# EDGAR Filing Document

**Accession Number:** 0000035341
**File Stem:** 0000035341-25-000115
**Filing Date:** 2025-9
**Character Count:** 660899
**Document Hash:** eb47fe061f8124cf18d9bd31533486e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035341-25-000115.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000035341-25-000115

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01352
- **FILM NUMBER:** 251329025

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY EQUITY INCOME FUND INC
- **DATE OF NAME CHANGE:** 19870304

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-01352</u>

<u>Fidelity Devonshire Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, 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;January 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;July 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity® Stock Selector Large Cap Value Fund : FSLVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Stock Selector Large Cap Value Fund  | $40  | 0.81% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $753924905<br>|
| Number of Holdings | 150<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.0 |
| Industrials | 12.7 |
| Health Care | 10.4 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.0 |
| Consumer Staples | 7.2 |
| Communication Services | 7.2 |
| Energy | 6.4 |
| Utilities | 4.6 |
| Real Estate | 4.1 |
| Materials | 3.5 |

---

Common Stocks 96.3 <br> Domestic Equity Funds 1.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| France | 1.6 |
| Canada | 1.1 |
| Taiwan | 0.6 |
| Portugal | 0.4 |
| Bailiwick Of Jersey | 0.3 |
| United Kingdom | 0.1 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Taiwan - 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;Portugal - 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;Bailiwick Of Jersey - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 2.9<br>|
| Amazon.com Inc | 2.8<br>|
| Exxon Mobil Corp | 2.4<br>|
| Bank of America Corp | 2.3<br>|
| Wells Fargo & Co | 2.0<br>|
| Boeing Co | 1.8<br>|
| iShares Russell 1000 Value ETF | 1.7<br>|
| Johnson & Johnson | 1.7<br>|
| JPMorgan Chase & Co | 1.6<br>|
| CSX Corp | 1.6<br>|
|  | 20.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5648_20250731_1.jpg)<br>| ![](img111668_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> 1.9914445.101 708-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity Advisor® Stock Selector Large Cap Value Fund Class Z : FSCZX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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  | $35  | 0.69% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $753924905<br>|
| Number of Holdings | 150<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.0 |
| Industrials | 12.7 |
| Health Care | 10.4 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.0 |
| Consumer Staples | 7.2 |
| Communication Services | 7.2 |
| Energy | 6.4 |
| Utilities | 4.6 |
| Real Estate | 4.1 |
| Materials | 3.5 |

---

Common Stocks 96.3 <br> Domestic Equity Funds 1.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| France | 1.6 |
| Canada | 1.1 |
| Taiwan | 0.6 |
| Portugal | 0.4 |
| Bailiwick Of Jersey | 0.3 |
| United Kingdom | 0.1 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Taiwan - 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;Portugal - 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;Bailiwick Of Jersey - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 2.9<br>|
| Amazon.com Inc | 2.8<br>|
| Exxon Mobil Corp | 2.4<br>|
| Bank of America Corp | 2.3<br>|
| Wells Fargo & Co | 2.0<br>|
| Boeing Co | 1.8<br>|
| iShares Russell 1000 Value ETF | 1.7<br>|
| Johnson & Johnson | 1.7<br>|
| JPMorgan Chase & Co | 1.6<br>|
| CSX Corp | 1.6<br>|
|  | 20.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5648_20250731_1.jpg)<br>| ![](img111669_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> 1.9914444.101 2893-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity Advisor® Stock Selector Large Cap Value Fund Class M : FLUTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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  | $67  | 1.35% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $753924905<br>|
| Number of Holdings | 150<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.0 |
| Industrials | 12.7 |
| Health Care | 10.4 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.0 |
| Consumer Staples | 7.2 |
| Communication Services | 7.2 |
| Energy | 6.4 |
| Utilities | 4.6 |
| Real Estate | 4.1 |
| Materials | 3.5 |

---

Common Stocks 96.3 <br> Domestic Equity Funds 1.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| France | 1.6 |
| Canada | 1.1 |
| Taiwan | 0.6 |
| Portugal | 0.4 |
| Bailiwick Of Jersey | 0.3 |
| United Kingdom | 0.1 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Taiwan - 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;Portugal - 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;Bailiwick Of Jersey - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 2.9<br>|
| Amazon.com Inc | 2.8<br>|
| Exxon Mobil Corp | 2.4<br>|
| Bank of America Corp | 2.3<br>|
| Wells Fargo & Co | 2.0<br>|
| Boeing Co | 1.8<br>|
| iShares Russell 1000 Value ETF | 1.7<br>|
| Johnson & Johnson | 1.7<br>|
| JPMorgan Chase & Co | 1.6<br>|
| CSX Corp | 1.6<br>|
|  | 20.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5648_20250731_1.jpg)<br>| ![](img111670_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> 1.9914442.101 1813-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity Advisor® Stock Selector Large Cap Value Fund Class I : FLUIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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  | $40  | 0.80% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $753924905<br>|
| Number of Holdings | 150<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.0 |
| Industrials | 12.7 |
| Health Care | 10.4 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.0 |
| Consumer Staples | 7.2 |
| Communication Services | 7.2 |
| Energy | 6.4 |
| Utilities | 4.6 |
| Real Estate | 4.1 |
| Materials | 3.5 |

---

Common Stocks 96.3 <br> Domestic Equity Funds 1.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| France | 1.6 |
| Canada | 1.1 |
| Taiwan | 0.6 |
| Portugal | 0.4 |
| Bailiwick Of Jersey | 0.3 |
| United Kingdom | 0.1 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Taiwan - 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;Portugal - 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;Bailiwick Of Jersey - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 2.9<br>|
| Amazon.com Inc | 2.8<br>|
| Exxon Mobil Corp | 2.4<br>|
| Bank of America Corp | 2.3<br>|
| Wells Fargo & Co | 2.0<br>|
| Boeing Co | 1.8<br>|
| iShares Russell 1000 Value ETF | 1.7<br>|
| Johnson & Johnson | 1.7<br>|
| JPMorgan Chase & Co | 1.6<br>|
| CSX Corp | 1.6<br>|
|  | 20.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5648_20250731_1.jpg)<br>| ![](img111671_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> 1.9914443.101 1814-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity Advisor® Stock Selector Large Cap Value Fund Class C : FLUEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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  | $92  | 1.86% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $753924905<br>|
| Number of Holdings | 150<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.0 |
| Industrials | 12.7 |
| Health Care | 10.4 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.0 |
| Consumer Staples | 7.2 |
| Communication Services | 7.2 |
| Energy | 6.4 |
| Utilities | 4.6 |
| Real Estate | 4.1 |
| Materials | 3.5 |

---

Common Stocks 96.3 <br> Domestic Equity Funds 1.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| France | 1.6 |
| Canada | 1.1 |
| Taiwan | 0.6 |
| Portugal | 0.4 |
| Bailiwick Of Jersey | 0.3 |
| United Kingdom | 0.1 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Taiwan - 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;Portugal - 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;Bailiwick Of Jersey - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 2.9<br>|
| Amazon.com Inc | 2.8<br>|
| Exxon Mobil Corp | 2.4<br>|
| Bank of America Corp | 2.3<br>|
| Wells Fargo & Co | 2.0<br>|
| Boeing Co | 1.8<br>|
| iShares Russell 1000 Value ETF | 1.7<br>|
| Johnson & Johnson | 1.7<br>|
| JPMorgan Chase & Co | 1.6<br>|
| CSX Corp | 1.6<br>|
|  | 20.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5648_20250731_1.jpg)<br>| ![](img111672_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> 1.9914441.101 1812-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Stock Selector Large Cap Value Fund<br> **Fidelity Advisor® Stock Selector Large Cap Value Fund Class A : FLUAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Stock Selector Large Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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  | $55  | 1.10% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $753924905<br>|
| Number of Holdings | 150<br>|
| Portfolio Turnover | 94%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.0 |
| Industrials | 12.7 |
| Health Care | 10.4 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.0 |
| Consumer Staples | 7.2 |
| Communication Services | 7.2 |
| Energy | 6.4 |
| Utilities | 4.6 |
| Real Estate | 4.1 |
| Materials | 3.5 |

---

Common Stocks 96.3 <br> Domestic Equity Funds 1.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5648_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| France | 1.6 |
| Canada | 1.1 |
| Taiwan | 0.6 |
| Portugal | 0.4 |
| Bailiwick Of Jersey | 0.3 |
| United Kingdom | 0.1 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5648_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Taiwan - 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;Portugal - 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;Bailiwick Of Jersey - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 2.9<br>|
| Amazon.com Inc | 2.8<br>|
| Exxon Mobil Corp | 2.4<br>|
| Bank of America Corp | 2.3<br>|
| Wells Fargo & Co | 2.0<br>|
| Boeing Co | 1.8<br>|
| iShares Russell 1000 Value ETF | 1.7<br>|
| Johnson & Johnson | 1.7<br>|
| JPMorgan Chase & Co | 1.6<br>|
| CSX Corp | 1.6<br>|
|  | 20.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5648_20250731_1.jpg)<br>| ![](img111673_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> 1.9914440.101 1810-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Series Value Discovery Fund<br> **Fidelity® Series Value Discovery Fund : FNKLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Value Discovery Fund for the period February 1, 2025 to July 31, 2025. 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 Value Discovery Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $13692488150<br>|
| Number of Holdings | 121<br>|
| Portfolio Turnover | 69%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.3 |
| Industrials | 14.6 |
| Health Care | 9.8 |
| Consumer Staples | 9.0 |
| Energy | 8.8 |
| Information Technology | 8.0 |
| Consumer Discretionary | 7.6 |
| Communication Services | 7.6 |
| Materials | 3.7 |
| Utilities | 2.5 |
| Real Estate | 1.2 |

---

Common Stocks 95.7 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2453_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.9 |

---

---

| | |
|:---|:---|
| United States | 94.1 |
| United Kingdom | 2.9 |
| Canada | 2.4 |
| Korea (South) | 0.4 |
| France | 0.2 |
| Germany | 0.0 |
| Monaco | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2453_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.4&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;Korea (South) - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Monaco - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Exxon Mobil Corp | 3.9<br>|
| Alphabet Inc Class A | 3.5<br>|
| Bank of America Corp | 2.8<br>|
| Cisco Systems Inc | 2.4<br>|
| Wells Fargo & Co | 2.1<br>|
| Shell PLC ADR | 2.1<br>|
| Amazon.com Inc | 2.1<br>|
| The Travelers Companies, Inc. | 2.1<br>|
| Cigna Group/The | 2.0<br>|
| Chubb Ltd | 1.9<br>|
|  | 24.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2453_20250731_1.jpg)<br>| ![](img111674_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> 1.9914434.101 2453-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Series Stock Selector Large Cap Value Fund<br> **Fidelity® Series Stock Selector Large Cap Value Fund : FBLEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Stock Selector Large Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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 Stock Selector Large Cap Value Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $13431809194<br>|
| Number of Holdings | 149<br>|
| Portfolio Turnover | 78%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.3 |
| Industrials | 13.0 |
| Health Care | 10.5 |
| Information Technology | 10.2 |
| Consumer Discretionary | 8.0 |
| Communication Services | 7.4 |
| Consumer Staples | 7.3 |
| Energy | 6.4 |
| Utilities | 4.5 |
| Real Estate | 4.2 |
| Materials | 3.5 |

---

Common Stocks 97.3 <br> Domestic Equity Funds 0.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2461_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| France | 1.6 |
| Canada | 1.1 |
| Taiwan | 0.6 |
| Portugal | 0.4 |
| Bailiwick Of Jersey | 0.3 |
| United Kingdom | 0.1 |
| Israel | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2461_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Taiwan - 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;Portugal - 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;Bailiwick Of Jersey - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 3.0<br>|
| Amazon.com Inc | 2.8<br>|
| Exxon Mobil Corp | 2.4<br>|
| Bank of America Corp | 2.3<br>|
| Wells Fargo & Co | 2.0<br>|
| Boeing Co | 1.9<br>|
| CSX Corp | 1.7<br>|
| Chubb Ltd | 1.7<br>|
| Johnson & Johnson | 1.6<br>|
| Procter & Gamble Co/The | 1.6<br>|
|  | 21.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2461_20250731_1.jpg)<br>| ![](img111676_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> 1.9914435.101 2461-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Series All-Sector Equity Fund<br> **Fidelity® Series All-Sector Equity Fund : FSAEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series All-Sector Equity Fund for the period February 1, 2025 to July 31, 2025. 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 All-Sector Equity Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4418187426<br>|
| Number of Holdings | 274<br>|
| Portfolio Turnover | 54%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.2 |
| Financials | 13.9 |
| Consumer Discretionary | 10.7 |
| Industrials | 9.3 |
| Communication Services | 9.3 |
| Health Care | 8.6 |
| Consumer Staples | 4.7 |
| Energy | 3.0 |
| Utilities | 2.2 |
| Real Estate | 2.2 |
| Materials | 2.1 |

---

Common Stocks 98.2 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2115_20250731_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; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.8 |

---

United States 99.9 <br> Bailiwick Of Jersey 0.1 <br> Germany 0.0

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2115_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Microsoft Corp | 8.1<br>|
| Apple Inc | 4.5<br>|
| Amazon.com Inc | 4.2<br>|
| Alphabet Inc Class C | 3.3<br>|
| Broadcom Inc | 3.0<br>|
| Meta Platforms Inc Class A | 2.8<br>|
| Exxon Mobil Corp | 1.5<br>|
| IBM Corporation | 1.4<br>|
| Mastercard Inc Class A | 1.4<br>|
|  | 38.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2115_20250731_1.jpg)<br>| ![](img111678_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> 1.9914433.101 2115-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Mid Cap Value K6 Fund<br> **Fidelity® Mid Cap Value K6 Fund : FCMVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid Cap Value K6 Fund for the period February 1, 2025 to July 31, 2025. 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® Mid Cap Value K6 Fund  | $22  | 0.45% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $81373216<br>|
| Number of Holdings | 180<br>|
| Portfolio Turnover | 110%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.3 |
| Financials | 16.8 |
| Real Estate | 10.0 |
| Consumer Discretionary | 9.3 |
| Materials | 8.2 |
| Utilities | 7.8 |
| Information Technology | 7.4 |
| Health Care | 7.4 |
| Energy | 7.4 |
| Consumer Staples | 5.9 |
| Communication Services | 1.5 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2956_20250731_AA.jpg) <br>|

---

Common Stocks - 100.0&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) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 95.2 |
| Canada | 2.0 |
| Germany | 0.8 |
| Zambia | 0.5 |
| United Kingdom | 0.5 |
| Belgium | 0.4 |
| Spain | 0.4 |
| Ireland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2956_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Zambia - 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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 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;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Sempra | 1.5<br>|
| Smurfit WestRock PLC | 1.4<br>|
| Western Digital Corp | 1.3<br>|
| Hartford Insurance Group Inc/The | 1.3<br>|
| Cummins Inc | 1.2<br>|
| Welltower Inc | 1.1<br>|
| Reliance Inc | 1.1<br>|
| Evergy Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| EMCOR Group Inc | 1.0<br>|
|  | 11.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2956_20250731_1.jpg)<br>| ![](img111699_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> 1.9914437.101 2956-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Mid Cap Value Fund<br> **Fidelity® Mid Cap Value Fund : FSMVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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® Mid Cap Value Fund  | $42  | 0.84% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1684905290<br>|
| Number of Holdings | 180<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.4 |
| Financials | 16.8 |
| Real Estate | 9.9 |
| Consumer Discretionary | 9.3 |
| Materials | 8.2 |
| Health Care | 7.6 |
| Utilities | 7.6 |
| Energy | 7.6 |
| Information Technology | 7.4 |
| Consumer Staples | 5.8 |
| Communication Services | 1.4 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20250731_AA.jpg) <br>|

---

Common Stocks - 100.0&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) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 94.7 |
| Canada | 2.2 |
| Zambia | 0.8 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Belgium | 0.4 |
| Spain | 0.4 |
| Ireland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 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;Germany - 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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 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;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Sempra | 1.4<br>|
| Smurfit WestRock PLC | 1.3<br>|
| Western Digital Corp | 1.2<br>|
| Cummins Inc | 1.2<br>|
| Hartford Insurance Group Inc/The | 1.1<br>|
| Welltower Inc | 1.1<br>|
| Reliance Inc | 1.0<br>|
| Evergy Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Ciena Corp | 1.0<br>|
|  | 11.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5649_20250731_1.jpg)<br>| ![](img111700_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> 1.9914451.101 762-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Mid Cap Value Fund<br> **Fidelity Advisor® Mid Cap Value Fund Class Z : FIDFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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  | $38  | 0.76% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1684905290<br>|
| Number of Holdings | 180<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.4 |
| Financials | 16.8 |
| Real Estate | 9.9 |
| Consumer Discretionary | 9.3 |
| Materials | 8.2 |
| Health Care | 7.6 |
| Utilities | 7.6 |
| Energy | 7.6 |
| Information Technology | 7.4 |
| Consumer Staples | 5.8 |
| Communication Services | 1.4 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20250731_AA.jpg) <br>|

---

Common Stocks - 100.0&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) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 94.7 |
| Canada | 2.2 |
| Zambia | 0.8 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Belgium | 0.4 |
| Spain | 0.4 |
| Ireland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 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;Germany - 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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 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;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Sempra | 1.4<br>|
| Smurfit WestRock PLC | 1.3<br>|
| Western Digital Corp | 1.2<br>|
| Cummins Inc | 1.2<br>|
| Hartford Insurance Group Inc/The | 1.1<br>|
| Welltower Inc | 1.1<br>|
| Reliance Inc | 1.0<br>|
| Evergy Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Ciena Corp | 1.0<br>|
|  | 11.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5649_20250731_1.jpg)<br>| ![](img111701_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> 1.9914450.101 2894-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Mid Cap Value Fund<br> **Fidelity Advisor® Mid Cap Value Fund Class M : FMPTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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  | $68  | 1.39% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1684905290<br>|
| Number of Holdings | 180<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.4 |
| Financials | 16.8 |
| Real Estate | 9.9 |
| Consumer Discretionary | 9.3 |
| Materials | 8.2 |
| Health Care | 7.6 |
| Utilities | 7.6 |
| Energy | 7.6 |
| Information Technology | 7.4 |
| Consumer Staples | 5.8 |
| Communication Services | 1.4 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20250731_AA.jpg) <br>|

---

Common Stocks - 100.0&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) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 94.7 |
| Canada | 2.2 |
| Zambia | 0.8 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Belgium | 0.4 |
| Spain | 0.4 |
| Ireland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 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;Germany - 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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 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;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Sempra | 1.4<br>|
| Smurfit WestRock PLC | 1.3<br>|
| Western Digital Corp | 1.2<br>|
| Cummins Inc | 1.2<br>|
| Hartford Insurance Group Inc/The | 1.1<br>|
| Welltower Inc | 1.1<br>|
| Reliance Inc | 1.0<br>|
| Evergy Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Ciena Corp | 1.0<br>|
|  | 11.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5649_20250731_1.jpg)<br>| ![](img111702_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> 1.9914448.101 1819-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Mid Cap Value Fund<br> **Fidelity Advisor® Mid Cap Value Fund Class I : FMPOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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  | $44  | 0.89% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1684905290<br>|
| Number of Holdings | 180<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.4 |
| Financials | 16.8 |
| Real Estate | 9.9 |
| Consumer Discretionary | 9.3 |
| Materials | 8.2 |
| Health Care | 7.6 |
| Utilities | 7.6 |
| Energy | 7.6 |
| Information Technology | 7.4 |
| Consumer Staples | 5.8 |
| Communication Services | 1.4 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20250731_AA.jpg) <br>|

---

Common Stocks - 100.0&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) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 94.7 |
| Canada | 2.2 |
| Zambia | 0.8 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Belgium | 0.4 |
| Spain | 0.4 |
| Ireland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 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;Germany - 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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 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;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Sempra | 1.4<br>|
| Smurfit WestRock PLC | 1.3<br>|
| Western Digital Corp | 1.2<br>|
| Cummins Inc | 1.2<br>|
| Hartford Insurance Group Inc/The | 1.1<br>|
| Welltower Inc | 1.1<br>|
| Reliance Inc | 1.0<br>|
| Evergy Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Ciena Corp | 1.0<br>|
|  | 11.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5649_20250731_1.jpg)<br>| ![](img111703_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> 1.9914449.101 1820-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Mid Cap Value Fund<br> **Fidelity Advisor® Mid Cap Value Fund Class C : FMPEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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  | $93  | 1.89% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1684905290<br>|
| Number of Holdings | 180<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.4 |
| Financials | 16.8 |
| Real Estate | 9.9 |
| Consumer Discretionary | 9.3 |
| Materials | 8.2 |
| Health Care | 7.6 |
| Utilities | 7.6 |
| Energy | 7.6 |
| Information Technology | 7.4 |
| Consumer Staples | 5.8 |
| Communication Services | 1.4 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20250731_AA.jpg) <br>|

---

Common Stocks - 100.0&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) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 94.7 |
| Canada | 2.2 |
| Zambia | 0.8 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Belgium | 0.4 |
| Spain | 0.4 |
| Ireland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 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;Germany - 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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 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;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Sempra | 1.4<br>|
| Smurfit WestRock PLC | 1.3<br>|
| Western Digital Corp | 1.2<br>|
| Cummins Inc | 1.2<br>|
| Hartford Insurance Group Inc/The | 1.1<br>|
| Welltower Inc | 1.1<br>|
| Reliance Inc | 1.0<br>|
| Evergy Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Ciena Corp | 1.0<br>|
|  | 11.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5649_20250731_1.jpg)<br>| ![](img111704_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> 1.9914447.101 1818-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Mid Cap Value Fund<br> **Fidelity Advisor® Mid Cap Value Fund Class A : FMPAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Mid Cap Value Fund for the period February 1, 2025 to July 31, 2025. 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  | $56  | 1.14% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1684905290<br>|
| Number of Holdings | 180<br>|
| Portfolio Turnover | 88%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.4 |
| Financials | 16.8 |
| Real Estate | 9.9 |
| Consumer Discretionary | 9.3 |
| Materials | 8.2 |
| Health Care | 7.6 |
| Utilities | 7.6 |
| Energy | 7.6 |
| Information Technology | 7.4 |
| Consumer Staples | 5.8 |
| Communication Services | 1.4 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img5649_20250731_AA.jpg) <br>|

---

Common Stocks - 100.0&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) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 94.7 |
| Canada | 2.2 |
| Zambia | 0.8 |
| Germany | 0.8 |
| United Kingdom | 0.5 |
| Belgium | 0.4 |
| Spain | 0.4 |
| Ireland | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img5649_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 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;Germany - 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;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 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;Ireland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Sempra | 1.4<br>|
| Smurfit WestRock PLC | 1.3<br>|
| Western Digital Corp | 1.2<br>|
| Cummins Inc | 1.2<br>|
| Hartford Insurance Group Inc/The | 1.1<br>|
| Welltower Inc | 1.1<br>|
| Reliance Inc | 1.0<br>|
| Evergy Inc | 1.0<br>|
| PG&E Corp | 1.0<br>|
| Ciena Corp | 1.0<br>|
|  | 11.3 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img5649_20250731_1.jpg)<br>| ![](img111705_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> 1.9914446.101 1816-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Equity-Income K6 Fund<br> **Fidelity® Equity-Income K6 Fund : FEKFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Equity-Income K6 Fund for the period February 1, 2025 to July 31, 2025. 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® Equity-Income K6 Fund  | $17  | 0.34% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $289581702<br>|
| Number of Holdings | 122<br>|
| Portfolio Turnover | 28%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.0 |
| Industrials | 12.6 |
| Health Care | 10.7 |
| Information Technology | 10.0 |
| Consumer Staples | 9.8 |
| Consumer Discretionary | 7.6 |
| Communication Services | 7.5 |
| Energy | 6.6 |
| Utilities | 6.2 |
| Materials | 3.7 |
| Real Estate | 2.3 |

---

Common Stocks 98.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3457_20250731_AA.jpg) <br>|

---

Common Stocks - 98.0&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) - 2.0 <br>

---

| | |
|:---|:---|
| United States | 88.7 |
| Canada | 2.9 |
| United Kingdom | 2.4 |
| Taiwan | 1.5 |
| Netherlands | 0.9 |
| Korea (South) | 0.9 |
| Ireland | 0.7 |
| Germany | 0.7 |
| Japan | 0.6 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3457_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.4&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;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 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;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| JPMorgan Chase & Co | 3.8<br>|
| Exxon Mobil Corp | 2.9<br>|
| Alphabet Inc Class A | 2.4<br>|
| Linde PLC | 2.2<br>|
| Wells Fargo & Co | 2.1<br>|
| Walmart Inc | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Microsoft Corp | 1.8<br>|
| Johnson & Johnson | 1.7<br>|
| Procter & Gamble Co/The | 1.6<br>|
|  | 22.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img3457_20250731_1.jpg)<br>| ![](img111716_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> 1.9914439.101 3457-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Equity-Income Fund<br> **Fidelity® Equity-Income Fund : FEQIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Equity-Income Fund for the period February 1, 2025 to July 31, 2025. 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® Equity-Income Fund  | $27  | 0.53% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $9327604686<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 12.5 |
| Health Care | 10.7 |
| Information Technology | 10.0 |
| Consumer Staples | 9.8 |
| Communication Services | 7.6 |
| Consumer Discretionary | 7.6 |
| Energy | 6.6 |
| Utilities | 6.3 |
| Materials | 3.7 |
| Real Estate | 2.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img23_20250731_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 | 88.7 |
| Canada | 2.9 |
| United Kingdom | 2.4 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Korea (South) | 0.9 |
| Ireland | 0.7 |
| Germany | 0.7 |
| Japan | 0.6 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img23_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.4&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 - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 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;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| JPMorgan Chase & Co | 3.8<br>|
| Exxon Mobil Corp | 2.9<br>|
| Alphabet Inc Class A | 2.4<br>|
| Linde PLC | 2.2<br>|
| Wells Fargo & Co | 2.1<br>|
| Walmart Inc | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Microsoft Corp | 1.7<br>|
| Johnson & Johnson | 1.7<br>|
| Procter & Gamble Co/The | 1.6<br>|
|  | 22.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img23_20250731_1.jpg)<br>| ![](img111717_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> 1.9914417.101 23-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Equity-Income Fund<br> **Fidelity® Equity-Income Fund Class K : FEIKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Equity-Income Fund for the period February 1, 2025 to July 31, 2025. 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  | $23  | 0.46% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $9327604686<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 12.5 |
| Health Care | 10.7 |
| Information Technology | 10.0 |
| Consumer Staples | 9.8 |
| Communication Services | 7.6 |
| Consumer Discretionary | 7.6 |
| Energy | 6.6 |
| Utilities | 6.3 |
| Materials | 3.7 |
| Real Estate | 2.3 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img23_20250731_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 | 88.7 |
| Canada | 2.9 |
| United Kingdom | 2.4 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Korea (South) | 0.9 |
| Ireland | 0.7 |
| Germany | 0.7 |
| Japan | 0.6 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img23_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.4&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 - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 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;Germany - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| JPMorgan Chase & Co | 3.8<br>|
| Exxon Mobil Corp | 2.9<br>|
| Alphabet Inc Class A | 2.4<br>|
| Linde PLC | 2.2<br>|
| Wells Fargo & Co | 2.1<br>|
| Walmart Inc | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Microsoft Corp | 1.7<br>|
| Johnson & Johnson | 1.7<br>|
| Procter & Gamble Co/The | 1.6<br>|
|  | 22.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img23_20250731_1.jpg)<br>| ![](img111718_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> 1.9914416.101 2085-TSRS-0925 <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® Stock Selector Large Cap Value Fund**

**Semi-Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111943_1.jpg)

![](img111943_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_LCV-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Stock Selector Large Cap Value Fund](#Sub_Sec_Fund_5648_LCV-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements5648_LCV-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LCV-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LCV-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LCV-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LCV-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.© 2025 FMR LLC. All rights reserved.

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

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

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

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

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

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

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

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Aptiv PLC  | 37371 | 2565145 |
| CANADA - 1.1%  |  |  |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Cenovus Energy Inc  | 274800 | 4182688 |
| Imperial Oil Ltd  | 47000 | 3918815 |
| MEG Energy Corp  | 3000 | 59129 |
| TOTAL CANADA |  | 8160632 |
| FRANCE - 1.6%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA  | 42682 | 3891671 |
| Information Technology - 1.1% |  |  |
| IT Services - 1.1% |  |  |
| Capgemini SE  | 54556 | 8122105 |
| TOTAL FRANCE |  | 12013776 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 2457 | 147322 |
| PORTUGAL - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Galp Energia SGPS SA  | 141600 | 2703887 |
| TAIWAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 17427 | 4210712 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 15300 | 821304 |
| UNITED STATES - 92.2%  |  |  |
| Communication Services - 7.2% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Verizon Communications Inc  | 189361 | 8097076 |
| Entertainment - 0.2% |  |  |
| Walt Disney Co/The  | 14194 | 1690647 |
| Interactive Media & Services - 3.3% |  |  |
| Alphabet Inc Class A  | 113064 | 21696983 |
| Meta Platforms Inc Class A  | 4380 | 3387667 |
|  |  | 25084650 |
| Media - 1.6% |  |  |
| Charter Communications Inc Class A (a) | 4800 | 1292928 |
| Comcast Corp Class A  | 199178 | 6618685 |
| Omnicom Group Inc (b) | 55058 | 3966929 |
|  |  | 11878542 |
| Wireless Telecommunication Services - 1.0% |  |  |
| T-Mobile US Inc  | 30801 | 7343266 |
| TOTAL COMMUNICATION SERVICES |  | 54094181 |
| Consumer Discretionary - 7.7% |  |  |
| Automobiles - 0.4% |  |  |
| General Motors Co  | 56441 | 3010562 |
| Broadline Retail - 2.8% |  |  |
| Amazon.com Inc (a) | 87002 | 20368038 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Hilton Worldwide Holdings Inc  | 13176 | 3532222 |
| McDonald's Corp  | 26521 | 7958157 |
|  |  | 11490379 |
| Household Durables - 0.6% |  |  |
| Somnigroup International Inc  | 67362 | 4875662 |
| Specialty Retail - 2.4% |  |  |
| Dick's Sporting Goods Inc  | 21215 | 4487185 |
| Lowe's Cos Inc  | 44588 | 9968539 |
| Williams-Sonoma Inc  | 18838 | 3523648 |
|  |  | 17979372 |
| TOTAL CONSUMER DISCRETIONARY |  | 57724013 |
| Consumer Staples - 7.1% |  |  |
| Beverages - 1.9% |  |  |
| Coca-Cola Co/The  | 94725 | 6430881 |
| Constellation Brands Inc Class A  | 8586 | 1434205 |
| Keurig Dr Pepper Inc  | 87819 | 2867290 |
| PepsiCo Inc  | 26581 | 3666052 |
|  |  | 14398428 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Kroger Co/The  | 24754 | 1735255 |
| Target Corp  | 9765 | 981382 |
| US Foods Holding Corp (a) | 21399 | 1783179 |
| Walmart Inc  | 100906 | 9886770 |
|  |  | 14386586 |
| Food Products - 0.7% |  |  |
| Darling Ingredients Inc (a) | 34693 | 1123359 |
| Freshpet Inc (a) | 5073 | 346587 |
| JM Smucker Co  | 9738 | 1045277 |
| Lamb Weston Holdings Inc  | 7452 | 425286 |
| Mondelez International Inc  | 32627 | 2110641 |
|  |  | 5051150 |
| Household Products - 1.5% |  |  |
| Procter & Gamble Co/The  | 77093 | 11600184 |
| Personal Care Products - 0.3% |  |  |
| Estee Lauder Cos Inc/The Class A  | 7699 | 718625 |
| Kenvue Inc  | 56685 | 1215326 |
|  |  | 1933951 |
| Tobacco - 0.8% |  |  |
| Philip Morris International Inc  | 37839 | 6207488 |
| TOTAL CONSUMER STAPLES |  | 53577787 |
| Energy - 4.9% |  |  |
| Oil, Gas & Consumable Fuels - 4.9% |  |  |
| Cheniere Energy Inc  | 10800 | 2547504 |
| Core Natural Resources Inc  | 41252 | 3044810 |
| Exxon Mobil Corp  | 158400 | 17683776 |
| Phillips 66  | 47100 | 5820618 |
| Shell PLC ADR  | 55200 | 3985992 |
| Targa Resources Corp  | 21600 | 3594456 |
|  |  | 36677156 |
| Financials - 21.5% |  |  |
| Banks - 8.8% |  |  |
| Bank of America Corp  | 371305 | 17551588 |
| Citigroup Inc  | 36300 | 3401310 |
| Comerica Inc  | 46058 | 3112139 |
| First Horizon Corp  | 235511 | 5136495 |
| JPMorgan Chase & Co  | 41155 | 12191757 |
| KeyCorp  | 114982 | 2060477 |
| US Bancorp  | 184046 | 8274708 |
| Wells Fargo & Co  | 184669 | 14889862 |
|  |  | 66618336 |
| Capital Markets - 5.9% |  |  |
| Bank of New York Mellon Corp/The  | 99870 | 10131812 |
| Blackrock Inc  | 8120 | 8980801 |
| Charles Schwab Corp/The  | 80865 | 7902936 |
| Intercontinental Exchange Inc  | 37297 | 6893605 |
| LPL Financial Holdings Inc  | 7494 | 2965601 |
| MarketAxess Holdings Inc  | 20320 | 4175760 |
| State Street Corp  | 30767 | 3438212 |
|  |  | 44488727 |
| Consumer Finance - 0.3% |  |  |
| SLM Corp  | 83800 | 2664839 |
| Financial Services - 1.8% |  |  |
| Affirm Holdings Inc Class A (a) | 19707 | 1351112 |
| Apollo Global Management Inc  | 19158 | 2784041 |
| Berkshire Hathaway Inc Class B (a) | 8834 | 4168588 |
| Block Inc Class A (a) | 21152 | 1634204 |
| Fiserv Inc (a) | 4716 | 655240 |
| PayPal Holdings Inc (a) | 40542 | 2787668 |
|  |  | 13380853 |
| Insurance - 4.7% |  |  |
| American Financial Group Inc/OH  | 12833 | 1602842 |
| Arthur J Gallagher & Co  | 27932 | 8023467 |
| Chubb Ltd  | 42834 | 11395557 |
| Hartford Insurance Group Inc/The  | 86686 | 10782872 |
| The Travelers Companies, Inc.  | 12763 | 3321443 |
|  |  | 35126181 |
| TOTAL FINANCIALS |  | 162278936 |
| Health Care - 10.4% |  |  |
| Biotechnology - 0.6% |  |  |
| Gilead Sciences Inc  | 26400 | 2964456 |
| Insmed Inc (a) | 4300 | 461304 |
| Regeneron Pharmaceuticals Inc  | 2690 | 1467287 |
|  |  | 4893047 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Abbott Laboratories  | 59900 | 7558781 |
| Boston Scientific Corp (a) | 49100 | 5151572 |
| Stryker Corp  | 8900 | 3495297 |
|  |  | 16205650 |
| Health Care Providers & Services - 3.8% |  |  |
| Cencora Inc  | 23300 | 6665664 |
| Centene Corp (a) | 33400 | 870738 |
| Cigna Group/The  | 5400 | 1443852 |
| CVS Health Corp  | 88900 | 5520690 |
| HCA Healthcare Inc  | 8000 | 2831920 |
| Humana Inc  | 3400 | 849558 |
| Quest Diagnostics Inc  | 14000 | 2343740 |
| Tenet Healthcare Corp (a) | 3700 | 596736 |
| UnitedHealth Group Inc  | 27060 | 6753094 |
|  |  | 27875992 |
| Life Sciences Tools & Services - 1.4% |  |  |
| Danaher Corp  | 15000 | 2957400 |
| Mettler-Toledo International Inc (a) | 700 | 863576 |
| Thermo Fisher Scientific Inc  | 14575 | 6816436 |
|  |  | 10637412 |
| Pharmaceuticals - 2.5% |  |  |
| Johnson & Johnson  | 74285 | 12237711 |
| Merck & Co Inc  | 81700 | 6382404 |
|  |  | 18620115 |
| TOTAL HEALTH CARE |  | 78232216 |
| Industrials - 12.7% |  |  |
| Aerospace & Defense - 3.4% |  |  |
| Boeing Co (a) | 62104 | 13777151 |
| Northrop Grumman Corp  | 12969 | 7478055 |
| RTX Corp  | 29382 | 4629722 |
|  |  | 25884928 |
| Air Freight & Logistics - 0.8% |  |  |
| FedEx Corp  | 26940 | 6020821 |
| Electrical Equipment - 1.3% |  |  |
| Emerson Electric Co  | 66850 | 9727344 |
| Ground Transportation - 2.9% |  |  |
| CSX Corp  | 342300 | 12165342 |
| Knight-Swift Transportation Holdings Inc  | 67100 | 2851750 |
| U-Haul Holding Co Class N  | 138050 | 7178600 |
|  |  | 22195692 |
| Industrial Conglomerates - 0.3% |  |  |
| 3M Co  | 17536 | 2616721 |
| Machinery - 4.0% |  |  |
| Allison Transmission Holdings Inc  | 100669 | 9067257 |
| Deere & Co  | 4800 | 2516976 |
| Parker-Hannifin Corp  | 11243 | 8228752 |
| Westinghouse Air Brake Technologies Corp  | 49425 | 9492071 |
|  |  | 29305056 |
| TOTAL INDUSTRIALS |  | 95750562 |
| Information Technology - 8.5% |  |  |
| Communications Equipment - 1.1% |  |  |
| Cisco Systems Inc  | 126110 | 8585569 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Vontier Corp  | 104559 | 4336062 |
| IT Services - 0.9% |  |  |
| Amdocs Ltd  | 76837 | 6558806 |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| Marvell Technology Inc  | 48797 | 3921815 |
| QUALCOMM Inc  | 51109 | 7500757 |
|  |  | 11422572 |
| Software - 3.5% |  |  |
| Dropbox Inc Class A (a) | 206284 | 5604736 |
| Gen Digital Inc  | 162860 | 4802741 |
| Salesforce Inc  | 43225 | 11166315 |
| Zoom Communications Inc Class A (a) | 62329 | 4615462 |
|  |  | 26189254 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Western Digital Corp  | 90614 | 7130416 |
| TOTAL INFORMATION TECHNOLOGY |  | 64222679 |
| Materials - 3.5% |  |  |
| Chemicals - 1.3% |  |  |
| Corteva Inc  | 83622 | 6031655 |
| Mosaic Co/The  | 48600 | 1750086 |
| Westlake Corp  | 21998 | 1744441 |
|  |  | 9526182 |
| Construction Materials - 0.7% |  |  |
| CRH PLC  | 61522 | 5872275 |
| Containers & Packaging - 1.5% |  |  |
| International Paper Co  | 70002 | 3271893 |
| O-I Glass Inc (a) | 210393 | 2737213 |
| Smurfit WestRock PLC  | 124788 | 5538092 |
|  |  | 11547198 |
| TOTAL MATERIALS |  | 26945655 |
| Real Estate - 4.1% |  |  |
| Health Care REITs - 0.8% |  |  |
| Welltower Inc  | 38119 | 6292303 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 16578 | 1770199 |
| Office REITs - 0.2% |  |  |
| Kilroy Realty Corp  | 45422 | 1674255 |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (a) | 18004 | 2803943 |
| CoStar Group Inc (a) | 5300 | 504507 |
|  |  | 3308450 |
| Residential REITs - 0.8% |  |  |
| Invitation Homes Inc  | 120561 | 3695195 |
| Mid-America Apartment Communities Inc  | 5840 | 831791 |
| Sun Communities Inc  | 11211 | 1390500 |
|  |  | 5917486 |
| Retail REITs - 0.3% |  |  |
| Curbline Properties Corp  | 37724 | 833700 |
| NNN REIT Inc  | 36042 | 1487093 |
|  |  | 2320793 |
| Specialized REITs - 1.4% |  |  |
| American Tower Corp  | 11193 | 2332509 |
| CubeSmart  | 59060 | 2298025 |
| Equinix Inc  | 4280 | 3360528 |
| Public Storage Operating Co  | 6223 | 1692283 |
|  |  | 9683345 |
| TOTAL REAL ESTATE |  | 30966831 |
| Utilities - 4.6% |  |  |
| Electric Utilities - 2.8% |  |  |
| Constellation Energy Corp  | 15974 | 5556396 |
| Evergy Inc  | 58240 | 4123392 |
| Eversource Energy  | 84115 | 5560002 |
| PG&E Corp  | 366756 | 5141919 |
|  |  | 20381709 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| AES Corp/The  | 238843 | 3140785 |
| Vistra Corp  | 18687 | 3896987 |
|  |  | 7037772 |
| Multi-Utilities - 0.9% |  |  |
| Sempra  | 86065 | 7029789 |
| TOTAL UTILITIES |  | 34449270 |
| TOTAL UNITED STATES |  | 694919286 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $600,350,505) |  | <br> **725542064** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 1.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.7%** |
|  | Shares | Value ($)<br>|
| iShares Russell 1000 Value ETF (b)<br>(Cost $12,492,164)<br>| 66800 | **13054056** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 18144212 | 18147841 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 1561194 | 1561350 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $19,709,115) |  |  | **19709191** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $632,551,784)<br>| <br>**758305311** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(4380406)** |
| **NET ASSETS - 100.0%** | **753924905** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing.

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 10936348 | 120021371 | 112809878 | 333166 | - | - | 18147841 | 18144212 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2852475 | 54451488 | 55742613 | 563 | - | - | 1561350 | 1561194 | 0.0% |
| Total | 13788823 | 174472859 | 168552491 | 333729 | - | - | 19709191 |  |  |

---

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 July 31, 2025, 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 | 54094181 | 54094181 | - | - |
| Consumer Discretionary | 60289158 | 60289158 | - | - |
| Consumer Staples | 54399091 | 54399091 | - | - |
| Energy | 47541675 | 44837788 | 2703887 | - |
| Financials | 166317929 | 162426258 | 3891671 | - |
| Health Care | 78232216 | 78232216 | - | - |
| Industrials | 95750562 | 95750562 | - | - |
| Information Technology | 76555496 | 68433391 | 8122105 | - |
| Materials | 26945655 | 26945655 | - | - |
| Real Estate | 30966831 | 30966831 | - | - |
| Utilities | 34449270 | 34449270 | - | - |
|  **Domestic Equity Funds** | 13054056 | 13054056 | - | - |
|  **Money Market Funds** | 19709191 | 19709191 | - | - |
| **Total Investments in Securities:** | 758305311 | 743587648 | 14717663 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,516,085) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $612,842,669) | $738596120 |  |
| Fidelity Central Funds (cost $19,709,115) | 19709191 |  |
| Total Investment in Securities (cost $632,551,784) |  | $758305311 |
| Receivable for investments sold |  | 1615668 |
| Receivable for fund shares sold |  | 607611 |
| Dividends receivable |  | 597420 |
| Distributions receivable from Fidelity Central Funds |  | 64159 |
| Prepaid expenses |  | 133 |
| **Total assets** |  | 761190302 |
| **Liabilities** |  |  |
| Payable to custodian bank | $58561 |  |
| Payable for investments purchased  | 4892101 |  |
| Payable for fund shares redeemed | 202935 |  |
| Accrued management fee | 488065 |  |
| Distribution and service plan fees payable | 24097 |  |
| Other payables and accrued expenses | 38288 |  |
| Collateral on securities loaned | 1561350 |  |
| **Total liabilities** |  | 7265397 |
| **Net Assets**  |  | $753924905 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $597086528 |
| Total accumulated earnings (loss) |  | 156838377 |
| **Net Assets** |  | $753924905 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($58,691,331 ÷ 2,097,813 shares)(a) |  | $27.98 |
| Maximum offering price per share (100/94.25 of $27.98) |  | $29.69 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($14,466,028 ÷ 519,333 shares)(a) |  | $27.86 |
| Maximum offering price per share (100/96.50 of $27.86) |  | $28.87 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($6,885,185 ÷ 255,449 shares)(a) |  | $26.95 |
| **Stock Selector Large Cap Value :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($579,517,133 ÷ 20,392,207 shares) |  | $28.42 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($42,529,629 ÷ 1,488,444 shares) |  | $28.57 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($51,835,599 ÷ 1,837,052 shares) |  | $28.22 |
| *(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 July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6721905 |
| Interest  |  | 51 |
| Income from Fidelity Central Funds (including $563 from security lending)  |  | 333729 |
| **Total income** |  | 7055685 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $2278269 |  |
| Performance adjustment | 363187 |  |
| Distribution and service plan fees | 135908 |  |
| Custodian fees and expenses | 12750 |  |
| Independent trustees' fees and expenses | 1204 |  |
| Registration fees | 59949 |  |
| Audit fees | 34075 |  |
| Legal | 2573 |  |
| Miscellaneous | 1165 |  |
| Total expenses before reductions | 2889080 |  |
| Expense reductions | (415) |  |
| Total expenses after reductions |  | 2888665 |
| **Net Investment income (loss)** |  | 4167020 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 28181272 |  |
| Foreign currency transactions | (1701) |  |
| Total net realized gain (loss) |  | 28179571 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (24711162) |  |
| Assets and liabilities in foreign currencies | 9412 |  |
| Total change in net unrealized appreciation (depreciation) |  | (24701750) |
| **Net gain (loss)** |  | 3477821 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7644841 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4167020 | $7142208 |
| &nbsp;&nbsp;Net realized gain (loss) | 28179571<br>| 58018708<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (24701750) | 54720683<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7644841<br>| 119881599<br>|
| Distributions to shareholders | (10570833)<br>| (58887850)<br>|
| Share transactions - net increase (decrease) | 79001093<br>| 84100423<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 76075101<br>| 145094172<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 677849804 | 532755632<br>|
| &nbsp;&nbsp;End of period | $753924905 | $677849804 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.19 | $25.42 | $24.12 | $25.78 | $21.53 | $20.92 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .27  | .25  | .20  | .18  | .32 C |
| Net realized and unrealized gain (loss)  | .09 D | 5.25  | 1.63  | (.01)  | 5.16  | .71  |
| Total from investment operations  | .22  | 5.52  | 1.88  | .19  | 5.34  | 1.03  |
| Distributions from net investment income  | (.01)  | (.27)  | (.23)  | (.23)  | (.20)  | (.42)  |
| Distributions from net realized gain  | (.42)  | (2.48)  | (.34)  | (1.62)  | (.90)  | -  |
| Total distributions  | (.43)  | (2.75)  | (.58) E | (1.85)  | (1.09) E | (.42)  |
| Net asset value, end of period  | $27.98 | $28.19 | $25.42 | $24.12 | $25.78 | $21.53 |
| **Total Return** F,G,H | .85% D<br>| 22.46%  | 7.86%  | 1.06%  | 24.86%  | 5.03%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.10% K | 1.13%  | 1.22%  | 1.13%  | 1.06%  | .94%  |
| Expenses net of fee waivers, if any  | 1.10% K<br>| 1.12%  | 1.21%  | 1.12%  | 1.05%  | .94%  |
| Expenses net of all reductions, if any  | 1.10% K | 1.12%  | 1.21%  | 1.12%  | 1.05%  | .93%  |
| Net investment income (loss)  | .96% K | .96%  | 1.03%  | .85%  | .69%  | 1.67% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $58691 | $50397 | $41371 | $39638 | $36552 | $22580 |
| Portfolio turnover rate L | 94% K<br>| 72%  | 70%  | 67%  | 76%  | 104%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.32%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .80%.*

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

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

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

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

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

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

K*Annualized.*

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.10 | $25.35 | $24.06 | $25.72 | $21.48 | $20.88 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .20  | .19  | .14  | .11  | .26 C |
| Net realized and unrealized gain (loss)  | .08 D | 5.23  | 1.63  | (.01)  | 5.15  | .70  |
| Total from investment operations  | .18  | 5.43  | 1.82  | .13  | 5.26  | .96  |
| Distributions from net investment income  | - E | (.20)  | (.18)  | (.18)  | (.13)  | (.36)  |
| Distributions from net realized gain  | (.42)  | (2.48)  | (.34)  | (1.62)  | (.90)  | -  |
| Total distributions  | (.42)  | (2.68)  | (.53) F | (1.79) F | (1.02) F | (.36)  |
| Net asset value, end of period  | $27.86 | $28.10 | $25.35 | $24.06 | $25.72 | $21.48 |
| **Total Return** G,H,I | .72% D<br>| 22.13%  | 7.62%  | .82%  | 24.55%  | 4.70%  |
| **Ratios to Average Net Assets** B,J,K |  |  |  |  |  |  |
| Expenses before reductions  | 1.35% L | 1.37%  | 1.46%  | 1.38%  | 1.32%  | 1.23%  |
| Expenses net of fee waivers, if any  | 1.35% L<br>| 1.37%  | 1.45%  | 1.37%  | 1.31%  | 1.23%  |
| Expenses net of all reductions, if any  | 1.35% L | 1.37%  | 1.45%  | 1.37%  | 1.31%  | 1.22%  |
| Net investment income (loss)  | .72% L | .72%  | .80%  | .60%  | .43%  | 1.38% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $14466 | $14744 | $12970 | $12319 | $12188 | $9526 |
| Portfolio turnover rate M | 94% L<br>| 72%  | 70%  | 67%  | 76%  | 104%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.03%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .67%.*

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

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

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

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

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

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

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

L*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.26 | $24.66 | $23.42 | $25.11 | $20.99 | $20.40 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | .06  | .05  | .01  | (.03)  | .16 C |
| Net realized and unrealized gain (loss)  | .07 D | 5.08  | 1.58  | (.02)  | 5.02  | .68  |
| Total from investment operations  | .10  | 5.14  | 1.63  | (.01)  | 4.99  | .84  |
| Distributions from net investment income  | -  | (.07)  | (.04)  | (.07)  | -  | (.25)  |
| Distributions from net realized gain  | (.41)  | (2.47)  | (.34)  | (1.62)  | (.87)  | -  |
| Total distributions  | (.41)  | (2.54)  | (.39) E | (1.68) E | (.87)  | (.25)  |
| Net asset value, end of period  | $26.95 | $27.26 | $24.66 | $23.42 | $25.11 | $20.99 |
| **Total Return** F,G,H | .44% D<br>| 21.54%  | 7.01%  | .24%  | 23.82%  | 4.19%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.86% K | 1.87%  | 2.02%  | 1.94%  | 1.88%  | 1.76%  |
| Expenses net of fee waivers, if any  | 1.86% K<br>| 1.87%  | 2.01%  | 1.94%  | 1.88%  | 1.76%  |
| Expenses net of all reductions, if any  | 1.86% K | 1.87%  | 2.01%  | 1.94%  | 1.88%  | 1.75%  |
| Net investment income (loss)  | .21% K | .22%  | .24%  | .04%  | (.14)%  | .86% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6885 | $7405 | $6543 | $7898 | $6948 | $6723 |
| Portfolio turnover rate L | 94% K<br>| 72%  | 70%  | 67%  | 76%  | 104%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .51%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .39%.*

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

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

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

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

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

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

K*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.59 | $25.75 | $24.41 | $26.06 | $21.73 | $21.11 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .35  | .32  | .28  | .25  | .38 C |
| Net realized and unrealized gain (loss)  | .10 D | 5.32  | 1.66  | (.01)  | 5.23  | .72  |
| Total from investment operations  | .27  | 5.67  | 1.98  | .27  | 5.48  | 1.10  |
| Distributions from net investment income  | (.02)  | (.35)  | (.30)  | (.30)  | (.25)  | (.48)  |
| Distributions from net realized gain  | (.42)  | (2.48)  | (.34)  | (1.62)  | (.90)  | -  |
| Total distributions  | (.44)  | (2.83)  | (.64)  | (1.92)  | (1.15)  | (.48)  |
| Net asset value, end of period  | $28.42 | $28.59 | $25.75 | $24.41 | $26.06 | $21.73 |
| **Total Return** E,F | 1.00% D<br>| 22.78%  | 8.21%  | 1.36%  | 25.26%  | 5.31%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .81% I | .83%  | .92%  | .83%  | .76%  | .64%  |
| Expenses net of fee waivers, if any  | .81% I<br>| .83%  | .92%  | .83%  | .75%  | .64%  |
| Expenses net of all reductions, if any  | .81% I | .83%  | .92%  | .83%  | .75%  | .63%  |
| Net investment income (loss)  | 1.26% I | 1.26%  | 1.33%  | 1.15%  | .99%  | 1.97% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $579517 | $553197 | $451072 | $405895 | $446926 | $373322 |
| Portfolio turnover rate J | 94% I<br>| 72%  | 70%  | 67%  | 76%  | 104%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.62%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .95%.*

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

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

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

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

I*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.75 | $25.88 | $24.53 | $26.17 | $21.82 | $21.22 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .36  | .32  | .28  | .26  | .38 C |
| Net realized and unrealized gain (loss)  | .08 D | 5.35  | 1.67  | (.01)  | 5.24  | .72  |
| Total from investment operations  | .26  | 5.71  | 1.99  | .27  | 5.50  | 1.10  |
| Distributions from net investment income  | (.02)  | (.36)  | (.30)  | (.30)  | (.25)  | (.50)  |
| Distributions from net realized gain  | (.42)  | (2.48)  | (.34)  | (1.62)  | (.90)  | -  |
| Total distributions  | (.44)  | (2.84)  | (.64)  | (1.91) E | (1.15)  | (.50)  |
| Net asset value, end of period  | $28.57 | $28.75 | $25.88 | $24.53 | $26.17 | $21.82 |
| **Total Return** F,G | .96% D<br>| 22.82%  | 8.20%  | 1.39%  | 25.26%  | 5.31%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .80% J | .82%  | .92%  | .82%  | .75%  | .67%  |
| Expenses net of fee waivers, if any  | .80% J<br>| .82%  | .91%  | .82%  | .74%  | .67%  |
| Expenses net of all reductions, if any  | .80% J | .82%  | .91%  | .82%  | .74%  | .66%  |
| Net investment income (loss)  | 1.27% J | 1.27%  | 1.34%  | 1.15%  | 1.00%  | 1.94% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $42530 | $25307 | $13168 | $10858 | $18239 | $9420 |
| Portfolio turnover rate K | 94% J<br>| 72%  | 70%  | 67%  | 76%  | 104%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.59%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .91%.*

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

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

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

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

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

J*Annualized.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.38 | $25.57 | $24.24 | $25.88 | $21.58 | $20.97 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .38  | .35  | .30  | .28  | .41 C |
| Net realized and unrealized gain (loss)  | .09 D | 5.29  | 1.65  | (.01)  | 5.20  | .71  |
| Total from investment operations  | .28  | 5.67  | 2.00  | .29  | 5.48  | 1.12  |
| Distributions from net investment income  | (.02)  | (.37)  | (.33)  | (.31)  | (.28)  | (.51)  |
| Distributions from net realized gain  | (.42)  | (2.48)  | (.34)  | (1.62)  | (.90)  | -  |
| Total distributions  | (.44)  | (2.86) E | (.67)  | (1.93)  | (1.18)  | (.51)  |
| Net asset value, end of period  | $28.22 | $28.38 | $25.57 | $24.24 | $25.88 | $21.58 |
| **Total Return** F,G | 1.05% D<br>| 22.92%  | 8.33%  | 1.46%  | 25.43%  | 5.43%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .69% J | .73%  | .81%  | .72%  | .65%  | .52%  |
| Expenses net of fee waivers, if any  | .69% J<br>| .73%  | .80%  | .71%  | .65%  | .52%  |
| Expenses net of all reductions, if any  | .69% J | .73%  | .80%  | .71%  | .65%  | .51%  |
| Net investment income (loss)  | 1.37% J | 1.36%  | 1.44%  | 1.26%  | 1.10%  | 2.10% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $51836 | $26800 | $7632 | $5973 | $20576 | $20841 |
| Portfolio turnover rate K | 94% J<br>| 72%  | 70%  | 67%  | 76%  | 104%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.75%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been 1.00%.*

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

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

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

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

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

J*Annualized.*

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

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

For the period ended July 31, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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 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** | $147403325 |
| **Gross unrealized depreciation** | <u>(23978503)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$123424822</u> |
| **Tax cost** | <u>$634880489</u> |

---

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Stock Selector Large Cap Value Fund** | 386604071 | 317514596 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .72 |
| **Class M** | .71 |
| **Class C** | .72 |
| **Stock Selector Large Cap Value** | .67 |
| **Class I** | .66 |
| **Class Z** | .56 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .72 |
| **Class M** | .71 |
| **Class C** | .72 |
| **Stock Selector Large Cap Value** | .67 |
| **Class I** | .66 |
| **Class Z** | .56 |

---

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

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Stock Selector Large Cap Value Fund** | Russell 1000 Value Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Stock Selector Large Cap Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .11%.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 65866 | 5418 |
| **Class M** | .25% | .25% | 35396 | 198 |
| **Class C** | .75% | .25% | <u>34646</u> | <u>4707</u> |
|  |  |  | <u>135908</u> | <u>10323</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** | 12209 |
| **Class M** | 674 |
| **Class C**A | <u>130</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>13013</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Stock Selector Large Cap Value Fund** | 5524 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Stock Selector Large Cap Value Fund** | 25682910 | 23201963 | 2438103 |

---

**6. Committed Line of Credit.**

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

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

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Stock Selector Large Cap Value Fund** | 314 |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Stock Selector Large Cap Value Fund** | 53 | - | - |

---

**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 $415.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **July 31, 2025** | **Year ended**<br> **January 31, 2025** |
| **Fidelity Stock Selector Large Cap Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $787163 | $4551272 |
| Class M | 222596 | 1348440 |
| Class C | 111661 | 630717 |
| Stock Selector Large Cap Value | 8630425 | 49998693 |
| Class I | 390606 | 1516559 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>428382</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>842169</u> |
| Total  | <u>$10570833</u> | <u>$58887850</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **July 31, 2025**  | **Year ended**<br> **January 31, 2025** | **Six months ended** <br> **July 31, 2025**  | **Year ended**<br> **January 31, 2025** |
| **Fidelity Stock Selector Large Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 423620 | 250258 | $11397720 | $6935774 |
| Reinvestment of distributions | 28519 | 164612 | 764017 | 4406748 |
| Shares redeemed | <u>(142070)</u> | <u>(254384)</u> | <u>(3807182)</u> | <u>(7015239)</u> |
| Net increase (decrease) | <u>310069</u> | <u>160486</u> | <u>$8354555</u> | <u>$4327283</u> |
| **Class M** |  |  |  |  |
| Shares sold | 20208 | 22649 | $548447 | $618467 |
| Reinvestment of distributions | 8336 | 50504 | 222596 | 1347712 |
| Shares redeemed | <u>(33969)</u> | <u>(60132)</u> | <u>(903803)</u> | <u>(1667351)</u> |
| Net increase (decrease) | <u>(5425)</u> | <u>13021</u> | <u>$(132760)</u> | <u>$298828</u> |
| **Class C** |  |  |  |  |
| Shares sold | 30079 | 45385 | $774498 | $1218937 |
| Reinvestment of distributions | 4313 | 24342 | 111661 | 630717 |
| Shares redeemed | <u>(50582)</u> | <u>(63380)</u> | <u>(1315785)</u> | <u>(1691660)</u> |
| Net increase (decrease) | <u>(16190)</u> | <u>6347</u> | <u>$(429626)</u> | <u>$157994</u> |
| **Stock Selector Large Cap Value** |  |  |  |  |
| Shares sold | 3313373 | 3658542 | $90935401 | $104577485 |
| Reinvestment of distributions | 296255 | 1713825 | 8052216 | 46519946 |
| Shares redeemed | <u>(2564524)</u> | <u>(3543368)</u> | <u>(69656648)</u> | <u>(99436164)</u> |
| Net increase (decrease) | <u>1045104</u> | <u>1828999</u> | <u>$29330969</u> | <u>$51661267</u> |
| **Class I** |  |  |  |  |
| Shares sold | 701201 | 427110 | $19470562 | $11904751 |
| Reinvestment of distributions | 14132 | 54971 | 386222 | 1500104 |
| Shares redeemed | <u>(107291)</u> | <u>(110575)</u> | <u>(2985095)</u> | <u>(3127455)</u> |
| Net increase (decrease) | <u>608042</u> | <u>371506</u> | <u>$16871689</u> | <u>$10277400</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 974466 | 697014 | $27216806 | $18889477 |
| Reinvestment of distributions | 13110 | 28432 | 353567 | 765710 |
| Shares redeemed | <u>(94832)</u> | <u>(79626)</u> | <u>(2564107)</u> | <u>(2277536)</u> |
| Net increase (decrease) | <u>892744</u> | <u>645820</u> | <u>$25006266</u> | <u>$17377651</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Stock Selector Large Cap Value Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and 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.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111943_4.jpg)<br>

1.900197.116 LCV-SANN-0925

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

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

**Fidelity® Series Value Discovery Fund**

**Semi-Annual Report**

**July 31, 2025**

![](img111945_1.jpg)

![](img111945_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EDT-LDT-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series All-Sector Equity Fund](#Sub_Sec_Fund_2115_EDT-LDT-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Stock Selector Large Cap Value Fund](#Sub_Sec_Fund_2461_EDT-LDT-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Value Discovery Fund](#Sub_Sec_Fund_2453_EDT-LDT-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2115_EDT-LDT-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EDT-LDT-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EDT-LDT-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EDT-LDT-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EDT-LDT-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.© 2025 FMR LLC. All rights reserved.

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

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

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

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

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

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

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

**Schedule of Investments July 31, 2025 (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>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Aptiv PLC  | 52600 | 3610464 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 9400 | 470846 |
| UNITED STATES - 98.1%  |  |  |
| Communication Services - 9.3% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| AT&T Inc  | 816500 | 22380264 |
| Entertainment - 2.7% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (b) | 60600 | 6081210 |
| Live Nation Entertainment Inc (b) | 43500 | 6424950 |
| Netflix Inc (b) | 38810 | 44996314 |
| ROBLOX Corp Class A (b) | 97200 | 13393188 |
| Spotify Technology SA (b) | 27570 | 17273708 |
| TKO Group Holdings Inc Class A  | 17821 | 2994106 |
| Walt Disney Co/The  | 183087 | 21807493 |
| Warner Bros Discovery Inc (b) | 440700 | 5804019 |
|  |  | 118774988 |
| Interactive Media & Services - 6.1% |  |  |
| Alphabet Inc Class C  | 750920 | 144822431 |
| Meta Platforms Inc Class A  | 160840 | 124400090 |
|  |  | 269222521 |
| TOTAL COMMUNICATION SERVICES |  | 410377773 |
| Consumer Discretionary - 10.6% |  |  |
| Automobile Components - 0.0% |  |  |
| American Axle & Manufacturing Holdings Inc (b) | 523200 | 2328240 |
| Automobiles - 1.4% |  |  |
| General Motors Co  | 127600 | 6806184 |
| Tesla Inc (b) | 175400 | 54070558 |
|  |  | 60876742 |
| Broadline Retail - 4.2% |  |  |
| Amazon.com Inc (b) | 794456 | 185990094 |
| Macy's Inc  | 133500 | 1686105 |
|  |  | 187676199 |
| Distributors - 0.2% |  |  |
| Genuine Parts Co  | 59700 | 7694136 |
| Diversified Consumer Services - 0.1% |  |  |
| Service Corp International/US  | 64000 | 4883840 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| Airbnb Inc Class A (b) | 65300 | 8646373 |
| Booking Holdings Inc  | 400 | 2201624 |
| Caesars Entertainment Inc (b) | 356000 | 9498080 |
| Cava Group Inc (b) | 7400 | 651274 |
| Chipotle Mexican Grill Inc (b) | 74600 | 3198848 |
| Churchill Downs Inc  | 6600 | 706464 |
| Domino's Pizza Inc  | 16300 | 7550323 |
| DraftKings Inc Class A (b) | 150700 | 6787528 |
| Hilton Grand Vacations Inc (b) | 28700 | 1286334 |
| Marriott International Inc/MD Class A1  | 34300 | 9049369 |
| McDonald's Corp  | 33200 | 9962324 |
| Norwegian Cruise Line Holdings Ltd (b) | 124400 | 3179664 |
| Wyndham Hotels & Resorts Inc  | 93900 | 8075400 |
| Yum! Brands Inc  | 47600 | 6861540 |
|  |  | 77655145 |
| Household Durables - 0.1% |  |  |
| Lennar Corp Class A  | 4900 | 549682 |
| PulteGroup Inc  | 39200 | 4426464 |
|  |  | 4976146 |
| Specialty Retail - 2.3% |  |  |
| Burlington Stores Inc (b) | 7100 | 1938016 |
| Dick's Sporting Goods Inc  | 42400 | 8968024 |
| Floor & Decor Holdings Inc Class A (b) | 40700 | 3119248 |
| Home Depot Inc/The  | 77979 | 28658062 |
| Lithia Motors Inc Class A  | 25000 | 7200000 |
| Lowe's Cos Inc  | 138700 | 31009159 |
| O'Reilly Automotive Inc (b) | 7000 | 688240 |
| Ross Stores Inc  | 127600 | 17422504 |
| Wayfair Inc Class A (b) | 7200 | 472608 |
|  |  | 99475861 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Lululemon Athletica Inc (b) | 8000 | 1604240 |
| NIKE Inc Class B  | 159400 | 11905586 |
| PVH Corp  | 106100 | 7789862 |
|  |  | 21299688 |
| TOTAL CONSUMER DISCRETIONARY |  | 466865997 |
| Consumer Staples - 4.7% |  |  |
| Beverages - 1.4% |  |  |
| Brown-Forman Corp Class B  | 86600 | 2498410 |
| Coca-Cola Co/The  | 436638 | 29643354 |
| Constellation Brands Inc Class A  | 34442 | 5753192 |
| Keurig Dr Pepper Inc  | 401245 | 13100649 |
| PepsiCo Inc  | 84120 | 11601830 |
|  |  | 62597435 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Costco Wholesale Corp  | 31205 | 29321466 |
| Dollar Tree Inc (b) | 22100 | 2509455 |
| Kroger Co/The  | 93900 | 6582390 |
| Target Corp  | 18700 | 1879350 |
| US Foods Holding Corp (b) | 74254 | 6187586 |
| Walmart Inc  | 318359 | 31192815 |
|  |  | 77673062 |
| Food Products - 0.3% |  |  |
| Darling Ingredients Inc (b) | 128058 | 4146518 |
| Freshpet Inc (b) | 19000 | 1298080 |
| Mondelez International Inc  | 89051 | 5760709 |
|  |  | 11205307 |
| Household Products - 0.8% |  |  |
| Procter & Gamble Co/The  | 239106 | 35978280 |
| Personal Care Products - 0.0% |  |  |
| Estee Lauder Cos Inc/The Class A  | 21163 | 1975354 |
| Kenvue Inc  | 177792 | 3811861 |
|  |  | 5787215 |
| Tobacco - 0.4% |  |  |
| Philip Morris International Inc  | 100987 | 16566917 |
| TOTAL CONSUMER STAPLES |  | 209808216 |
| Energy - 3.0% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Weatherford International PLC  | 40900 | 2312895 |
| Oil, Gas & Consumable Fuels - 2.9% |  |  |
| ConocoPhillips  | 314500 | 29984430 |
| Diamondback Energy Inc  | 25600 | 3805696 |
| Expand Energy Corp  | 40409 | 4234055 |
| Exxon Mobil Corp  | 605924 | 67645355 |
| Marathon Petroleum Corp  | 20700 | 3522933 |
| Murphy Oil Corp  | 63000 | 1563030 |
| Targa Resources Corp  | 21000 | 3494610 |
| Valero Energy Corp  | 111300 | 15282603 |
|  |  | 129532712 |
| TOTAL ENERGY |  | 131845607 |
| Financials - 13.9% |  |  |
| Banks - 4.7% |  |  |
| Bank of America Corp  | 1151262 | 54420156 |
| Citigroup Inc  | 154500 | 14476650 |
| Comerica Inc  | 152000 | 10270640 |
| First Horizon Corp  | 468000 | 10207080 |
| JPMorgan Chase & Co  | 70638 | 20925801 |
| KeyCorp  | 256418 | 4595011 |
| M&T Bank Corp  | 39214 | 7399682 |
| Truist Financial Corp  | 277300 | 12120783 |
| US Bancorp  | 637573 | 28665282 |
| Wells Fargo & Co  | 542548 | 43745645 |
|  |  | 206826730 |
| Capital Markets - 3.5% |  |  |
| Bank of New York Mellon Corp/The  | 193082 | 19588169 |
| Blackrock Inc  | 25453 | 28151273 |
| Cboe Global Markets Inc  | 31676 | 7635183 |
| Charles Schwab Corp/The  | 282800 | 27638044 |
| DigitalBridge Group Inc Class A  | 94100 | 1010633 |
| Intercontinental Exchange Inc  | 86700 | 16024761 |
| LPL Financial Holdings Inc  | 20431 | 8085160 |
| MarketAxess Holdings Inc  | 74468 | 15303174 |
| Northern Trust Corp  | 70100 | 9113000 |
| State Street Corp  | 98100 | 10962675 |
| Tradeweb Markets Inc Class A  | 26925 | 3730459 |
| Virtu Financial Inc Class A  | 128882 | 5688851 |
|  |  | 152931382 |
| Consumer Finance - 0.1% |  |  |
| SLM Corp  | 291248 | 9261686 |
| Financial Services - 2.4% |  |  |
| Affirm Holdings Inc Class A (b) | 83400 | 5717904 |
| Apollo Global Management Inc  | 77734 | 11296305 |
| Block Inc Class A (b) | 81182 | 6272121 |
| Fiserv Inc (b) | 19664 | 2732116 |
| Mastercard Inc Class A  | 109577 | 62072083 |
| PayPal Holdings Inc (b) | 125300 | 8615628 |
| UWM Holdings Corp Class A  | 672625 | 2703953 |
| Voya Financial Inc  | 81723 | 5720610 |
|  |  | 105130720 |
| Insurance - 3.2% |  |  |
| American Financial Group Inc/OH  | 62000 | 7743800 |
| Arch Capital Group Ltd  | 63744 | 5485809 |
| Arthur J Gallagher & Co  | 55765 | 16018496 |
| Brighthouse Financial Inc (b) | 60900 | 2914065 |
| Chubb Ltd  | 116132 | 30895758 |
| Hartford Insurance Group Inc/The  | 161247 | 20057514 |
| Marsh & McLennan Cos Inc  | 91205 | 18168036 |
| Reinsurance Group of America Inc  | 24938 | 4799318 |
| The Travelers Companies, Inc.  | 81900 | 21313656 |
| Unum Group  | 54840 | 3938060 |
| Willis Towers Watson PLC  | 28800 | 9095328 |
|  |  | 140429840 |
| TOTAL FINANCIALS |  | 614580358 |
| Health Care - 8.6% |  |  |
| Biotechnology - 2.4% |  |  |
| AbbVie Inc  | 187500 | 35441250 |
| Alnylam Pharmaceuticals Inc (b) | 63300 | 24828792 |
| BioMarin Pharmaceutical Inc (b) | 55500 | 3210675 |
| Exact Sciences Corp (b) | 41700 | 1957815 |
| Gilead Sciences Inc  | 250100 | 28083729 |
| Insmed Inc (b) | 19900 | 2134872 |
| Nuvalent Inc Class A (b) | 25200 | 1974420 |
| Soleno Therapeutics Inc (b) | 24000 | 2075280 |
| Ultragenyx Pharmaceutical Inc (b) | 47900 | 1308628 |
| Vertex Pharmaceuticals Inc (b) | 12300 | 5619501 |
|  |  | 106634962 |
| Health Care Equipment & Supplies - 3.1% |  |  |
| Abbott Laboratories  | 211900 | 26739661 |
| Baxter International Inc  | 77700 | 1690752 |
| Boston Scientific Corp (b) | 327910 | 34404317 |
| Edwards Lifesciences Corp (b) | 91500 | 7256865 |
| Insulet Corp (b) | 31200 | 8998080 |
| Intuitive Surgical Inc (b) | 21100 | 10150999 |
| Masimo Corp (b) | 38500 | 5920915 |
| Penumbra Inc (b) | 32500 | 8198775 |
| ResMed Inc  | 34900 | 9490706 |
| Stryker Corp  | 46600 | 18301218 |
|  |  | 131152288 |
| Health Care Providers & Services - 1.2% |  |  |
| Cencora Inc  | 59100 | 16907328 |
| CVS Health Corp  | 171700 | 10662570 |
| HealthEquity Inc (b) | 22700 | 2201900 |
| Humana Inc  | 23900 | 5971893 |
| Tenet Healthcare Corp (b) | 67600 | 10902528 |
| UnitedHealth Group Inc  | 26031 | 6496296 |
|  |  | 53142515 |
| Health Care Technology - 0.2% |  |  |
| Veeva Systems Inc Class A (b) | 35300 | 10032260 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Danaher Corp  | 89900 | 17724684 |
| IQVIA Holdings Inc (b) | 32500 | 6040450 |
|  |  | 23765134 |
| Pharmaceuticals - 1.2% |  |  |
| Elanco Animal Health Inc (b) | 617400 | 8446032 |
| Eli Lilly & Co  | 51366 | 38014436 |
| Pfizer Inc  | 339100 | 7897639 |
|  |  | 54358107 |
| TOTAL HEALTH CARE |  | 379085266 |
| Industrials - 9.3% |  |  |
| Aerospace & Defense - 2.8% |  |  |
| Boeing Co (b) | 109995 | 24401291 |
| GE Aerospace  | 166089 | 45023406 |
| Howmet Aerospace Inc  | 89600 | 16107392 |
| Lockheed Martin Corp  | 28800 | 12124224 |
| Northrop Grumman Corp  | 13500 | 7784235 |
| TransDigm Group Inc  | 11000 | 17693060 |
|  |  | 123133608 |
| Building Products - 0.9% |  |  |
| Trane Technologies PLC  | 86400 | 37850112 |
| Commercial Services & Supplies - 0.1% |  |  |
| Cintas Corp  | 23400 | 5207670 |
| Construction & Engineering - 0.3% |  |  |
| Quanta Services Inc  | 30600 | 12427578 |
| Electrical Equipment - 1.8% |  |  |
| AMETEK Inc  | 117400 | 21701390 |
| Eaton Corp PLC  | 26400 | 10156608 |
| GE Vernova Inc  | 49217 | 32497493 |
| Hubbell Inc  | 21200 | 9274576 |
| Vertiv Holdings Co Class A  | 36400 | 5299840 |
|  |  | 78929907 |
| Ground Transportation - 1.1% |  |  |
| CSX Corp  | 329000 | 11692660 |
| Old Dominion Freight Line Inc  | 69900 | 10432575 |
| Uber Technologies Inc (b) | 198800 | 17444700 |
| Union Pacific Corp  | 40000 | 8878800 |
|  |  | 48448735 |
| Industrial Conglomerates - 0.2% |  |  |
| Honeywell International Inc  | 43800 | 9738930 |
| Machinery - 1.9% |  |  |
| Deere & Co  | 13700 | 7183869 |
| Dover Corp  | 94700 | 17153958 |
| Fortive Corp  | 71800 | 3441374 |
| Ingersoll Rand Inc  | 226300 | 19151769 |
| Parker-Hannifin Corp  | 38500 | 28178150 |
| Westinghouse Air Brake Technologies Corp  | 46700 | 8968735 |
|  |  | 84077855 |
| Professional Services - 0.0% |  |  |
| Verisk Analytics Inc  | 16200 | 4515102 |
| Trading Companies & Distributors - 0.2% |  |  |
| United Rentals Inc  | 9900 | 8741106 |
| TOTAL INDUSTRIALS |  | 413070603 |
| Information Technology - 32.2% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Flex Ltd (b) | 565361 | 28194553 |
| Jabil Inc  | 115600 | 25798452 |
|  |  | 53993005 |
| IT Services - 1.4% |  |  |
| IBM Corporation  | 247400 | 62629310 |
| Semiconductors & Semiconductor Equipment - 13.1% |  |  |
| Advanced Micro Devices Inc (b) | 233000 | 41080230 |
| Astera Labs Inc (b) | 119716 | 16368769 |
| Broadcom Inc  | 451500 | 132605550 |
| First Solar Inc (b) | 4400 | 768812 |
| Marvell Technology Inc  | 83000 | 6670710 |
| NVIDIA Corp  | 2136300 | 379983681 |
|  |  | 577477752 |
| Software - 12.0% |  |  |
| AppLovin Corp Class A (b) | 87300 | 34108110 |
| Datadog Inc Class A (b) | 242700 | 33973146 |
| Microsoft Corp  | 671800 | 358405300 |
| MicroStrategy Inc Class A (b) | 15300 | 6148458 |
| Oracle Corp  | 207900 | 52758783 |
| Palantir Technologies Inc Class A (b) | 166800 | 26412780 |
| Samsara Inc Class A (b) | 487400 | 18535822 |
|  |  | 530342399 |
| Technology Hardware, Storage & Peripherals - 4.5% |  |  |
| Apple Inc  | 960536 | 199378458 |
| TOTAL INFORMATION TECHNOLOGY |  | 1423820924 |
| Materials - 2.1% |  |  |
| Chemicals - 1.3% |  |  |
| Air Products and Chemicals Inc  | 18177 | 5232795 |
| Axalta Coating Systems Ltd (b) | 73800 | 2090016 |
| Balchem Corp  | 13500 | 2058345 |
| Cabot Corp  | 13200 | 952776 |
| Chemours Co/The  | 109400 | 1310612 |
| Corteva Inc  | 70700 | 5099591 |
| Dow Inc  | 75100 | 1749079 |
| Ecolab Inc  | 32700 | 8559552 |
| Element Solutions Inc  | 95100 | 2244360 |
| Linde PLC  | 37886 | 17437411 |
| Mosaic Co/The  | 173800 | 6258538 |
| Olin Corp  | 44500 | 842830 |
| Sherwin-Williams Co/The  | 5900 | 1952192 |
|  |  | 55788097 |
| Construction Materials - 0.2% |  |  |
| CRH PLC  | 14800 | 1412660 |
| Martin Marietta Materials Inc  | 4939 | 2839332 |
| Vulcan Materials Co  | 11300 | 3103771 |
|  |  | 7355763 |
| Containers & Packaging - 0.2% |  |  |
| AptarGroup Inc  | 19000 | 2985660 |
| Avery Dennison Corp  | 9600 | 1610592 |
| Crown Holdings Inc  | 18900 | 1877904 |
| International Paper Co  | 83300 | 3893442 |
|  |  | 10367598 |
| Metals & Mining - 0.4% |  |  |
| Freeport-McMoRan Inc  | 193234 | 7775736 |
| Newmont Corp  | 113200 | 7029720 |
| Nucor Corp  | 25100 | 3591057 |
|  |  | 18396513 |
| TOTAL MATERIALS |  | 91907971 |
| Real Estate - 2.2% |  |  |
| Health Care REITs - 0.3% |  |  |
| CareTrust REIT Inc  | 38300 | 1217940 |
| Ventas Inc  | 52400 | 3520232 |
| Welltower Inc  | 62000 | 10234340 |
|  |  | 14972512 |
| Industrial REITs - 0.2% |  |  |
| Americold Realty Trust Inc  | 126800 | 2038944 |
| Prologis Inc  | 32000 | 3416960 |
| Terreno Realty Corp  | 51900 | 2879931 |
|  |  | 8335835 |
| Office REITs - 0.2% |  |  |
| COPT Defense Properties  | 65000 | 1773200 |
| Kilroy Realty Corp  | 66000 | 2432760 |
| Vornado Realty Trust  | 63300 | 2431986 |
|  |  | 6637946 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (b) | 7800 | 1214772 |
| CoStar Group Inc (b) | 16600 | 1580154 |
| Jones Lang LaSalle Inc (b) | 11600 | 3136176 |
|  |  | 5931102 |
| Residential REITs - 0.3% |  |  |
| Camden Property Trust  | 31700 | 3461640 |
| Invitation Homes Inc  | 201900 | 6188235 |
| Sun Communities Inc  | 31500 | 3906945 |
|  |  | 13556820 |
| Retail REITs - 0.2% |  |  |
| Curbline Properties Corp  | 80950 | 1788995 |
| Macerich Co/The  | 79400 | 1326774 |
| NNN REIT Inc  | 77400 | 3193524 |
| Tanger Inc  | 101700 | 3053034 |
|  |  | 9362327 |
| Specialized REITs - 0.9% |  |  |
| American Tower Corp  | 59800 | 12461722 |
| CubeSmart  | 95500 | 3715905 |
| Digital Realty Trust Inc  | 27450 | 4843278 |
| Equinix Inc  | 8300 | 6516911 |
| Extra Space Storage Inc  | 8234 | 1106320 |
| Four Corners Property Trust Inc  | 41100 | 1037364 |
| Iron Mountain Inc  | 39300 | 3826248 |
| Public Storage Operating Co  | 12500 | 3399250 |
|  |  | 36906998 |
| TOTAL REAL ESTATE |  | 95703540 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 1.6% |  |  |
| Alliant Energy Corp  | 4600 | 299046 |
| American Electric Power Co Inc  | 17900 | 2025206 |
| Constellation Energy Corp  | 28488 | 9909266 |
| Duke Energy Corp  | 69800 | 8490472 |
| Entergy Corp  | 54300 | 4910349 |
| Evergy Inc  | 48500 | 3433800 |
| Exelon Corp  | 121200 | 5446728 |
| FirstEnergy Corp  | 25000 | 1067750 |
| NextEra Energy Inc  | 170714 | 12130937 |
| NRG Energy Inc  | 26107 | 4365090 |
| PG&E Corp  | 226793 | 3179638 |
| PPL Corp  | 116000 | 4140040 |
| Southern Co/The  | 38000 | 3590240 |
| TXNM Energy Inc  | 15200 | 863208 |
| Xcel Energy Inc  | 53900 | 3958416 |
|  |  | 67810186 |
| Gas Utilities - 0.0% |  |  |
| UGI Corp  | 34900 | 1262682 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The  | 53900 | 708785 |
| Talen Energy Corp (b) | 4200 | 1585794 |
| Vistra Corp  | 37600 | 7841104 |
|  |  | 10135683 |
| Multi-Utilities - 0.4% |  |  |
| Ameren Corp  | 41500 | 4196895 |
| CenterPoint Energy Inc  | 112900 | 4382778 |
| NiSource Inc  | 72500 | 3077625 |
| Sempra  | 80688 | 6590596 |
|  |  | 18247894 |
| TOTAL UTILITIES |  | 97456445 |
| TOTAL UNITED STATES |  | 4334522700 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,237,947,981) |  | <br> **4338604010** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Skyryse Inc Series B (b)(c)(d)<br>(Cost $935,371)<br>| 37900 | **995254** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Checkr Inc Series E (b)(c)<br>(Cost $1,258,308)<br>| 69906 | **572530** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 10/2/2025 (f) | 4.29 | 770000 | 764365 |
| US Treasury Bills 0% 10/30/2025 (f) | 4.29 | 880000 | 870673 |
| US Treasury Bills 0% 8/28/2025 (f) | 4.27 | 170000 | 169453 |
| US Treasury Bills 0% 9/25/2025 (f) | 4.26 | 950000 | 943760 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $2,748,392) |  |  | **2748251** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g)<br>(Cost $75,193,704)<br>| 4.33 | 75179789 | **75194825** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $2,318,083,756)<br>| <br>**4418114870** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **72556** |
| **NET ASSETS - 100.0%** | **4418187426** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 127 | Sep 2025 | 40476488 | 1358918 | 1358918 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |

---

**Legend**

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

(b) Non-income producing

(c) Level 3 security

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $995,254 or 0.0% of net assets.

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,748,251.

(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.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Skyryse Inc Series B | 10/21/21 | 935371 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 75196575 | 364503302 | 364505052 | 1426143 | - | - | 75194825 | 75179789 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 538350 | 99416135 | 99954485 | 373 | - | - | - | - | 0.0% |
| Total | 75734925 | 463919437 | 464459537 | 1426516 | - | - | 75194825 |  |  |

---

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 July 31, 2025, 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 | 410377773 | 410377773 | - | - |
| Consumer Discretionary | 470947307 | 470947307 | - | - |
| Consumer Staples | 209808216 | 209808216 | - | - |
| Energy | 131845607 | 131845607 | - | - |
| Financials | 614580358 | 614580358 | - | - |
| Health Care | 379085266 | 379085266 | - | - |
| Industrials | 413070603 | 413070603 | - | - |
| Information Technology | 1423820924 | 1423820924 | - | - |
| Materials | 91907971 | 91907971 | - | - |
| Real Estate | 95703540 | 95703540 | - | - |
| Utilities | 97456445 | 97456445 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 995254 | - | - | 995254 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 572530 | - | - | 572530 |
|  **U.S. Treasury Obligations** | 2748251 | - | 2748251 | - |
|  **Money Market Funds** | 75194825 | 75194825 | - | - |
| **Total Investments in Securities:** | 4418114870 | 4413798835 | 2748251 | 1567784 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1358918 | 1358918 | - | - |
| Total Assets | 1358918 | 1358918 | - | - |
| **Total Derivative Instruments:** | 1358918 | 1358918 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 1358918 | 0 |
| **Total Equity Risk**  | 1358918 | 0 |
| **Total Value of Derivatives** | 1358918 | 0 |

---

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

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,242,890,052) | $4342920045 |  |
| Fidelity Central Funds (cost $75,193,704) | 75194825 |  |
| Total Investment in Securities (cost $2,318,083,756) |  | $4418114870 |
| Cash |  | 51633 |
| Receivable for investments sold |  | 25623702 |
| Receivable for fund shares sold |  | 2853868 |
| Dividends receivable |  | 2124664 |
| Distributions receivable from Fidelity Central Funds |  | 269906 |
| Other receivables |  | 85888 |
| **Total assets** |  | 4449124531 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7970565 |  |
| Payable for fund shares redeemed | 22818632 |  |
| Payable for daily variation margin on futures contracts | 139700 |  |
| Other payables and accrued expenses | 8208 |  |
| **Total liabilities** |  | 30937105 |
| **Net Assets**  |  | $4418187426 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2133977324 |
| Total accumulated earnings (loss) |  | 2284210102 |
| **Net Assets** |  | $4418187426 |
| **Net Asset Value**, offering price and redemption price per share ($4,418,187,426 ÷ 323,986,689 shares) |  | $13.64 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $23312005 |
| Interest  |  | 48670 |
| Income from Fidelity Central Funds (including $373 from security lending)  |  | 1426516 |
| **Total income** |  | 24787191 |
| **Expenses** |  |  |
| Custodian fees and expenses | $27677 |  |
| Independent trustees' fees and expenses | 7149 |  |
| **Total expenses** |  | 34826 |
| **Net Investment income (loss)** |  | 24752365 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 165841225 |  |
| Futures contracts | (2213263) |  |
| Total net realized gain (loss) |  | 163627962 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 152560072 |  |
| Assets and liabilities in foreign currencies | (955) |  |
| Futures contracts | 750324 |  |
| Total change in net unrealized appreciation (depreciation) |  | 153309441 |
| **Net gain (loss)** |  | 316937403 |
| **Net increase (decrease) in net assets resulting from operations** |  | $341689768 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $24752365 | $44708304 |
| &nbsp;&nbsp;Net realized gain (loss) | 163627962<br>| 308512456<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 153309441 | 541190689<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 341689768<br>| 894411449<br>|
| Distributions to shareholders | (71942603)<br>| (331954748)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 372966422 | 637612688 |
| Reinvestment of distributions | 71942603<br>| 331954748<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (311011954) | (726047059) |
| **Net increase (decrease) in net assets resulting from share transactions** | 133897071<br>| 243520377<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 403644236<br>| 805977078<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4014543190 | 3208566112<br>|
| &nbsp;&nbsp;End of period | $4418187426 | $4014543190 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 31160728 | 51015624 |
| Issued in reinvestment of distributions | 6065987<br>| 26427258<br>|
| &nbsp;&nbsp;Redeemed | (24843893) | (57871773) |
| &nbsp;&nbsp;Net increase (decrease) | 12382822 | 19571109 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.88 | $10.99 | $9.37 | $11.24 | $11.39 | $10.41 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .15  | .14  | .12  | .13  | .15 C |
| Net realized and unrealized gain (loss)  | .91  | 2.86  | 2.07  | (.95)  | 2.21  | 2.22  |
| Total from investment operations  | .99  | 3.01  | 2.21  | (.83)  | 2.34  | 2.37  |
| Distributions from net investment income  | (.01)  | (.15)  | (.14)  | (.13)  | (.14)  | (.17)  |
| Distributions from net realized gain  | (.23)  | (.97)  | (.46)  | (.91)  | (2.35)  | (1.23)  |
| Total distributions  | (.23) D | (1.12)  | (.59) D | (1.04)  | (2.49)  | (1.39) D |
| Net asset value, end of period  | $13.64 | $12.88 | $10.99 | $9.37 | $11.24 | $11.39 |
| **Total Return** E,F | 7.90% <br>| 27.83%  | 24.16%  | (7.34)%  | 20.53%  | 24.94%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions I | -% J | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any I | -% J<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any I | -% J | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.24% J | 1.21%  | 1.35%  | 1.26%  | 1.04%  | 1.47% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4418187 | $4014543 | $3208566 | $2951458 | $3715243 | $3689394 |
| Portfolio turnover rate K | 54% J<br>| 51%  | 41%  | 46%  | 44%  | 64%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.32%.*

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

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

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

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

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

I*Amount represents less than .005%.*

J*Annualized.*

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

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

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Aptiv PLC  | 658300 | 45185712 |
| CANADA - 1.1%  |  |  |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Imperial Oil Ltd (a) | 840800 | 70105098 |
| MEG Energy Corp  | 3745400 | 73821358 |
| TOTAL CANADA |  | 143926456 |
| FRANCE - 1.6%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA  | 770800 | 70280219 |
| Information Technology - 1.1% |  |  |
| IT Services - 1.1% |  |  |
| Capgemini SE  | 968107 | 144128360 |
| TOTAL FRANCE |  | 214408579 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 43900 | 2632244 |
| PORTUGAL - 0.4%  |  |  |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Galp Energia SGPS SA  | 2558000 | 48845644 |
| TAIWAN - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 309247 | 74720260 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 274900 | 14756632 |
| UNITED STATES - 93.2%  |  |  |
| Communication Services - 7.4% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Verizon Communications Inc  | 3499021 | 149618138 |
| Entertainment - 0.2% |  |  |
| Walt Disney Co/The  | 249780 | 29751295 |
| Interactive Media & Services - 3.5% |  |  |
| Alphabet Inc Class A  | 2084472 | 400010177 |
| Meta Platforms Inc Class A  | 82045 | 63456885 |
|  |  | 463467062 |
| Media - 1.6% |  |  |
| Charter Communications Inc Class A (b) | 83600 | 22518496 |
| Comcast Corp Class A  | 3668152 | 121892691 |
| Omnicom Group Inc (a) | 1013051 | 72990325 |
|  |  | 217401512 |
| Wireless Telecommunication Services - 1.0% |  |  |
| T-Mobile US Inc  | 566934 | 135162735 |
| TOTAL COMMUNICATION SERVICES |  | 995400742 |
| Consumer Discretionary - 7.7% |  |  |
| Automobiles - 0.4% |  |  |
| General Motors Co  | 1001700 | 53430678 |
| Broadline Retail - 2.8% |  |  |
| Amazon.com Inc (b) | 1553393 | 363664836 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Hilton Worldwide Holdings Inc  | 232900 | 62435832 |
| McDonald's Corp  | 472900 | 141903103 |
|  |  | 204338935 |
| Household Durables - 0.6% |  |  |
| Somnigroup International Inc  | 1199614 | 86828061 |
| Specialty Retail - 2.4% |  |  |
| Dick's Sporting Goods Inc  | 378200 | 79993082 |
| Lowe's Cos Inc  | 796000 | 177961720 |
| Williams-Sonoma Inc  | 334600 | 62586930 |
|  |  | 320541732 |
| TOTAL CONSUMER DISCRETIONARY |  | 1028804242 |
| Consumer Staples - 7.2% |  |  |
| Beverages - 1.9% |  |  |
| Coca-Cola Co/The  | 1699856 | 115403224 |
| Constellation Brands Inc Class A  | 154281 | 25771098 |
| Keurig Dr Pepper Inc  | 1575900 | 51453135 |
| PepsiCo Inc  | 477823 | 65901348 |
|  |  | 258528805 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Kroger Co/The  | 443629 | 31098393 |
| Target Corp  | 175625 | 17650312 |
| US Foods Holding Corp (b) | 384481 | 32038802 |
| Walmart Inc  | 1812008 | 177540544 |
|  |  | 258328051 |
| Food Products - 0.7% |  |  |
| Darling Ingredients Inc (b) | 622575 | 20158979 |
| Freshpet Inc (b) | 90717 | 6197785 |
| JM Smucker Co  | 176743 | 18971594 |
| Lamb Weston Holdings Inc  | 132728 | 7574787 |
| Mondelez International Inc  | 584412 | 37805612 |
|  |  | 90708757 |
| Household Products - 1.6% |  |  |
| Procter & Gamble Co/The  | 1384085 | 208263270 |
| Personal Care Products - 0.3% |  |  |
| Estee Lauder Cos Inc/The Class A  | 138787 | 12954378 |
| Kenvue Inc  | 1019545 | 21859045 |
|  |  | 34813423 |
| Tobacco - 0.8% |  |  |
| Philip Morris International Inc  | 680203 | 111587302 |
| TOTAL CONSUMER STAPLES |  | 962229608 |
| Energy - 4.9% |  |  |
| Oil, Gas & Consumable Fuels - 4.9% |  |  |
| Cheniere Energy Inc  | 195081 | 46015706 |
| Core Natural Resources Inc  | 747467 | 55170539 |
| Exxon Mobil Corp  | 2862700 | 319591829 |
| Phillips 66  | 851600 | 105240728 |
| Shell PLC ADR  | 998000 | 72065580 |
| Targa Resources Corp  | 390100 | 64916541 |
|  |  | 663000923 |
| Financials - 21.8% |  |  |
| Banks - 8.5% |  |  |
| Bank of America Corp  | 6466106 | 305652831 |
| Citigroup Inc  | 655400 | 61410980 |
| Comerica Inc  | 836409 | 56516156 |
| First Horizon Corp  | 3442958 | 75090914 |
| JPMorgan Chase & Co  | 547764 | 162269607 |
| KeyCorp  | 1971114 | 35322363 |
| US Bancorp  | 3854922 | 173317293 |
| Wells Fargo & Co  | 3408297 | 274810987 |
|  |  | 1144391131 |
| Capital Markets - 6.2% |  |  |
| Bank of New York Mellon Corp/The  | 1752766 | 177818111 |
| Blackrock Inc  | 149011 | 164807656 |
| Charles Schwab Corp/The  | 1651800 | 161430414 |
| Intercontinental Exchange Inc  | 733077 | 135494622 |
| LPL Financial Holdings Inc  | 112475 | 44509732 |
| MarketAxess Holdings Inc  | 402800 | 82775400 |
| State Street Corp  | 567959 | 63469418 |
|  |  | 830305353 |
| Consumer Finance - 0.3% |  |  |
| SLM Corp  | 1473000 | 46841400 |
| Financial Services - 1.8% |  |  |
| Affirm Holdings Inc Class A (b) | 367201 | 25175301 |
| Apollo Global Management Inc  | 302938 | 44022950 |
| Berkshire Hathaway Inc Class B (b) | 151149 | 71324190 |
| Block Inc Class A (a)(b) | 422284 | 32625662 |
| Fiserv Inc (b) | 98848 | 13733941 |
| PayPal Holdings Inc (b) | 757329 | 52073942 |
|  |  | 238955986 |
| Insurance - 5.0% |  |  |
| American Financial Group Inc/OH  | 233798 | 29201370 |
| Arthur J Gallagher & Co  | 468553 | 134591849 |
| Chubb Ltd  | 804933 | 214144376 |
| Hartford Insurance Group Inc/The  | 1541665 | 191767709 |
| The Travelers Companies, Inc.  | 368865 | 95993428 |
|  |  | 665698732 |
| TOTAL FINANCIALS |  | 2926192602 |
| Health Care - 10.5% |  |  |
| Biotechnology - 0.6% |  |  |
| Gilead Sciences Inc  | 471300 | 52922277 |
| Insmed Inc (b) | 76100 | 8164008 |
| Regeneron Pharmaceuticals Inc  | 47500 | 25909350 |
|  |  | 86995635 |
| Health Care Equipment & Supplies - 2.2% |  |  |
| Abbott Laboratories  | 1070400 | 135073776 |
| Boston Scientific Corp (b) | 877100 | 92025332 |
| Stryker Corp  | 158500 | 62247705 |
|  |  | 289346813 |
| Health Care Providers & Services - 3.8% |  |  |
| Cencora Inc  | 417200 | 119352576 |
| Centene Corp (b) | 595659 | 15528830 |
| Cigna Group/The  | 95700 | 25588266 |
| CVS Health Corp  | 1588900 | 98670690 |
| HCA Healthcare Inc  | 143400 | 50762166 |
| Humana Inc  | 61350 | 15329525 |
| Quest Diagnostics Inc  | 249367 | 41746529 |
| Tenet Healthcare Corp (b) | 64500 | 10402560 |
| UnitedHealth Group Inc  | 485000 | 121036601 |
|  |  | 498417743 |
| Life Sciences Tools & Services - 1.4% |  |  |
| Danaher Corp  | 268700 | 52976892 |
| Mettler-Toledo International Inc (b) | 12400 | 15297632 |
| Thermo Fisher Scientific Inc  | 260400 | 121783872 |
|  |  | 190058396 |
| Pharmaceuticals - 2.5% |  |  |
| Johnson & Johnson  | 1327006 | 218610968 |
| Merck & Co Inc  | 1549400 | 121039128 |
|  |  | 339650096 |
| TOTAL HEALTH CARE |  | 1404468683 |
| Industrials - 13.0% |  |  |
| Aerospace & Defense - 3.5% |  |  |
| Boeing Co (b) | 1131515 | 251015288 |
| Northrop Grumman Corp  | 236656 | 136458216 |
| RTX Corp  | 535592 | 84393231 |
|  |  | 471866735 |
| Air Freight & Logistics - 0.8% |  |  |
| FedEx Corp  | 489589 | 109418246 |
| Electrical Equipment - 1.3% |  |  |
| Emerson Electric Co  | 1217800 | 177202078 |
| Ground Transportation - 3.0% |  |  |
| CSX Corp  | 6238200 | 221705628 |
| Knight-Swift Transportation Holdings Inc  | 1223000 | 51977500 |
| U-Haul Holding Co Class N  | 2515200 | 130790400 |
|  |  | 404473528 |
| Industrial Conglomerates - 0.4% |  |  |
| 3M Co  | 319716 | 47708021 |
| Machinery - 4.0% |  |  |
| Allison Transmission Holdings Inc  | 1834553 | 165238189 |
| Deere & Co  | 86700 | 45462879 |
| Parker-Hannifin Corp  | 205657 | 150520358 |
| Westinghouse Air Brake Technologies Corp  | 901059 | 173048381 |
|  |  | 534269807 |
| TOTAL INDUSTRIALS |  | 1744938415 |
| Information Technology - 8.5% |  |  |
| Communications Equipment - 1.1% |  |  |
| Cisco Systems Inc  | 2239518 | 152466385 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Vontier Corp  | 1857495 | 77030318 |
| IT Services - 0.9% |  |  |
| Amdocs Ltd  | 1364954 | 116512473 |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| Marvell Technology Inc  | 866449 | 69636506 |
| QUALCOMM Inc  | 906892 | 133095470 |
|  |  | 202731976 |
| Software - 3.5% |  |  |
| Dropbox Inc Class A (b) | 3664134 | 99554521 |
| Gen Digital Inc  | 2891848 | 85280598 |
| Salesforce Inc  | 767741 | 198330533 |
| Zoom Communications Inc Class A (b) | 1108143 | 82057989 |
|  |  | 465223641 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Western Digital Corp  | 1608647 | 126584432 |
| TOTAL INFORMATION TECHNOLOGY |  | 1140549225 |
| Materials - 3.5% |  |  |
| Chemicals - 1.2% |  |  |
| Corteva Inc  | 1515600 | 109320228 |
| Mosaic Co/The  | 879300 | 31663593 |
| Westlake Corp (a) | 398100 | 31569330 |
|  |  | 172553151 |
| Construction Materials - 0.7% |  |  |
| CRH PLC  | 1113700 | 106302665 |
| Containers & Packaging - 1.6% |  |  |
| International Paper Co  | 1268200 | 59275668 |
| O-I Glass Inc (b) | 3809965 | 49567644 |
| Smurfit WestRock PLC  | 2261562 | 100368122 |
|  |  | 209211434 |
| TOTAL MATERIALS |  | 488067250 |
| Real Estate - 4.2% |  |  |
| Health Care REITs - 0.8% |  |  |
| Welltower Inc  | 614000 | 101352980 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 281063 | 30011906 |
| Office REITs - 0.2% |  |  |
| Kilroy Realty Corp  | 823600 | 30357896 |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (b) | 314400 | 48964656 |
| CoStar Group Inc (b) | 95400 | 9081126 |
|  |  | 58045782 |
| Residential REITs - 0.9% |  |  |
| Invitation Homes Inc  | 2184200 | 66945730 |
| Mid-America Apartment Communities Inc  | 160400 | 22845772 |
| Sun Communities Inc  | 206800 | 25649404 |
|  |  | 115440906 |
| Retail REITs - 0.3% |  |  |
| Curbline Properties Corp  | 699998 | 15469956 |
| NNN REIT Inc  | 714700 | 29488522 |
|  |  | 44958478 |
| Specialized REITs - 1.4% |  |  |
| American Tower Corp  | 270500 | 56369495 |
| CubeSmart  | 1033200 | 40201812 |
| Equinix Inc  | 73850 | 57984805 |
| Public Storage Operating Co  | 85200 | 23169288 |
|  |  | 177725400 |
| TOTAL REAL ESTATE |  | 557893348 |
| Utilities - 4.5% |  |  |
| Electric Utilities - 2.7% |  |  |
| Constellation Energy Corp  | 283433 | 98589335 |
| Evergy Inc  | 1030500 | 72959400 |
| Eversource Energy  | 1490300 | 98508830 |
| PG&E Corp  | 6491548 | 91011503 |
|  |  | 361069068 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| AES Corp/The (a) | 4227800 | 55595570 |
| Vistra Corp  | 330000 | 68818200 |
|  |  | 124413770 |
| Multi-Utilities - 0.9% |  |  |
| Sempra  | 1524700 | 124537496 |
| TOTAL UTILITIES |  | 610020334 |
| TOTAL UNITED STATES |  | 12521565372 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $10,586,372,717) |  | <br> **13066040899** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 0.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 0.9%** | &nbsp;&nbsp;**Domestic Equity Funds - 0.9%** |
|  | Shares | Value ($)<br>|
| iShares Russell 1000 Value ETF (a)<br>(Cost $133,108,128)<br>| 686000 | **134058120** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 190639736 | 190677864 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 33075692 | 33079000 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $223,756,004) |  |  | **223756864** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $10,943,236,849)<br>| <br>**13423855883** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **7953311** |
| **NET ASSETS - 100.0%** | **13431809194** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

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

(b) Non-income producing

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 162815033 | 1606926513 | 1579063681 | 5598943 | - | (1) | 190677864 | 190639736 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 55457250 | 953718964 | 976097214 | 50623 | - | - | 33079000 | 33075692 | 0.1% |
| Total | 218272283 | 2560645477 | 2555160895 | 5649566 | - | (1) | 223756864 |  |  |

---

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 July 31, 2025, 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 | 995400742 | 995400742 | - | - |
| Consumer Discretionary | 1073989954 | 1073989954 | - | - |
| Consumer Staples | 976986240 | 976986240 | - | - |
| Energy | 855773023 | 806927379 | 48845644 | - |
| Financials | 2999105065 | 2928824846 | 70280219 | - |
| Health Care | 1404468683 | 1404468683 | - | - |
| Industrials | 1744938415 | 1744938415 | - | - |
| Information Technology | 1359397845 | 1215269485 | 144128360 | - |
| Materials | 488067250 | 488067250 | - | - |
| Real Estate | 557893348 | 557893348 | - | - |
| Utilities | 610020334 | 610020334 | - | - |
|  **Domestic Equity Funds** | 134058120 | 134058120 | - | - |
|  **Money Market Funds** | 223756864 | 223756864 | - | - |
| **Total Investments in Securities:** | 13423855883 | 13160601660 | 263254223 | - |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $32,114,848) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,719,480,845) | $13200099019 |  |
| Fidelity Central Funds (cost $223,756,004) | 223756864 |  |
| Total Investment in Securities (cost $10,943,236,849) |  | $13423855883 |
| Foreign currency held at value (cost $454,068) |  | 453606 |
| Receivable for investments sold |  | 5405360 |
| Receivable for fund shares sold |  | 218173799 |
| Dividends receivable |  | 9094797 |
| Distributions receivable from Fidelity Central Funds |  | 741824 |
| **Total assets** |  | 13657725269 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1655350 |  |
| Payable for investments purchased  | 191164178 |  |
| Payable for fund shares redeemed | 250 |  |
| Other payables and accrued expenses | 17297 |  |
| Collateral on securities loaned | 33079000 |  |
| **Total liabilities** |  | 225916075 |
| **Net Assets**  |  | $13431809194 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $10225684967 |
| Total accumulated earnings (loss) |  | 3206124227 |
| **Net Assets** |  | $13431809194 |
| **Net Asset Value**, offering price and redemption price per share ($13,431,809,194 ÷ 942,544,325 shares) |  | $14.25 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $123119588 |
| Income from Fidelity Central Funds (including $50,623 from security lending)  |  | 5649566 |
| **Total income** |  | 128769154 |
| **Expenses** |  |  |
| Custodian fees and expenses | $61627 |  |
| Independent trustees' fees and expenses | 22470 |  |
| Interest | 13392 |  |
| **Total expenses** |  | 97489 |
| **Net Investment income (loss)** |  | 128671665 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 632514622 |  |
| Foreign currency transactions | 33741 |  |
| Total net realized gain (loss) |  | 632548363 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (562515242) |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 11166 |  |
| Total change in net unrealized appreciation (depreciation) |  | (562504077) |
| **Net gain (loss)** |  | 70044286 |
| **Net increase (decrease) in net assets resulting from operations** |  | $198715951 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $128671665 | $243947412 |
| &nbsp;&nbsp;Net realized gain (loss) | 632548363<br>| 1349305199<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (562504077) | 960250842<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 198715951<br>| 2553503453<br>|
| Distributions to shareholders | (284629090)<br>| (1377773018)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1263630780 | 2918919501 |
| Reinvestment of distributions | 284629090<br>| 1377773018<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (645211775) | (3363460179) |
| **Net increase (decrease) in net assets resulting from share transactions** | 903048095<br>| 933232340<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 817134956<br>| 2108962775<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12614674238 | 10505711463<br>|
| &nbsp;&nbsp;End of period | $13431809194 | $12614674238 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 91558299 | 207042790 |
| Issued in reinvestment of distributions | 20928610<br>| 98198799<br>|
| &nbsp;&nbsp;Redeemed | (46859463) | (230710552) |
| &nbsp;&nbsp;Net increase (decrease) | 65627446 | 74531037 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.39 | $13.09 | $12.61 | $13.90 | $12.64 | $12.46 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .29  | .28  | .25  | .26  | .28 C |
| Net realized and unrealized gain (loss)  | .05  | 2.74  | .86  | (.03)  | 3.04  | .39  |
| Total from investment operations  | .19  | 3.03  | 1.14  | .22  | 3.30  | .67  |
| Distributions from net investment income  | (.02)  | (.31)  | (.28)  | (.27)  | (.27)  | (.28)  |
| Distributions from net realized gain  | (.31)  | (1.42)  | (.38)  | (1.23)  | (1.77)  | (.21)  |
| Total distributions  | (.33)  | (1.73)  | (.66)  | (1.51) D | (2.04)  | (.49)  |
| Net asset value, end of period  | $14.25 | $14.39 | $13.09 | $12.61 | $13.90 | $12.64 |
| **Total Return** E,F | 1.42% <br>| 23.72%  | 9.32%  | 2.10%  | 26.30%  | 5.74%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions I | -% J | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any I | -% J<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any I | -% J | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.08% J | 2.06%  | 2.25%  | 1.98%  | 1.75%  | 2.54% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13431809 | $12614674 | $10505711 | $9672739 | $10883597 | $10931056 |
| Portfolio turnover rate K | 78% J<br>| 80%  | 72%  | 72%  | 81%  | 94%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.23%.*

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

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

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

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

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

I*Amount represents less than .005%.*

J*Annualized.*

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

**Fidelity® Series Value Discovery Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.7%** | &nbsp;&nbsp;**Common Stocks - 95.7%** | &nbsp;&nbsp;**Common Stocks - 95.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.4%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Alimentation Couche-Tard Inc  | 1040500 | 54067552 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Canadian Natural Resources Ltd (United States)  | 2321700 | 73597890 |
| Imperial Oil Ltd (United States) (a) | 1085000 | 90564950 |
| Parex Resources Inc (a) | 2668769 | 31664667 |
|  |  | 195827507 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Nutrien Ltd (United States) (a) | 1312800 | 77875296 |
| TOTAL CANADA |  | 327770355 |
| FRANCE - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Capgemini SE  | 175600 | 26142709 |
| GERMANY - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (a)(b) | 59000 | 6342500 |
| MONACO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Dynagas LNG Partners LP  | 1472115 | 5137681 |
| UNITED KINGDOM - 2.9%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.4% |  |  |
| Diageo PLC  | 2828700 | 68560789 |
| Health Care - 1.4% |  |  |
| Pharmaceuticals - 1.4% |  |  |
| Astrazeneca PLC ADR  | 2564454 | 187435943 |
| Utilities - 1.1% |  |  |
| Multi-Utilities - 1.1% |  |  |
| National Grid PLC  | 10343745 | 145351178 |
| TOTAL UNITED KINGDOM |  | 401347910 |
| UNITED STATES - 90.2%  |  |  |
| Communication Services - 7.6% |  |  |
| Entertainment - 1.3% |  |  |
| Walt Disney Co/The  | 1533700 | 182679007 |
| Interactive Media & Services - 5.0% |  |  |
| Alphabet Inc Class A  | 2431300 | 466566470 |
| Alphabet Inc Class C  | 723000 | 139437780 |
| Meta Platforms Inc Class A  | 92600 | 71620544 |
|  |  | 677624794 |
| Media - 1.3% |  |  |
| Comcast Corp Class A  | 5431404 | 180485555 |
| TOTAL COMMUNICATION SERVICES |  | 1040789356 |
| Consumer Discretionary - 7.6% |  |  |
| Broadline Retail - 2.1% |  |  |
| Amazon.com Inc (b) | 1206500 | 282453715 |
| Diversified Consumer Services - 0.8% |  |  |
| H&R Block Inc  | 2083164 | 113199132 |
| Household Durables - 1.4% |  |  |
| Lennar Corp Class A  | 558600 | 62663748 |
| Mohawk Industries Inc (b) | 313500 | 35898885 |
| Taylor Morrison Home Corp (b) | 214500 | 12715560 |
| Toll Brothers Inc  | 407700 | 48255372 |
| TopBuild Corp (b) | 76800 | 28449024 |
|  |  | 187982589 |
| Specialty Retail - 2.7% |  |  |
| Lowe's Cos Inc  | 476800 | 106598176 |
| Murphy USA Inc  | 92500 | 33529400 |
| Ross Stores Inc  | 891600 | 121739064 |
| Ulta Beauty Inc (b) | 203900 | 105010539 |
|  |  | 366877179 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Lululemon Athletica Inc (b) | 272200 | 54584266 |
| Tapestry Inc  | 358200 | 38696346 |
|  |  | 93280612 |
| TOTAL CONSUMER DISCRETIONARY |  | 1043793227 |
| Consumer Staples - 8.2% |  |  |
| Beverages - 2.0% |  |  |
| Brown-Forman Corp Class B  | 2723300 | 78567205 |
| Keurig Dr Pepper Inc  | 5852600 | 191087390 |
|  |  | 269654595 |
| Consumer Staples Distribution & Retail - 3.0% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 819100 | 86742690 |
| Kroger Co/The  | 1584600 | 111080460 |
| Target Corp  | 408200 | 41024100 |
| US Foods Holding Corp (b) | 1593830 | 132813854 |
| Walgreens Boots Alliance Inc  | 3859100 | 44919924 |
|  |  | 416581028 |
| Food Products - 1.1% |  |  |
| Mondelez International Inc  | 1660100 | 107391869 |
| Tyson Foods Inc Class A  | 824600 | 43126580 |
|  |  | 150518449 |
| Household Products - 0.9% |  |  |
| Procter & Gamble Co/The  | 856700 | 128907649 |
| Personal Care Products - 1.2% |  |  |
| Kenvue Inc  | 7469197 | 160139584 |
| TOTAL CONSUMER STAPLES |  | 1125801305 |
| Energy - 7.4% |  |  |
| Oil, Gas & Consumable Fuels - 7.4% |  |  |
| ConocoPhillips  | 1981200 | 188887608 |
| Exxon Mobil Corp  | 4808700 | 536843268 |
| Shell PLC ADR  | 3919400 | 283019874 |
|  |  | 1008750750 |
| Financials - 23.3% |  |  |
| Banks - 10.5% |  |  |
| Bank of America Corp  | 7982900 | 377351683 |
| Cullen/Frost Bankers Inc  | 289200 | 36846972 |
| JPMorgan Chase & Co  | 815100 | 241465224 |
| M&T Bank Corp  | 872944 | 164724533 |
| PNC Financial Services Group Inc/The  | 1103400 | 209943918 |
| US Bancorp  | 2420400 | 108821184 |
| Wells Fargo & Co  | 3544500 | 285793035 |
|  |  | 1424946549 |
| Capital Markets - 3.4% |  |  |
| Bank of New York Mellon Corp/The  | 1100100 | 111605145 |
| Blackrock Inc  | 98800 | 109273788 |
| Northern Trust Corp  | 1329900 | 172887000 |
| State Street Corp  | 630000 | 70402500 |
|  |  | 464168433 |
| Consumer Finance - 1.2% |  |  |
| Capital One Financial Corp  | 765900 | 164668500 |
| Financial Services - 1.9% |  |  |
| Berkshire Hathaway Inc Class B (b) | 222966 | 105213196 |
| PayPal Holdings Inc (b) | 909500 | 62537220 |
| Visa Inc Class A  | 267200 | 92309584 |
|  |  | 260060000 |
| Insurance - 5.8% |  |  |
| Chubb Ltd  | 978339 | 260277308 |
| Fidelity National Financial Inc/US  | 151900 | 8571716 |
| Hartford Insurance Group Inc/The  | 685800 | 85306662 |
| The Travelers Companies, Inc.  | 1079970 | 281051393 |
| Willis Towers Watson PLC  | 476100 | 150357141 |
|  |  | 785564220 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.5% |  |  |
| Annaly Capital Management Inc  | 3666400 | 74537912 |
| TOTAL FINANCIALS |  | 3173945614 |
| Health Care - 8.4% |  |  |
| Biotechnology - 1.1% |  |  |
| Gilead Sciences Inc  | 1310000 | 147099900 |
| Health Care Providers & Services - 3.1% |  |  |
| Cigna Group/The  | 984207 | 263157268 |
| CVS Health Corp  | 2533900 | 157355190 |
|  |  | 420512458 |
| Life Sciences Tools & Services - 1.3% |  |  |
| Thermo Fisher Scientific Inc  | 384300 | 179729424 |
| Pharmaceuticals - 2.9% |  |  |
| Elanco Animal Health Inc (b) | 5595900 | 76551912 |
| GSK PLC ADR (a) | 4417900 | 164124985 |
| Merck & Co Inc  | 1988800 | 155365056 |
|  |  | 396041953 |
| TOTAL HEALTH CARE |  | 1143383735 |
| Industrials - 14.6% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| L3Harris Technologies Inc  | 344200 | 94593044 |
| Lockheed Martin Corp  | 257500 | 108402350 |
| Northrop Grumman Corp  | 187100 | 107883731 |
| Textron Inc  | 495000 | 38496150 |
|  |  | 349375275 |
| Air Freight & Logistics - 2.0% |  |  |
| CH Robinson Worldwide Inc  | 680100 | 78429132 |
| Expeditors International of Washington Inc  | 298734 | 34724840 |
| FedEx Corp  | 374300 | 83652307 |
| United Parcel Service Inc Class B  | 966400 | 83265024 |
|  |  | 280071303 |
| Building Products - 0.6% |  |  |
| Builders FirstSource Inc (b) | 441600 | 56140608 |
| Johnson Controls International plc  | 198500 | 20842500 |
|  |  | 76983108 |
| Electrical Equipment - 1.1% |  |  |
| Emerson Electric Co  | 522400 | 76014424 |
| Regal Rexnord Corp  | 501400 | 76654032 |
|  |  | 152668456 |
| Ground Transportation - 2.1% |  |  |
| CSX Corp  | 2978900 | 105870106 |
| Knight-Swift Transportation Holdings Inc  | 1083700 | 46057250 |
| Norfolk Southern Corp  | 397500 | 110505000 |
| Werner Enterprises Inc  | 714200 | 19797624 |
|  |  | 282229980 |
| Machinery - 4.7% |  |  |
| Allison Transmission Holdings Inc  | 461500 | 41567305 |
| Cummins Inc  | 155820 | 57282548 |
| Deere & Co  | 407000 | 213418591 |
| Dover Corp  | 417800 | 75680292 |
| Flowserve Corp  | 417400 | 23391096 |
| PACCAR Inc  | 376200 | 37153512 |
| Pentair PLC  | 1274900 | 130294780 |
| Toro Co/The  | 54400 | 4039200 |
| Westinghouse Air Brake Technologies Corp  | 326000 | 62608300 |
|  |  | 645435624 |
| Professional Services - 0.8% |  |  |
| Leidos Holdings Inc  | 376200 | 60060330 |
| Maximus Inc  | 729700 | 53895642 |
|  |  | 113955972 |
| Trading Companies & Distributors - 0.7% |  |  |
| Ferguson Enterprises Inc  | 459000 | 102508470 |
| TOTAL INDUSTRIALS |  | 2003228188 |
| Information Technology - 7.4% |  |  |
| Communications Equipment - 2.4% |  |  |
| Cisco Systems Inc  | 4817075 | 327946466 |
| IT Services - 1.6% |  |  |
| Amdocs Ltd  | 1343238 | 114658796 |
| Cognizant Technology Solutions Corp Class A  | 894079 | 64159109 |
| GoDaddy Inc Class A (b) | 285600 | 46147248 |
|  |  | 224965153 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Micron Technology Inc  | 875100 | 95508413 |
| Software - 2.7% |  |  |
| Gen Digital Inc  | 5960728 | 175781869 |
| Salesforce Inc  | 743000 | 191939190 |
|  |  | 367721059 |
| TOTAL INFORMATION TECHNOLOGY |  | 1016141091 |
| Materials - 3.1% |  |  |
| Chemicals - 0.8% |  |  |
| CF Industries Holdings Inc  | 601900 | 55874377 |
| Mosaic Co/The  | 1514400 | 54533544 |
|  |  | 110407921 |
| Construction Materials - 0.8% |  |  |
| CRH PLC  | 1181200 | 112745540 |
| Containers & Packaging - 0.7% |  |  |
| Crown Holdings Inc  | 926600 | 92066976 |
| Metals & Mining - 0.8% |  |  |
| Newmont Corp  | 1691400 | 105035940 |
| TOTAL MATERIALS |  | 420256377 |
| Real Estate - 1.2% |  |  |
| Retail REITs - 0.4% |  |  |
| Simon Property Group Inc  | 345200 | 56540308 |
| Specialized REITs - 0.8% |  |  |
| Crown Castle Inc  | 537600 | 56496384 |
| Lamar Advertising Co Class A  | 260700 | 31870575 |
| Outfront Media Inc  | 1329970 | 23314374 |
|  |  | 111681333 |
| TOTAL REAL ESTATE |  | 168221641 |
| Utilities - 1.4% |  |  |
| Electric Utilities - 1.2% |  |  |
| Eversource Energy  | 1208100 | 79855410 |
| PG&E Corp  | 5558500 | 77930170 |
|  |  | 157785580 |
| Gas Utilities - 0.2% |  |  |
| UGI Corp  | 1032500 | 37355850 |
| TOTAL UTILITIES |  | 195141430 |
| TOTAL UNITED STATES |  | 12339452714 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $10,770,954,292) |  | <br> **13106193869** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $39,834,269)<br>| 1171630 | **47947700** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 236689201 | 236736539 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 148171239 | 148186056 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $384,922,595) |  |  | **384922595** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.9%**<br> (Cost $11,195,711,156)<br>| <br>**13539064164** |
| **NET OTHER ASSETS (LIABILITIES) - 1.1%**  | **153423986** |
| **NET ASSETS - 100.0%** | **13692488150** |

---

**Legend**

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

(b) Non-income producing

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 212419950 | 1194913883 | 1170597294 | 5125218 | - | - | 236736539 | 236689201 | 0.4% |
| Fidelity Securities Lending Cash Central Fund | 58668058 | 882203704 | 792685706 | 182603 | - | - | 148186056 | 148171239 | 0.5% |
| Total | 271088008 | 2077117587 | 1963283000 | 5307821 | - | - | 384922595 |  |  |

---

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 July 31, 2025, 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 | 1040789356 | 1040789356 | - | - |
| Consumer Discretionary | 1043793227 | 1043793227 | - | - |
| Consumer Staples | 1248429646 | 1179868857 | 68560789 | - |
| Energy | 1209715938 | 1209715938 | - | - |
| Financials | 3173945614 | 3173945614 | - | - |
| Health Care | 1337162178 | 1337162178 | - | - |
| Industrials | 2003228188 | 2003228188 | - | - |
| Information Technology | 1042283800 | 1016141091 | 26142709 | - |
| Materials | 498131673 | 498131673 | - | - |
| Real Estate | 168221641 | 168221641 | - | - |
| Utilities | 340492608 | 195141430 | 145351178 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 47947700 | - | 47947700 | - |
|  **Money Market Funds** | 384922595 | 384922595 | - | - |
| **Total Investments in Securities:** | 13539064164 | 13251061788 | 288002376 | - |

---

**Fidelity® Series Value Discovery Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $142,979,507) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,810,788,561) | $13154141569 |  |
| Fidelity Central Funds (cost $384,922,595) | 384922595 |  |
| Total Investment in Securities (cost $11,195,711,156) |  | $13539064164 |
| Foreign currency held at value (cost $1,079,839) |  | 1092537 |
| Receivable for investments sold |  | 51667022 |
| Receivable for fund shares sold |  | 345680899 |
| Dividends receivable |  | 11564812 |
| Distributions receivable from Fidelity Central Funds |  | 1084874 |
| Other receivables |  | 75 |
| **Total assets** |  | 13950154383 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $109463723 |  |
| Payable for fund shares redeemed | 379 |  |
| Other payables and accrued expenses | 16075 |  |
| Collateral on securities loaned | 148186056 |  |
| **Total liabilities** |  | 257666233 |
| **Net Assets**  |  | $13692488150 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $10898703970 |
| Total accumulated earnings (loss) |  | 2793784180 |
| **Net Assets** |  | $13692488150 |
| **Net Asset Value**, offering price and redemption price per share ($13,692,488,150 ÷ 847,868,808 shares) |  | $16.15 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $146534514 |
| Income from Fidelity Central Funds (including $182,603 from security lending)  |  | 5307821 |
| **Total income** |  | 151842335 |
| **Expenses** |  |  |
| Custodian fees and expenses | $59218 |  |
| Independent trustees' fees and expenses | 22857 |  |
| Total expenses before reductions | 82075 |  |
| Expense reductions | (3556) |  |
| Total expenses after reductions |  | 78519 |
| **Net Investment income (loss)** |  | 151763816 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 346585996 |  |
| Foreign currency transactions | 10038 |  |
| Total net realized gain (loss) |  | 346596034 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (160466297) |  |
| Assets and liabilities in foreign currencies | 394537 |  |
| Total change in net unrealized appreciation (depreciation) |  | (160071760) |
| **Net gain (loss)** |  | 186524274 |
| **Net increase (decrease) in net assets resulting from operations** |  | $338288090 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $151763816 | $276289838 |
| &nbsp;&nbsp;Net realized gain (loss) | 346596034<br>| 374729531<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (160071760) | 665936463<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 338288090<br>| 1316955832<br>|
| Distributions to shareholders | (121969701)<br>| (551495427)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1454993008 | 4085791331 |
| Reinvestment of distributions | 121969701<br>| 551495427<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (831309223) | (2905074864) |
| **Net increase (decrease) in net assets resulting from share transactions** | 745653486<br>| 1732211894<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 961971875<br>| 2497672299<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12730516275 | 10232843976<br>|
| &nbsp;&nbsp;End of period | $13692488150 | $12730516275 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 91535420 | 258656270 |
| Issued in reinvestment of distributions | 7793591<br>| 34594540<br>|
| &nbsp;&nbsp;Redeemed | (52938755) | (179905045) |
| &nbsp;&nbsp;Net increase (decrease) | 46390256 | 113345765 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.88 | $14.87 | $15.21 | $16.34 | $14.29 | $13.01 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .38  | .36  | .32  | .31  | .32 C |
| Net realized and unrealized gain (loss)  | .23  | 1.38  | .06  | (.10)  | 3.15  | 1.39  |
| Total from investment operations  | .42  | 1.76  | .42  | .22  | 3.46  | 1.71  |
| Distributions from net investment income  | (.03)  | (.38)  | (.35)  | (.32)  | (.33)  | (.30)  |
| Distributions from net realized gain  | (.13)  | (.37)  | (.41)  | (1.03)  | (1.08)  | (.13)  |
| Total distributions  | (.15) D | (.75)  | (.76)  | (1.35)  | (1.41)  | (.43)  |
| Net asset value, end of period  | $16.15 | $15.88 | $14.87 | $15.21 | $16.34 | $14.29 |
| **Total Return** E,F | 2.69% <br>| 11.85%  | 2.93%  | 1.55%  | 24.35%  | 13.45%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions I | -% J | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any I | -% J<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any I | -% J | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.39% J | 2.37%  | 2.43%  | 2.12%  | 1.87%  | 2.54% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13692488 | $12730516 | $10232844 | $9006992 | $9131187 | $8971710 |
| Portfolio turnover rate K | 69% J<br>| 50%  | 32%  | 35%  | 38%  | 75%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.25%.*

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

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

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

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

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

I*Amount represents less than .005%.*

J*Annualized.*

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

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

For the period ended July 31, 2025

**1. Organization.**

Fidelity Series All-Sector Equity Fund, Fidelity Series Stock Selector Large Cap Value Fund and Fidelity Series Value Discovery Fund (the Funds) are funds of Fidelity Devonshire Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of each Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. Fidelity Series Value Discovery Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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 future contracts, 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 for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Series All-Sector Equity Fund** | 2325959983 | 2137674659 | (44160854) | 2093513805 |
| **Fidelity Series Stock Selector Large**<br> **Cap Value Fund** | 10978498622 | $2847534273 | (402177012) | 2445357261 |
| **Fidelity Series Value Discovery Fund** | 11210701355 | 2573959416 | (245596607) | 2328362809 |

---

**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.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series All-Sector Equity Fund** | 1153438748 | 1062578710 |
| **Fidelity Series Stock Selector Large Cap Value Fund** | 5518253456 | 4823228751 |
| **Fidelity Series Value Discovery Fund** | 4796976724 | 4350583646 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series All-Sector Equity Fund** | 18548 |
| **Fidelity Series Stock Selector Large Cap Value Fund** | 105634 |
| **Fidelity Series Value Discovery Fund** | 71749 |

---

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

---

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

---

**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 All-Sector Equity Fund** | 87278043 | 76887193 | 15807073 |
| **Fidelity Series Stock Selector Large Cap Value Fund** | 459088021 | 359146822 | 59892736 |
| **Fidelity Series Value Discovery Fund** | 403368722 | 211672070 | 19820462 |

---

**7. Committed Line of Credit.**

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

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series All-Sector Equity Fund** | 37 | - | - |
| **Fidelity Series Stock Selector Large Cap Value Fund** | 5316 | - | - |
| **Fidelity Series Value Discovery Fund** | 19368 | 797 | - |

---

**9. Expense Reductions.** 

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

---

| | |
|:---|:---|
|  | **Expense Reduction ($)** |
| **Fidelity Series Value Discovery Fund** | 3556 |

---

**10. Other.**

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

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

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Series All-Sector Equity Fund**

**Fidelity Series Value Discovery Fund**

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

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and the fact that no fee is payable under the management contracts was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the funds' investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, each fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered each fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

<u>Investment Performance</u>. The Board reviewed each fund's absolute investment performance, as well as each fund's relative investment performance. The Board did not consider performance to be a material factor in its decision to renew each fund's Advisory Contracts, as the funds are not publicly offered as a stand-alone investment product. In this regard, the Board noted that each fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts. Fidelity Series Value Discovery Fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through May 31, 2028.

Based on its review, the Board considered that each fund does not pay a management fee and concluded that the total expense ratio of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund were not relevant to the renewal of the Advisory Contracts because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions.

**Economies of Scale.** The Board concluded that because each fund pays no advisory fees and FMR bears all expenses of each fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew each fund's Advisory Contracts.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111945_4.jpg)<br>

1.956974.112 EDT-LDT-SANN-0925

**Fidelity® Mid Cap Value K6 Fund**

**Semi-Annual Report**

**July 31, 2025**

![](img111949_1.jpg)

![](img111949_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MCVK6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid Cap Value K6 Fund](#Sub_Sec_Fund_2956_MCVK6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2956_MCVK6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCVK6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCVK6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCVK6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCVK6-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.© 2025 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® Mid Cap Value K6 Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Syensqo SA  | 3900 | 311370 |
| CANADA - 2.0%  |  |  |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| Cenovus Energy Inc (United States)  | 21708 | 330613 |
| MEG Energy Corp  | 8600 | 169505 |
| Secure Waste Infrastructure Corp  | 38700 | 422862 |
|  |  | 922980 |
| Materials - 0.8% |  |  |
| Chemicals - 0.3% |  |  |
| Methanex Corp (United States)  | 9262 | 309721 |
| Paper & Forest Products - 0.5% |  |  |
| Interfor Corp (a) | 41000 | 368693 |
| TOTAL MATERIALS |  | 678414 |
| TOTAL CANADA |  | 1601394 |
| GERMANY - 0.8%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| BioNTech SE ADR (a) | 1919 | 206293 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Siemens Energy AG (a) | 3800 | 439959 |
| TOTAL GERMANY |  | 646252 |
| IRELAND - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Trading Companies & Distributors - 0.2% |  |  |
| AerCap Holdings NV  | 2589 | 277669 |
| SPAIN - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Cellnex Telecom SA (b)(c) | 8473 | 299751 |
| UNITED KINGDOM - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| TechnipFMC PLC  | 10342 | 376139 |
| UNITED STATES - 95.2%  |  |  |
| Communication Services - 1.1% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| ZoomInfo Technologies Inc (a) | 25430 | 275407 |
| Media - 0.8% |  |  |
| Liberty Broadband Corp Class C (a) | 3433 | 210512 |
| Nexstar Media Group Inc  | 2249 | 420810 |
|  |  | 631322 |
| TOTAL COMMUNICATION SERVICES |  | 906729 |
| Consumer Discretionary - 9.3% |  |  |
| Automobile Components - 0.8% |  |  |
| Patrick Industries Inc  | 6461 | 628268 |
| Diversified Consumer Services - 1.1% |  |  |
| Laureate Education Inc (a) | 24519 | 554130 |
| Service Corp International/US  | 4691 | 357970 |
|  |  | 912100 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Hilton Grand Vacations Inc (a) | 7405 | 331891 |
| Household Durables - 2.3% |  |  |
| KB Home  | 6811 | 376376 |
| Newell Brands Inc  | 43053 | 241526 |
| Somnigroup International Inc  | 4754 | 344095 |
| TopBuild Corp (a) | 1537 | 569351 |
| Whirlpool Corp (d) | 4420 | 367037 |
|  |  | 1898385 |
| Leisure Products - 0.5% |  |  |
| Hasbro Inc  | 5019 | 377228 |
| Specialty Retail - 2.7% |  |  |
| Academy Sports & Outdoors Inc  | 5086 | 258318 |
| Bath & Body Works Inc  | 9165 | 265418 |
| Gap Inc/The  | 13859 | 269696 |
| Lithia Motors Inc Class A  | 1291 | 371809 |
| Penske Automotive Group Inc  | 1964 | 328793 |
| Signet Jewelers Ltd  | 3878 | 306750 |
| Upbound Group Inc  | 17849 | 368314 |
|  |  | 2169098 |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| Capri Holdings Ltd (a) | 19880 | 361617 |
| Crocs Inc (a) | 4501 | 448885 |
| PVH Corp  | 5562 | 408362 |
|  |  | 1218864 |
| TOTAL CONSUMER DISCRETIONARY |  | 7535834 |
| Consumer Staples - 5.9% |  |  |
| Beverages - 2.2% |  |  |
| Coca-Cola Consolidated Inc  | 5743 | 641780 |
| Constellation Brands Inc Class A  | 3546 | 592324 |
| Keurig Dr Pepper Inc  | 7443 | 243014 |
| Primo Brands Corp Class A  | 11482 | 317018 |
|  |  | 1794136 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Dollar Tree Inc (a) | 4210 | 478046 |
| Grocery Outlet Holding Corp (a)(d) | 27255 | 358948 |
| US Foods Holding Corp (a) | 8793 | 732721 |
|  |  | 1569715 |
| Food Products - 1.8% |  |  |
| Bunge Global SA  | 8466 | 675249 |
| Darling Ingredients Inc (a) | 10659 | 345138 |
| Ingredion Inc  | 3258 | 428557 |
|  |  | 1448944 |
| TOTAL CONSUMER STAPLES |  | 4812795 |
| Energy - 5.7% |  |  |
| Energy Equipment & Services - 1.5% |  |  |
| Baker Hughes Co Class A  | 16007 | 721115 |
| Weatherford International PLC  | 8363 | 472928 |
|  |  | 1194043 |
| Oil, Gas & Consumable Fuels - 4.2% |  |  |
| Cheniere Energy Inc  | 3098 | 730757 |
| Core Natural Resources Inc  | 3219 | 237594 |
| Energy Transfer LP  | 26897 | 485222 |
| Ovintiv Inc  | 10678 | 439720 |
| Phillips 66  | 5056 | 624820 |
| Targa Resources Corp  | 3816 | 635021 |
| Valero Energy Corp  | 2100 | 288351 |
|  |  | 3441485 |
| TOTAL ENERGY |  | 4635528 |
| Financials - 16.8% |  |  |
| Banks - 3.3% |  |  |
| East West Bancorp Inc  | 4349 | 435987 |
| First Citizens BancShares Inc/NC Class A  | 322 | 642313 |
| M&T Bank Corp  | 3985 | 751970 |
| Webster Financial Corp  | 7470 | 430645 |
| Western Alliance Bancorp  | 5607 | 434879 |
|  |  | 2695794 |
| Capital Markets - 2.1% |  |  |
| BGC Group Inc Class A  | 30213 | 280074 |
| Raymond James Financial Inc  | 4051 | 677043 |
| State Street Corp  | 7058 | 788732 |
|  |  | 1745849 |
| Consumer Finance - 3.6% |  |  |
| Ally Financial Inc  | 13562 | 513322 |
| Capital One Financial Corp  | 2925 | 628875 |
| FirstCash Holdings Inc  | 3914 | 521697 |
| OneMain Holdings Inc  | 11470 | 662851 |
| SLM Corp  | 19506 | 620291 |
|  |  | 2947036 |
| Financial Services - 3.8% |  |  |
| Apollo Global Management Inc  | 4198 | 610054 |
| Block Inc Class A (a) | 3448 | 266392 |
| Corebridge Financial Inc  | 10839 | 385435 |
| Mr Cooper Group Inc (a) | 500 | 77860 |
| NCR Atleos Corp (a) | 6796 | 207958 |
| PennyMac Financial Services Inc  | 4512 | 420248 |
| Rocket Cos Inc Class A (d) | 22094 | 326328 |
| Voya Financial Inc  | 4757 | 332990 |
| WEX Inc (a) | 2965 | 503101 |
|  |  | 3130366 |
| Insurance - 4.0% |  |  |
| American Financial Group Inc/OH  | 4276 | 534072 |
| First American Financial Corp  | 7208 | 432840 |
| Hartford Insurance Group Inc/The  | 7586 | 943623 |
| Reinsurance Group of America Inc  | 3399 | 654138 |
| The Travelers Companies, Inc.  | 2312 | 601675 |
|  |  | 3166348 |
| TOTAL FINANCIALS |  | 13685393 |
| Health Care - 7.1% |  |  |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Baxter International Inc  | 13400 | 291584 |
| Lantheus Holdings Inc (a)(d) | 3656 | 260270 |
| QuidelOrtho Corp (a) | 16739 | 385332 |
| Solventum Corp (a) | 6813 | 486176 |
|  |  | 1423362 |
| Health Care Providers & Services - 3.7% |  |  |
| Acadia Healthcare Co Inc (a) | 25785 | 561340 |
| AdaptHealth Corp (a) | 23900 | 214383 |
| Cigna Group/The  | 1343 | 359091 |
| CVS Health Corp  | 6140 | 381294 |
| Henry Schein Inc (a) | 3828 | 258964 |
| Molina Healthcare Inc (a) | 3264 | 515288 |
| PACS Group Inc (a) | 20521 | 226962 |
| Tenet Healthcare Corp (a) | 2693 | 434327 |
|  |  | 2951649 |
| Life Sciences Tools & Services - 1.7% |  |  |
| Bruker Corp  | 8000 | 307440 |
| Fortrea Holdings Inc (a) | 20500 | 117670 |
| ICON PLC (a) | 2996 | 506893 |
| IQVIA Holdings Inc (a) | 2500 | 464650 |
|  |  | 1396653 |
| TOTAL HEALTH CARE |  | 5771664 |
| Industrials - 17.6% |  |  |
| Air Freight & Logistics - 0.8% |  |  |
| GXO Logistics Inc (a) | 13095 | 650952 |
| Building Products - 1.9% |  |  |
| Builders FirstSource Inc (a) | 4641 | 590010 |
| Owens Corning  | 3671 | 511848 |
| UFP Industries Inc  | 4892 | 479416 |
|  |  | 1581274 |
| Commercial Services & Supplies - 0.8% |  |  |
| Brink's Co/The  | 3889 | 339665 |
| MillerKnoll Inc  | 16346 | 310247 |
|  |  | 649912 |
| Construction & Engineering - 2.1% |  |  |
| Centuri Holdings Inc (a)(d) | 11421 | 248978 |
| EMCOR Group Inc  | 1272 | 798168 |
| Fluor Corp (a) | 4285 | 243259 |
| WillScot Holdings Corp  | 15175 | 445386 |
|  |  | 1735791 |
| Electrical Equipment - 0.8% |  |  |
| Regal Rexnord Corp  | 4524 | 691629 |
| Ground Transportation - 2.5% |  |  |
| Ryder System Inc  | 3625 | 644199 |
| Saia Inc (a) | 1630 | 492651 |
| U-Haul Holding Co Class N  | 6680 | 347360 |
| XPO Inc (a) | 4471 | 537817 |
|  |  | 2022027 |
| Machinery - 4.6% |  |  |
| Allison Transmission Holdings Inc  | 1980 | 178339 |
| CNH Industrial NV Class A  | 37177 | 481814 |
| Cummins Inc  | 2675 | 983384 |
| Flowserve Corp  | 6700 | 375468 |
| Gates Industrial Corp PLC (a) | 16153 | 400594 |
| Oshkosh Corp  | 4246 | 537246 |
| PACCAR Inc  | 2987 | 294996 |
| Terex Corp  | 7811 | 397267 |
|  |  | 3649108 |
| Professional Services - 2.4% |  |  |
| Amentum Holdings Inc  | 14270 | 356322 |
| Concentrix Corp  | 4104 | 213285 |
| First Advantage Corp (a)(d) | 19735 | 341218 |
| Genpact Ltd  | 7704 | 339361 |
| KBR Inc  | 6507 | 304137 |
| SS&C Technologies Holdings Inc  | 4770 | 407740 |
|  |  | 1962063 |
| Trading Companies & Distributors - 1.7% |  |  |
| Core & Main Inc Class A (a) | 3857 | 245459 |
| Herc Holdings Inc (d) | 3847 | 449368 |
| Rush Enterprises Inc Class A  | 4546 | 246120 |
| Wesco International Inc  | 2177 | 450553 |
|  |  | 1391500 |
| TOTAL INDUSTRIALS |  | 14334256 |
| Information Technology - 7.4% |  |  |
| Communications Equipment - 0.7% |  |  |
| Ciena Corp (a) | 6077 | 564188 |
| Electronic Equipment, Instruments & Components - 2.7% |  |  |
| Arrow Electronics Inc (a) | 4416 | 512256 |
| Avnet Inc  | 9104 | 481966 |
| Coherent Corp (a) | 3955 | 425558 |
| Insight Enterprises Inc (a) | 2107 | 249848 |
| TD SYNNEX Corp  | 3039 | 438801 |
|  |  | 2108429 |
| IT Services - 1.1% |  |  |
| Amdocs Ltd  | 3294 | 281176 |
| EPAM Systems Inc (a) | 1660 | 261798 |
| Kyndryl Holdings Inc (a) | 10122 | 382308 |
|  |  | 925282 |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| First Solar Inc (a) | 2686 | 469325 |
| ON Semiconductor Corp (a) | 13577 | 765200 |
|  |  | 1234525 |
| Technology Hardware, Storage & Peripherals - 1.4% |  |  |
| Sandisk Corp/DE  | 2511 | 107772 |
| Western Digital Corp  | 13256 | 1043115 |
|  |  | 1150887 |
| TOTAL INFORMATION TECHNOLOGY |  | 5983311 |
| Materials - 6.5% |  |  |
| Chemicals - 1.9% |  |  |
| Corteva Inc  | 9864 | 711490 |
| Mosaic Co/The  | 9666 | 348073 |
| Westlake Corp  | 5734 | 454706 |
|  |  | 1514269 |
| Construction Materials - 1.2% |  |  |
| CRH PLC  | 5672 | 541393 |
| James Hardie Industries PLC ADR (a) | 16698 | 433146 |
|  |  | 974539 |
| Containers & Packaging - 1.7% |  |  |
| International Paper Co  | 5813 | 271699 |
| Smurfit WestRock PLC  | 25404 | 1127430 |
|  |  | 1399129 |
| Metals & Mining - 1.7% |  |  |
| Reliance Inc  | 3023 | 877063 |
| Steel Dynamics Inc  | 3838 | 489575 |
|  |  | 1366638 |
| TOTAL MATERIALS |  | 5254575 |
| Real Estate - 10.0% |  |  |
| Health Care REITs - 2.5% |  |  |
| American Healthcare REIT Inc  | 17143 | 662406 |
| Ventas Inc  | 6685 | 449098 |
| Welltower Inc  | 5484 | 905244 |
|  |  | 2016748 |
| Industrial REITs - 1.4% |  |  |
| Americold Realty Trust Inc  | 16646 | 267667 |
| Prologis Inc  | 5496 | 586863 |
| Rexford Industrial Realty Inc  | 8979 | 328003 |
|  |  | 1182533 |
| Real Estate Management & Development - 1.3% |  |  |
| Compass Inc Class A (a) | 55798 | 443036 |
| Jones Lang LaSalle Inc (a) | 2468 | 667249 |
|  |  | 1110285 |
| Residential REITs - 2.1% |  |  |
| Camden Property Trust  | 5539 | 604859 |
| Sun Communities Inc  | 5621 | 697173 |
| UDR Inc  | 9816 | 385670 |
|  |  | 1687702 |
| Specialized REITs - 2.7% |  |  |
| Equinix Inc  | 612 | 480524 |
| Iron Mountain Inc  | 3066 | 298506 |
| Lamar Advertising Co Class A  | 2957 | 361493 |
| Outfront Media Inc  | 20889 | 366184 |
| Public Storage Operating Co  | 2391 | 650209 |
|  |  | 2156916 |
| TOTAL REAL ESTATE |  | 8154184 |
| Utilities - 7.8% |  |  |
| Electric Utilities - 4.4% |  |  |
| Constellation Energy Corp  | 908 | 315839 |
| Evergy Inc  | 11839 | 838201 |
| Eversource Energy  | 11839 | 782558 |
| NRG Energy Inc  | 2770 | 463144 |
| PG&E Corp  | 58818 | 824628 |
| PPL Corp  | 10991 | 392269 |
|  |  | 3616639 |
| Gas Utilities - 0.9% |  |  |
| UGI Corp  | 20578 | 744512 |
| Independent Power and Renewable Electricity Producers - 1.0% |  |  |
| AES Corp/The  | 40840 | 537046 |
| Vistra Corp  | 1360 | 283614 |
|  |  | 820660 |
| Multi-Utilities - 1.5% |  |  |
| Sempra  | 14451 | 1180358 |
| TOTAL UTILITIES |  | 6362169 |
| TOTAL UNITED STATES |  | 77436438 |
| ZAMBIA - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| First Quantum Minerals Ltd (a) | 23800 | 400045 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $71,898,343) |  | <br> **81349058** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 79118 | 79133 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 1520623 | 1520775 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,599,908) |  |  | **1599908** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $73,498,251)<br>| <br>**82948966** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(1575750)** |
| **NET ASSETS - 100.0%** | **81373216** |

---

**Legend**

(a) Non-income producing

(b) 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 $299,751 or 0.4% of net assets.

(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 $299,751 or 0.4% of net assets.

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 352486 | 7319560 | 7592913 | 5218 | - | - | 79133 | 79118 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 434900 | 8893748 | 7807872 | 9286 | - | (1) | 1520775 | 1520623 | 0.0% |
| Total | 787386 | 16213308 | 15400785 | 14504 | - | (1) | 1599908 |  |  |

---

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 July 31, 2025, 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 | 1206480 | 1206480 | - | - |
| Consumer Discretionary | 7535834 | 7535834 | - | - |
| Consumer Staples | 4812795 | 4812795 | - | - |
| Energy | 5934647 | 5934647 | - | - |
| Financials | 13685393 | 13685393 | - | - |
| Health Care | 5977957 | 5977957 | - | - |
| Industrials | 15051884 | 14611925 | 439959 | - |
| Information Technology | 5983311 | 5983311 | - | - |
| Materials | 6644404 | 6644404 | - | - |
| Real Estate | 8154184 | 8154184 | - | - |
| Utilities | 6362169 | 6362169 | - | - |
|  **Money Market Funds** | 1599908 | 1599908 | - | - |
| **Total Investments in Securities:** | 82948966 | 82509007 | 439959 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,474,720) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $71,898,343) | $81349058 |  |
| Fidelity Central Funds (cost $1,599,908) | 1599908 |  |
| Total Investment in Securities (cost $73,498,251) |  | $82948966 |
| Cash |  | 275 |
| Receivable for investments sold |  | 161267 |
| Receivable for fund shares sold |  | 5550 |
| Dividends receivable |  | 22175 |
| Distributions receivable from Fidelity Central Funds |  | 1980 |
| Other receivables |  | 21 |
| **Total assets** |  | 83140234 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $208474 |  |
| Payable for fund shares redeemed | 6601 |  |
| Accrued management fee | 31144 |  |
| Other payables and accrued expenses | 24 |  |
| Collateral on securities loaned | 1520775 |  |
| **Total liabilities** |  | 1767018 |
| **Net Assets**  |  | $81373216 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $72085511 |
| Total accumulated earnings (loss) |  | 9287705 |
| **Net Assets** |  | $81373216 |
| **Net Asset Value**, offering price and redemption price per share ($81,373,216 ÷ 6,816,075 shares) |  | $11.94 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $455912 |
| Income from Fidelity Central Funds (including $9,286 from security lending)  |  | 14504 |
| **Total income** |  | 470416 |
| **Expenses** |  |  |
| Management fee | $113976 |  |
| Independent trustees' fees and expenses | 71 |  |
| Total expenses before reductions | 114047 |  |
| Expense reductions | (168) |  |
| Total expenses after reductions |  | 113879 |
| **Net Investment income (loss)** |  | 356537 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (372903) |  |
| Foreign currency transactions | (1230) |  |
| Total net realized gain (loss) |  | (374133) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4291011 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 4 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4291014 |
| **Net gain (loss)** |  | 3916881 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4273418 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $356537 | $569177 |
| &nbsp;&nbsp;Net realized gain (loss) | (374133)<br>| 8527932<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4291014 | (187145)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4273418<br>| 8909964<br>|
| Distributions to shareholders | (1288999)<br>| (7920228)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 55970069 | 31183898 |
| Reinvestment of distributions | 1288999<br>| 7920228<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (8988005) | (50289274) |
| **Net increase (decrease) in net assets resulting from share transactions** | 48271063<br>| (11185148)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 51255482<br>| (10195412)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 30117734 | 40313146<br>|
| &nbsp;&nbsp;End of period | $81373216 | $30117734 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 5116362 | 1925661 |
| Issued in reinvestment of distributions | 114374<br>| 642438<br>|
| &nbsp;&nbsp;Redeemed | (781916) | (2931745) |
| &nbsp;&nbsp;Net increase (decrease) | 4448820 | (363646) |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.72 | $14.76 | $13.65 | $13.55 | $10.64 | $10.28 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .21  | .20  | .19 C | .19  | .19  |
| Net realized and unrealized gain (loss)  | (.29)  | 2.50  | 1.10  | .12  | 2.91  | .40  |
| Total from investment operations  | (.21)  | 2.71  | 1.30  | .31  | 3.10  | .59  |
| Distributions from net investment income  | -  | (.37) D | (.17)  | (.21)  | (.19)  | (.23)  |
| Distributions from net realized gain  | (.57)  | (4.38) D | (.03)  | -  | -  | -  |
| Total distributions  | (.57)  | (4.75)  | (.19) E | (.21)  | (.19)  | (.23)  |
| Net asset value, end of period  | $11.94 | $12.72 | $14.76 | $13.65 | $13.55 | $10.64 |
| **Total Return** F,G | (1.38)% <br>| 19.49%  | 9.58%  | 2.41%  | 29.17%  | 5.83%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .45% J | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% J<br>| .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45% J | .45%  | .45%  | .45%  | .45%  | .44%  |
| Net investment income (loss)  | 1.40% J | 1.29%  | 1.48%  | 1.45% C | 1.45%  | 2.07%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $81373 | $30118 | $40313 | $36374 | $34992 | $27404 |
| Portfolio turnover rate K | 110% J,L<br>| 140%  | 84% L | 85% L | 100%  | 73%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.23%.*

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

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

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

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

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

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

J*Annualized.*

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

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

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

For the period ended July 31, 2025

**1. Organization.**

Fidelity Mid Cap Value K6 Fund (the Fund) is a fund of Fidelity Devonshire Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 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. These differences resulted in distribution reclassifications.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $11424452 |
| **Gross unrealized depreciation** | <u>(2336594)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$9087858</u> |
| **Tax cost** | <u>$73861108</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.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Mid Cap Value K6 Fund** | 51663797 | 26912235 |

---

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

---

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

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid Cap Value K6 Fund** | 1267 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Mid Cap Value K6 Fund** | 1409116 | 861937 | 55829 |

---

**6. Committed Line of Credit.**

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

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Mid Cap Value K6 Fund** | 961 | - | - |

---

**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 $168.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Mid Cap Value K6 Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111949_4.jpg)<br>

1.9883982.108 MCVK6-SANN-0925

**Fidelity® Mid Cap Value Fund**

**Semi-Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111950_1.jpg)

![](img111950_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MCV-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid Cap Value Fund](#Sub_Sec_Fund_5649_MCV-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements5649_MCV-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MCV-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MCV-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MCV-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MCV-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.© 2025 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® Mid Cap Value Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Syensqo SA  | 82300 | 6570696 |
| CANADA - 2.2%  |  |  |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Cenovus Energy Inc (United States)  | 448346 | 6828309 |
| MEG Energy Corp  | 364100 | 7176365 |
| Secure Waste Infrastructure Corp  | 832400 | 9095364 |
|  |  | 23100038 |
| Materials - 0.8% |  |  |
| Chemicals - 0.4% |  |  |
| Methanex Corp (United States)  | 191557 | 6405666 |
| Paper & Forest Products - 0.4% |  |  |
| Interfor Corp (a) | 815200 | 7330681 |
| TOTAL MATERIALS |  | 13736347 |
| TOTAL CANADA |  | 36836385 |
| GERMANY - 0.8%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| BioNTech SE ADR (a) | 39652 | 4262590 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Siemens Energy AG (a) | 74500 | 8625519 |
| TOTAL GERMANY |  | 12888109 |
| IRELAND - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Trading Companies & Distributors - 0.2% |  |  |
| AerCap Holdings NV  | 53398 | 5726936 |
| SPAIN - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Cellnex Telecom SA (b)(c) | 171827 | 6078758 |
| UNITED KINGDOM - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| TechnipFMC PLC  | 208880 | 7596966 |
| UNITED STATES - 94.7%  |  |  |
| Communication Services - 1.0% |  |  |
| Interactive Media & Services - 0.3% |  |  |
| ZoomInfo Technologies Inc (a) | 530364 | 5743842 |
| Media - 0.7% |  |  |
| Liberty Broadband Corp Class C (a) | 69713 | 4274801 |
| Nexstar Media Group Inc  | 44614 | 8347726 |
|  |  | 12622527 |
| TOTAL COMMUNICATION SERVICES |  | 18366369 |
| Consumer Discretionary - 9.3% |  |  |
| Automobile Components - 0.8% |  |  |
| Patrick Industries Inc  | 131762 | 12812537 |
| Diversified Consumer Services - 1.3% |  |  |
| Laureate Education Inc (a) | 630322 | 14245277 |
| Service Corp International/US  | 94646 | 7222436 |
|  |  | 21467713 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Hilton Grand Vacations Inc (a) | 150054 | 6725420 |
| Household Durables - 2.3% |  |  |
| KB Home  | 138726 | 7665999 |
| Newell Brands Inc  | 889756 | 4991531 |
| Somnigroup International Inc  | 103666 | 7503345 |
| TopBuild Corp (a) | 30760 | 11394427 |
| Whirlpool Corp (d) | 91029 | 7559048 |
|  |  | 39114350 |
| Leisure Products - 0.4% |  |  |
| Hasbro Inc  | 99741 | 7496534 |
| Specialty Retail - 2.6% |  |  |
| Academy Sports & Outdoors Inc  | 108367 | 5503960 |
| Bath & Body Works Inc  | 189935 | 5500518 |
| Gap Inc/The  | 286545 | 5576166 |
| Lithia Motors Inc Class A  | 26331 | 7583328 |
| Penske Automotive Group Inc  | 39527 | 6617215 |
| Signet Jewelers Ltd (d) | 80391 | 6358928 |
| Upbound Group Inc  | 355939 | 7344801 |
|  |  | 44484916 |
| Textiles, Apparel & Luxury Goods - 1.5% |  |  |
| Capri Holdings Ltd (a) | 423998 | 7712523 |
| Crocs Inc (a) | 89716 | 8947377 |
| PVH Corp  | 111338 | 8174436 |
|  |  | 24834336 |
| TOTAL CONSUMER DISCRETIONARY |  | 156935806 |
| Consumer Staples - 5.8% |  |  |
| Beverages - 2.2% |  |  |
| Coca-Cola Consolidated Inc  | 114527 | 12798392 |
| Constellation Brands Inc Class A  | 72019 | 12030054 |
| Keurig Dr Pepper Inc  | 153860 | 5023529 |
| Primo Brands Corp Class A  | 232679 | 6424267 |
|  |  | 36276242 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Dollar Tree Inc (a) | 83701 | 9504249 |
| Grocery Outlet Holding Corp (a)(d) | 574113 | 7561068 |
| US Foods Holding Corp (a) | 175524 | 14626415 |
|  |  | 31691732 |
| Food Products - 1.7% |  |  |
| Bunge Global SA  | 170112 | 13568133 |
| Darling Ingredients Inc (a) | 211440 | 6846427 |
| Ingredion Inc  | 65513 | 8617580 |
|  |  | 29032140 |
| TOTAL CONSUMER STAPLES |  | 97000114 |
| Energy - 5.7% |  |  |
| Energy Equipment & Services - 1.5% |  |  |
| Baker Hughes Co Class A  | 356193 | 16046495 |
| Weatherford International PLC  | 172011 | 9727221 |
|  |  | 25773716 |
| Oil, Gas & Consumable Fuels - 4.2% |  |  |
| Cheniere Energy Inc  | 61847 | 14588471 |
| Core Natural Resources Inc  | 66367 | 4898548 |
| Energy Transfer LP  | 542150 | 9780386 |
| Ovintiv Inc  | 211924 | 8727030 |
| Phillips 66  | 101439 | 12535832 |
| Targa Resources Corp  | 76715 | 12766143 |
| Valero Energy Corp  | 46200 | 6343722 |
|  |  | 69640132 |
| TOTAL ENERGY |  | 95413848 |
| Financials - 16.8% |  |  |
| Banks - 3.2% |  |  |
| East West Bancorp Inc  | 88269 | 8848967 |
| First Citizens BancShares Inc/NC Class A  | 6406 | 12778433 |
| M&T Bank Corp  | 79566 | 15014104 |
| Webster Financial Corp  | 148092 | 8537504 |
| Western Alliance Bancorp  | 111662 | 8660505 |
|  |  | 53839513 |
| Capital Markets - 2.1% |  |  |
| BGC Group Inc Class A  | 606378 | 5621123 |
| Raymond James Financial Inc  | 79977 | 13366556 |
| State Street Corp  | 140890 | 15744458 |
|  |  | 34732137 |
| Consumer Finance - 3.7% |  |  |
| Ally Financial Inc  | 271729 | 10284942 |
| Capital One Financial Corp  | 58910 | 12665650 |
| FirstCash Holdings Inc  | 79481 | 10594022 |
| OneMain Holdings Inc  | 230440 | 13317128 |
| SLM Corp  | 494227 | 15716419 |
|  |  | 62578161 |
| Financial Services - 3.8% |  |  |
| Apollo Global Management Inc  | 84059 | 12215454 |
| Block Inc Class A (a) | 72332 | 5588370 |
| Corebridge Financial Inc  | 218450 | 7768082 |
| Mr Cooper Group Inc (a) | 11800 | 1837496 |
| NCR Atleos Corp (a) | 140652 | 4303951 |
| PennyMac Financial Services Inc  | 90758 | 8453200 |
| Rocket Cos Inc Class A (d) | 476306 | 7035040 |
| Voya Financial Inc  | 95942 | 6715940 |
| WEX Inc (a) | 59057 | 10020792 |
|  |  | 63938325 |
| Insurance - 4.0% |  |  |
| American Financial Group Inc/OH  | 86518 | 10806098 |
| First American Financial Corp  | 155692 | 9349305 |
| Hartford Insurance Group Inc/The  | 151414 | 18834387 |
| Reinsurance Group of America Inc  | 83595 | 16087858 |
| The Travelers Companies, Inc.  | 46882 | 12200572 |
|  |  | 67278220 |
| TOTAL FINANCIALS |  | 282366356 |
| Health Care - 7.3% |  |  |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Baxter International Inc  | 275100 | 5986176 |
| Lantheus Holdings Inc (a)(d) | 75755 | 5392998 |
| QuidelOrtho Corp (a) | 337169 | 7761630 |
| Solventum Corp (a) | 136256 | 9723229 |
|  |  | 28864033 |
| Health Care Providers & Services - 4.0% |  |  |
| Acadia Healthcare Co Inc (a) | 516669 | 11247884 |
| AdaptHealth Corp (a) | 525100 | 4710146 |
| Cigna Group/The  | 27109 | 7248404 |
| CVS Health Corp  | 121476 | 7543660 |
| Henry Schein Inc (a) | 75104 | 5080786 |
| Molina Healthcare Inc (a) | 66333 | 10471991 |
| PACS Group Inc (a) | 434830 | 4809220 |
| Tenet Healthcare Corp (a) | 96881 | 15624968 |
|  |  | 66737059 |
| Life Sciences Tools & Services - 1.6% |  |  |
| Bruker Corp  | 165100 | 6344793 |
| Fortrea Holdings Inc (a) | 425700 | 2443518 |
| ICON PLC (a) | 59580 | 10080340 |
| IQVIA Holdings Inc (a) | 50300 | 9348758 |
|  |  | 28217409 |
| TOTAL HEALTH CARE |  | 123818501 |
| Industrials - 17.7% |  |  |
| Air Freight & Logistics - 0.7% |  |  |
| GXO Logistics Inc (a) | 262327 | 13040275 |
| Building Products - 1.9% |  |  |
| Builders FirstSource Inc (a) | 93025 | 11826268 |
| Owens Corning  | 74050 | 10324792 |
| UFP Industries Inc  | 97676 | 9572248 |
|  |  | 31723308 |
| Commercial Services & Supplies - 0.8% |  |  |
| Brink's Co/The  | 78510 | 6857064 |
| MillerKnoll Inc  | 330677 | 6276249 |
|  |  | 13133313 |
| Construction & Engineering - 2.2% |  |  |
| Centuri Holdings Inc (a)(d) | 320139 | 6979030 |
| EMCOR Group Inc  | 24813 | 15569910 |
| Fluor Corp (a) | 89753 | 5095278 |
| WillScot Holdings Corp  | 302258 | 8871272 |
|  |  | 36515490 |
| Electrical Equipment - 0.8% |  |  |
| Regal Rexnord Corp  | 90620 | 13853986 |
| Ground Transportation - 2.4% |  |  |
| Ryder System Inc  | 72650 | 12910632 |
| Saia Inc (a) | 32092 | 9699486 |
| U-Haul Holding Co Class N  | 134969 | 7018387 |
| XPO Inc (a) | 89547 | 10771609 |
|  |  | 40400114 |
| Machinery - 4.8% |  |  |
| Allison Transmission Holdings Inc  | 66285 | 5970290 |
| CNH Industrial NV Class A  | 742989 | 9629137 |
| Cummins Inc  | 54800 | 20145577 |
| Flowserve Corp  | 144000 | 8069760 |
| Gates Industrial Corp PLC (a) | 320007 | 7936174 |
| Oshkosh Corp  | 85355 | 10799968 |
| PACCAR Inc  | 62142 | 6137144 |
| Terex Corp  | 248911 | 12659613 |
|  |  | 81347663 |
| Professional Services - 2.4% |  |  |
| Amentum Holdings Inc  | 286844 | 7162495 |
| Concentrix Corp (d) | 86012 | 4470044 |
| First Advantage Corp (a)(d) | 397867 | 6879120 |
| Genpact Ltd  | 155249 | 6838718 |
| KBR Inc  | 141135 | 6596650 |
| SS&C Technologies Holdings Inc  | 94879 | 8110257 |
|  |  | 40057284 |
| Trading Companies & Distributors - 1.7% |  |  |
| Core & Main Inc Class A (a) | 79842 | 5081145 |
| Herc Holdings Inc (d) | 78089 | 9121576 |
| Rush Enterprises Inc Class A  | 94003 | 5089322 |
| Wesco International Inc  | 42956 | 8890174 |
|  |  | 28182217 |
| TOTAL INDUSTRIALS |  | 298253650 |
| Information Technology - 7.4% |  |  |
| Communications Equipment - 1.0% |  |  |
| Ciena Corp (a) | 175775 | 16318951 |
| Electronic Equipment, Instruments & Components - 2.5% |  |  |
| Arrow Electronics Inc (a) | 88869 | 10308804 |
| Avnet Inc  | 181835 | 9626345 |
| Coherent Corp (a) | 78460 | 8442296 |
| Insight Enterprises Inc (a) | 43878 | 5203053 |
| TD SYNNEX Corp  | 62716 | 9055563 |
|  |  | 42636061 |
| IT Services - 1.1% |  |  |
| Amdocs Ltd  | 68160 | 5818138 |
| EPAM Systems Inc (a) | 34623 | 5460393 |
| Kyndryl Holdings Inc (a) | 203083 | 7670445 |
|  |  | 18948976 |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| First Solar Inc (a) | 53953 | 9427208 |
| ON Semiconductor Corp (a) | 271017 | 15274518 |
|  |  | 24701726 |
| Technology Hardware, Storage & Peripherals - 1.3% |  |  |
| Sandisk Corp/DE  | 38689 | 1660532 |
| Western Digital Corp  | 264603 | 20821610 |
|  |  | 22482142 |
| TOTAL INFORMATION TECHNOLOGY |  | 125087856 |
| Materials - 6.2% |  |  |
| Chemicals - 1.8% |  |  |
| Corteva Inc  | 196898 | 14202253 |
| Mosaic Co/The  | 196259 | 7067286 |
| Westlake Corp  | 114197 | 9055822 |
|  |  | 30325361 |
| Construction Materials - 1.2% |  |  |
| CRH PLC  | 114496 | 10928644 |
| James Hardie Industries PLC ADR (a) | 340709 | 8837991 |
|  |  | 19766635 |
| Containers & Packaging - 1.6% |  |  |
| International Paper Co  | 113167 | 5289425 |
| Smurfit WestRock PLC  | 507160 | 22507761 |
|  |  | 27797186 |
| Metals & Mining - 1.6% |  |  |
| Reliance Inc  | 59715 | 17325113 |
| Steel Dynamics Inc  | 76705 | 9784490 |
|  |  | 27109603 |
| TOTAL MATERIALS |  | 104998785 |
| Real Estate - 9.9% |  |  |
| Health Care REITs - 2.4% |  |  |
| American Healthcare REIT Inc  | 344202 | 13299965 |
| Ventas Inc  | 132789 | 8920765 |
| Welltower Inc  | 109460 | 18068563 |
|  |  | 40289293 |
| Industrial REITs - 1.4% |  |  |
| Americold Realty Trust Inc  | 347404 | 5586256 |
| Prologis Inc  | 109375 | 11679063 |
| Rexford Industrial Realty Inc  | 178128 | 6507016 |
|  |  | 23772335 |
| Real Estate Management & Development - 1.3% |  |  |
| Compass Inc Class A (a) | 1136695 | 9025357 |
| Jones Lang LaSalle Inc (a) | 49489 | 13379846 |
|  |  | 22405203 |
| Residential REITs - 2.1% |  |  |
| Camden Property Trust  | 111098 | 12131902 |
| Sun Communities Inc  | 112828 | 13994057 |
| UDR Inc  | 217184 | 8533159 |
|  |  | 34659118 |
| Specialized REITs - 2.7% |  |  |
| Equinix Inc  | 12300 | 9657591 |
| Iron Mountain Inc  | 63425 | 6175058 |
| Lamar Advertising Co Class A  | 58679 | 7173508 |
| Outfront Media Inc  | 517661 | 9074597 |
| Public Storage Operating Co  | 47967 | 13044146 |
|  |  | 45124900 |
| TOTAL REAL ESTATE |  | 166250849 |
| Utilities - 7.6% |  |  |
| Electric Utilities - 4.3% |  |  |
| Constellation Energy Corp  | 18871 | 6564088 |
| Evergy Inc  | 237501 | 16815071 |
| Eversource Energy  | 236577 | 15637740 |
| NRG Energy Inc  | 55025 | 9200180 |
| PG&E Corp  | 1174006 | 16459564 |
| PPL Corp  | 224367 | 8007658 |
|  |  | 72684301 |
| Gas Utilities - 0.9% |  |  |
| UGI Corp  | 410742 | 14860646 |
| Independent Power and Renewable Electricity Producers - 1.0% |  |  |
| AES Corp/The  | 814670 | 10712911 |
| Vistra Corp  | 28369 | 5916071 |
|  |  | 16628982 |
| Multi-Utilities - 1.4% |  |  |
| Sempra  | 288741 | 23584365 |
| TOTAL UTILITIES |  | 127758294 |
| TOTAL UNITED STATES |  | 1596250428 |
| ZAMBIA - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| First Quantum Minerals Ltd (a) | 781800 | 13140966 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,427,277,317) |  | <br> **1685089244** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 1799403 | 1799762 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 37034566 | 37038270 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $38,838,032) |  |  | **38838032** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.3%**<br> (Cost $1,466,115,349)<br>| <br>**1723927276** |
| **NET OTHER ASSETS (LIABILITIES) - (2.3)%**  | **(39021986)** |
| **NET ASSETS - 100.0%** | **1684905290** |

---

**Legend**

(a) Non-income producing.

(b) 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 $6,078,758 or 0.4% of net assets.

(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 $6,078,758 or 0.4% of net assets.

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2813365 | 77746400 | 78760003 | 25899 | - | - | 1799762 | 1799403 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 50634920 | 330212611 | 343809261 | 328822 | - | - | 37038270 | 37034566 | 0.1% |
| Total | 53448285 | 407959011 | 422569264 | 354721 | - | - | 38838032 |  |  |

---

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 July 31, 2025, 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 | 24445127 | 24445127 | - | - |
| Consumer Discretionary | 156935806 | 156935806 | - | - |
| Consumer Staples | 97000114 | 97000114 | - | - |
| Energy | 126110852 | 126110852 | - | - |
| Financials | 282366356 | 282366356 | - | - |
| Health Care | 128081091 | 128081091 | - | - |
| Industrials | 312606105 | 303980586 | 8625519 | - |
| Information Technology | 125087856 | 125087856 | - | - |
| Materials | 138446794 | 138446794 | - | - |
| Real Estate | 166250849 | 166250849 | - | - |
| Utilities | 127758294 | 127758294 | - | - |
|  **Money Market Funds** | 38838032 | 38838032 | - | - |
| **Total Investments in Securities:** | 1723927276 | 1715301757 | 8625519 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $35,755,244) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,427,277,317) | $1685089244 |  |
| Fidelity Central Funds (cost $38,838,032) | 38838032 |  |
| Total Investment in Securities (cost $1,466,115,349) |  | $1723927276 |
| Cash |  | 21 |
| Receivable for investments sold |  | 4131093 |
| Receivable for fund shares sold |  | 500932 |
| Dividends receivable |  | 514417 |
| Distributions receivable from Fidelity Central Funds |  | 40031 |
| Prepaid expenses |  | 286 |
| **Total assets** |  | 1729114056 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4087269 |  |
| Payable for fund shares redeemed | 1788479 |  |
| Accrued management fee | 1189982 |  |
| Distribution and service plan fees payable | 70986 |  |
| Other payables and accrued expenses | 45499 |  |
| Collateral on securities loaned | 37026551 |  |
| **Total liabilities** |  | 44208766 |
| **Net Assets**  |  | $1684905290 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1415646269 |
| Total accumulated earnings (loss) |  | 269259021 |
| **Net Assets** |  | $1684905290 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($201,870,511 ÷ 6,965,634 shares)(a) |  | $28.98 |
| Maximum offering price per share (100/94.25 of $28.98) |  | $30.75 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($35,844,454 ÷ 1,248,307 shares)(a) |  | $28.71 |
| Maximum offering price per share (100/96.50 of $28.71) |  | $29.75 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($15,033,699 ÷ 546,887 shares)(a) |  | $27.49 |
| **Mid Cap Value :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,210,714,823 ÷ 40,744,587 shares) |  | $29.71 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($140,828,734 ÷ 4,800,828 shares) |  | $29.33 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($80,613,069 ÷ 2,747,309 shares) |  | $29.34 |
| *(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 July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $16148013 |
| Income from Fidelity Central Funds (including $328,822 from security lending)  |  | 354721 |
| **Total income** |  | 16502734 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $5697852 |  |
| Performance adjustment | 1554171 |  |
| Distribution and service plan fees | 412871 |  |
| Custodian fees and expenses | 37019 |  |
| Independent trustees' fees and expenses | 3313 |  |
| Registration fees | 70001 |  |
| Audit fees | 36991 |  |
| Legal | 2664 |  |
| Interest | 15707 |  |
| Miscellaneous | 14314 |  |
| **Total expenses** |  | 7844903 |
| **Net Investment income (loss)** |  | 8657831 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 631177 |  |
| Redemptions in-kind | 5482157 |  |
| Foreign currency transactions | (59611) |  |
| Total net realized gain (loss) |  | 6053723 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (42244464) |  |
| Assets and liabilities in foreign currencies | 312 |  |
| Total change in net unrealized appreciation (depreciation) |  | (42244152) |
| **Net gain (loss)** |  | (36190429) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(27532598) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $8657831 | $15964382 |
| &nbsp;&nbsp;Net realized gain (loss) | 6053723<br>| 243602070<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (42244152) | 73998099<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (27532598)<br>| 333564551<br>|
| Distributions to shareholders | (67698026)<br>| (181614291)<br>|
| Share transactions - net increase (decrease) | (138641623)<br>| 84092578<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (233872247)<br>| 236042838<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1918777537 | 1682734699<br>|
| &nbsp;&nbsp;End of period | $1684905290 | $1918777537 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.51 | $28.08 | $26.06 | $28.85 | $22.67 | $21.75 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .10  | .19  | .19  | .22 C | .29  | .35  |
| Net realized and unrealized gain (loss)  | (.54) D | 5.30  | 2.11  | .08  | 6.21  | .97  |
| Total from investment operations  | (.44)  | 5.49  | 2.30  | .30  | 6.50  | 1.32  |
| Distributions from net investment income  | -  | (.21)  | (.16)  | (.28)  | (.32)  | (.40)  |
| Distributions from net realized gain  | (1.09)  | (2.85)  | (.11)  | (2.81)  | -  | -  |
| Total distributions  | (1.09)  | (3.06)  | (.28) E | (3.09)  | (.32)  | (.40)  |
| Net asset value, end of period  | $28.98 | $30.51 | $28.08 | $26.06 | $28.85 | $22.67 |
| **Total Return** F,G,H | (1.21)% D<br>| 20.00%  | 8.89%  | 1.70%  | 28.68%  | 6.12%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.14% K | 1.13%  | 1.20%  | 1.08%  | .86%  | .73%  |
| Expenses net of fee waivers, if any  | 1.14% K<br>| 1.12%  | 1.19%  | 1.08%  | .86%  | .73%  |
| Expenses net of all reductions, if any  | 1.14% K | 1.12%  | 1.19%  | 1.08%  | .86%  | .72%  |
| Net investment income (loss)  | .74% K | .61%  | .75%  | .84% C | 1.05%  | 1.79%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $201871 | $210235 | $183034 | $172188 | $167448 | $122838 |
| Portfolio turnover rate L | 88% K,M<br>| 96%  | 78% M | 70% M | 80%  | 67%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .61%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.27)%.*

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

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

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

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

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

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

K*Annualized.*

L*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.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.28 | $27.89 | $25.89 | $28.68 | $22.54 | $21.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | .11  | .13  | .15 C | .22  | .29  |
| Net realized and unrealized gain (loss)  | (.55) D | 5.26  | 2.08  | .08  | 6.18  | .95  |
| Total from investment operations  | (.48)  | 5.37  | 2.21  | .23  | 6.40  | 1.24  |
| Distributions from net investment income  | -  | (.13)  | (.10)  | (.22)  | (.26)  | (.35)  |
| Distributions from net realized gain  | (1.09)  | (2.85)  | (.11)  | (2.81)  | -  | -  |
| Total distributions  | (1.09)  | (2.98)  | (.21)  | (3.02) E | (.26)  | (.35)  |
| Net asset value, end of period  | $28.71 | $30.28 | $27.89 | $25.89 | $28.68 | $22.54 |
| **Total Return** F,G,H | (1.36)% D<br>| 19.70%  | 8.62%  | 1.45%  | 28.38%  | 5.76%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.39% K | 1.38%  | 1.46%  | 1.34%  | 1.12%  | 1.01%  |
| Expenses net of fee waivers, if any  | 1.39% K<br>| 1.37%  | 1.45%  | 1.34%  | 1.12%  | 1.01%  |
| Expenses net of all reductions, if any  | 1.39% K | 1.37%  | 1.45%  | 1.34%  | 1.12%  | 1.00%  |
| Net investment income (loss)  | .49% K | .36%  | .50%  | .58% C | .79%  | 1.51%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $35844 | $40061 | $37407 | $37165 | $38920 | $30549 |
| Portfolio turnover rate L | 88% K,M<br>| 96%  | 78% M | 70% M | 80%  | 67%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .35%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.42)%.*

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

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

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

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

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

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

K*Annualized.*

L*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.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.11 | $26.87 | $24.99 | $27.79 | $21.84 | $20.99 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | (.04)  | (.01)  | .02 D | .08  | .19  |
| Net realized and unrealized gain (loss)  | (.53) E | 5.07  | 2.00  | .07  | 5.98  | .91  |
| Total from investment operations  | (.53)  | 5.03  | 1.99  | .09  | 6.06  | 1.10  |
| Distributions from net investment income  | -  | -  | -  | (.08)  | (.11)  | (.25)  |
| Distributions from net realized gain  | (1.09)  | (2.79)  | (.11)  | (2.81)  | -  | -  |
| Total distributions  | (1.09)  | (2.79)  | (.11)  | (2.89)  | (.11)  | (.25)  |
| Net asset value, end of period  | $27.49 | $29.11 | $26.87 | $24.99 | $27.79 | $21.84 |
| **Total Return** F,G,H | (1.59)% E<br>| 19.12%  | 8.05%  | .90%  | 27.76%  | 5.26%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.89% K | 1.87%  | 1.98%  | 1.85%  | 1.62%  | 1.49%  |
| Expenses net of fee waivers, if any  | 1.89% K<br>| 1.87%  | 1.97%  | 1.85%  | 1.62%  | 1.49%  |
| Expenses net of all reductions, if any  | 1.89% K | 1.87%  | 1.97%  | 1.85%  | 1.62%  | 1.48%  |
| Net investment income (loss)  | (.01)% K | (.13)%  | (.02)%  | .07% D | .28%  | 1.04%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15034 | $18034 | $22641 | $34139 | $43673 | $43128 |
| Portfolio turnover rate L | 88% K,M<br>| 96%  | 78% M | 70% M | 80%  | 67%  |

---

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

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

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

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.16)%.*

E*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.65)%.*

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

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

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

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

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

K*Annualized.*

L*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.*

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

**Fidelity® Mid Cap Value Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.21 | $28.65 | $26.57 | $29.34 | $23.03 | $22.09 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .29  | .27  | .30 C | .38  | .41  |
| Net realized and unrealized gain (loss)  | (.56) D | 5.41  | 2.15  | .09  | 6.32  | .99  |
| Total from investment operations  | (.41)  | 5.70  | 2.42  | .39  | 6.70  | 1.40  |
| Distributions from net investment income  | -  | (.29)  | (.23)  | (.35)  | (.39)  | (.46)  |
| Distributions from net realized gain  | (1.09)  | (2.85)  | (.11)  | (2.81)  | -  | -  |
| Total distributions  | (1.09)  | (3.14)  | (.34)  | (3.16)  | (.39)  | (.46)  |
| Net asset value, end of period  | $29.71 | $31.21 | $28.65 | $26.57 | $29.34 | $23.03 |
| **Total Return** E,F | (1.05)% D<br>| 20.35%  | 9.20%  | 2.00%  | 29.11%  | 6.37%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .84% I | .83%  | .91%  | .79%  | .57%  | .44%  |
| Expenses net of fee waivers, if any  | .84% I<br>| .83%  | .90%  | .79%  | .57%  | .43%  |
| Expenses net of all reductions, if any  | .84% I | .83%  | .90%  | .79%  | .57%  | .43%  |
| Net investment income (loss)  | 1.04% I | .90%  | 1.05%  | 1.13% C | 1.34%  | 2.09%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1210715 | $1333585 | $1119427 | $1113891 | $1172691 | $920386 |
| Portfolio turnover rate J | 88% I,K<br>| 96%  | 78% K | 70% K | 80%  | 67%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .90%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.11)%.*

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

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

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

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

I*Annualized.*

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.83 | $28.34 | $26.29 | $29.06 | $22.82 | $21.88 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .14  | .27  | .26  | .29 C | .37  | .41  |
| Net realized and unrealized gain (loss)  | (.55) D | 5.35  | 2.13  | .09  | 6.26  | .98  |
| Total from investment operations  | (.41)  | 5.62  | 2.39  | .38  | 6.63  | 1.39  |
| Distributions from net investment income  | -  | (.28)  | (.23)  | (.35)  | (.39)  | (.45)  |
| Distributions from net realized gain  | (1.09)  | (2.85)  | (.11)  | (2.81)  | -  | -  |
| Total distributions  | (1.09)  | (3.13)  | (.34)  | (3.15) E | (.39)  | (.45)  |
| Net asset value, end of period  | $29.33 | $30.83 | $28.34 | $26.29 | $29.06 | $22.82 |
| **Total Return** F,G | (1.10)% D<br>| 20.29%  | 9.16%  | 2.01%  | 29.06%  | 6.41%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .89% J | .88%  | .94%  | .81%  | .59%  | .42%  |
| Expenses net of fee waivers, if any  | .89% J<br>| .87%  | .93%  | .81%  | .59%  | .42%  |
| Expenses net of all reductions, if any  | .89% J | .87%  | .93%  | .81%  | .59%  | .41%  |
| Net investment income (loss)  | .99% J | .86%  | 1.02%  | 1.11% C | 1.32%  | 2.10%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $140829 | $183714 | $169757 | $139456 | $128301 | $94586 |
| Portfolio turnover rate K | 88% J,L<br>| 96%  | 78% L | 70% L | 80%  | 67%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .88%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.16)%.*

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

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

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

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

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

J*Annualized.*

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.82 | $28.31 | $26.26 | $29.03 | $22.80 | $21.86 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .31  | .30  | .32 C | .41  | .43  |
| Net realized and unrealized gain (loss)  | (.55) D | 5.36  | 2.12  | .10  | 6.25  | .99  |
| Total from investment operations  | (.39)  | 5.67  | 2.42  | .42  | 6.66  | 1.42  |
| Distributions from net investment income  | -  | (.31)  | (.26)  | (.38)  | (.43)  | (.48)  |
| Distributions from net realized gain  | (1.09)  | (2.85)  | (.11)  | (2.81)  | -  | -  |
| Total distributions  | (1.09)  | (3.16)  | (.37)  | (3.19)  | (.43)  | (.48)  |
| Net asset value, end of period  | $29.34 | $30.82 | $28.31 | $26.26 | $29.03 | $22.80 |
| **Total Return** E,F | (1.03)% D<br>| 20.48%  | 9.31%  | 2.15%  | 29.20%  | 6.54%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .76% I | .74%  | .79%  | .67%  | .45%  | .29%  |
| Expenses net of fee waivers, if any  | .76% I<br>| .74%  | .78%  | .67%  | .45%  | .29%  |
| Expenses net of all reductions, if any  | .76% I | .74%  | .78%  | .67%  | .45%  | .28%  |
| Net investment income (loss)  | 1.12% I | .99%  | 1.17%  | 1.25% C | 1.45%  | 2.23%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $80613 | $133149 | $150467 | $86903 | $62684 | $17987 |
| Portfolio turnover rate J | 88% I,K<br>| 96%  | 78% K | 70% K | 80%  | 67%  |

---

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

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.02%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been (1.09)%.*

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

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

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

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

I*Annualized.*

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

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

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

For the period ended July 31, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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), partnerships and losses deferred due to wash sales and excise tax regulations.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $327284424 |
| **Gross unrealized depreciation** | <u>(82534004)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$244750420</u> |
| **Tax cost** | <u>$1479176856</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.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Mid Cap Value Fund** | 777582584 | 948891109 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The 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** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Mid Cap Value Fund** | 797298 | 5482157 | 22795942 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Mid Cap Value** | .68 |
| **Class I** | .71 |
| **Class Z** | .56 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Mid Cap Value** | .64 |
| **Class I** | .69 |
| **Class Z** | .56 |

---

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

---

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

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Mid Cap Value. 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%.

**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% | 245279 | 7693 |
| **Class M** | .25% | .25% | 89780 | 700 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>77812</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5741</u> |
|  |  |  | <u>412871</u> | <u>14134</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** | 15532 |
| **Class M** | 955 |
| **Class C**A | &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>54</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16541</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid Cap Value Fund** | 35390 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Mid Cap Value Fund** | Borrower | 10284750 | 4.58% | 15707 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Mid Cap Value Fund** | 51298364 | 40791452 | 1318273 |

---

**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 Mid Cap Value Fund** | 869 |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Mid Cap Value Fund** | 34047 | 696 | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **July 31, 2025** | **Year ended**<br> **January 31, 2025** |
| **Fidelity Mid Cap Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $7514834 | $19503730 |
| Class M | 1426434 | 3653048 |
| Class C | 654265 | 1681942 |
| Mid Cap Value | 46208003 | 123148659 |
| Class I | 6456272 | 18499208 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5438218</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>15127704</u> |
| Total  | <u>$67698026</u> | <u>$181614291</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **July 31, 2025**  | **Year ended**<br> **January 31, 2025** | **Six months ended** <br> **July 31, 2025**  | **Year ended**<br> **January 31, 2025** |
| **Fidelity Mid Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 375824 | 831456 | $10453051 | $26017015 |
| Reinvestment of distributions | 270394 | 650179 | 7379043 | 19156997 |
| Shares redeemed | <u>(570567)</u> | <u>(1110602)</u> | <u>(15873854)</u> | <u>(34253630)</u> |
| Net increase (decrease) | <u>75651</u> | <u>371033</u> | <u>$1958240</u> | <u>$10920382</u> |
| **Class M** |  |  |  |  |
| Shares sold | 38744 | 91977 | $1054600 | $2854529 |
| Reinvestment of distributions | 52390 | 124084 | 1418200 | 3629121 |
| Shares redeemed | <u>(165829)</u> | <u>(234543)</u> | <u>(4515600)</u> | <u>(7109620)</u> |
| Net increase (decrease) | <u>(74695)</u> | <u>(18482)</u> | <u>$(2042800)</u> | <u>$(625970)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 26194 | 59358 | $678288 | $1770589 |
| Reinvestment of distributions | 25173 | 59731 | 653481 | 1681644 |
| Shares redeemed | <u>(124006)</u> | <u>(342255)</u> | <u>(3278906)</u> | <u>(10128885)</u> |
| Net increase (decrease) | <u>(72639)</u> | <u>(223166)</u> | <u>$(1947137)</u> | <u>$(6676652)</u> |
| **Mid Cap Value** |  |  |  |  |
| Shares sold | 2184208 | 6828842 | $62258656 | $219338424 |
| Reinvestment of distributions | 1559926 | 3836838 | 43599936 | 115604604 |
| Shares redeemed | <u>(5726924)</u> | <u>(7016018)</u> | <u>(162981169)</u> | <u>(225729180)</u> |
| Net increase (decrease) | <u>(1982790)</u> | <u>3649662</u> | <u>$(57122577)</u> | <u>$109213848</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1061792 | 2744632 | $29641272 | $86375636 |
| Reinvestment of distributions | 230676 | 612481 | 6366656 | 18229443 |
| Shares redeemed | <u>(2449910)</u> | <u>(3389860)</u> | <u>(70171298)</u> | <u>(104211877)</u> |
| Net increase (decrease) | <u>(1157442)</u> | <u>(32747)</u> | <u>$(34163370)</u> | <u>$393202</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1610744 | 2553765 | $46783869 | $79894988 |
| Reinvestment of distributions | 172584 | 430463 | 4761594 | 12809716 |
| Shares redeemed | <u>(3355871)</u> | <u>(3978851)</u> | <u>(96869442)</u> | <u>(121836936)</u> |
| Net increase (decrease) | <u>(1572543)</u> | <u>(994623)</u> | <u>$(45323979)</u> | <u>$(29132232)</u> |

---

**10. Other.**

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

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Mid Cap Value Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate for the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and 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.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111950_4.jpg)<br>

1.900183.116 MCV-SANN-0925

**Fidelity® Equity-Income K6 Fund**

**Semi-Annual Report**

**July 31, 2025**

![](img111953_1.jpg)

![](img111953_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EQU-K6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Equity-Income K6 Fund](#Sub_Sec_Fund_3457_EQU-K6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3457_EQU-K6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EQU-K6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EQU-K6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EQU-K6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EQU-K6-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.© 2025 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® Equity-Income K6 Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.9%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Restaurant Brands International Inc  | 29076 | 1972954 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Alimentation Couche-Tard Inc  | 26521 | 1378112 |
| Metro Inc/CN  | 15367 | 1175039 |
|  |  | 2553151 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Canadian Natural Resources Ltd  | 51867 | 1641806 |
| Imperial Oil Ltd  | 26517 | 2210963 |
|  |  | 3852769 |
| TOTAL CANADA |  | 8378874 |
| FRANCE - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Vallourec SACA  | 47678 | 891510 |
| GERMANY - 0.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| adidas AG  | 4039 | 774594 |
| Industrials - 0.4% |  |  |
| Industrial Conglomerates - 0.4% |  |  |
| Siemens AG  | 4715 | 1200926 |
| TOTAL GERMANY |  | 1975520 |
| IRELAND - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| IT Services - 0.7% |  |  |
| Accenture PLC Class A  | 7702 | 2057204 |
| ITALY - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Prysmian SpA  | 13723 | 1095967 |
| JAPAN - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Industrial Conglomerates - 0.6% |  |  |
| Hitachi Ltd  | 56416 | 1726366 |
| KOREA (SOUTH) - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Samsung Electronics Co Ltd  | 51310 | 2599050 |
| NETHERLANDS - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| NXP Semiconductors NV  | 12704 | 2715734 |
| TAIWAN - 1.5%  |  |  |
| Information Technology - 1.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 17453 | 4216994 |
| UNITED KINGDOM - 2.4%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Personal Care Products - 0.4% |  |  |
| Unilever PLC  | 19399 | 1125539 |
| Tobacco - 0.2% |  |  |
| Imperial Brands PLC  | 13489 | 525793 |
| TOTAL CONSUMER STAPLES |  | 1651332 |
| Health Care - 1.0% |  |  |
| Pharmaceuticals - 1.0% |  |  |
| Astrazeneca PLC  | 20161 | 2941322 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Rolls-Royce Holdings PLC  | 166801 | 2367403 |
| TOTAL UNITED KINGDOM |  | 6960057 |
| UNITED STATES - 86.7%  |  |  |
| Communication Services - 7.5% |  |  |
| Diversified Telecommunication Services - 1.6% |  |  |
| AT&T Inc  | 86525 | 2371650 |
| Verizon Communications Inc  | 54442 | 2327940 |
|  |  | 4699590 |
| Entertainment - 1.3% |  |  |
| Walt Disney Co/The  | 32635 | 3887155 |
| Interactive Media & Services - 2.9% |  |  |
| Alphabet Inc Class A  | 35856 | 6880766 |
| Meta Platforms Inc Class A  | 1863 | 1440919 |
|  |  | 8321685 |
| Media - 0.7% |  |  |
| Comcast Corp Class A  | 57939 | 1925313 |
| Wireless Telecommunication Services - 1.0% |  |  |
| T-Mobile US Inc  | 12605 | 3005158 |
| TOTAL COMMUNICATION SERVICES |  | 21838901 |
| Consumer Discretionary - 6.6% |  |  |
| Broadline Retail - 0.6% |  |  |
| Amazon.com Inc (a) | 6928 | 1621914 |
| Diversified Consumer Services - 0.3% |  |  |
| H&R Block Inc  | 22350 | 1214499 |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| McDonald's Corp  | 11725 | 3518321 |
| Starbucks Corp  | 15267 | 1361205 |
|  |  | 4879526 |
| Specialty Retail - 3.2% |  |  |
| Burlington Stores Inc (a) | 6144 | 1677066 |
| Dick's Sporting Goods Inc  | 8221 | 1738824 |
| Lowe's Cos Inc  | 12210 | 2729790 |
| TJX Cos Inc/The  | 23910 | 2977512 |
|  |  | 9123192 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Columbia Sportswear Co  | 1602 | 90625 |
| Tapestry Inc  | 21512 | 2323942 |
|  |  | 2414567 |
| TOTAL CONSUMER DISCRETIONARY |  | 19253698 |
| Consumer Staples - 8.3% |  |  |
| Beverages - 2.1% |  |  |
| Coca-Cola Co/The  | 48640 | 3302170 |
| Keurig Dr Pepper Inc  | 81556 | 2662803 |
|  |  | 5964973 |
| Consumer Staples Distribution & Retail - 3.5% |  |  |
| Albertsons Cos Inc Class A  | 23154 | 445020 |
| BJ's Wholesale Club Holdings Inc (a) | 19725 | 2088878 |
| Costco Wholesale Corp  | 276 | 259340 |
| Target Corp  | 15429 | 1550615 |
| Walmart Inc  | 58280 | 5710274 |
|  |  | 10054127 |
| Food Products - 0.8% |  |  |
| JM Smucker Co  | 7821 | 839506 |
| Mondelez International Inc  | 21450 | 1387601 |
|  |  | 2227107 |
| Household Products - 1.6% |  |  |
| Procter & Gamble Co/The  | 31192 | 4693460 |
| Personal Care Products - 0.3% |  |  |
| Kenvue Inc  | 53758 | 1152571 |
| TOTAL CONSUMER STAPLES |  | 24092238 |
| Energy - 5.0% |  |  |
| Oil, Gas & Consumable Fuels - 5.0% |  |  |
| Chevron Corp  | 6582 | 998094 |
| Enterprise Products Partners LP  | 48837 | 1513459 |
| Exxon Mobil Corp  | 75323 | 8409060 |
| Phillips 66  | 5916 | 731099 |
| Shell PLC  | 63360 | 2276723 |
| Valero Energy Corp  | 4890 | 671446 |
|  |  | 14599881 |
| Financials - 21.0% |  |  |
| Banks - 11.8% |  |  |
| Bank of America Corp  | 119911 | 5668193 |
| Huntington Bancshares Inc/OH  | 138696 | 2278775 |
| JPMorgan Chase & Co  | 36631 | 10851568 |
| M&T Bank Corp  | 15324 | 2891639 |
| PNC Financial Services Group Inc/The  | 21088 | 4012414 |
| US Bancorp  | 43899 | 1973699 |
| Wells Fargo & Co  | 77109 | 6217299 |
|  |  | 33893587 |
| Capital Markets - 1.9% |  |  |
| Blackrock Inc  | 2336 | 2583639 |
| Charles Schwab Corp/The  | 31191 | 3048297 |
|  |  | 5631936 |
| Consumer Finance - 0.9% |  |  |
| Capital One Financial Corp  | 11805 | 2538075 |
| Financial Services - 1.1% |  |  |
| Apollo Global Management Inc  | 11580 | 1682806 |
| Visa Inc Class A  | 4735 | 1635800 |
|  |  | 3318606 |
| Insurance - 5.3% |  |  |
| American Financial Group Inc/OH  | 15899 | 1985785 |
| Chubb Ltd  | 16253 | 4323948 |
| Hartford Insurance Group Inc/The  | 25610 | 3185628 |
| Marsh & McLennan Cos Inc  | 13026 | 2594779 |
| The Travelers Companies, Inc.  | 12224 | 3181174 |
|  |  | 15271314 |
| TOTAL FINANCIALS |  | 60653518 |
| Health Care - 9.7% |  |  |
| Biotechnology - 2.9% |  |  |
| AbbVie Inc  | 21582 | 4079429 |
| Gilead Sciences Inc  | 38889 | 4366846 |
|  |  | 8446275 |
| Health Care Providers & Services - 1.4% |  |  |
| Cigna Group/The  | 4710 | 1259360 |
| UnitedHealth Group Inc  | 11581 | 2890154 |
|  |  | 4149514 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Danaher Corp  | 13643 | 2689854 |
| Pharmaceuticals - 4.5% |  |  |
| Eli Lilly & Co  | 2510 | 1857576 |
| GSK PLC  | 84644 | 1556942 |
| Johnson & Johnson  | 27344 | 4504651 |
| Merck & Co Inc  | 41538 | 3244949 |
| Roche Holding AG  | 786 | 245288 |
| Royalty Pharma PLC Class A  | 36935 | 1359208 |
|  |  | 12768614 |
| TOTAL HEALTH CARE |  | 28054257 |
| Industrials - 10.4% |  |  |
| Aerospace & Defense - 3.4% |  |  |
| GE Aerospace  | 11243 | 3047753 |
| General Dynamics Corp  | 7310 | 2277869 |
| Huntington Ingalls Industries Inc  | 6535 | 1822350 |
| Northrop Grumman Corp  | 4138 | 2386012 |
|  |  | 9533984 |
| Building Products - 0.9% |  |  |
| Johnson Controls International plc  | 23797 | 2498685 |
| Commercial Services & Supplies - 0.5% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 14967 | 753751 |
| Veralto Corp  | 7289 | 764106 |
|  |  | 1517857 |
| Electrical Equipment - 1.5% |  |  |
| AMETEK Inc  | 10430 | 1927986 |
| GE Vernova Inc  | 3752 | 2477408 |
|  |  | 4405394 |
| Ground Transportation - 1.0% |  |  |
| Norfolk Southern Corp  | 10460 | 2907880 |
| Machinery - 2.3% |  |  |
| Crane Co  | 12117 | 2372145 |
| ITT Inc  | 25763 | 4378680 |
|  |  | 6750825 |
| Professional Services - 0.2% |  |  |
| KBR Inc  | 11945 | 558309 |
| Trading Companies & Distributors - 0.6% |  |  |
| Watsco Inc  | 3689 | 1663296 |
| TOTAL INDUSTRIALS |  | 29836230 |
| Information Technology - 6.0% |  |  |
| Communications Equipment - 1.3% |  |  |
| Cisco Systems Inc  | 55801 | 3798932 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Crane NXT Co  | 15659 | 929205 |
| IT Services - 1.0% |  |  |
| Amdocs Ltd  | 20217 | 1725723 |
| IBM Corporation  | 4300 | 1088545 |
|  |  | 2814268 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Analog Devices Inc  | 7743 | 1739310 |
| Broadcom Inc  | 3411 | 1001811 |
|  |  | 2741121 |
| Software - 2.1% |  |  |
| Gen Digital Inc  | 31986 | 943267 |
| Microsoft Corp  | 9119 | 4864987 |
|  |  | 5808254 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Apple Inc  | 6065 | 1258912 |
| TOTAL INFORMATION TECHNOLOGY |  | 17350692 |
| Materials - 3.7% |  |  |
| Chemicals - 2.2% |  |  |
| Linde PLC  | 14054 | 6468494 |
| Containers & Packaging - 1.1% |  |  |
| Ball Corp  | 28562 | 1635460 |
| Crown Holdings Inc  | 15267 | 1516929 |
|  |  | 3152389 |
| Metals & Mining - 0.4% |  |  |
| Freeport-McMoRan Inc  | 28582 | 1150140 |
| TOTAL MATERIALS |  | 10771023 |
| Real Estate - 2.3% |  |  |
| Specialized REITs - 2.3% |  |  |
| American Tower Corp  | 7396 | 1541252 |
| Lamar Advertising Co Class A  | 22267 | 2722141 |
| Public Storage Operating Co  | 8713 | 2369413 |
|  |  | 6632806 |
| Utilities - 6.2% |  |  |
| Electric Utilities - 4.1% |  |  |
| Constellation Energy Corp  | 8602 | 2992120 |
| Exelon Corp  | 24121 | 1083998 |
| FirstEnergy Corp  | 18718 | 799446 |
| NextEra Energy Inc  | 50631 | 3597839 |
| PG&E Corp  | 52066 | 729965 |
| Southern Co/The  | 27252 | 2574769 |
|  |  | 11778137 |
| Gas Utilities - 0.2% |  |  |
| Southwest Gas Holdings Inc  | 8532 | 666690 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| Vistra Corp  | 11713 | 2442629 |
| Multi-Utilities - 1.1% |  |  |
| Ameren Corp  | 9971 | 1008366 |
| CenterPoint Energy Inc  | 27447 | 1065493 |
| WEC Energy Group Inc  | 9995 | 1090255 |
|  |  | 3164114 |
| TOTAL UTILITIES |  | 18051570 |
| TOTAL UNITED STATES |  | 251134814 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $218,335,035) |  | <br> **283752090** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $6,461,984)<br>| 4.33 | 6460692 | **6461984** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $224,797,019)<br>| <br>**290214074** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(632372)** |
| **NET ASSETS - 100.0%** | **289581702** |

---

**Legend**

(a) Non-income producing

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 6878469 | 60509700 | 60926185 | 78187 | - | - | 6461984 | 6460692 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2124798 | 8689693 | 10814491 | 1914 | - | - | - | - | 0.0% |
| Total | 9003267 | 69199393 | 71740676 | 80101 | - | - | 6461984 |  |  |

---

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 July 31, 2025, 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 | 21838901 | 21838901 | - | - |
| Consumer Discretionary | 22001246 | 22001246 | - | - |
| Consumer Staples | 28296721 | 26645389 | 1651332 | - |
| Energy | 19344160 | 17067437 | 2276723 | - |
| Financials | 60653518 | 60653518 | - | - |
| Health Care | 30995579 | 26252027 | 4743552 | - |
| Industrials | 36226892 | 29836230 | 6390662 | - |
| Information Technology | 28939674 | 26340624 | 2599050 | - |
| Materials | 10771023 | 10771023 | - | - |
| Real Estate | 6632806 | 6632806 | - | - |
| Utilities | 18051570 | 18051570 | - | - |
|  **Money Market Funds** | 6461984 | 6461984 | - | - |
| **Total Investments in Securities:** | 290214074 | 272552755 | 17661319 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $218,335,035) | $283752090 |  |
| Fidelity Central Funds (cost $6,461,984) | 6461984 |  |
| Total Investment in Securities (cost $224,797,019) |  | $290214074 |
| Cash |  | 35044 |
| Foreign currency held at value (cost $689) |  | 685 |
| Receivable for fund shares sold |  | 39508 |
| Dividends receivable |  | 330029 |
| Distributions receivable from Fidelity Central Funds |  | 24615 |
| **Total assets** |  | 290643955 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $960138 |  |
| Payable for fund shares redeemed | 23174 |  |
| Accrued management fee | 78941 |  |
| **Total liabilities** |  | 1062253 |
| **Net Assets**  |  | $289581702 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $221187610 |
| Total accumulated earnings (loss) |  | 68394092 |
| **Net Assets** |  | $289581702 |
| **Net Asset Value**, offering price and redemption price per share ($289,581,702 ÷ 16,931,845 shares) |  | $17.10 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $2849140 |
| Interest  |  | 14 |
| Income from Fidelity Central Funds (including $1,914 from security lending)  |  | 80101 |
| **Total income** |  | 2929255 |
| **Expenses** |  |  |
| Management fee | $426881 |  |
| Independent trustees' fees and expenses | 438 |  |
| Total expenses before reductions | 427319 |  |
| Expense reductions | (43) |  |
| Total expenses after reductions |  | 427276 |
| **Net Investment income (loss)** |  | 2501979 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3463640 |  |
| Foreign currency transactions | (7298) |  |
| Total net realized gain (loss) |  | 3456342 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 7343626 |  |
| Assets and liabilities in foreign currencies | 5418 |  |
| Total change in net unrealized appreciation (depreciation) |  | 7349044 |
| **Net gain (loss)** |  | 10805386 |
| **Net increase (decrease) in net assets resulting from operations** |  | $13307365 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2501979 | $3810308 |
| &nbsp;&nbsp;Net realized gain (loss) | 3456342<br>| 2432203<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7349044 | 27991161<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 13307365<br>| 34233672<br>|
| Distributions to shareholders | (2367188)<br>| (6676667)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 82422406 | 89957174 |
| Reinvestment of distributions | 2367188<br>| 6676667<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (41579909) | (44117821) |
| **Net increase (decrease) in net assets resulting from share transactions** | 43209685<br>| 52516020<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 54149862<br>| 80073025<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 235431840 | 155358815<br>|
| &nbsp;&nbsp;End of period | $289581702 | $235431840 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 4987771 | 5701358 |
| Issued in reinvestment of distributions | 147526<br>| 427966<br>|
| &nbsp;&nbsp;Redeemed | (2553974) | (2802878) |
| &nbsp;&nbsp;Net increase (decrease) | 2581323 | 3326446 |

---

**Financial Highlights** 

**Fidelity® Equity-Income K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.41 | $14.09 | $13.46 | $13.68 | $11.44 | $10.83 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .30  | .29  | .27  | .24  | .20  |
| Net realized and unrealized gain (loss)  | .68  | 2.53  | .62  | (.24)  | 2.51  | .62  |
| Total from investment operations  | .84  | 2.83  | .91  | .03  | 2.75  | .82  |
| Distributions from net investment income  | (.15)  | (.32)  | (.28)  | (.25)  | (.23)  | (.20)  |
| Distributions from net realized gain  | -  | (.19)  | -  | - C | (.27)  | (.01)  |
| Total distributions  | (.15)  | (.51)  | (.28)  | (.25)  | (.51) D | (.21)  |
| Net asset value, end of period  | $17.10 | $16.41 | $14.09 | $13.46 | $13.68 | $11.44 |
| **Total Return** E,F | 5.18% <br>| 20.35%  | 6.91%  | .35%  | 24.13%  | 7.97%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .34% I | .34%  | .34%  | .34%  | .34%  | .34%  |
| Expenses net of fee waivers, if any  | .34% I<br>| .34%  | .34%  | .34%  | .34%  | .34%  |
| Expenses net of all reductions, if any  | .34% I | .34%  | .34%  | .34%  | .34%  | .34%  |
| Net investment income (loss)  | 1.99% I | 1.94%  | 2.16%  | 2.12%  | 1.81%  | 1.98%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $289582 | $235432 | $155359 | $157286 | $107954 | $64058 |
| Portfolio turnover rate J | 28% I,K<br>| 23%  | 36% K | 37% K | 43% K | 70% K |

---

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

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

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

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

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

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

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

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

I*Annualized.*

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

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

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

For the period ended July 31, 2025

**1. Organization.**

Fidelity Equity-Income K6 Fund (the Fund) is a fund of Fidelity Devonshire Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $71679403 |
| **Gross unrealized depreciation** | <u>(7593811)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$64085592</u> |
| **Tax cost** | <u>$226128482</u> |

---

The Fund elected to defer to its next fiscal year approximately $124,932 of capital losses recognized during the period November 1, 2024 to January 31, 2025.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Equity-Income K6 Fund** | 75915491 | 34863440 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Equity-Income K6 Fund** | 257356 | 4287547 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .34% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Equity-Income K6 Fund** | 368 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Equity-Income K6 Fund** | 5809230 | 3625077 | (70035) |

---

**6. Committed Line of Credit.**

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

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Equity-Income K6 Fund** | 205 | - | - |

---

**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 $43.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Equity-Income K6 Fund** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111953_4.jpg)<br>

1.9893875.106 EQU-K6-SANN-0925

**Fidelity® Equity-Income Fund**

**Semi-Annual Report**

**July 31, 2025**

![](img111954_1.jpg)

![](img111954_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EQU-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Equity-Income Fund](#Sub_Sec_Fund_23_EQU-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements23_EQU-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EQU-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EQU-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EQU-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EQU-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.© 2025 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® Equity-Income Fund**

**Schedule of Investments July 31, 2025 (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>|
| CANADA - 2.9%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Restaurant Brands International Inc  | 924129 | 62706848 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Alimentation Couche-Tard Inc  | 815642 | 42383245 |
| Metro Inc/CN  | 528392 | 40403531 |
|  |  | 82786776 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Canadian Natural Resources Ltd  | 1647253 | 52142405 |
| Imperial Oil Ltd  | 849896 | 70863514 |
|  |  | 123005919 |
| TOTAL CANADA |  | 268499543 |
| FRANCE - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Vallourec SACA  | 1632322 | 30522074 |
| GERMANY - 0.7%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| adidas AG  | 138868 | 26631919 |
| Industrials - 0.4% |  |  |
| Industrial Conglomerates - 0.4% |  |  |
| Siemens AG  | 162103 | 41288181 |
| TOTAL GERMANY |  | 67920100 |
| IRELAND - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| IT Services - 0.7% |  |  |
| Accenture PLC Class A  | 255091 | 68134806 |
| ITALY - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Prysmian SpA  | 471844 | 37683121 |
| JAPAN - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Industrial Conglomerates - 0.6% |  |  |
| Hitachi Ltd  | 1774816 | 54310528 |
| KOREA (SOUTH) - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Samsung Electronics Co Ltd  | 1655304 | 83847555 |
| NETHERLANDS - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| NXP Semiconductors NV  | 427411 | 91367649 |
| TAIWAN - 1.4%  |  |  |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 555422 | 134201064 |
| UNITED KINGDOM - 2.4%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Personal Care Products - 0.4% |  |  |
| Unilever PLC  | 667022 | 38700929 |
| Tobacco - 0.2% |  |  |
| Imperial Brands PLC  | 463808 | 18078951 |
| TOTAL CONSUMER STAPLES |  | 56779880 |
| Health Care - 1.0% |  |  |
| Pharmaceuticals - 1.0% |  |  |
| Astrazeneca PLC  | 651893 | 95105759 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Rolls-Royce Holdings PLC  | 5353804 | 75986438 |
| TOTAL UNITED KINGDOM |  | 227872077 |
| UNITED STATES - 86.9%  |  |  |
| Communication Services - 7.6% |  |  |
| Diversified Telecommunication Services - 1.7% |  |  |
| AT&T Inc  | 2856627 | 78300146 |
| Verizon Communications Inc  | 1807403 | 77284552 |
|  |  | 155584698 |
| Entertainment - 1.3% |  |  |
| Walt Disney Co/The  | 1036192 | 123420829 |
| Interactive Media & Services - 2.9% |  |  |
| Alphabet Inc Class A  | 1157257 | 222077618 |
| Meta Platforms Inc Class A  | 64058 | 49545020 |
|  |  | 271622638 |
| Media - 0.7% |  |  |
| Comcast Corp Class A  | 1837494 | 61059926 |
| Wireless Telecommunication Services - 1.0% |  |  |
| T-Mobile US Inc  | 405915 | 96774195 |
| TOTAL COMMUNICATION SERVICES |  | 708462286 |
| Consumer Discretionary - 6.6% |  |  |
| Broadline Retail - 0.5% |  |  |
| Amazon.com Inc (a) | 214145 | 50133486 |
| Diversified Consumer Services - 0.4% |  |  |
| H&R Block Inc  | 689350 | 37459279 |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| McDonald's Corp  | 385970 | 115818018 |
| Starbucks Corp  | 469912 | 41897354 |
|  |  | 157715372 |
| Specialty Retail - 3.2% |  |  |
| Burlington Stores Inc (a) | 198081 | 54068190 |
| Dick's Sporting Goods Inc (b) | 258599 | 54696274 |
| Lowe's Cos Inc  | 393890 | 88061987 |
| TJX Cos Inc/The  | 770571 | 95959207 |
|  |  | 292785658 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Columbia Sportswear Co (b) | 60098 | 3399744 |
| Tapestry Inc  | 691525 | 74705446 |
|  |  | 78105190 |
| TOTAL CONSUMER DISCRETIONARY |  | 616198985 |
| Consumer Staples - 8.3% |  |  |
| Beverages - 2.1% |  |  |
| Coca-Cola Co/The  | 1603713 | 108876076 |
| Keurig Dr Pepper Inc  | 2632397 | 85947762 |
|  |  | 194823838 |
| Consumer Staples Distribution & Retail - 3.5% |  |  |
| Albertsons Cos Inc Class A  | 796147 | 15301945 |
| BJ's Wholesale Club Holdings Inc (a) | 630085 | 66726002 |
| Costco Wholesale Corp  | 10296 | 9674533 |
| Target Corp  | 478941 | 48133571 |
| Walmart Inc  | 1880183 | 184220330 |
|  |  | 324056381 |
| Food Products - 0.8% |  |  |
| JM Smucker Co  | 254779 | 27347978 |
| Mondelez International Inc  | 663834 | 42943421 |
|  |  | 70291399 |
| Household Products - 1.6% |  |  |
| Procter & Gamble Co/The  | 1006286 | 151415854 |
| Personal Care Products - 0.3% |  |  |
| Kenvue Inc  | 1647608 | 35324716 |
| TOTAL CONSUMER STAPLES |  | 775912188 |
| Energy - 5.0% |  |  |
| Oil, Gas & Consumable Fuels - 5.0% |  |  |
| Chevron Corp  | 207398 | 31449833 |
| Enterprise Products Partners LP  | 1517649 | 47031943 |
| Exxon Mobil Corp  | 2428385 | 271104901 |
| Phillips 66  | 203399 | 25136048 |
| Shell PLC  | 1999463 | 71846956 |
| Valero Energy Corp (b) | 168113 | 23083596 |
|  |  | 469653277 |
| Financials - 21.1% |  |  |
| Banks - 11.8% |  |  |
| Bank of America Corp  | 3868962 | 182885834 |
| Huntington Bancshares Inc/OH  | 4557133 | 74873695 |
| JPMorgan Chase & Co  | 1180478 | 349704804 |
| M&T Bank Corp  | 495056 | 93417067 |
| PNC Financial Services Group Inc/The  | 670092 | 127498405 |
| US Bancorp  | 1467401 | 65974349 |
| Wells Fargo & Co  | 2486335 | 200473191 |
|  |  | 1094827345 |
| Capital Markets - 2.0% |  |  |
| Blackrock Inc  | 76264 | 84348746 |
| Charles Schwab Corp/The  | 1031109 | 100770283 |
|  |  | 185119029 |
| Consumer Finance - 0.9% |  |  |
| Capital One Financial Corp  | 379839 | 81665385 |
| Financial Services - 1.1% |  |  |
| Apollo Global Management Inc  | 376820 | 54759483 |
| Visa Inc Class A  | 145607 | 50302850 |
|  |  | 105062333 |
| Insurance - 5.3% |  |  |
| American Financial Group Inc/OH  | 505402 | 63124709 |
| Chubb Ltd  | 521780 | 138814351 |
| Hartford Insurance Group Inc/The  | 825559 | 102691284 |
| Marsh & McLennan Cos Inc  | 416429 | 82952657 |
| The Travelers Companies, Inc.  | 402144 | 104653955 |
|  |  | 492236956 |
| TOTAL FINANCIALS |  | 1958911048 |
| Health Care - 9.7% |  |  |
| Biotechnology - 2.9% |  |  |
| AbbVie Inc  | 687058 | 129867703 |
| Gilead Sciences Inc  | 1247774 | 140112543 |
|  |  | 269980246 |
| Health Care Providers & Services - 1.4% |  |  |
| Cigna Group/The  | 151648 | 40547642 |
| UnitedHealth Group Inc  | 367508 | 91715297 |
|  |  | 132262939 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Danaher Corp  | 441589 | 87063686 |
| Pharmaceuticals - 4.5% |  |  |
| Eli Lilly & Co  | 81575 | 60371210 |
| GSK PLC  | 2649175 | 48728921 |
| Johnson & Johnson  | 880345 | 145028036 |
| Merck & Co Inc  | 1369818 | 107010182 |
| Roche Holding AG  | 26993 | 8423787 |
| Royalty Pharma PLC Class A  | 1132450 | 41674160 |
|  |  | 411236296 |
| TOTAL HEALTH CARE |  | 900543167 |
| Industrials - 10.3% |  |  |
| Aerospace & Defense - 3.3% |  |  |
| GE Aerospace  | 362519 | 98271652 |
| General Dynamics Corp  | 231290 | 72072277 |
| Huntington Ingalls Industries Inc  | 206769 | 57659603 |
| Northrop Grumman Corp  | 129909 | 74906828 |
|  |  | 302910360 |
| Building Products - 0.9% |  |  |
| Johnson Controls International plc  | 767313 | 80567865 |
| Commercial Services & Supplies - 0.5% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 490833 | 24718769 |
| Veralto Corp  | 239127 | 25067684 |
|  |  | 49786453 |
| Electrical Equipment - 1.5% |  |  |
| AMETEK Inc  | 327672 | 60570169 |
| GE Vernova Inc  | 118687 | 78367839 |
|  |  | 138938008 |
| Ground Transportation - 1.0% |  |  |
| Norfolk Southern Corp  | 335740 | 93335720 |
| Machinery - 2.3% |  |  |
| Crane Co  | 389107 | 76175477 |
| ITT Inc  | 820529 | 139457109 |
|  |  | 215632586 |
| Professional Services - 0.2% |  |  |
| KBR Inc  | 410704 | 19196305 |
| Trading Companies & Distributors - 0.6% |  |  |
| Watsco Inc  | 123990 | 55904611 |
| TOTAL INDUSTRIALS |  | 956271908 |
| Information Technology - 6.0% |  |  |
| Communications Equipment - 1.3% |  |  |
| Cisco Systems Inc  | 1770860 | 120560149 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Crane NXT Co  | 531822 | 31558317 |
| IT Services - 1.0% |  |  |
| Amdocs Ltd  | 656086 | 56003501 |
| IBM Corporation  | 144300 | 36529545 |
|  |  | 92533046 |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Analog Devices Inc  | 254257 | 57113750 |
| Broadcom Inc  | 117261 | 34439556 |
|  |  | 91553306 |
| Software - 2.0% |  |  |
| Gen Digital Inc  | 1067788 | 31489068 |
| Microsoft Corp  | 294680 | 157211780 |
|  |  | 188700848 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Apple Inc  | 187983 | 39019631 |
| TOTAL INFORMATION TECHNOLOGY |  | 563925297 |
| Materials - 3.7% |  |  |
| Chemicals - 2.2% |  |  |
| Linde PLC  | 452408 | 208225307 |
| Containers & Packaging - 1.1% |  |  |
| Ball Corp  | 901938 | 51644970 |
| Crown Holdings Inc  | 473362 | 47033248 |
|  |  | 98678218 |
| Metals & Mining - 0.4% |  |  |
| Freeport-McMoRan Inc  | 923618 | 37166388 |
| TOTAL MATERIALS |  | 344069913 |
| Real Estate - 2.3% |  |  |
| Specialized REITs - 2.3% |  |  |
| American Tower Corp  | 238066 | 49610574 |
| Lamar Advertising Co Class A  | 712325 | 87081731 |
| Public Storage Operating Co  | 278961 | 75860654 |
|  |  | 212552959 |
| Utilities - 6.3% |  |  |
| Electric Utilities - 4.1% |  |  |
| Constellation Energy Corp  | 274222 | 95385380 |
| Exelon Corp  | 751627 | 33778117 |
| FirstEnergy Corp  | 619063 | 26440181 |
| NextEra Energy Inc  | 1603402 | 113937747 |
| PG&E Corp  | 1834148 | 25714755 |
| Southern Co/The  | 901250 | 85150100 |
|  |  | 380406280 |
| Gas Utilities - 0.2% |  |  |
| Southwest Gas Holdings Inc  | 276068 | 21571953 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| Vistra Corp  | 375756 | 78360156 |
| Multi-Utilities - 1.2% |  |  |
| Ameren Corp  | 342430 | 34629946 |
| CenterPoint Energy Inc  | 940511 | 36510637 |
| WEC Energy Group Inc  | 346298 | 37774186 |
|  |  | 108914769 |
| TOTAL UTILITIES |  | 589253158 |
| TOTAL UNITED STATES |  | 8095754186 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,698,418,264) |  | <br> **9160112703** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 160080614 | 160112630 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 18527947 | 18529799 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $178,642,430) |  |  | **178642429** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $5,877,060,694)<br>| <br>**9338755132** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(11150446)** |
| **NET ASSETS - 100.0%** | **9327604686** |

---

**Legend**

(a) Non-income producing

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

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 260663994 | 372596018 | 473147381 | 2446644 | - | (1) | 160112630 | 160080614 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 2656800 | 647927172 | 632054173 | 43659 | - | - | 18529799 | 18527947 | 0.1% |
| Total | 263320794 | 1020523190 | 1105201554 | 2490303 | - | (1) | 178642429 |  |  |

---

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 July 31, 2025, 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 | 708462286 | 708462286 | - | - |
| Consumer Discretionary | 705537752 | 705537752 | - | - |
| Consumer Staples | 915478844 | 858698964 | 56779880 | - |
| Energy | 623181270 | 551334314 | 71846956 | - |
| Financials | 1958911048 | 1958911048 | - | - |
| Health Care | 995648926 | 843390459 | 152258467 | - |
| Industrials | 1165540176 | 956271908 | 209268268 | - |
| Information Technology | 941476371 | 857628816 | 83847555 | - |
| Materials | 344069913 | 344069913 | - | - |
| Real Estate | 212552959 | 212552959 | - | - |
| Utilities | 589253158 | 589253158 | - | - |
|  **Money Market Funds** | 178642429 | 178642429 | - | - |
| **Total Investments in Securities:** | 9338755132 | 8764754006 | 574001126 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $17,890,097) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,698,418,264) | $9160112703 |  |
| Fidelity Central Funds (cost $178,642,430) | 178642429 |  |
| Total Investment in Securities (cost $5,877,060,694) |  | $9338755132 |
| Cash |  | 6425 |
| Foreign currency held at value (cost $512,743) |  | 497882 |
| Receivable for fund shares sold |  | 2977559 |
| Dividends receivable |  | 11604954 |
| Distributions receivable from Fidelity Central Funds |  | 683156 |
| Prepaid expenses |  | 1633 |
| Other receivables |  | 143571 |
| **Total assets** |  | 9354670312 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $4341078 |  |
| Accrued management fee | 4054486 |  |
| Other payables and accrued expenses | 140262 |  |
| Collateral on securities loaned | 18529800 |  |
| **Total liabilities** |  | 27065626 |
| **Net Assets**  |  | $9327604686 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5529365322 |
| Total accumulated earnings (loss) |  | 3798239364 |
| **Net Assets** |  | $9327604686 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Equity-Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($8,698,783,527 ÷ 108,556,603 shares) |  | $80.13 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($628,821,159 ÷ 7,854,517 shares) |  | $80.06 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $102678790 |
| Income from Fidelity Central Funds (including $43,659 from security lending)  |  | 2490303 |
| **Total income** |  | 105169093 |
| **Expenses** |  |  |
| Management fee | $23462565 |  |
| Custodian fees and expenses | 34602 |  |
| Independent trustees' fees and expenses | 16303 |  |
| Registration fees | 85978 |  |
| Audit fees | 67640 |  |
| Legal | 12761 |  |
| Miscellaneous | 16510 |  |
| Total expenses before reductions | 23696359 |  |
| Expense reductions | (349) |  |
| Total expenses after reductions |  | 23696010 |
| **Net Investment income (loss)** |  | 81473083 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 318236487 |  |
| Redemptions in-kind | 2146295 |  |
| Foreign currency transactions | (149934) |  |
| Total net realized gain (loss) |  | 320232848 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 50460230 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 320629 |  |
| Total change in net unrealized appreciation (depreciation) |  | 50780858 |
| **Net gain (loss)** |  | 371013706 |
| **Net increase (decrease) in net assets resulting from operations** |  | $452486789 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $81473083 | $148632982 |
| &nbsp;&nbsp;Net realized gain (loss) | 320232848<br>| 316510005<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 50780858 | 1040814825<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 452486789<br>| 1505957812<br>|
| Distributions to shareholders | (78012219)<br>| (462968350)<br>|
| Share transactions - net increase (decrease) | (187298815)<br>| 391356195<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 187175755<br>| 1434345657<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 9140428931 | 7706083274<br>|
| &nbsp;&nbsp;End of period | $9327604686 | $9140428931 |

---

**Financial Highlights** 

**Fidelity® Equity-Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $76.89 | $67.64 | $66.16 | $69.17 | $61.74 | $59.36 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .69  | 1.32  | 1.25  | 1.27  | 1.12  | .97  |
| Net realized and unrealized gain (loss)  | 3.22  | 11.99  | 3.11  | (1.37)  | 13.26  | 3.52  |
| Total from investment operations  | 3.91  | 13.31  | 4.36  | (.10)  | 14.38  | 4.49  |
| Distributions from net investment income  | (.67)  | (1.28)  | (1.20)  | (1.23)  | (1.09)  | (.94)  |
| Distributions from net realized gain  | -  | (2.78)  | (1.68)  | (1.67)  | (5.86)  | (1.17)  |
| Total distributions  | (.67)  | (4.06)  | (2.88)  | (2.91) C | (6.95)  | (2.11)  |
| Net asset value, end of period  | $80.13 | $76.89 | $67.64 | $66.16 | $69.17 | $61.74 |
| **Total Return** D,E | 5.15% <br>| 20.01%  | 6.83%  | .05%  | 23.70%  | 7.93%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .53% H | .54%  | .57%  | .57%  | .57%  | .60%  |
| Expenses net of fee waivers, if any  | .53% H<br>| .53%  | .57%  | .57%  | .57%  | .60%  |
| Expenses net of all reductions, if any  | .53% H | .53%  | .57%  | .57%  | .57%  | .59%  |
| Net investment income (loss)  | 1.81% H | 1.76%  | 1.92%  | 1.94%  | 1.59%  | 1.75%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8698784 | $8459192 | $7147239 | $6698906 | $7162591 | $5940327 |
| Portfolio turnover rate I | 18% H,J<br>| 19%  | 17% J | 22% J | 27% J | 50% J |

---

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® Equity-Income Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $76.81 | $67.57 | $66.10 | $69.11 | $61.69 | $59.31 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .72  | 1.37  | 1.30  | 1.33  | 1.17  | 1.02  |
| Net realized and unrealized gain (loss)  | 3.22  | 11.99  | 3.10  | (1.38)  | 13.26  | 3.52  |
| Total from investment operations  | 3.94  | 13.36  | 4.40  | (.05)  | 14.43  | 4.54  |
| Distributions from net investment income  | (.69)  | (1.34)  | (1.26)  | (1.29)  | (1.15)  | (.99)  |
| Distributions from net realized gain  | -  | (2.78)  | (1.68)  | (1.67)  | (5.86)  | (1.17)  |
| Total distributions  | (.69)  | (4.12)  | (2.93) C | (2.96)  | (7.01)  | (2.16)  |
| Net asset value, end of period  | $80.06 | $76.81 | $67.57 | $66.10 | $69.11 | $61.69 |
| **Total Return** D,E | 5.20% <br>| 20.11%  | 6.92%  | .14%  | 23.80%  | 8.04%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .46% H | .46%  | .49%  | .49%  | .49%  | .50%  |
| Expenses net of fee waivers, if any  | .46% H<br>| .46%  | .48%  | .48%  | .48%  | .50%  |
| Expenses net of all reductions, if any  | .46% H | .46%  | .48%  | .48%  | .48%  | .50%  |
| Net investment income (loss)  | 1.88% H | 1.84%  | 2.00%  | 2.03%  | 1.67%  | 1.84%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $628821 | $681237 | $558844 | $541489 | $718546 | $654637 |
| Portfolio turnover rate I | 18% H,J<br>| 19%  | 17% J | 22% J | 27% J | 50% J |

---

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 July 31, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

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

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

---

| | |
|:---|:---|
| **Fidelity Equity-Income Fund** | $82481 |

---

**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), partnerships, deferred Trustee compensation, 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** | $3624790523 |
| **Gross unrealized depreciation** | <u>(171079997)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3453710526</u> |
| **Tax cost** | <u>$5885044606</u> |

---

The Fund elected to defer to its next fiscal year approximately $1,709,304 of capital losses recognized during the period November 1, 2024 to January 31, 2025.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Equity-Income Fund** | 822842786 | 901537642 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The 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** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Equity-Income Fund** | 55032 | 2146295 | 4287547 |

---

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

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

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Equity-Income** | .53 |
| **Class K** | .45 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Equity-Income** | .53 |
| **Class K** | .45 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Equity-Income Fund** | 5696 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Equity-Income Fund** | 132294220 | 114428225 | 28017842 |

---

**6. Committed Line of Credit.**

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

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

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Equity-Income Fund** | 4267 |

---

**7. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Equity-Income Fund** | 4724 | - | - |

---

**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 $349.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **July 31, 2025** | **Year ended**<br> **January 31, 2025** |
| **Fidelity Equity-Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Equity-Income | $72547184 | $427563514 |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5465035</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>35404836</u> |
| Total  | <u>$78012219</u> | <u>$462968350</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **July 31, 2025**  | **Year ended**<br> **January 31, 2025** | **Six months ended** <br> **July 31, 2025**  | **Year ended**<br> **January 31, 2025** |
| **Fidelity Equity-Income Fund** |  |  |  |  |
| **Equity-Income** |  |  |  |  |
| Shares sold | 6370640 | 16104696 | $485659297 | $1226359600 |
| Reinvestment of distributions | 885101 | 5303523 | 65887729 | 391413602 |
| Shares redeemed | <u>(8722819)</u> | <u>(17057720)</u> | <u>(664585292)</u> | <u>(1270954611)</u> |
| Net increase (decrease) | <u>(1467078)</u> | <u>4350499</u> | <u>$(113038266)</u> | <u>$346818591</u> |
| **Class K** |  |  |  |  |
| Shares sold | 1129834 | 1972170 | $87598680 | $147211752 |
| Reinvestment of distributions | 73426 | 480007 | 5465035 | 35404836 |
| Shares redeemed | <u>(2217991)</u> | <u>(1853063)</u> | <u>(167324264)</u> | <u>(138078984)</u> |
| Net increase (decrease) | <u>(1014731)</u> | <u>599114</u> | <u>$(74260549)</u> | <u>$44537604</u> |

---

**11. Other.**

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

**12. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Equity-Income Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111954_4.jpg)<br>

1.536123.128 EQU-SANN-0925

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 Devonshire 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 Devonshire 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 Devonshire Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

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; September 22, 2025 |

---

---

| | |
|:---|:---|
| &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; September 22, 2025 |

---

## Ex-99.Cert

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

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Devonshire Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Devonshire Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Devonshire Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: September 22, 2025

---

| |
|:---|
| &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>