Foods Inc  | 200018 | 4780430 |
|  |  | 10640729 |
| TOTAL CONSUMER STAPLES |  | 134326691 |
| Energy - 5.9% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Cactus Inc Class A  | 234637 | 13193638 |
| Oil, Gas & Consumable Fuels - 5.6% |  |  |
| Antero Resources Corp (b) | 609118 | 22153622 |
| Chord Energy Corp  | 289246 | 28994019 |
| Core Natural Resources Inc  | 251475 | 23985686 |
| Diamondback Energy Inc  | 178640 | 29288028 |
| Energy Transfer LP  | 510497 | 9418670 |
| Gulfport Energy Corp (b) | 47378 | 9673166 |
| Northern Oil & Gas Inc (a) | 409534 | 10238350 |
| Ovintiv Inc  | 955282 | 41526109 |
| Range Resources Corp  | 534475 | 20229879 |
| Shell PLC  | 570679 | 21936622 |
| Sunococorp LLC  | 279104 | 14965556 |
| Unit Corp  | 29325 | 964205 |
|  |  | 233373912 |
| TOTAL ENERGY |  | 246567550 |
| Financials - 17.3% |  |  |
| Banks - 8.4% |  |  |
| ACNB Corp  | 57642 | 2912074 |
| Associated Banc-Corp  | 484665 | 13211968 |
| Bar Harbor Bankshares  | 95373 | 3234098 |
| Cadence Bank  | 512947 | 21600198 |
| Camden National Corp  | 55169 | 2624389 |
| Citigroup Inc  | 235647 | 27266714 |
| East West Bancorp Inc  | 127149 | 14550932 |
| FNB Corp/PA  | 1168144 | 20500927 |
| Hancock Whitney Corp  | 269423 | 18536302 |
| KeyCorp  | 1046803 | 22527201 |
| Old National Bancorp/IN  | 635465 | 15524410 |
| Pinnacle Financial Partners Inc  | 263991 | 25102904 |
| Plumas Bancorp  | 37660 | 1887143 |
| QCR Holdings Inc  | 96540 | 8713700 |
| United Community Bank/SC  | 532906 | 18347954 |
| US Bancorp  | 499145 | 28007026 |
| Washington Trust Bancorp Inc  | 103882 | 3570424 |
| Webster Financial Corp  | 238919 | 15713703 |
| Wells Fargo & Co  | 695842 | 62966743 |
| West BanCorp Inc  | 108005 | 2562959 |
| Wintrust Financial Corp  | 142497 | 21016883 |
|  |  | 350378652 |
| Capital Markets - 3.7% |  |  |
| Ameriprise Financial Inc  | 17000 | 8962230 |
| Bank of New York Mellon Corp/The  | 91546 | 10978196 |
| Federated Hermes Inc Class B  | 383158 | 20414658 |
| Lazard Inc  | 506227 | 27194514 |
| LPL Financial Holdings Inc  | 22571 | 8227130 |
| Raymond James Financial Inc  | 126450 | 20972997 |
| SEI Investments Co  | 36393 | 3197125 |
| State Street Corp  | 228451 | 29895098 |
| Stifel Financial Corp  | 223790 | 27593307 |
|  |  | 157435255 |
| Consumer Finance - 0.7% |  |  |
| Capital One Financial Corp  | 82236 | 18003928 |
| OneMain Holdings Inc  | 170841 | 11196919 |
|  |  | 29200847 |
| Financial Services - 1.0% |  |  |
| Corpay Inc (b) | 72162 | 22704330 |
| Essent Group Ltd  | 285755 | 17979705 |
|  |  | 40684035 |
| Insurance - 3.5% |  |  |
| American Financial Group Inc/OH  | 113739 | 14816780 |
| First American Financial Corp  | 203197 | 12837986 |
| Hartford Insurance Group Inc/The  | 79994 | 10803990 |
| Primerica Inc  | 72824 | 19155625 |
| Reinsurance Group of America Inc  | 82685 | 16764384 |
| Selective Insurance Group Inc  | 185839 | 15625343 |
| Stewart Information Services Corp  | 156113 | 10526699 |
| Travelers Companies Inc/The  | 64648 | 18393002 |
| Unum Group  | 353945 | 26889202 |
|  |  | 145813011 |
| TOTAL FINANCIALS |  | 723511800 |
| Health Care - 7.7% |  |  |
| Biotechnology - 1.3% |  |  |
| Biogen Inc (b) | 72145 | 12978164 |
| Gilead Sciences Inc  | 281331 | 39934936 |
|  |  | 52913100 |
| Health Care Providers & Services - 4.6% |  |  |
| Cigna Group/The  | 70544 | 19336816 |
| CVS Health Corp  | 315062 | 23478420 |
| Elevance Health Inc  | 34101 | 11790080 |
| Henry Schein Inc (b) | 294869 | 22256712 |
| Labcorp Holdings Inc  | 98936 | 26863103 |
| Molina Healthcare Inc (b) | 88873 | 15960702 |
| Quest Diagnostics Inc  | 47718 | 8924697 |
| Tenet Healthcare Corp (b) | 56618 | 10716655 |
| UnitedHealth Group Inc  | 86091 | 24702091 |
| Universal Health Services Inc Class B  | 146354 | 29455206 |
|  |  | 193484482 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Avantor Inc (a)(b) | 535638 | 5849166 |
| ICON PLC (b) | 107104 | 19305496 |
|  |  | 25154662 |
| Pharmaceuticals - 1.3% |  |  |
| Elanco Animal Health Inc (b) | 1397853 | 33660300 |
| GSK PLC  | 811710 | 20992168 |
|  |  | 54652468 |
| TOTAL HEALTH CARE |  | 326204712 |
| Industrials - 9.3% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Cadre Holdings Inc  | 134106 | 5365581 |
| Huntington Ingalls Industries Inc  | 54354 | 22856401 |
| Textron Inc  | 89500 | 7881370 |
| V2X Inc (b) | 116459 | 8015873 |
|  |  | 44119225 |
| Air Freight & Logistics - 0.4% |  |  |
| FedEx Corp  | 44712 | 14408442 |
| Radiant Logistics Inc (b) | 241318 | 1624070 |
|  |  | 16032512 |
| Building Products - 0.9% |  |  |
| Builders FirstSource Inc (b) | 79640 | 9110816 |
| Gibraltar Industries Inc (b) | 201851 | 10346882 |
| Hayward Holdings Inc (b) | 740343 | 11949136 |
| Janus International Group Inc (b) | 1106932 | 7593554 |
|  |  | 39000388 |
| Commercial Services & Supplies - 0.3% |  |  |
| Brady Corp Class A  | 146437 | 12662407 |
| HNI Corp  | 27973 | 1336829 |
|  |  | 13999236 |
| Construction & Engineering - 0.6% |  |  |
| Bowman Consulting Group Ltd (b) | 88805 | 3093078 |
| WillScot Holdings Corp  | 1007915 | 20188538 |
|  |  | 23281616 |
| Electrical Equipment - 0.4% |  |  |
| Acuity Inc  | 32498 | 10049682 |
| Allient Inc  | 140499 | 8571844 |
|  |  | 18621526 |
| Ground Transportation - 0.2% |  |  |
| Proficient Auto Logistics Inc (b) | 272016 | 2741920 |
| Universal Logistics Holdings Inc (a) | 308886 | 4945265 |
|  |  | 7687185 |
| Machinery - 2.5% |  |  |
| Allison Transmission Holdings Inc  | 14250 | 1548975 |
| Cummins Inc  | 19167 | 11094243 |
| Enpro Inc  | 76663 | 18305591 |
| Esab Corp  | 57963 | 7019319 |
| Gates Industrial Corp PLC (b) | 655544 | 15090623 |
| Hillman Solutions Corp (b) | 216082 | 2024688 |
| Miller Industries Inc/TN  | 96466 | 3952212 |
| Terex Corp  | 344735 | 19649896 |
| Timken Co/The  | 155707 | 14510335 |
| Toro Co/The  | 90696 | 8298684 |
|  |  | 101494566 |
| Professional Services - 2.3% |  |  |
| CACI International Inc (b) | 20394 | 12656109 |
| Cbiz Inc (b) | 221900 | 8731765 |
| Concentrix Corp (a) | 139388 | 5206142 |
| Genpact Ltd  | 478433 | 21098895 |
| KBR Inc  | 315656 | 13513233 |
| Maximus Inc  | 233504 | 22052118 |
| Science Applications International Corp  | 86251 | 8776902 |
|  |  | 92035164 |
| Trading Companies & Distributors - 0.7% |  |  |
| Core & Main Inc Class A (b) | 224385 | 11973184 |
| Global Industrial Co  | 240444 | 7347968 |
| Rush Enterprises Inc Class A  | 181431 | 11646056 |
|  |  | 30967208 |
| TOTAL INDUSTRIALS |  | 387238626 |
| Information Technology - 5.7% |  |  |
| Electronic Equipment, Instruments & Components - 3.3% |  |  |
| Belden Inc  | 125772 | 14779468 |
| CDW Corp/DE  | 20923 | 2644457 |
| Crane NXT Co (a) | 431010 | 21774625 |
| Insight Enterprises Inc (b) | 70735 | 5943155 |
| Sanmina Corp (b) | 152588 | 21618668 |
| TD SYNNEX Corp  | 246282 | 39077565 |
| Vontier Corp  | 811615 | 30435563 |
|  |  | 136273501 |
| IT Services - 1.0% |  |  |
| Amdocs Ltd  | 388182 | 31807633 |
| Kyndryl Holdings Inc (b) | 418127 | 9616921 |
|  |  | 41424554 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Diodes Inc (b) | 222799 | 13187473 |
| Micron Technology Inc  | 32492 | 13480281 |
| MKS Inc  | 55195 | 12993455 |
|  |  | 39661209 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Dell Technologies Inc Class C  | 89172 | 10204844 |
| Seagate Technology Holdings PLC  | 31425 | 12811658 |
|  |  | 23016502 |
| TOTAL INFORMATION TECHNOLOGY |  | 240375766 |
| Materials - 3.3% |  |  |
| Chemicals - 0.9% |  |  |
| Axalta Coating Systems Ltd (b) | 393193 | 13203421 |
| Element Solutions Inc  | 480803 | 13991368 |
| Perimeter Solutions Inc (b) | 440203 | 11511308 |
|  |  | 38706097 |
| Construction Materials - 0.6% |  |  |
| Buzzi SpA  | 70853 | 4024590 |
| Eagle Materials Inc  | 89726 | 18287056 |
| GCC SAB de CV  | 25135 | 271989 |
| RHI Magnesita NV  | 91000 | 3449200 |
|  |  | 26032835 |
| Containers & Packaging - 1.4% |  |  |
| Graphic Packaging Holding CO (a) | 615223 | 9013017 |
| Packaging Corp of America  | 87656 | 19507843 |
| Silgan Holdings Inc (a) | 701321 | 30262001 |
|  |  | 58782861 |
| Metals & Mining - 0.4% |  |  |
| Warrior Met Coal Inc  | 193345 | 17265708 |
| TOTAL MATERIALS |  | 140787501 |
| Real Estate - 0.8% |  |  |
| Industrial REITs - 0.0% |  |  |
| STAG Industrial Inc Class A  | 133602 | 5011411 |
| Real Estate Management & Development - 0.3% |  |  |
| Jones Lang LaSalle Inc (b) | 33624 | 12034366 |
| Residential REITs - 0.2% |  |  |
| Camden Property Trust  | 63187 | 6890542 |
| Specialized REITs - 0.3% |  |  |
| Outfront Media Inc  | 454963 | 11064700 |
| TOTAL REAL ESTATE |  | 35001019 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| PG&E Corp  | 2845305 | 43874603 |
| TOTAL UNITED STATES |  | 2629368955 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,289,246,169) |  | <br> **4136367579** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 69134816 | 69148642 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 91938748 | 91947942 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $161,096,583) |  |  | **161096584** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.0%**<br> (Cost $3,450,342,752)<br>| <br>**4297464163** |
| **NET OTHER ASSETS (LIABILITIES) - (2.0)%**  | **(85366377)** |
| **NET ASSETS - 100.0%** | **4212097786** |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $30,316,206 or 0.7% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,846,282 or 0.5% of net assets.

(e) Level 3 security.

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

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

**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 | 46253466 | 298578069 | 275684848 | 1562777 | 1955 | - | 69148642 | 69134816 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 72674441 | 371742053 | 352471675 | 189613 | 3123 | - | 91947942 | 91938748 | 0.3% |
| Total | 118927907 | 670320122 | 628156523 | 1752390 | 5078 | - | 161096584 |  |  |

---

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 | 18241255 | 14772873 | 3468382 | - |
| Consumer Discretionary | 596887167 | 577752029 | 19135133 | 5 |
| Consumer Staples | 312218372 | 277370526 | 34847831 | 15 |
| Energy | 351193528 | 329256906 | 21936622 | - |
| Financials | 894825152 | 894825152 | - | - |
| Health Care | 396988440 | 375996272 | 20992168 | - |
| Industrials | 703905620 | 679857019 | 24048594 | 7 |
| Information Technology | 505773925 | 478406200 | 27367725 | - |
| Materials | 247204841 | 247204833 | - | 8 |
| Real Estate | 55597215 | 55597215 | - | - |
| Utilities | 53532064 | 53532064 | - | - |
|  **Money Market Funds** | 161096584 | 161096584 | - | - |
| **Total Investments in Securities:** | 4297464163 | 4145667673 | 151796455 | 35 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $114,312,668) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,289,246,169) | $4136367579 |  |
| Fidelity Central Funds (cost $161,096,583) | 161096584 |  |
| Total Investment in Securities (cost $3,450,342,752) |  | $4297464163 |
| Cash |  | 14947 |
| Foreign currency held at value (cost $84,593) |  | 84592 |
| Receivable for investments sold |  | 12041990 |
| Receivable for fund shares sold |  | 1604765 |
| Dividends receivable |  | 2610583 |
| Reclaims receivable |  | 2764054 |
| Distributions receivable from Fidelity Central Funds |  | 216770 |
| Other receivables |  | 5458 |
| **Total assets** |  | 4316807322 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6955759 |  |
| Payable for fund shares redeemed | 2322990 |  |
| Accrued management fee | 1752698 |  |
| Other payables and accrued expenses | 1733270 |  |
| Collateral on securities loaned | 91944819 |  |
| **Total liabilities** |  | 104709536 |
| **Net Assets**  |  | $4212097786 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3269457592 |
| Total accumulated earnings (loss) |  | 942640194 |
| **Net Assets** |  | $4212097786 |
| **Net Asset Value**, offering price and redemption price per share ($4,212,097,786 ÷ 258,535,835 shares) |  | $16.29 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $39293278 |
| Income from Fidelity Central Funds (including $189,613 from security lending)  |  | 1752390 |
| **Total income** |  | 41045668 |
| **Expenses** |  |  |
| Management fee | $10444928 |  |
| Independent trustees' fees and expenses | 8435 |  |
| Total expenses before reductions | 10453363 |  |
| Expense reductions | (2786) |  |
| Total expenses after reductions |  | 10450577 |
| **Net Investment income (loss)** |  | 30595091 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $1,485)  | 126000356 |  |
| Redemptions in-kind | 40268805 |  |
| Fidelity Central Funds | 5078 |  |
| Foreign currency transactions | (513314) |  |
| Total net realized gain (loss) |  | 165760925 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $185,667)  | 262109509 |  |
| Assets and liabilities in foreign currencies | 114621 |  |
| Total change in net unrealized appreciation (depreciation) |  | 262224130 |
| **Net gain (loss)** |  | 427985055 |
| **Net increase (decrease) in net assets resulting from operations** |  | $458580146 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $30595091 | $77524976 |
| &nbsp;&nbsp;Net realized gain (loss) | 165760925<br>| 263245676<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 262224130 | (219063664)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 458580146<br>| 121706988<br>|
| Distributions to shareholders | (299823547)<br>| (401958881)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 241101685 | 965406382 |
| Reinvestment of distributions | 298164914<br>| 399526943<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (580879212) | (1131905005) |
| **Net increase (decrease) in net assets resulting from share transactions** | (41612613)<br>| 233028320<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 117143986<br>| (47223573)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4094953800 | 4142177373<br>|
| &nbsp;&nbsp;End of period | $4212097786 | $4094953800 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 15303768 | 63233644 |
| Issued in reinvestment of distributions | 19071234<br>| 26158767<br>|
| &nbsp;&nbsp;Redeemed | (36913273) | (74516197) |
| &nbsp;&nbsp;Net increase (decrease) | (2538271) | 14876214 |

---

**Financial Highlights** 

**Fidelity® Low-Priced Stock K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.69 | $16.82 | $15.23 | $14.18 | $15.52 | $10.82 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .12  | .30  | .31  | .29  | .24  | .17  |
| Net realized and unrealized gain (loss)  | 1.63  | .19  | 2.29  | 1.25  | (.76)  | 4.72  |
| Total from investment operations  | 1.75  | .49  | 2.60  | 1.54  | (.52)  | 4.89  |
| Distributions from net investment income  | (.36)  | (.36)  | (.29)  | (.22)  | (.20)  | (.19)  |
| Distributions from net realized gain  | (.79)  | (1.27)  | (.72)  | (.27)  | (.63)  | -  |
| Total distributions  | (1.15)  | (1.62) C | (1.01)  | (.49)  | (.82) C | (.19)  |
| Net asset value, end of period  | $16.29 | $15.69 | $16.82 | $15.23 | $14.18 | $15.52 |
| **Total Return** D,E | 11.56% <br>| 3.40%  | 18.41%  | 11.23%  | (3.56)%  | 45.81%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .50% H | .50%  | .50%  | .50%  | .50%  | .50%  |
| Expenses net of fee waivers, if any  | .50% H<br>| .50%  | .50%  | .50%  | .50%  | .50%  |
| Expenses net of all reductions, if any  | .50% H | .50%  | .50%  | .50%  | .50%  | .50%  |
| Net investment income (loss)  | 1.46% H | 1.99%  | 2.07%  | 2.06%  | 1.63%  | 1.23%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4212098 | $4094954 | $4142177 | $3330984 | $2855310 | $2937045 |
| Portfolio turnover rate I,J | 24% H<br>| 35%  | 34%  | 48%  | 25%  | 27%  |

---

A*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.*

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

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

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

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

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

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

H*Annualized.*

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

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

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Low-Priced Stock K6 Fund (the Fund) is a fund of Fidelity Puritan 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 reclaims 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

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, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1011686481 |
| **Gross unrealized depreciation** | <u>(186680120)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$825006361</u> |
| **Tax cost** | <u>$3472457802</u> |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Low-Priced Stock K6 Fund** | 497819174 | 737977993 |

---

**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 Low-Priced Stock K6 Fund** | 7054991 | - | 40268805 | 40268805 | 109905089 |

---

**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 Low-Priced Stock K6 Fund** | 815123 | 12813739 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Low-Priced Stock K6 Fund** | 3969173 | 20893417 | 60172663 |

---

**Prior Year 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 Low-Priced Stock K6 Fund** | 22678415 | 348576412 |

---

**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 .50% 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 Low-Priced Stock K6 Fund** | 9606 |

---

**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 Low-Priced Stock K6 Fund** | 24381100 | 66723831 | 22279262 |

---

**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 Low-Priced Stock K6 Fund** | 20558 | - | - |

---

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 Low-Priced Stock K6 Fund** | 25914252 |

---

**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 $2,786.

**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.

**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.

![](img125817_4.jpg)<br>

1.9883998.108 LPSK6-SANN-0426

**Fidelity® Low-Priced Stock Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125818_1.jpg)

![](img125818_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_LPS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Low-Priced Stock Fund](#Sub_Sec_Fund_256_LPS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements256_LPS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LPS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LPS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LPS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LPS-SANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Fidelity® Low-Priced Stock Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

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 - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Amotiv Ltd  | 1978894 | 11561444 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Inghams Group Ltd  | 5205442 | 9062024 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| AUB Group Ltd  | 697164 | 14666053 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Servcorp Ltd  | 868622 | 4663509 |
| TOTAL AUSTRALIA |  | 39953030 |
| AUSTRIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Construction Materials - 0.3% |  |  |
| Wienerberger AG  | 2051707 | 67852546 |
| Containers & Packaging - 0.1% |  |  |
| Mayr Melnhof Karton AG  | 218690 | 24781833 |
| TOTAL AUSTRIA |  | 92634379 |
| BELGIUM - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| Econocom Group SA/NV  | 4274044 | 8865917 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Melexis NV (a) | 93785 | 7086963 |
| X-Fab Silicon Foundries SE (b)(d)(e) | 798655 | 4851764 |
|  |  | 11938727 |
| TOTAL BELGIUM |  | 20804644 |
| BRAZIL - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Hypera SA  | 7215200 | 34562765 |
| CANADA - 2.6%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Mty Food Group Inc  | 980419 | 30536166 |
| Specialty Retail - 0.2% |  |  |
| Bmtc Group Inc (c) | 3028719 | 28737965 |
| Leon's Furniture Ltd  | 174766 | 3532156 |
|  |  | 32270121 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Gildan Activewear Inc  | 368598 | 23948786 |
| TOTAL CONSUMER DISCRETIONARY |  | 86755073 |
| Consumer Staples - 1.0% |  |  |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Alimentation Couche-Tard Inc  | 2931428 | 152507884 |
| Metro Inc/CN  | 1244353 | 82603509 |
| North West Co Inc/The  | 71131 | 2539329 |
| TOTAL CONSUMER STAPLES |  | 237650722 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| PHX Energy Services Corp (a) | 1135679 | 6980967 |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Cenovus Energy Inc  | 9225752 | 182055562 |
| TOTAL ENERGY |  | 189036529 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Goodfellow Inc (c) | 635436 | 5711994 |
| Richelieu Hardware Ltd  | 646786 | 19342067 |
| TOTAL INDUSTRIALS |  | 25054061 |
| Materials - 0.2% |  |  |
| Paper & Forest Products - 0.2% |  |  |
| Stella-Jones Inc  | 758348 | 50847995 |
| Western Forest Prods Inc (b) | 397841 | 4414774 |
| TOTAL MATERIALS |  | 55262769 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Real Matters Inc (b) | 3348372 | 15295321 |
| TOTAL CANADA |  | 609054475 |
| CHINA - 2.8%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Netease Inc  | 718455 | 18629599 |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.1% |  |  |
| Vipshop Holdings Ltd Class A ADR  | 946954 | 16202382 |
| Household Durables - 0.2% |  |  |
| Chervon Holdings Ltd (a) | 11746179 | 36296612 |
| Gree Electric Appliances Inc of Zhuhai A Shares (China)  | 2607037 | 14513228 |
|  |  | 50809840 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Best Pacific International Holdings Ltd (d) | 33113612 | 13648805 |
| Shenzhou International Group Holdings Ltd  | 4243483 | 33840964 |
|  |  | 47489769 |
| TOTAL CONSUMER DISCRETIONARY |  | 114501991 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunjuice Holdings Co Ltd  | 240000 | 1193727 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| China Petroleum & Chemical Corp H Shares  | 52041223 | 35839503 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Far East Horizon Ltd  | 10801074 | 10798171 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.5% |  |  |
| Sinopharm Group Co Ltd H Shares  | 40943123 | 109431831 |
| Pharmaceuticals - 0.1% |  |  |
| China Medical System Holdings Ltd  | 15088778 | 27098419 |
| Consun Pharmaceutical Group Ltd  | 3784651 | 8754194 |
|  |  | 35852613 |
| TOTAL HEALTH CARE |  | 145284444 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Sinopec Engineering Group Co Ltd H Shares  | 2926376 | 2786989 |
| Machinery - 0.1% |  |  |
| Haitian International Holdings Ltd  | 6338902 | 19620160 |
| Precision Tsugami China Corp Ltd (d) | 885993 | 4763342 |
| TK Group Holdings Ltd  | 7603249 | 2423432 |
|  |  | 26806934 |
| Trading Companies & Distributors - 0.0% |  |  |
| Horizon Construction Development Ltd  | 631312 | 80812 |
| Transportation Infrastructure - 0.1% |  |  |
| Qingdao Port International Co Ltd H Shares (d)(e) | 15611210 | 15007512 |
| TOTAL INDUSTRIALS |  | 44682247 |
| Information Technology - 1.3% |  |  |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| Kingboard Holdings Ltd  | 47772648 | 193485310 |
| VSTECS Holdings Ltd (c) | 104953917 | 104253964 |
| TOTAL INFORMATION TECHNOLOGY |  | 297739274 |
| TOTAL CHINA |  | 668668956 |
| FRANCE - 2.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| IPSOS SA  | 444500 | 18883669 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 1007128 | 37400342 |
| Household Durables - 0.0% |  |  |
| SEB SA  | 193324 | 10917021 |
| Specialty Retail - 0.0% |  |  |
| Maisons du Monde SA (b)(d)(e) | 807601 | 1531663 |
| Mr Bricolage SA (b) | 785663 | 5252451 |
|  |  | 6784114 |
| TOTAL CONSUMER DISCRETIONARY |  | 55101477 |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Vallourec SACA  | 335170 | 7095667 |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| TotalEnergies SE (United States) (a) | 4220063 | 305532562 |
| TOTAL ENERGY |  | 312628229 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Antin Infrastructure Partners SA  | 1775962 | 21893420 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Societe BIC SA  | 38118 | 2457964 |
| Ground Transportation - 0.2% |  |  |
| Stef SA  | 281938 | 41841240 |
| Professional Services - 0.0% |  |  |
| Synergie SA  | 126089 | 4588410 |
| Trading Companies & Distributors - 0.0% |  |  |
| Thermador Groupe  | 60430 | 5637336 |
| TOTAL INDUSTRIALS |  | 54524950 |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| Alten SA  | 133181 | 13039740 |
| Neurones  | 67981 | 3247426 |
| Sopra Steria Group  | 528685 | 96633557 |
|  |  | 112920723 |
| Software - 0.0% |  |  |
| Linedata Services  | 49800 | 2508793 |
| TOTAL INFORMATION TECHNOLOGY |  | 115429516 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Groupe Guillin  | 351403 | 10267601 |
| TOTAL FRANCE |  | 588728862 |
| GERMANY - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Mercedes-Benz Group AG  | 427874 | 29242727 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| DWS Group GmbH & Co KGaA (d)(e) | 145710 | 10673932 |
| Insurance - 0.0% |  |  |
| Talanx AG  | 8408 | 1061424 |
| TOTAL FINANCIALS |  | 11735356 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Takkt AG  | 1484182 | 6368575 |
| Machinery - 0.1% |  |  |
| JOST Werke SE (d)(e) | 71450 | 5310268 |
| Stabilus SE  | 207303 | 4767096 |
|  |  | 10077364 |
| Trading Companies & Distributors - 0.0% |  |  |
| Brenntag SE  | 164340 | 10012742 |
| TOTAL INDUSTRIALS |  | 26458681 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| BRANICKS Group AG (b) | 609844 | 1408167 |
| Instone Real Estate Group SE (d)(e) | 1345577 | 13700876 |
| TOTAL REAL ESTATE |  | 15109043 |
| TOTAL GERMANY |  | 82545807 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Patria Investments Ltd Class A  | 1129630 | 16503894 |
| GREECE - 1.0%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Distributors - 0.0% |  |  |
| Autohellas Tourist and Trading SA  | 176614 | 2717355 |
| Specialty Retail - 0.2% |  |  |
| JUMBO SA  | 1797323 | 53346639 |
| TOTAL CONSUMER DISCRETIONARY |  | 56063994 |
| Consumer Staples - 0.2% |  |  |
| Personal Care Products - 0.2% |  |  |
| Sarantis SA (c) | 3441907 | 55322962 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Eurobank SA  | 12406962 | 60811760 |
| National Bank of Greece SA  | 2907900 | 51410204 |
| TOTAL FINANCIALS |  | 112221964 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Metlen Energy & Metals PLC  | 451256 | 24605230 |
| TOTAL GREECE |  | 248214150 |
| HONG KONG - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Pico Far East Holdings Ltd  | 21314758 | 7666885 |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| Cross-Harbour Holdings Ltd/The  | 840838 | 873978 |
| Specialty Retail - 0.0% |  |  |
| Goldlion Holdings Ltd  | 21197919 | 2604934 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Sun Hing Vision Group Holdings Ltd (b) | 11535820 | 531598 |
| Victory City International Holdings Ltd (b)(f) | 8385171 | 10 |
|  |  | 531608 |
| TOTAL CONSUMER DISCRETIONARY |  | 4010520 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Pacific Andes International Holdings Ltd (b)(f) | 106294500 | 136 |
| Pacific Andes Resources Development Ltd (b)(f) | 205371360 | 1614 |
| TOTAL CONSUMER STAPLES |  | 1750 |
| Financials - 0.1% |  |  |
| Consumer Finance - 0.1% |  |  |
| Aeon Credit Service Asia Co Ltd  | 13383458 | 12763119 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ASMPT Ltd  | 1595313 | 21217473 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| EcoGreen International Group Ltd (b)(c)(f) | 51434282 | 66 |
| TOTAL HONG KONG |  | 45659813 |
| INDIA - 0.5%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Oil & Natural Gas Corp Ltd  | 5658393 | 16597393 |
| Oil India Ltd  | 2303450 | 12812994 |
| Petronet LNG Ltd  | 5224700 | 16509879 |
| TOTAL ENERGY |  | 45920266 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Redington Ltd  | 22100220 | 65425270 |
| TOTAL INDIA |  | 111345536 |
| INDONESIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Selamat Sempurna Tbk PT  | 53189893 | 5537031 |
| IRELAND - 0.5%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| AIB Group PLC  | 4354016 | 48771761 |
| Bank of Ireland Group PLC  | 1992693 | 40497152 |
| TOTAL FINANCIALS |  | 89268913 |
| Industrials - 0.1% |  |  |
| Machinery - 0.0% |  |  |
| Mincon Group Plc  | 1971330 | 1191725 |
| Marine Transportation - 0.1% |  |  |
| Irish Continental Group PLC unit  | 4381182 | 33132834 |
| TOTAL INDUSTRIALS |  | 34324559 |
| TOTAL IRELAND |  | 123593472 |
| ISLE OF MAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Strix Group PLC (b) | 6600337 | 4249354 |
| ISRAEL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Max Stock Ltd  | 1303522 | 11783487 |
| ITALY - 0.9%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Brembo NV  | 2012262 | 24186281 |
| Pirelli & C SpA (d)(e) | 1977277 | 14873534 |
| TOTAL CONSUMER DISCRETIONARY |  | 39059815 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.4% |  |  |
| Coca-Cola HBC AG  | 1596878 | 86310976 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| MARR SpA (a) | 250402 | 2659454 |
| MARR SpA  | 113187 | 1202129 |
|  |  | 3861583 |
| TOTAL CONSUMER STAPLES |  | 90172559 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Banca Generali SpA  | 334651 | 22511509 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 404114 | 22197626 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Interpump Group SpA  | 363311 | 21050205 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Sesa SpA  | 266185 | 28223478 |
| TOTAL ITALY |  | 223215192 |
| JAPAN - 8.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| RKB Mainichi Holdings Corp  | 33554 | 1235834 |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.0% |  |  |
| Daikyonishikawa Corp  | 473054 | 2503432 |
| Automobiles - 0.1% |  |  |
| Isuzu Motors Ltd  | 1155212 | 18549379 |
| Distributors - 0.2% |  |  |
| Arata Corp  | 1133386 | 22556403 |
| Central Automotive Products Ltd  | 868502 | 11728930 |
| PALTAC Corp  | 531001 | 16586061 |
|  |  | 50871394 |
| Diversified Consumer Services - 0.1% |  |  |
| Aucnet Inc  | 401007 | 5317048 |
| Gakkyusha Co Ltd  | 181977 | 2826781 |
| JP-Holdings Inc (a) | 828780 | 3743327 |
|  |  | 11887156 |
| Household Durables - 0.0% |  |  |
| FJ Next Holdings Co Ltd  | 1135765 | 10751459 |
| Leisure Products - 0.0% |  |  |
| Roland Corp  | 263820 | 6486399 |
| Specialty Retail - 0.1% |  |  |
| ARCLANDS CORP  | 1064934 | 13170610 |
| Hamee Corp (a) | 592073 | 1828708 |
| Syuppin Co Ltd  | 284270 | 2127066 |
|  |  | 17126384 |
| TOTAL CONSUMER DISCRETIONARY |  | 118175603 |
| Consumer Staples - 1.2% |  |  |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Belc Co Ltd  | 1019418 | 50457107 |
| Blue Zones Holdings Co Ltd  | 685918 | 39352972 |
| Cosmos Pharmaceutical Corp  | 358655 | 16094979 |
| Create SD Holdings Co Ltd  | 1518618 | 31842307 |
| G-7 Holdings Inc  | 1452837 | 13706009 |
| Genky DrugStores Co Ltd (c) | 1752250 | 47723790 |
| Halows Co Ltd (c) | 1396205 | 41003824 |
| Kato Sangyo Co Ltd  | 312481 | 13144555 |
| YAKUODO Holdings Co Ltd  | 148172 | 1921564 |
|  |  | 255247107 |
| Food Products - 0.1% |  |  |
| Pickles Holdings Co Ltd  | 337457 | 2725648 |
| S Foods Inc  | 761673 | 14937177 |
|  |  | 17662825 |
| Household Products - 0.0% |  |  |
| Transaction Co Ltd  | 755121 | 5821009 |
| TOTAL CONSUMER STAPLES |  | 278730941 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Fuyo General Lease Co Ltd  | 244653 | 6865650 |
| Zenkoku Hosho Co Ltd  | 2941275 | 58403580 |
| TOTAL FINANCIALS |  | 65269230 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Fukuda Denshi Co Ltd  | 432645 | 23706576 |
| Nakanishi Inc  | 374412 | 5230542 |
| Techno Medica Co Ltd  | 35578 | 511738 |
|  |  | 29448856 |
| Health Care Providers & Services - 0.3% |  |  |
| Ship Healthcare Holdings Inc  | 2126996 | 34998678 |
| WIN-Partners Co Ltd (c) | 1994479 | 17063131 |
|  |  | 52061809 |
| Health Care Technology - 0.0% |  |  |
| Software Service Inc  | 47285 | 3910881 |
| TOTAL HEALTH CARE |  | 85421546 |
| Industrials - 3.3% |  |  |
| Air Freight & Logistics - 0.4% |  |  |
| AIT Corp  | 153724 | 2224012 |
| AZ-COM MARUWA Holdings Inc  | 3699411 | 23712947 |
| Hamakyorex Co Ltd (c) | 4720184 | 55845547 |
| Senko Group Holdings Co Ltd  | 473300 | 5882609 |
|  |  | 87665115 |
| Building Products - 0.3% |  |  |
| Kondotec Inc (c) | 1516590 | 14611241 |
| Nihon Dengi Co Ltd  | 586665 | 40106719 |
| Nihon Flush Co Ltd  | 1074777 | 5701679 |
|  |  | 60419639 |
| Commercial Services & Supplies - 0.1% |  |  |
| CTS Co Ltd  | 267239 | 1759605 |
| Green Cross Holdings Co Ltd  | 126811 | 1101279 |
| Prestige International Inc  | 2449045 | 10950758 |
|  |  | 13811642 |
| Construction & Engineering - 0.1% |  |  |
| Dai-Dan Co Ltd  | 568005 | 9828879 |
| Daiichi Kensetsu Corp  | 157192 | 3829244 |
| Raiznext Corp  | 1303750 | 21229324 |
|  |  | 34887447 |
| Electrical Equipment - 0.1% |  |  |
| Aichi Electric Co Ltd  | 296040 | 14633665 |
| Ground Transportation - 0.2% |  |  |
| Sakai Moving Service Co Ltd (c) | 2443256 | 46036020 |
| Machinery - 0.5% |  |  |
| Anest Iwata Corp  | 593734 | 6341705 |
| Daiwa Industries Ltd  | 804980 | 8077888 |
| Estic Corp  | 354861 | 2382402 |
| Hosokawa Micron Corp  | 104125 | 4124362 |
| Nadex Co Ltd (c) | 668987 | 4231961 |
| Shinwa Co Ltd/Nagoya  | 244303 | 4933102 |
| Takeuchi Manufacturing Co Ltd  | 425776 | 17580180 |
| Teikoku Electric Manufacturing Co Ltd  | 493724 | 9714329 |
| Tocalo Co Ltd  | 2709502 | 45187547 |
| Trinity Industrial Corp  | 332179 | 2813948 |
| Yamada Corp  | 52107 | 2269328 |
|  |  | 107656752 |
| Professional Services - 0.3% |  |  |
| Altech Corp  | 616796 | 10465923 |
| Artner Co Ltd (a) | 233726 | 3127724 |
| Careerlink Co Ltd  | 155957 | 2658404 |
| Creek & River Co Ltd  | 9498 | 93285 |
| Gakujo Co Ltd  | 260633 | 2985929 |
| Ifis Japan Ltd  | 167924 | 744352 |
| Persol Holdings Co Ltd  | 17007211 | 29715365 |
| Quick Co Ltd (c) | 2949633 | 16562620 |
| WDB Holdings Co Ltd  | 624890 | 6472594 |
| Will Group Inc  | 1054735 | 8110201 |
|  |  | 80936397 |
| Trading Companies & Distributors - 1.3% |  |  |
| Chori Co Ltd  | 953342 | 24270919 |
| Inaba Denki Sangyo Co Ltd  | 681116 | 11324060 |
| ITOCHU Corp  | 8790720 | 112543839 |
| Mitani Corp  | 2658508 | 40884266 |
| Parker Corp (c) | 2024671 | 19323075 |
| Sanyo Trading Co Ltd  | 244650 | 2508785 |
| Senshu Electric Co Ltd (c) | 984171 | 36693375 |
| Totech Corp (c) | 2147838 | 55791605 |
| Yamazen Corp  | 122987 | 1132440 |
| Yuasa Trading Co Ltd  | 409540 | 14978007 |
|  |  | 319450371 |
| Transportation Infrastructure - 0.0% |  |  |
| Daito Koun Co Ltd  | 18790 | 283986 |
| TOTAL INDUSTRIALS |  | 765781034 |
| Information Technology - 1.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Daiwabo Holdings Co Ltd  | 1406636 | 27594643 |
| Dexerials Corp  | 1418625 | 24644439 |
| Maruwa Co Ltd/Aichi  | 60317 | 18567471 |
| Nippo Ltd (c) | 605518 | 11542247 |
| Riken Keiki Co Ltd  | 238852 | 5077688 |
|  |  | 87426488 |
| IT Services - 0.3% |  |  |
| Argo Graphics Inc  | 2734380 | 25424999 |
| Asahi Intelligence Service Co Ltd  | 248936 | 2058918 |
| Avant Group Corp  | 216921 | 2294518 |
| Densan System Holdings Co Ltd (a) | 135674 | 2844806 |
| DTS Corp  | 2237354 | 18186814 |
| Future Corp  | 361526 | 4429137 |
| Information Planning Co  | 118586 | 4950023 |
| TDC Soft Inc  | 994649 | 7860272 |
| TIS Inc  | 437011 | 12701444 |
|  |  | 80750931 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Japan Material Co Ltd  | 300498 | 3463998 |
| Renesas Electronics Corp  | 5884336 | 97829774 |
| SUMCO Corp  | 5524062 | 57610727 |
|  |  | 158904499 |
| Software - 0.3% |  |  |
| Cresco Ltd  | 1220305 | 13199732 |
| Focus Systems Corp  | 380043 | 4506196 |
| Fukui Computer Holdings Inc  | 189221 | 3869763 |
| KSK Co Ltd/Inagi (c) | 513773 | 14540745 |
| NE Inc  | 592073 | 2773668 |
| NSW Inc/Japan  | 165593 | 2641827 |
| Pro-Ship Inc  | 1139192 | 11851248 |
| System Research Co Ltd  | 259871 | 3297924 |
| WingArc1st Inc  | 620037 | 13061002 |
|  |  | 69742105 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Elecom Co Ltd  | 520512 | 5536074 |
| MCJ Co Ltd  | 2546085 | 25878726 |
|  |  | 31414800 |
| TOTAL INFORMATION TECHNOLOGY |  | 428238823 |
| Materials - 0.9% |  |  |
| Chemicals - 0.5% |  |  |
| C Uyemura & Co Ltd  | 710593 | 82005628 |
| JCU Corp  | 357113 | 13037532 |
| Kansai Paint Co Ltd  | 1440620 | 22959998 |
| Muto Seiko Co  | 4194 | 60514 |
|  |  | 118063672 |
| Construction Materials - 0.1% |  |  |
| Mitani Sekisan Co Ltd  | 884613 | 43727639 |
| Vertex Corp/Japan  | 57078 | 488313 |
|  |  | 44215952 |
| Containers & Packaging - 0.3% |  |  |
| Kohsoku Corp (c) | 1561443 | 30318792 |
| Pack Corp/The (c) | 3647342 | 30520211 |
|  |  | 60839003 |
| TOTAL MATERIALS |  | 223118627 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Arealink Co Ltd  | 847662 | 6079767 |
| Starts Corp Inc  | 325036 | 10280765 |
| TOTAL REAL ESTATE |  | 16360532 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Kansai Electric Power Co Inc/The  | 3269068 | 52132721 |
| TOTAL JAPAN |  | 2034464891 |
| KOREA (SOUTH) - 2.9%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.1% |  |  |
| Snt Holdings Co Ltd (c) | 885108 | 33129090 |
| Household Durables - 0.0% |  |  |
| Cuckoo Holdings Co Ltd  | 508128 | 9509471 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Youngone Corp  | 250000 | 15664527 |
| Youngone Holdings Co Ltd (c) | 752000 | 107300463 |
|  |  | 122964990 |
| TOTAL CONSUMER DISCRETIONARY |  | 165603551 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.1% |  |  |
| Otoki Corp  | 77998 | 20753157 |
| Tobacco - 0.1% |  |  |
| KT&G Corp  | 329470 | 34951668 |
| TOTAL CONSUMER STAPLES |  | 55704825 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Mi Chang Oil Industrial Co Ltd (c) | 173900 | 14600250 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Korea Ratings Corp  | 88600 | 5917944 |
| Financial Services - 0.0% |  |  |
| Nice Information & Telecom Inc  | 433187 | 7270894 |
| TOTAL FINANCIALS |  | 13188838 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| InBody Co Ltd (c) | 730922 | 16450065 |
| Interojo Co Ltd  | 120700 | 1460151 |
| Value Added Technology Co Ltd  | 436553 | 6213988 |
| Vieworks Co Ltd  | 368958 | 7184703 |
|  |  | 31308907 |
| Pharmaceuticals - 0.3% |  |  |
| Daewon Pharmaceutical Co Ltd (b)(c) | 2142922 | 17090436 |
| Daihan Pharmaceutical Co Ltd  | 297037 | 5947988 |
| Huons Co Ltd (c) | 853834 | 16185255 |
| Korea United Pharm Inc  | 40010 | 526211 |
| Kwang Dong Pharmaceutical Co Ltd (c) | 4164491 | 17309824 |
| Whanin Pharmaceutical Co Ltd (c) | 1016010 | 7500684 |
|  |  | 64560398 |
| TOTAL HEALTH CARE |  | 95869305 |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| Fursys Inc (c) | 900000 | 26210942 |
| S-1 Corp  | 696530 | 38217855 |
|  |  | 64428797 |
| Electrical Equipment - 0.0% |  |  |
| Vitzrocell Co Ltd  | 280000 | 4053132 |
| Machinery - 0.0% |  |  |
| Hy-Lok Corp (b) | 93300 | 2164113 |
| Professional Services - 0.0% |  |  |
| e-Credible Co Ltd (b) | 250349 | 2707586 |
| TOTAL INDUSTRIALS |  | 73353628 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| MAKUS Inc  | 601127 | 9903245 |
| SAMT Co Ltd  | 100000 | 317082 |
|  |  | 10220327 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| Samsung Electronics Co Ltd  | 1969400 | 217882515 |
| TOTAL INFORMATION TECHNOLOGY |  | 228102842 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Miwon Commercial Co Ltd  | 28100 | 2692368 |
| Soulbrain Co Ltd  | 100077 | 33698631 |
| TOTAL MATERIALS |  | 36390999 |
| TOTAL KOREA (SOUTH) |  | 682814238 |
| MALAYSIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Scientex BHD  | 8648200 | 8468303 |
| MEXICO - 0.2%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola Femsa SAB de CV ADR  | 150600 | 15706074 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Corporativo Fragua SAB de CV  | 256372 | 7775219 |
| Food Products - 0.0% |  |  |
| Gruma SAB de CV Series B  | 408191 | 7350287 |
| TOTAL CONSUMER STAPLES |  | 30831580 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Qualitas Controladora SAB de CV  | 786276 | 7333657 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Medica Sur SAB de CV  | 1081056 | 3603314 |
| Pharmaceuticals - 0.1% |  |  |
| Genomma Lab Internacional SAB de CV  | 13036367 | 12487342 |
| TOTAL HEALTH CARE |  | 16090656 |
| TOTAL MEXICO |  | 54255893 |
| NETHERLANDS - 1.4%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Acomo NV  | 130653 | 3848508 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.2% |  |  |
| Van Lanschot Kempen NV depository receipt  | 969637 | 58732257 |
| Insurance - 0.2% |  |  |
| ASR Nederland NV  | 533799 | 38710950 |
| TOTAL FINANCIALS |  | 97443207 |
| Industrials - 1.0% |  |  |
| Machinery - 0.8% |  |  |
| Aalberts NV  | 4733873 | 182142680 |
| Trading Companies & Distributors - 0.2% |  |  |
| IMCD NV (a) | 529000 | 49399011 |
| TOTAL INDUSTRIALS |  | 231541691 |
| TOTAL NETHERLANDS |  | 332833406 |
| NEW ZEALAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Hallenstein Glasson Holdings Ltd  | 617518 | 3680895 |
| NORWAY - 0.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Europris ASA (d)(e) | 2468578 | 22685131 |
| Specialty Retail - 0.0% |  |  |
| Kid ASA (d)(e) | 184763 | 2394312 |
| TOTAL CONSUMER DISCRETIONARY |  | 25079443 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| SpareBank 1 Nord Norge  | 2321315 | 35393998 |
| Sparebank 1 Oestlandet  | 1956429 | 39792878 |
| SpareBank 1 Sor-Norge ASA  | 1074256 | 21707099 |
|  |  | 96893975 |
| Capital Markets - 0.0% |  |  |
| ABG Sundal Collier Holding ASA  | 5418349 | 4551627 |
| TOTAL FINANCIALS |  | 101445602 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Multiconsult ASA (d)(e) | 203945 | 3600088 |
| Norconsult Norge AS  | 1092294 | 5149281 |
| TOTAL INDUSTRIALS |  | 8749369 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Selvaag Bolig ASA  | 486006 | 1746099 |
| TOTAL NORWAY |  | 137020513 |
| PERU - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Intercorp Financial Services Inc (United States) (d) | 525741 | 25750794 |
| PHILIPPINES - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Century Pacific Food Inc  | 17468363 | 11280432 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Robinsons Land Corp  | 29860287 | 9172577 |
| TOTAL PHILIPPINES |  | 20453009 |
| POLAND - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Eurocash SA (b) | 2322878 | 4452237 |
| PORTUGAL - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Ibersol SGPS SA  | 1133596 | 14310491 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Corticeira Amorim SGPS SA  | 1417266 | 11238907 |
| TOTAL PORTUGAL |  | 25549398 |
| PUERTO RICO - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.2% |  |  |
| First BanCorp/Puerto Rico  | 1814114 | 40128201 |
| Financial Services - 0.3% |  |  |
| EVERTEC Inc  | 2521479 | 75669585 |
| TOTAL PUERTO RICO |  | 115797786 |
| SINGAPORE - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Hour Glass Ltd/The  | 1763873 | 3105946 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Delfi Ltd  | 7111806 | 4975637 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Boustead Singapore Ltd  | 5731448 | 8785728 |
| Professional Services - 0.0% |  |  |
| HRnetgroup Ltd (d) | 4359762 | 2553276 |
| Trading Companies & Distributors - 0.0% |  |  |
| KS Energy Ltd (b)(f) | 12767454 | 100 |
| TOTAL INDUSTRIALS |  | 11339104 |
| Real Estate - 0.0% |  |  |
| Industrial REITs - 0.0% |  |  |
| Mapletree Industrial Trust  | 4741805 | 7865112 |
| TOTAL SINGAPORE |  | 27285799 |
| SPAIN - 0.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| CIE Automotive SA  | 2154186 | 73539775 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bankinter SA  | 2128967 | 36389894 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Prim SA (c) | 1287466 | 19534052 |
| Pharmaceuticals - 0.1% |  |  |
| Faes Farma SA  | 2906805 | 18020390 |
| TOTAL HEALTH CARE |  | 37554442 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| Logista Integral SA  | 997814 | 36452627 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Miquel y Costas & Miquel SA  | 450719 | 7479637 |
| TOTAL SPAIN |  | 191416375 |
| SWEDEN - 1.4%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.3% |  |  |
| Autoliv Inc  | 299981 | 36369696 |
| Automobiles - 0.0% |  |  |
| Kabe Group AB B Shares  | 132775 | 3100443 |
| Broadline Retail - 0.1% |  |  |
| Rusta AB  | 2964517 | 27223968 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Betsson AB B Shares  | 2936641 | 34484721 |
| Household Durables - 0.1% |  |  |
| JM AB  | 1396337 | 21413375 |
| Specialty Retail - 0.1% |  |  |
| BHG Group AB (b) | 4174329 | 14396339 |
| TOTAL CONSUMER DISCRETIONARY |  | 136988542 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Viva Wine Group AB  | 2495138 | 9523962 |
| Industrials - 0.5% |  |  |
| Building Products - 0.0% |  |  |
| Inwido AB  | 14350 | 247771 |
| Electrical Equipment - 0.3% |  |  |
| AQ Group AB  | 2335181 | 51356942 |
| Machinery - 0.2% |  |  |
| Beijer Alma AB B Shares  | 1549111 | 45999423 |
| Trading Companies & Distributors - 0.0% |  |  |
| Alligo AB B Shares  | 604731 | 8608464 |
| TOTAL INDUSTRIALS |  | 106212600 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| KNOW IT AB  | 355252 | 4650281 |
| Proact IT Group AB  | 594992 | 6799909 |
| TOTAL INFORMATION TECHNOLOGY |  | 11450190 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| KB Components AB  | 1465632 | 6581564 |
| Metals & Mining - 0.2% |  |  |
| Alleima AB  | 4693101 | 41016886 |
| Boliden AB (b) | 141992 | 9988458 |
|  |  | 51005344 |
| TOTAL MATERIALS |  | 57586908 |
| TOTAL SWEDEN |  | 321762202 |
| SWITZERLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Garrett Motion Inc  | 2442561 | 44063801 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Vontobel Holding AG  | 244423 | 21057592 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| Bossard Holding AG Series A  | 58409 | 11484597 |
| TOTAL SWITZERLAND |  | 76605990 |
| TAIWAN - 1.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Formosa Optical Technology Co Ltd  | 1002000 | 3117262 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Hi-Clearance Inc  | 1660459 | 7180506 |
| Pharmaceuticals - 0.0% |  |  |
| Syngen Biotech Co Ltd  | 357700 | 1524177 |
| TOTAL HEALTH CARE |  | 8704683 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| United Integrated Services Co Ltd  | 300800 | 8652824 |
| Trading Companies & Distributors - 0.0% |  |  |
| Lumax International Corp Ltd  | 2201510 | 8334562 |
| TOTAL INDUSTRIALS |  | 16987386 |
| Information Technology - 1.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| FLEXium Interconnect Inc (b) | 600000 | 1132900 |
| Hon Hai Precision Industry Co Ltd  | 3903012 | 27264823 |
| Simplo Technology Co Ltd  | 5766000 | 63112720 |
| Thinking Electronic Industrial Co Ltd  | 4124000 | 21818723 |
| Tripod Technology Corp  | 3082000 | 36566102 |
| Yageo Corp  | 423652 | 3724487 |
|  |  | 153619755 |
| IT Services - 0.0% |  |  |
| Dimerco Data System Corp  | 994799 | 3498264 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Parade Technologies Ltd  | 478000 | 8010835 |
| Powertech Technology Inc  | 2617000 | 21058704 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 867000 | 47797289 |
| Topco Scientific Co Ltd  | 5738593 | 58722178 |
|  |  | 135589006 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| TSC Auto ID Technology Co Ltd (c) | 2544911 | 15641145 |
| TOTAL INFORMATION TECHNOLOGY |  | 308348170 |
| TOTAL TAIWAN |  | 337157501 |
| UNITED KINGDOM - 5.8%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| 4imprint Group PLC  | 166703 | 9306808 |
| Consumer Discretionary - 1.7% |  |  |
| Broadline Retail - 0.2% |  |  |
| B&M European Value Retail SA  | 16592040 | 40038006 |
| Distributors - 0.4% |  |  |
| Inchcape PLC  | 7682773 | 85836378 |
| Diversified Consumer Services - 0.0% |  |  |
| ME Group International PLC  | 12259830 | 23251173 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Greggs PLC (a) | 1313865 | 28891083 |
| Hollywood Bowl Group PLC  | 4031543 | 14287895 |
| J D Wetherspoon PLC (a) | 1288768 | 11824171 |
|  |  | 55003149 |
| Household Durables - 0.4% |  |  |
| Barratt Redrow PLC  | 6294884 | 33518595 |
| Vistry Group PLC (b) | 6084133 | 55379387 |
|  |  | 88897982 |
| Specialty Retail - 0.3% |  |  |
| Dunelm Group PLC  | 1143688 | 14460281 |
| JD Sports Fashion PLC  | 10872280 | 12166479 |
| Pets at Home Group Plc  | 13058203 | 36558321 |
|  |  | 63185081 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Coats Group PLC  | 22102411 | 25737503 |
| Dr Martens PLC  | 27586815 | 25423559 |
|  |  | 51161062 |
| TOTAL CONSUMER DISCRETIONARY |  | 407372831 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.4% |  |  |
| AG Barr PLC  | 2656023 | 23187275 |
| Diageo PLC  | 3068606 | 70609536 |
|  |  | 93796811 |
| Food Products - 0.0% |  |  |
| Fevara PLC  | 2256801 | 4199807 |
| Tobacco - 0.5% |  |  |
| British American Tobacco PLC  | 649956 | 39266183 |
| Imperial Brands PLC  | 1874616 | 78954663 |
|  |  | 118220846 |
| TOTAL CONSUMER STAPLES |  | 216217464 |
| Financials - 0.7% |  |  |
| Capital Markets - 0.3% |  |  |
| Rathbones Group PLC  | 2621426 | 79093973 |
| Insurance - 0.4% |  |  |
| Aviva PLC  | 7035917 | 61212262 |
| Hiscox Ltd  | 1345495 | 27285221 |
|  |  | 88497483 |
| TOTAL FINANCIALS |  | 167591456 |
| Industrials - 1.8% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| QinetiQ Group PLC  | 2910145 | 19970216 |
| Building Products - 0.0% |  |  |
| Norcros PLC  | 831073 | 4048427 |
| Commercial Services & Supplies - 0.3% |  |  |
| Mitie Group PLC  | 29140580 | 66829683 |
| Electrical Equipment - 0.0% |  |  |
| Volex PLC  | 1800813 | 10879189 |
| Industrial Conglomerates - 0.7% |  |  |
| DCC PLC (a) | 2066354 | 131082692 |
| Machinery - 0.1% |  |  |
| Bodycote PLC  | 1263038 | 12884313 |
| Luxfer Holdings PLC  | 661429 | 10014035 |
|  |  | 22898348 |
| Passenger Airlines - 0.1% |  |  |
| JET2 PLC  | 1589241 | 26900271 |
| Professional Services - 0.0% |  |  |
| Wilmington PLC  | 2285819 | 9320845 |
| Trading Companies & Distributors - 0.5% |  |  |
| Bunzl PLC  | 723303 | 20283639 |
| RS GROUP PLC  | 10956820 | 100451523 |
|  |  | 120735162 |
| TOTAL INDUSTRIALS |  | 412664833 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pinewood Technologies Group PLC (b) | 4759766 | 30741482 |
| Materials - 0.4% |  |  |
| Chemicals - 0.0% |  |  |
| Essentra PLC  | 7784122 | 10757917 |
| Construction Materials - 0.3% |  |  |
| SigmaRoc PLC (b) | 32725267 | 64034855 |
| Metals & Mining - 0.1% |  |  |
| Hill & Smith PLC  | 497943 | 15194335 |
| TOTAL MATERIALS |  | 89987107 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| LSL Property Services PLC  | 1178202 | 4272311 |
| Savills PLC  | 2711656 | 39999130 |
| TOTAL REAL ESTATE |  | 44271441 |
| TOTAL UNITED KINGDOM |  | 1378153422 |
| UNITED STATES - 61.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Cars.com Inc (b)(c) | 3723171 | 42295223 |
| Media - 0.0% |  |  |
| Thryv Holdings Inc (b) | 485998 | 2337650 |
| TOTAL COMMUNICATION SERVICES |  | 44632873 |
| Consumer Discretionary - 8.0% |  |  |
| Automobile Components - 1.2% |  |  |
| Aptiv PLC (b) | 1106607 | 83825480 |
| LCI Industries  | 455498 | 66817002 |
| Lear Corp  | 475884 | 55721257 |
| Patrick Industries Inc  | 676876 | 85401445 |
|  |  | 291765184 |
| Automobiles - 0.8% |  |  |
| General Motors Co  | 1698312 | 142658208 |
| Harley-Davidson Inc (a) | 2346008 | 46450958 |
|  |  | 189109166 |
| Diversified Consumer Services - 0.4% |  |  |
| Carriage Services Inc  | 337242 | 14471054 |
| Grand Canyon Education Inc (b) | 217300 | 37775432 |
| Laureate Education Inc (b) | 1386084 | 47542681 |
|  |  | 99789167 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Cheesecake Factory Inc/The (a) | 1240766 | 71914797 |
| Household Durables - 1.6% |  |  |
| DR Horton Inc  | 363313 | 54075507 |
| KB Home  | 1068047 | 61455424 |
| M/I Homes Inc (b) | 446492 | 59695980 |
| Meritage Homes Corp  | 1312865 | 91257246 |
| TopBuild Corp (b) | 96216 | 45033899 |
| Tri Pointe Homes Inc (b) | 2242473 | 74786475 |
|  |  | 386304531 |
| Leisure Products - 0.1% |  |  |
| BRP Inc Subordinate Voting Shares  | 329211 | 24847071 |
| Specialty Retail - 1.7% |  |  |
| Academy Sports & Outdoors Inc  | 1432041 | 78776576 |
| Advance Auto Parts Inc (a) | 665422 | 31946910 |
| Bath & Body Works Inc  | 1899555 | 41410299 |
| Caleres Inc  | 1659054 | 20273640 |
| Dick's Sporting Goods Inc  | 251527 | 50808454 |
| Lithia Motors Inc Class A  | 62046 | 20068158 |
| Murphy USA Inc  | 153000 | 64644030 |
| Signet Jewelers Ltd  | 1035555 | 95550661 |
|  |  | 403478728 |
| Textiles, Apparel & Luxury Goods - 1.9% |  |  |
| Crocs Inc (b) | 1171008 | 98270992 |
| Lululemon Athletica Inc (b) | 53500 | 9335750 |
| Oxford Industries Inc (a) | 604262 | 22267055 |
| PVH Corp  | 295212 | 18409420 |
| Samsonite Group SA (d)(e) | 10746234 | 27209138 |
| Steven Madden Ltd  | 1958960 | 85959165 |
| VF Corp  | 3384204 | 66296556 |
| Wolverine World Wide Inc (c) | 5662495 | 100339412 |
|  |  | 428087488 |
| TOTAL CONSUMER DISCRETIONARY |  | 1895296132 |
| Consumer Staples - 3.1% |  |  |
| Beverages - 1.4% |  |  |
| Constellation Brands Inc Class A  | 511413 | 80138417 |
| Keurig Dr Pepper Inc  | 1833500 | 50311240 |
| Primo Brands Corp Class A  | 10722750 | 203088885 |
|  |  | 333538542 |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Albertsons Cos Inc Class A  | 2745514 | 45712808 |
| Dollar Tree Inc (b) | 554585 | 65213650 |
| Grocery Outlet Holding Corp (b) | 1826922 | 17410567 |
| Performance Food Group Co (b) | 1876641 | 179125383 |
| Target Corp  | 374100 | 39456327 |
|  |  | 346918735 |
| Food Products - 0.2% |  |  |
| Armanino Foods of Distinction Inc  | 1235833 | 14705177 |
| Ingredion Inc  | 138464 | 16352598 |
| Smithfield Foods Inc  | 961947 | 22990534 |
|  |  | 54048309 |
| TOTAL CONSUMER STAPLES |  | 734505586 |
| Energy - 5.7% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Cactus Inc Class A  | 1295115 | 72824316 |
| Oil, Gas & Consumable Fuels - 5.4% |  |  |
| Antero Resources Corp (b) | 3348401 | 121781344 |
| Chord Energy Corp  | 1596472 | 160030353 |
| Core Natural Resources Inc  | 1398379 | 133377389 |
| Diamondback Energy Inc  | 993247 | 162842846 |
| Energy Transfer LP  | 2578100 | 47565945 |
| Gulfport Energy Corp (b) | 261002 | 53288778 |
| Northern Oil & Gas Inc (a) | 2272770 | 56819250 |
| Ovintiv Inc  | 5276499 | 229369413 |
| Range Resources Corp  | 2997372 | 113450530 |
| Shell PLC  | 3102790 | 119269730 |
| Sunococorp LLC  | 1518237 | 81407868 |
| Unit Corp  | 188312 | 6191699 |
|  |  | 1285395145 |
| TOTAL ENERGY |  | 1358219461 |
| Financials - 16.9% |  |  |
| Banks - 8.2% |  |  |
| ACNB Corp  | 329512 | 16646946 |
| Associated Banc-Corp  | 3077061 | 83880683 |
| Bar Harbor Bankshares  | 545944 | 18512961 |
| Cadence Bank  | 2832925 | 119294472 |
| Camden National Corp  | 321355 | 15286857 |
| Citigroup Inc  | 1294558 | 149793306 |
| East West Bancorp Inc  | 694188 | 79442875 |
| FNB Corp/PA  | 6402802 | 112369175 |
| Hancock Whitney Corp  | 1488042 | 102377290 |
| KeyCorp  | 5747049 | 123676494 |
| Old National Bancorp/IN  | 3602052 | 87998130 |
| Pinnacle Financial Partners Inc  | 1458065 | 138647401 |
| Plumas Bancorp  | 189271 | 9484370 |
| QCR Holdings Inc  | 526441 | 47516565 |
| United Community Bank/SC  | 2902918 | 99947467 |
| US Bancorp  | 2757190 | 154705931 |
| Washington Trust Bancorp Inc  | 559146 | 19217848 |
| Webster Financial Corp  | 1328228 | 87357556 |
| Wells Fargo & Co  | 3890943 | 352091432 |
| West BanCorp Inc  | 600825 | 14257577 |
| Wintrust Financial Corp  | 779892 | 115026271 |
|  |  | 1947531607 |
| Capital Markets - 3.7% |  |  |
| Ameriprise Financial Inc  | 95500 | 50346645 |
| Bank of New York Mellon Corp/The  | 503986 | 60438001 |
| Federated Hermes Inc Class B  | 2101905 | 111989498 |
| Lazard Inc  | 2900562 | 155818191 |
| LPL Financial Holdings Inc  | 125007 | 45565052 |
| Raymond James Financial Inc  | 706284 | 117144264 |
| SEI Investments Co  | 185172 | 16267360 |
| State Street Corp  | 1261844 | 165124906 |
| Stifel Financial Corp  | 1235732 | 152365756 |
|  |  | 875059673 |
| Consumer Finance - 0.7% |  |  |
| Capital One Financial Corp  | 454162 | 99429686 |
| OneMain Holdings Inc  | 922277 | 60446034 |
|  |  | 159875720 |
| Financial Services - 0.9% |  |  |
| Corpay Inc (b) | 397340 | 125015084 |
| Essent Group Ltd  | 1562625 | 98320365 |
|  |  | 223335449 |
| Insurance - 3.4% |  |  |
| American Financial Group Inc/OH  | 629096 | 81952336 |
| First American Financial Corp  | 1146950 | 72464301 |
| Hartford Insurance Group Inc/The  | 439024 | 59294581 |
| Primerica Inc  | 408277 | 107393182 |
| Reinsurance Group of America Inc  | 485112 | 98356458 |
| Selective Insurance Group Inc  | 1041036 | 87530307 |
| Stewart Information Services Corp  | 865150 | 58337065 |
| Travelers Companies Inc/The  | 353220 | 100494622 |
| Unum Group  | 1954773 | 148504105 |
|  |  | 814326957 |
| TOTAL FINANCIALS |  | 4020129406 |
| Health Care - 7.6% |  |  |
| Biotechnology - 1.2% |  |  |
| Biogen Inc (b) | 405318 | 72912655 |
| Gilead Sciences Inc  | 1554014 | 220592287 |
|  |  | 293504942 |
| Health Care Providers & Services - 4.5% |  |  |
| Cigna Group/The  | 386065 | 105824277 |
| CVS Health Corp  | 1737458 | 129475370 |
| Elevance Health Inc  | 189640 | 65566134 |
| Henry Schein Inc (b) | 1628369 | 122909292 |
| Labcorp Holdings Inc  | 543590 | 147595557 |
| Molina Healthcare Inc (b) | 489827 | 87968031 |
| Quest Diagnostics Inc  | 267107 | 49957022 |
| Tenet Healthcare Corp (b) | 310410 | 58754405 |
| UnitedHealth Group Inc  | 474136 | 136043842 |
| Universal Health Services Inc Class B  | 807014 | 162419638 |
|  |  | 1066513568 |
| Life Sciences Tools & Services - 0.6% |  |  |
| Avantor Inc (b) | 2840439 | 31017594 |
| ICON PLC (b) | 585237 | 105488969 |
|  |  | 136506563 |
| Pharmaceuticals - 1.3% |  |  |
| Elanco Animal Health Inc (b) | 7718691 | 185866079 |
| GSK PLC  | 4483612 | 115953648 |
|  |  | 301819727 |
| TOTAL HEALTH CARE |  | 1798344800 |
| Industrials - 9.0% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Cadre Holdings Inc  | 705621 | 28231896 |
| Huntington Ingalls Industries Inc  | 301914 | 126957857 |
| Textron Inc  | 502800 | 44276568 |
| V2X Inc (b) | 642693 | 44236559 |
|  |  | 243702880 |
| Air Freight & Logistics - 0.4% |  |  |
| FedEx Corp  | 244800 | 78886800 |
| Radiant Logistics Inc (b) | 838490 | 5643038 |
|  |  | 84529838 |
| Building Products - 0.9% |  |  |
| Builders FirstSource Inc (b) | 428467 | 49016625 |
| Gibraltar Industries Inc (b) | 1113484 | 57077190 |
| Hayward Holdings Inc (b) | 4092694 | 66056081 |
| Janus International Group Inc (b) | 6024442 | 41327672 |
|  |  | 213477568 |
| Commercial Services & Supplies - 0.3% |  |  |
| Brady Corp Class A  | 803648 | 69491443 |
| HNI Corp  | 155488 | 7430771 |
|  |  | 76922214 |
| Construction & Engineering - 0.5% |  |  |
| Bowman Consulting Group Ltd (b) | 451163 | 15714007 |
| WillScot Holdings Corp  | 5567000 | 111507010 |
|  |  | 127221017 |
| Electrical Equipment - 0.4% |  |  |
| Acuity Inc  | 178058 | 55062656 |
| Allient Inc  | 768603 | 46892469 |
|  |  | 101955125 |
| Ground Transportation - 0.2% |  |  |
| Proficient Auto Logistics Inc (a)(b)(c) | 1698664 | 17122532 |
| Universal Logistics Holdings Inc (c) | 1780834 | 28511152 |
|  |  | 45633684 |
| Machinery - 2.4% |  |  |
| Allison Transmission Holdings Inc  | 68357 | 7430406 |
| Cummins Inc  | 103300 | 59792106 |
| Enpro Inc  | 425059 | 101495588 |
| Esab Corp  | 320975 | 38870073 |
| Gates Industrial Corp PLC (b) | 3530966 | 81282837 |
| Hillman Solutions Corp (b) | 1252704 | 11737836 |
| Miller Industries Inc/TN  | 514940 | 21097092 |
| Terex Corp  | 1903985 | 108527145 |
| Timken Co/The  | 853337 | 79522475 |
| Toro Co/The  | 485489 | 44422244 |
|  |  | 554177802 |
| Professional Services - 2.2% |  |  |
| CACI International Inc (b) | 110051 | 68295450 |
| Cbiz Inc (b) | 1212900 | 47727615 |
| Concentrix Corp (a) | 739280 | 27612108 |
| Genpact Ltd  | 2634641 | 116187668 |
| KBR Inc  | 1766037 | 75604044 |
| Maximus Inc  | 1383009 | 130611370 |
| Science Applications International Corp  | 474900 | 48325824 |
|  |  | 514364079 |
| Trading Companies & Distributors - 0.7% |  |  |
| Core & Main Inc Class A (b) | 1245977 | 66485333 |
| Global Industrial Co  | 1300514 | 39743707 |
| Rush Enterprises Inc Class A  | 991198 | 63625000 |
|  |  | 169854040 |
| TOTAL INDUSTRIALS |  | 2131838247 |
| Information Technology - 5.7% |  |  |
| Electronic Equipment, Instruments & Components - 3.2% |  |  |
| Belden Inc  | 702452 | 82545135 |
| CDW Corp/DE  | 115176 | 14557094 |
| Crane NXT Co (a) | 2467967 | 124681693 |
| Insight Enterprises Inc (b) | 390998 | 32851652 |
| Sanmina Corp (b) | 841116 | 119169315 |
| TD SYNNEX Corp  | 1376683 | 218438292 |
| Vontier Corp  | 4483020 | 168113250 |
|  |  | 760356431 |
| IT Services - 1.0% |  |  |
| Amdocs Ltd  | 2143826 | 175665102 |
| Kyndryl Holdings Inc (b) | 2309201 | 53111623 |
|  |  | 228776725 |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Diodes Inc (b) | 1214552 | 71889333 |
| Micron Technology Inc  | 231313 | 95967138 |
| MKS Inc  | 299103 | 70411837 |
|  |  | 238268308 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Dell Technologies Inc Class C  | 478796 | 54793414 |
| Seagate Technology Holdings PLC  | 163187 | 66529708 |
|  |  | 121323122 |
| TOTAL INFORMATION TECHNOLOGY |  | 1348724586 |
| Materials - 3.3% |  |  |
| Chemicals - 0.9% |  |  |
| Axalta Coating Systems Ltd (b) | 2171842 | 72930454 |
| Element Solutions Inc  | 2631817 | 76585875 |
| Perimeter Solutions Inc (b) | 2491393 | 65149927 |
|  |  | 214666256 |
| Construction Materials - 0.6% |  |  |
| Buzzi SpA  | 378673 | 21509373 |
| Eagle Materials Inc  | 495232 | 100933234 |
| GCC SAB de CV  | 152080 | 1645677 |
| RHI Magnesita NV  | 475693 | 18030332 |
|  |  | 142118616 |
| Containers & Packaging - 1.4% |  |  |
| Graphic Packaging Holding CO (a) | 3316082 | 48580601 |
| Packaging Corp of America  | 480561 | 106948851 |
| Silgan Holdings Inc  | 3963031 | 171004788 |
|  |  | 326534240 |
| Metals & Mining - 0.4% |  |  |
| Warrior Met Coal Inc  | 1069314 | 95489740 |
| TOTAL MATERIALS |  | 778808852 |
| Real Estate - 0.8% |  |  |
| Industrial REITs - 0.0% |  |  |
| STAG Industrial Inc Class A  | 742487 | 27850687 |
| Real Estate Management & Development - 0.3% |  |  |
| Jones Lang LaSalle Inc (b) | 185152 | 66267752 |
| Residential REITs - 0.2% |  |  |
| Camden Property Trust  | 348574 | 38011995 |
| Specialized REITs - 0.3% |  |  |
| Outfront Media Inc  | 2494077 | 60655953 |
| TOTAL REAL ESTATE |  | 192786387 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| PG&E Corp  | 15716318 | 242345624 |
| TOTAL UNITED STATES |  | 14545631954 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $16,571,460,759) |  | <br> **23250609453** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.70 | 461972243 | 462064638 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.70 | 177608352 | 177626112 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $639,677,529) |  |  | **639690750** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $17,211,138,288)<br>| <br>**23890300203** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(133637489)** |
| **NET ASSETS - 100.0%** | **23756662714** |

---

**Legend**

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

(b) Non-income producing.

(c) Affiliated company.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $168,554,435 or 0.7% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $121,838,218 or 0.5% of net assets.

(f) Level 3 security.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 484468304 | 1417229332 | 1439624476 | 7127819 | (7786) | (736) | 462064638 | 461972243 | 0.8% |
| Fidelity Securities Lending Cash Central Fund | 211871787 | 1367453304 | 1401715248 | 671242 | 16269 | - | 177626112 | 177608352 | 0.6% |
| Total | 696340091 | 2784682636 | 2841339724 | 7799061 | 8483 | (736) | 639690750 |  |  |

---

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.

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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  |
| Bmtc Group Inc | 29558063 | - | 406736 | 335905 | 385794 | (799156) | 28737965 | 3028719 |
| Cars.com Inc | 38853449 | 9176214 | 26116 | - | (761) | (5707563) | 42295223 | 3723171 |
| Daewon Pharmaceutical Co Ltd | 20241835 | - | - | - | - | (3151399) | 17090436 | 2142922 |
| EcoGreen International Group Ltd | 65 | - | - | - | - | 1 | 66 | 51434282 |
| Fursys Inc | 29766910 | - | - | 629134 | - | (3555968) | 26210942 | 900000 |
| Gabia Inc | 16161881 | - | 17672495 | - | 13508260 | (11997646) | - | - |
| Genky DrugStores Co Ltd | 55901377 | - | 4337926 | 71130 | 1668902 | (5508563) | 47723790 | 1752250 |
| Goodfellow Inc | 5434290 | - | 31379 | 136072 | (2513) | 311596 | 5711994 | 635436 |
| Halows Co Ltd | 45867483 | - | 25900 | 290952 | 20884 | (4858643) | 41003824 | 1396205 |
| Hamakyorex Co Ltd | 45699365 | - | 27914 | 536183 | 18495 | 10155601 | 55845547 | 4720184 |
| Huons Co Ltd | 17400007 | - | - | 249801 | - | (1214752) | 16185255 | 853834 |
| InBody Co Ltd | 12477880 | - | - | - | - | 3972185 | 16450065 | 730922 |
| KSK Co Ltd/Inagi | 15199393 | - | 8443 | - | 6918 | (657123) | 14540745 | 513773 |
| Kingboard Holdings Inc | 204655500 | - | 37222637 | 4758825 | 15839108 | 10213338 | - | - |
| Kohsoku Corp | 30006180 | - | 16953 | 548665 | 12182 | 317383 | 30318792 | 1561443 |
| Kondotec Inc | 15998490 | - | 9852 | 238888 | 7456 | (1384853) | 14611241 | 1516590 |
| Kwang Dong Pharmaceutical Co Ltd | 18423691 | - | - | - | - | (1113867) | 17309824 | 4164491 |
| Mi Chang Oil Industrial Co Ltd | 14266201 | - | - | 303906 | - | 334049 | 14600250 | 173900 |
| Nadex Co Ltd | 4295530 | - | 127373 | 44273 | 7795 | 56009 | 4231961 | 668987 |
| Nippo Ltd | 10667174 | - | 6391 | - | 5170 | 876294 | 11542247 | 605518 |
| Pack Corp/The | 27426509 | - | 16834 | 462709 | 6805 | 3103731 | 30520211 | 3647342 |
| Parker Corp | 13204073 | - | 8639 | 201303 | 6809 | 6120832 | 19323075 | 2024671 |
| Prim SA | 17935103 | - | 11545 | 173374 | 5057 | 1605437 | 19534052 | 1287466 |
| Proficient Auto Logistics Inc | 11744429 | - | 5891 | - | (2205) | 5386199 | 17122532 | 1698664 |
| Quick Co Ltd | 15233557 | - | 9198 | 297831 | 3210 | 1335051 | 16562620 | 2949633 |
| Sakai Moving Service Co Ltd | 43266554 | - | 27089 | 444062 | 20750 | 2775805 | 46036020 | 2443256 |
| Sarantis SA | 53540218 | - | 931707 | - | 740216 | 1974235 | 55322962 | 3441907 |
| Senshu Electric Co Ltd | 27814223 | - | 16489 | 431192 | 13594 | 8882047 | 36693375 | 984171 |
| Snt Holdings Co Ltd | 35300343 | - | - | 1316510 | - | (2171253) | 33129090 | 885108 |
| Sun Hing Vision Group Holdings Ltd | 686079 | - | 151287 | - | (1226337) | 1223143 | - | - |
| TSC Auto ID Technology Co Ltd | 15566379 | - | - | - | - | 74766 | 15641145 | 2544911 |
| Totech Corp | 40386799 | - | 25573 | - | 23245 | 15407134 | 55791605 | 2147838 |
| Universal Logistics Holdings Inc | 42634287 | 7577 | 26592 | 374052 | (1226) | (14102894) | 28511152 | 1780834 |
| VSTECS Holdings Ltd | 121533565 | - | 80077 | - | 68494 | (17268018) | 104253964 | 104953917 |
| WIN-Partners Co Ltd | 17185433 | - | 10038 | - | 6709 | (118973) | 17063131 | 1994479 |
| Whanin Pharmaceutical Co Ltd | 8726184 | - | - | 177557 | - | (1225500) | 7500684 | 1016010 |
| Wolverine World Wide Inc | 121163806 | 11969083 | 14460407 | 1057087 | 6722933 | (25056003) | 100339412 | 5662495 |
| Youngone Holdings Co Ltd | 75745251 | - | - | 1076161 | - | 31555212 | 107300463 | 752000 |
| Total | 1319967556 | 21152874 | 75701481 | 14155572 | 37865744 | 5787874 | 1115055660 |  |

---

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 | 100355668 | 81726069 | 18629599 | - |
| Consumer Discretionary | 3303951831 | 3198253126 | 105698695 | 10 |
| Consumer Staples | 1743474916 | 1554642784 | 188830382 | 1750 |
| Energy | 1956244238 | 1836974508 | 119269730 | - |
| Financials | 4983759861 | 4983759861 | - | - |
| Health Care | 2244030267 | 2128076619 | 115953648 | - |
| Industrials | 4037105049 | 3904277471 | 132827478 | 100 |
| Information Technology | 2908695102 | 2763068039 | 145627063 | - |
| Materials | 1371244155 | 1371244089 | - | 66 |
| Real Estate | 307270021 | 307270021 | - | - |
| Utilities | 294478345 | 294478345 | - | - |
|  **Money Market Funds** | 639690750 | 639690750 | - | - |
| **Total Investments in Securities:** | 23890300203 | 23063461682 | 826836595 | 1926 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $237,790,763) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $16,000,814,450) | $22135553793 |  |
| Fidelity Central Funds (cost $639,677,529) | 639690750 |  |
| Other affiliated issuers (cost $570,646,309) | 1115055660 |  |
| Total Investment in Securities (cost $17,211,138,288) |  | $23890300203 |
| Cash |  | 150833 |
| Foreign currency held at value (cost $3,466,303) |  | 3475866 |
| Receivable for investments sold |  | 68773500 |
| Receivable for fund shares sold |  | 3529909 |
| Dividends receivable |  | 13955139 |
| Reclaims receivable |  | 18161129 |
| Distributions receivable from Fidelity Central Funds |  | 1094699 |
| Prepaid expenses |  | 15782 |
| Other receivables |  | 1421295 |
| **Total assets** |  | 24000878355 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $30489660 |  |
| Payable for fund shares redeemed | 9751333 |  |
| Accrued management fee | 11167775 |  |
| Distribution and service plan fees payable | 1143 |  |
| Deferred taxes | 11065478 |  |
| Other payables and accrued expenses | 4130409 |  |
| Collateral on securities loaned | 177609843 |  |
| **Total liabilities** |  | 244215641 |
| **Net Assets**  |  | $23756662714 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $16843434818 |
| Total accumulated earnings (loss) |  | 6913227896 |
| **Net Assets** |  | $23756662714 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($2,930,912 ÷ 68,492 shares)(a) |  | $42.79 |
| Maximum offering price per share (100/94.25 of $42.79) |  | $45.40 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($528,683 ÷ 12,352 shares)(a) |  | $42.80 |
| Maximum offering price per share (100/96.50 of $42.80) |  | $44.35 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($407,400 ÷ 9,543 shares)(a) |  | $42.69 |
| **Low-Priced Stock :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($21,799,986,325 ÷ 506,003,235 shares) |  | $43.08 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,812,080,630 ÷ 42,123,702 shares) |  | $43.02 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($19,560,597 ÷ 456,983 shares) |  | $42.80 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($121,168,167 ÷ 2,821,972 shares) |  | $42.94 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends (including $14,155,572 earned from affiliated issuers) |  | $221138088 |
| Interest  |  | 18916 |
| Income from Fidelity Central Funds (including $671,242 from security lending)  |  | 7799061 |
| **Total income** |  | 228956065 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $74209089 |  |
| Performance adjustment | 579996 |  |
| Distribution and service plan fees | 5288 |  |
| Custodian fees and expenses | 550156 |  |
| Independent trustees' fees and expenses | 47773 |  |
| Registration fees | 144273 |  |
| Audit fees | 170322 |  |
| Legal | 17506 |  |
| Miscellaneous | 37429 |  |
| Total expenses before reductions | 75761832 |  |
| Expense reductions | (27445) |  |
| Total expenses after reductions |  | 75734387 |
| **Net Investment income (loss)** |  | 153221678 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $2,044)  | 1074763666 |  |
| Redemptions in-kind | 5231273 |  |
| Fidelity Central Funds | 8483 |  |
| Other affiliated issuers | 37865744 |  |
| Foreign currency transactions | (792875) |  |
| Total net realized gain (loss) |  | 1117076291 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $831,600)  | 1283874729 |  |
| Fidelity Central Funds  | (736) |  |
| Other affiliated issuers  | 5787874 |  |
| Assets and liabilities in foreign currencies | 816145 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1290478012 |
| **Net gain (loss)** |  | 2407554303 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2560775981 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $153221678 | $386927983 |
| &nbsp;&nbsp;Net realized gain (loss) | 1117076291<br>| 3499594954<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1290478012 | (3292606714)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2560775981<br>| 593916223<br>|
| Distributions to shareholders | (2888410309)<br>| (3770481058)<br>|
| Share transactions - net increase (decrease) | 1023265358<br>| (1645585797)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 695631030<br>| (4822150632)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 23061031684 | 27883182316<br>|
| &nbsp;&nbsp;End of period | $23756662714 | $23061031684 |

---

**Financial Highlights** 

**Fidelity Advisor® Low-Priced Stock Fund Class A**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $43.67 | $43.85 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .21  | .55  |
| Net realized and unrealized gain (loss)  | 4.46  | 1.13  |
| Total from investment operations  | 4.67  | 1.68  |
| Distributions from net investment income  | (1.09)  | (.26)  |
| Distributions from net realized gain  | (4.46)  | (1.60)  |
| Total distributions  | (5.55)  | (1.86)  |
| Net asset value, end of period  | $42.79 | $43.67 |
| **Total Return** D,E,F | 11.40% <br>| 3.93%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .95% I | 1.15% I,J |
| Expenses net of fee waivers, if any  | .95% I<br>| 1.15% I,J |
| Expenses net of all reductions, if any  | .95% I | 1.15% I,J |
| Net investment income (loss)  | 1.01% I | 1.63% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $2931 | $1039 |
| Portfolio turnover rate K | 21% I,L<br>| 22% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

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

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

I*Annualized.*

J*Audit fees are not annualized.*

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

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

**Fidelity Advisor® Low-Priced Stock Fund Class M**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $43.60 | $43.85 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .16  | .40  |
| Net realized and unrealized gain (loss)  | 4.46  | 1.18  |
| Total from investment operations  | 4.62  | 1.58  |
| Distributions from net investment income  | (.96)  | (.23)  |
| Distributions from net realized gain  | (4.46)  | (1.60)  |
| Total distributions  | (5.42)  | (1.83)  |
| Net asset value, end of period  | $42.80 | $43.60 |
| **Total Return** D,E,F | 11.29% <br>| 3.70%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.20% I | 1.40% I,J |
| Expenses net of fee waivers, if any  | 1.20% I<br>| 1.40% I,J |
| Expenses net of all reductions, if any  | 1.20% I | 1.40% I,J |
| Net investment income (loss)  | .76% I | 1.17% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $529 | $551 |
| Portfolio turnover rate K | 21% I,L<br>| 22% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

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

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

I*Annualized.*

J*Audit fees are not annualized.*

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

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

**Fidelity Advisor® Low-Priced Stock Fund Class C**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $43.48 | $43.85 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .05  | .21  |
| Net realized and unrealized gain (loss)  | 4.45  | 1.20  |
| Total from investment operations  | 4.50  | 1.41  |
| Distributions from net investment income  | (.83)  | (.18)  |
| Distributions from net realized gain  | (4.46)  | (1.60)  |
| Total distributions  | (5.29)  | (1.78)  |
| Net asset value, end of period  | $42.69 | $43.48 |
| **Total Return** D,E,F | 10.99% <br>| 3.29%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.70% I | 1.91% I,J |
| Expenses net of fee waivers, if any  | 1.70% I<br>| 1.91% I,J |
| Expenses net of all reductions, if any  | 1.70% I | 1.91% I,J |
| Net investment income (loss)  | .26% I | .63% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $407 | $179 |
| Portfolio turnover rate K | 21% I,L<br>| 22% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

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

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

I*Annualized.*

J*Audit fees are not annualized.*

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

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

**Fidelity® Low-Priced Stock Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.80 | $49.22 | $49.91 | $49.42 | $58.05 | $44.78 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .68  | .73  | .75  | .74  | .58  |
| Net realized and unrealized gain (loss)  | 4.48  | .52  | 6.64  | 4.11  | (2.86)  | 18.11  |
| Total from investment operations  | 4.76  | 1.20  | 7.37  | 4.86  | (2.12)  | 18.69  |
| Distributions from net investment income  | (1.02)  | (.86)  | (.89)  | (.55)  | (.83)  | (.86)  |
| Distributions from net realized gain  | (4.46)  | (5.76)  | (7.17)  | (3.81)  | (5.68)  | (4.56)  |
| Total distributions  | (5.48)  | (6.62)  | (8.06)  | (4.37) C | (6.51)  | (5.42)  |
| Net asset value, end of period  | $43.08 | $43.80 | $49.22 | $49.91 | $49.42 | $58.05 |
| **Total Return** D,E | 11.57% <br>| 3.06%  | 18.19%  | 10.78%  | (4.16)%  | 45.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .65% H | .87%  | .92%  | .92%  | .82%  | .65%  |
| Expenses net of fee waivers, if any  | .65% H<br>| .87%  | .91%  | .92%  | .82%  | .64%  |
| Expenses net of all reductions, if any  | .65% H | .87%  | .91%  | .92%  | .82%  | .64%  |
| Net investment income (loss)  | 1.31% H | 1.58%  | 1.61%  | 1.61%  | 1.41%  | 1.12%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $21799986 | $21106492 | $24853382 | $24755034 | $24632782 | $28251224 |
| Portfolio turnover rate I | 21% H,J<br>| 22% J | 23%  | 39%  | 14%  | 21%  |

---

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

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

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

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

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

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

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

H*Annualized.*

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

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

**Fidelity® Low-Priced Stock Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.74 | $49.16 | $49.86 | $49.38 | $58.00 | $44.75 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .70  | .77  | .79  | .79  | .62  |
| Net realized and unrealized gain (loss)  | 4.48  | .53  | 6.63  | 4.09  | (2.85)  | 18.09  |
| Total from investment operations  | 4.77  | 1.23  | 7.40  | 4.88  | (2.06)  | 18.71  |
| Distributions from net investment income  | (1.03)  | (.89)  | (.93)  | (.59)  | (.88)  | (.90)  |
| Distributions from net realized gain  | (4.46)  | (5.76)  | (7.17)  | (3.81)  | (5.68)  | (4.56)  |
| Total distributions  | (5.49)  | (6.65)  | (8.10)  | (4.40)  | (6.56)  | (5.46)  |
| Net asset value, end of period  | $43.02 | $43.74 | $49.16 | $49.86 | $49.38 | $58.00 |
| **Total Return** C,D | 11.62% <br>| 3.14%  | 18.30%  | 10.86%  | (4.07)%  | 45.94%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .58% G | .79%  | .83%  | .84%  | .74%  | .56%  |
| Expenses net of fee waivers, if any  | .58% G<br>| .79%  | .82%  | .84%  | .74%  | .56%  |
| Expenses net of all reductions, if any  | .58% G | .79%  | .82%  | .84%  | .74%  | .56%  |
| Net investment income (loss)  | 1.38% G | 1.63%  | 1.70%  | 1.69%  | 1.49%  | 1.20%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1812081 | $1842773 | $3029800 | $3371310 | $3726398 | $5426335 |
| Portfolio turnover rate H | 21% G,I<br>| 22% I | 23%  | 39%  | 14%  | 21%  |

---

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

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

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

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

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

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

G*Annualized.*

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

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

**Fidelity Advisor® Low-Priced Stock Fund Class I**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $43.72 | $43.85 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .26  | .65  |
| Net realized and unrealized gain (loss)  | 4.47  | 1.11  |
| Total from investment operations  | 4.73  | 1.76  |
| Distributions from net investment income  | (1.19)  | (.29)  |
| Distributions from net realized gain  | (4.46)  | (1.60)  |
| Total distributions  | (5.65)  | (1.89)  |
| Net asset value, end of period  | $42.80 | $43.72 |
| **Total Return** D,E | 11.56% <br>| 4.12%  |
| **Ratios to Average Net Assets** C,F,G |  |  |
| Expenses before reductions  | .70% H | .91% H,I |
| Expenses net of fee waivers, if any  | .70% H<br>| .91% H,I |
| Expenses net of all reductions, if any  | .70% H | .91% H,I |
| Net investment income (loss)  | 1.26% H | 1.94% H,I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $19561 | $1652 |
| Portfolio turnover rate J | 21% H,K<br>| 22% K |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

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

H*Annualized.*

I*Audit fees are not annualized.*

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

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

**Fidelity Advisor® Low-Priced Stock Fund Class Z**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $43.73 | $43.85 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .29  | .63  |
| Net realized and unrealized gain (loss)  | 4.47  | 1.18  |
| Total from investment operations  | 4.76  | 1.81  |
| Distributions from net investment income  | (1.09)  | (.33)  |
| Distributions from net realized gain  | (4.46)  | (1.60)  |
| Total distributions  | (5.55)  | (1.93)  |
| Net asset value, end of period  | $42.94 | $43.73 |
| **Total Return** D,E | 11.62% <br>| 4.24%  |
| **Ratios to Average Net Assets** C,F,G |  |  |
| Expenses before reductions  | .58% H | .80% H,I |
| Expenses net of fee waivers, if any  | .58% H<br>| .80% H,I |
| Expenses net of all reductions, if any  | .58% H | .80% H,I |
| Net investment income (loss)  | 1.38% H | 1.85% H,I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $121168 | $108347 |
| Portfolio turnover rate J | 21% H,K<br>| 22% K |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

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

H*Annualized.*

I*Audit fees are not annualized.*

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

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

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Low-Priced Stock Fund (the Fund) is a fund of Fidelity Puritan 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, Low-Priced Stock, Class K, 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 reclaims receivable.

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, deferred trustee compensation, capital loss carryforwards 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** | $7464599367 |
| **Gross unrealized depreciation** | <u>(1055682648)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$6408916719</u> |
| **Tax cost** | <u>$17481383484</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(40821259) |
| Long-term | <u>(26231088)</u> |
| **Total capital loss carryforward** | <u>$(67052347)</u> |

---

Due to a merger in a prior period, approximately $67,052,347 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $680,037 of those capital losses per year to offset capital gains. These realized capital losses were acquired from Fidelity Event Driven Opportunities Fund when it merged into the Fund on June 19, 2020.

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Low-Priced Stock Fund** | 2426991396 | 4132028765 |

---

**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 Low-Priced Stock Fund** | 305671 | 440077 | 4791196 | 5231273 | 12813739 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Low-Priced Stock Fund** | 13569070 | 23251763 | 220173112 | 243424875 | 591127954 |

---

**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** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Low-Priced Stock** | .67 |
| **Class K** | .59 |
| **Class I** | .71 |
| **Class Z** | .59 |

---

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** | .69 |
| **Class M** | .68 |
| **Class C** | .69 |
| **Low-Priced Stock** | .64 |
| **Class K** | .57 |
| **Class I** | .68 |
| **Class Z** | .57 |

---

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 Low-Priced Stock Fund** | Russell 2000 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Low-Priced Stock. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .21%.

**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% | 2455 | 549 |
| **Class M** | .25% | .25% | 1298 | 104 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1535</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1363</u> |
|  |  |  | <u>5288</u> | <u>2016</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** | 3218 |
| **Class M** | 111 |
| **Class CA** | <u>-</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3329</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.*

**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 Low-Priced Stock Fund** | $1400921 |

---

**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 Low-Priced Stock Fund** | 50554 |

---

**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 Low-Priced Stock Fund** | 136446594 | 372533869 | 171460384 |

---

**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 Low-Priced Stock Fund** | 19308 |

---

**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 Low-Priced Stock Fund** | 71346 | - | - |

---

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 Low-Priced Stock Fund** | 68912789 |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $27,445.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026** | **Year ended**<br> **July 31, 2025A** |
| **Fidelity Low-Priced Stock Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $198255 | $4284 |
| Class M | 66349 | 4183 |
| Class C | 32228 | 4062 |
| Low-Priced Stock | 2645052851 | 3371530014 |
| Class K | 227030863 | 395715858 |
| Class I | 2141379 | 19794 |
| Class Z | <u>13888384</u> | <u>3202863</u> |
| Total  | <u>$2888410309</u> | <u>$3770481058</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025A** | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025A** |
| **Fidelity Low-Priced Stock Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 47782 | 24175 | $1993491 | $987480 |
| Reinvestment of distributions  | 4798 | 100 | 198255 | 4284 |
| Shares redeemed | <u>(7892)</u> | <u>(471)</u> | <u>(324959)</u> | <u>(20432)</u> |
| Net increase (decrease) | <u>44688</u> | <u>23804</u> | <u>$1866787</u> | <u>$971332</u> |
| **Class M** |  |  |  |  |
| Shares sold | 1530 | 12533 | $64638 | $527470 |
| Reinvestment of distributions  | 1602 | 98 | 66349 | 4183 |
| Shares redeemed | <u>(3411)</u> | <u>-</u> | <u>(142236)</u> | <u>-</u> |
| Net increase (decrease) | <u>(279)</u> | <u>12631</u> | <u>$(11249)</u> | <u>$531653</u> |
| **Class C** |  |  |  |  |
| Shares sold | 4865 | 4057 | $203481 | $175040 |
| Reinvestment of distributions  | 781 | 95 | 32228 | 4062 |
| Shares redeemed | <u>(210)</u> | <u>(45)</u> | <u>(8599)</u> | <u>(1994)</u> |
| Net increase (decrease) | <u>5436</u> | <u>4107</u> | <u>$227110</u> | <u>$177108</u> |
| **Low-Priced Stock** |  |  |  |  |
| Shares sold | 11785908 | 29559205 | $501658414 | $1296473180 |
| Reinvestment of distributions  | 58995582 | 72531727 | 2458041709 | 3127649904 |
| Shares redeemed | <u>(46668651)</u> | <u>(125113649)</u> | <u>(1969363910)</u> | <u>(5347092127)</u> |
| Net increase (decrease) | <u>24112839</u> | <u>(23022717)</u> | <u>$990336213</u> | <u>$(922969043)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 1824183 | 8152194 | $77230403 | $350405119 |
| Reinvestment of distributions  | 5454086 | 9191282 | 226918242 | 395669787 |
| Shares redeemed | <u>(7286258)</u> | <u>(36844797)</u> | <u>(306473795)</u> | <u>(1582578524)</u> |
| Net increase (decrease) | <u>(7989)</u> | <u>(19501321)</u> | <u>$(2325150)</u> | <u>$(836503618)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 464508 | 49769 | $20542472 | $2071325 |
| Reinvestment of distributions  | 51730 | 464 | 2140547 | 19794 |
| Shares redeemed | <u>(97035)</u> | <u>(12453)</u> | <u>(4037650)</u> | <u>(507521)</u> |
| Net increase (decrease) | <u>419203</u> | <u>37780</u> | <u>$18645369</u> | <u>$1583598</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 515269 | 2960299 | $21936097 | $130497815 |
| Reinvestment of distributions  | 258849 | 59777 | 10748355 | 2550068 |
| Shares redeemed | <u>(430009)</u> | <u>(542213)</u> | <u>(18158174)</u> | <u>(22424710)</u> |
| Net increase (decrease) | <u>344109</u> | <u>2477863</u> | <u>$14526278</u> | <u>$110623173</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

**11. Other.**

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

**12. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125818_4.jpg)<br>

1.700505.129 LPS-SANN-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>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Puritan Trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Puritan Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](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 Puritan 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.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 Puritan 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 Puritan 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 Puritan 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>