Fidelity Focused Stock Fund NCSR Certified annual shareholder report (management investment company)

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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.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Value Fund	0.97%	9.79%	8.03%
Class K	0.99%	9.90%	8.13%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Value Fund, a class of the fund, on October 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Value Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 10.14% for the 12 months ending October 31, 2023, according to the S&P 500® index, as global economic expansion and a slowing in the pace of inflation provided a favorable backdrop for higher-risk assets through July. After returning -18.11% in 2022, the index's upturn has been driven by a narrow set of companies in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued amid consistent pressure on core inflation. Since March 2022, the Fed has hiked its benchmark interest rate 11 times. The latest bump came in late July, a fourth consecutive raise of 25 basis points, followed by the decision to hold rates in September at a 22-year high so the Fed can observe the pause's effect on inflation and the economy. The year-to-date equity rally sputtered in August and continued to lose steam through October amid a stalling pattern in disinflationary trends, soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. The S&P 500® closed at its 2023 high on July 31 before returning -3.27% in Q3 and -2.10% in October. Still, U.S. stocks ended October up 10.69% year to date. By sector for the full 12 months, communications services (+36%) and tech (+33%) led. In contrast, two defensive, rate-sensitive sectors lagged most: utilities (-8%) and real estate (-7%).

Comments from Lead Manager Matt Friedman, Co-Manager Laurie Mundt and Co-Manager Shadman Riaz:

For the fiscal year ending October 31, 2023, the fund's share classes gained about 1%, versus -3.56% for the benchmark Russell Midcap Value Index. By sector, the biggest contributor to performance versus the benchmark was security selection in materials. Stock picks in utilities also boosted relative performance. Also helping our relative result were picks in financials, primarily within the banks industry, as well as an underweight in the sector. The top individual relative contributor was an overweight in XPO (+127%). A second notable relative contributor was an overweight in First Citizens Bancshares (+70%). Not owning First Republic Bank, a benchmark component that lost all its value following its failure in May, was another notable relative contributor. In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care, primarily within the health care equipment & services industry. Security selection in consumer discretionary, primarily within the consumer services industry, also hampered the fund's result. The fund's stake in Signature Bank, a regional bank that collapsed in March, returned -100% and was the largest individual relative detractor. A second notable relative detractor was our non-benchmark stake in AdaptHealth (-68%). An overweight in Victoria's Secret (-53%) also hurt. Notable changes in positioning include increased exposure to the financials sector and a lower allocation to energy.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary October 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Constellation Energy Corp.	1.5
Antero Resources Corp.	1.5
PG&E Corp.	1.3
Global Payments, Inc.	1.2
Celanese Corp. Class A	1.1
Welltower, Inc.	1.1
Flex Ltd.	1.0
Apollo Global Management, Inc.	0.9
Constellium NV	0.9
Westlake Corp.	0.8
	11.3

Market Sectors (% of Fund's net assets)

Financials	19.1
Industrials	17.3
Consumer Discretionary	12.7
Materials	10.9
Energy	10.3
Utilities	7.7
Real Estate	6.3
Health Care	6.2
Information Technology	3.6
Consumer Staples	3.4
Communication Services	2.1

Asset Allocation (% of Fund's net assets)

Schedule of Investments October 31, 2023

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 0.3%
Cellnex Telecom SA (a)	861,100	25,313
Media - 1.8%
DISH Network Corp. Class A (b)(c)	644,768	3,159
Interpublic Group of Companies, Inc.	501,100	14,231
News Corp. Class A	1,241,800	25,680
Nexstar Broadcasting Group, Inc. Class A	175,800	24,626
Scholastic Corp.	416,097	15,354
Thryv Holdings, Inc. (b)	1,569,424	27,355
WPP PLC	1,779,000	15,319
		125,724
TOTAL COMMUNICATION SERVICES		151,037
CONSUMER DISCRETIONARY - 12.7%
Automobile Components - 1.4%
Adient PLC (b)	1,116,900	37,628
Atmus Filtration Technologies, Inc. (c)	900,300	16,890
Autoliv, Inc.	373,200	34,204
Cie Automotive SA	524,700	13,358
		102,080
Automobiles - 0.6%
Harley-Davidson, Inc.	1,565,868	42,044
Broadline Retail - 0.5%
Kohl's Corp. (c)	1,706,100	38,473
Diversified Consumer Services - 0.3%
H&R Block, Inc.	463,322	19,019
Hotels, Restaurants & Leisure - 1.4%
Brinker International, Inc. (b)	690,236	23,413
Hilton Grand Vacations, Inc. (b)(c)	805,500	28,958
Light & Wonder, Inc. Class A (b)	313,200	22,898
Red Rock Resorts, Inc.	700,822	27,718
		102,987
Household Durables - 1.3%
Mohawk Industries, Inc. (b)	261,000	20,979
Newell Brands, Inc.	3,845,100	25,839
Tempur Sealy International, Inc.	1,081,400	43,180
		89,998
Leisure Products - 1.8%
BRP, Inc.	458,200	30,970
Brunswick Corp.	412,900	28,684
Mattel, Inc. (b)	1,832,492	34,964
Topgolf Callaway Brands Corp. (b)(c)	2,576,800	31,488
		126,106
Specialty Retail - 4.2%
Academy Sports & Outdoors, Inc.	423,479	18,989
American Eagle Outfitters, Inc.	2,637,500	46,077
Aritzia, Inc. (b)	988,500	15,375
Camping World Holdings, Inc. (c)	1,257,300	21,060
Lithia Motors, Inc. Class A (sub. vtg.)	181,100	43,864
Sally Beauty Holdings, Inc. (b)	2,459,190	20,903
Signet Jewelers Ltd. (c)	634,377	44,299
Upbound Group, Inc.	1,473,774	38,407
Victoria's Secret & Co. (b)	1,754,133	31,364
Williams-Sonoma, Inc.	137,000	20,583
		300,921
Textiles, Apparel & Luxury Goods - 1.2%
Gildan Activewear, Inc.	1,555,800	44,192
PVH Corp.	233,100	17,331
Samsonite International SA (a)(b)	5,301,000	16,418
Wolverine World Wide, Inc.	1,215,598	9,786
		87,727
TOTAL CONSUMER DISCRETIONARY		909,355
CONSUMER STAPLES - 3.4%
Consumer Staples Distribution & Retail - 0.7%
U.S. Foods Holding Corp. (b)	1,327,400	51,689
Food Products - 2.0%
Bunge Ltd.	469,400	49,747
Darling Ingredients, Inc. (b)	1,346,394	59,632
Tyson Foods, Inc. Class A	748,400	34,688
		144,067
Household Products - 0.5%
Energizer Holdings, Inc.	1,088,995	34,390
Personal Care Products - 0.2%
Kenvue, Inc.	619,400	11,521
TOTAL CONSUMER STAPLES		241,667
ENERGY - 10.3%
Energy Equipment & Services - 2.7%
Championx Corp.	1,092,209	33,640
Expro Group Holdings NV (b)	3,030,294	47,727
Liberty Oilfield Services, Inc. Class A	848,385	16,713
Tenaris SA	1,784,500	28,021
Valaris Ltd. (b)	602,700	39,802
Vallourec SA (b)	2,092,300	25,072
		190,975
Oil, Gas & Consumable Fuels - 7.6%
Advantage Energy Ltd. (b)	1,329,900	9,657
Antero Resources Corp. (b)	3,639,900	107,159
APA Corp.	257,240	10,218
Canadian Natural Resources Ltd.	615,100	39,059
Cenovus Energy, Inc. (Canada)	1,940,581	36,971
Delek U.S. Holdings, Inc.	926,500	24,413
Denbury, Inc. (b)	32,348	2,875
Diamondback Energy, Inc.	146,874	23,547
Energy Transfer LP	2,385,797	31,373
EQT Corp. (c)	402,063	17,039
Hess Corp.	194,850	28,136
Imperial Oil Ltd.	752,300	42,873
Kosmos Energy Ltd. (b)	3,965,058	28,707
Parkland Corp.	883,100	26,727
Range Resources Corp.	494,700	17,730
Talos Energy, Inc. (b)	545,700	8,458
Targa Resources Corp.	622,780	52,071
Tourmaline Oil Corp. (c)	529,700	28,010
Valero Energy Corp.	82,600	10,490
		545,513
TOTAL ENERGY		736,488
FINANCIALS - 19.1%
Banks - 4.1%
Axos Financial, Inc. (b)	752,269	27,104
East West Bancorp, Inc.	665,766	35,698
First Citizens Bancshares, Inc.	35,192	48,591
First Citizens Bancshares, Inc. Class B	5,400	6,692
KeyCorp	2,895,900	29,596
Kyoto Financial Group, Inc.	340,700	19,316
Popular, Inc.	450,309	29,288
U.S. Bancorp	1,435,200	45,754
Webster Financial Corp.	1,114,100	42,302
Wintrust Financial Corp.	194,400	14,520
		298,861
Capital Markets - 3.3%
Ameriprise Financial, Inc.	103,400	32,527
BGC Group, Inc. Class A	5,622,400	33,003
Carlyle Group LP	1,182,200	32,558
LPL Financial	191,100	42,906
Onex Corp. (sub. vtg.)	275,000	15,412
Petershill Partners PLC (a)	7,472,300	13,405
Raymond James Financial, Inc.	469,000	44,761
UBS Group AG	873,370	20,374
		234,946
Consumer Finance - 2.0%
Ally Financial, Inc. (c)	960,900	23,244
Discover Financial Services	123,200	10,112
OneMain Holdings, Inc.	1,314,080	47,215
PROG Holdings, Inc. (b)	1,055,289	28,904
SLM Corp.	2,453,442	31,895
		141,370
Financial Services - 4.6%
Apollo Global Management, Inc.	847,802	65,654
Corebridge Financial, Inc. (c)	1,379,400	27,588
ECN Capital Corp.	6,375,057	8,826
Essent Group Ltd.	932,900	44,070
Global Payments, Inc.	797,800	84,742
NCR Atleos Corp.	957,650	21,126
Voya Financial, Inc.	672,000	44,869
Walker & Dunlop, Inc.	514,900	33,366
		330,241
Insurance - 5.1%
AMBAC Financial Group, Inc. (b)	1,971,059	23,909
American Financial Group, Inc.	500,600	54,746
Assurant, Inc.	364,279	54,241
First American Financial Corp.	798,536	41,077
Globe Life, Inc.	197,000	22,923
Hartford Financial Services Group, Inc.	541,100	39,744
Primerica, Inc.	66,843	12,778
Reinsurance Group of America, Inc.	314,049	46,941
The Travelers Companies, Inc.	301,600	50,500
Willis Towers Watson PLC	89,100	21,018
		367,877
TOTAL FINANCIALS		1,373,295
HEALTH CARE - 6.2%
Biotechnology - 0.6%
Biogen, Inc. (b)	50,965	12,106
BioMarin Pharmaceutical, Inc. (b)	47,465	3,866
Exact Sciences Corp. (b)	34,198	2,106
Galapagos NV (b)	697,700	23,213
United Therapeutics Corp. (b)	13,677	3,048
		44,339
Health Care Equipment & Supplies - 1.0%
Baxter International, Inc.	947,298	30,721
Dentsply Sirona, Inc.	51,203	1,557
Envista Holdings Corp. (b)	84,366	1,963
Globus Medical, Inc. (b)	29,300	1,339
Hologic, Inc. (b)	70,732	4,680
ICU Medical, Inc. (b)	2,600	255
Masimo Corp. (b)	16,620	1,348
STERIS PLC	26,775	5,622
Teleflex, Inc.	15,110	2,792
The Cooper Companies, Inc.	25,560	7,968
Zimmer Biomet Holdings, Inc.	149,113	15,569
		73,814
Health Care Providers & Services - 3.4%
Acadia Healthcare Co., Inc. (b)	62,054	4,562
AdaptHealth Corp. (b)	2,505,896	18,368
Cencora, Inc.	61,041	11,302
Centene Corp. (b)	885,100	61,054
Chemed Corp.	6,300	3,545
Cigna Group	177,249	54,805
CVS Health Corp.	510,800	35,250
Encompass Health Corp.	57,752	3,613
Henry Schein, Inc. (b)	47,342	3,076
Molina Healthcare, Inc. (b)	28,768	9,578
Owens & Minor, Inc. (b)	1,799,364	25,785
Quest Diagnostics, Inc.	71,414	9,291
R1 RCM, Inc. (b)	29,000	342
Tenet Healthcare Corp. (b)	31,100	1,670
		242,241
Life Sciences Tools & Services - 0.5%
Agilent Technologies, Inc.	62,711	6,482
Avantor, Inc. (b)	124,900	2,177
Bio-Rad Laboratories, Inc. Class A (b)	21,106	5,810
Charles River Laboratories International, Inc. (b)	40,326	6,789
ICON PLC (b)	42,003	10,247
Illumina, Inc. (b)	28,510	3,120
		34,625
Pharmaceuticals - 0.7%
Catalent, Inc. (b)	44,176	1,519
Jazz Pharmaceuticals PLC (b)	294,167	37,365
Royalty Pharma PLC	337,124	9,059
		47,943
TOTAL HEALTH CARE		442,962
INDUSTRIALS - 17.3%
Air Freight & Logistics - 0.8%
DHL Group	238,900	9,292
FedEx Corp.	187,400	44,995
		54,287
Building Products - 2.2%
Armstrong World Industries, Inc.	351,300	26,660
Builders FirstSource, Inc. (b)	324,150	35,177
Carlisle Companies, Inc.	138,000	35,064
Johnson Controls International PLC	324,900	15,927
Tecnoglass, Inc.	316,000	10,327
UFP Industries, Inc.	337,300	32,101
		155,256
Commercial Services & Supplies - 1.1%
HNI Corp.	639,061	22,169
The Brink's Co.	659,600	44,101
The GEO Group, Inc. (b)(c)	1,854,600	16,209
		82,479
Construction & Engineering - 2.1%
Fluor Corp. (b)	1,031,200	34,329
Granite Construction, Inc.	916,500	37,100
MDU Resources Group, Inc.	1,932,300	35,960
Willscot Mobile Mini Holdings (b)	1,117,000	44,021
		151,410
Electrical Equipment - 1.3%
Acuity Brands, Inc.	201,200	32,588
GrafTech International Ltd.	4,838,609	16,693
Regal Rexnord Corp.	377,556	44,706
		93,987
Ground Transportation - 3.4%
ArcBest Corp.	242,500	26,403
Knight-Swift Transportation Holdings, Inc. Class A	669,100	32,712
RXO, Inc.	736,700	12,900
Ryder System, Inc.	497,770	48,552
TFI International, Inc. (Canada)	277,900	30,743
U-Haul Holding Co. (non-vtg.)	816,425	38,543
XPO, Inc. (b)	736,000	55,796
		245,649
Machinery - 2.8%
Allison Transmission Holdings, Inc.	817,129	41,200
Barnes Group, Inc.	979,832	20,371
Chart Industries, Inc. (b)	190,500	22,142
Gates Industrial Corp. PLC (b)	2,072,100	22,627
Kennametal, Inc. (c)	971,097	22,442
Mueller Water Products, Inc. Class A	1,295,400	16,024
Terex Corp.	340,000	15,572
Timken Co.	591,036	40,852
		201,230
Professional Services - 1.4%
Concentrix Corp.	528,100	40,247
Leidos Holdings, Inc.	154,800	15,344
Manpower, Inc.	399,200	27,932
TransUnion Holding Co., Inc.	46,000	2,018
WNS Holdings Ltd. sponsored ADR (b)	221,600	12,037
		97,578
Trading Companies & Distributors - 2.2%
Beacon Roofing Supply, Inc. (b)	308,600	21,963
Core & Main, Inc. (b)	907,700	27,304
Custom Truck One Source, Inc. Class A (b)	1,734,499	10,008
Herc Holdings, Inc.	302,800	32,336
McGrath RentCorp.	214,980	21,627
WESCO International, Inc.	346,800	44,460
		157,698
TOTAL INDUSTRIALS		1,239,574
INFORMATION TECHNOLOGY - 3.6%
Communications Equipment - 0.6%
Lumentum Holdings, Inc. (b)	1,111,994	43,601
Electronic Equipment, Instruments & Components - 1.7%
Coherent Corp. (b)	646,100	19,125
Crane Nxt Co.	334,800	17,410
Flex Ltd. (b)	2,778,472	71,462
Vontier Corp.	616,008	18,209
		126,206
Semiconductors & Semiconductor Equipment - 0.2%
Skyworks Solutions, Inc.	165,900	14,390
Software - 0.5%
NCR Corp. (b)	2,180,700	33,343
Technology Hardware, Storage & Peripherals - 0.6%
Seagate Technology Holdings PLC	619,600	42,288
TOTAL INFORMATION TECHNOLOGY		259,828
MATERIALS - 10.9%
Chemicals - 5.2%
Axalta Coating Systems Ltd. (b)	1,026,937	26,937
Cabot Corp.	447,800	29,770
Celanese Corp. Class A (c)	698,988	80,041
Corteva, Inc.	399,012	19,208
Methanex Corp.	1,088,019	44,881
Olin Corp.	958,400	40,943
The Chemours Co. LLC	1,904,145	45,909
Tronox Holdings PLC	2,397,255	25,627
Westlake Corp.	532,349	61,412
		374,728
Construction Materials - 1.0%
Eagle Materials, Inc.	143,900	22,148
GCC S.A.B. de CV	2,942,500	26,200
Martin Marietta Materials, Inc.	59,368	24,278
		72,626
Containers & Packaging - 1.7%
Crown Holdings, Inc.	445,876	35,938
Graphic Packaging Holding Co.	1,541,400	33,156
O-I Glass, Inc. (b)	1,569,684	24,252
WestRock Co.	697,400	25,058
		118,404
Metals & Mining - 2.2%
ATI, Inc. (b)(c)	604,000	22,813
Carpenter Technology Corp.	386,300	24,229
Constellium NV (b)	3,899,214	61,608
First Quantum Minerals Ltd.	958,163	11,103
Schnitzer Steel Industries, Inc. Class A	626,000	14,216
Steel Dynamics, Inc.	231,711	24,680
		158,649
Paper & Forest Products - 0.8%
Interfor Corp. (b)	1,278,000	15,768
Louisiana-Pacific Corp.	829,497	42,537
		58,305
TOTAL MATERIALS		782,712
REAL ESTATE - 6.3%
Equity Real Estate Investment Trusts (REITs) - 5.2%
Camden Property Trust (SBI)	181,200	15,380
CubeSmart	666,437	22,719
Digital Realty Trust, Inc.	386,300	48,040
Douglas Emmett, Inc.	1,524,500	17,090
Essex Property Trust, Inc.	177,500	37,971
Lamar Advertising Co. Class A	271,100	22,303
Outfront Media, Inc.	3,739,500	36,498
Prologis (REIT), Inc.	347,502	35,011
Ventas, Inc.	1,351,900	57,402
Welltower, Inc.	925,300	77,364
		369,778
Real Estate Management & Development - 1.1%
Colliers International Group, Inc.	282,300	25,591
Compass, Inc. (b)	6,100,900	12,080
Jones Lang LaSalle, Inc. (b)	285,600	36,534
Marcus & Millichap, Inc. (c)	223,600	6,417
		80,622
TOTAL REAL ESTATE		450,400
UTILITIES - 7.7%
Electric Utilities - 5.6%
Constellation Energy Corp.	977,969	110,433
Edison International	926,684	58,437
Entergy Corp.	375,500	35,894
FirstEnergy Corp.	1,600,300	56,971
NextEra Energy, Inc.	847,800	49,427
PG&E Corp. (b)	5,663,600	92,317
		403,479
Gas Utilities - 0.0%
Southwest Gas Holdings, Inc.	35,000	2,051
Independent Power and Renewable Electricity Producers - 1.5%
The AES Corp.	4,104,700	61,160
Vistra Corp.	1,375,200	44,997
		106,157
Multi-Utilities - 0.6%
Sempra	634,500	44,434
TOTAL UTILITIES		556,121
TOTAL COMMON STOCKS (Cost $6,372,395)		7,143,439

U.S. Treasury Obligations - 0.1%
	Principal Amount (d) (000s)	Value ($) (000s)
U.S. Treasury Bills, yield at date of purchase 5.37% to 5.39% 12/14/23 to 12/21/23 (Cost $3,872)	3,900	3,872

Money Market Funds - 2.9%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (e)	32,990,296	32,997
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f)	174,284,011	174,301
TOTAL MONEY MARKET FUNDS (Cost $207,298)		207,298

TOTAL INVESTMENT IN SECURITIES - 102.6% (Cost $6,583,565)	7,354,609
NET OTHER ASSETS (LIABILITIES) - (2.6)%	(185,963)
NET ASSETS - 100.0%	7,168,646

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a)

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 $55,136,000 or 0.8% of net assets.

(b)	Non-income producing

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

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

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

(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 (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	16,305	2,240,363	2,223,670	3,413	-	(1)	32,997	0.1%
Fidelity Securities Lending Cash Central Fund 5.40%	192,987	1,613,020	1,631,706	1,037	-	-	174,301	0.7%
Total	209,292	3,853,383	3,855,376	4,450	-	(1)	207,298

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 payments received for lending certain types of securities.

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

Other Affiliated Issuers

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

Affiliate (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)
Unisys Corp.	28,904	-	13,238	-	(39,486)	23,820	-
Total	28,904	-	13,238	-	(39,486)	23,820	-

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 October 31, 2023, 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:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	151,037	110,405	40,632	-
Consumer Discretionary	909,355	892,937	16,418	-
Consumer Staples	241,667	241,667	-	-
Energy	736,488	736,488	-	-
Financials	1,373,295	1,353,979	19,316	-
Health Care	442,962	419,749	23,213	-
Industrials	1,239,574	1,239,574	-	-
Information Technology	259,828	259,828	-	-
Materials	782,712	782,712	-	-
Real Estate	450,400	450,400	-	-
Utilities	556,121	556,121	-	-

U.S. Government and Government Agency Obligations	3,872	-	3,872	-

Money Market Funds	207,298	207,298	-	-
Total Investments in Securities:	7,354,609	7,251,158	103,451	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				October 31, 2023

Assets
Investment in securities, at value (including securities loaned of $171,764) - See accompanying schedule:
Unaffiliated issuers (cost $6,376,267)	$	7,147,311
Fidelity Central Funds (cost $207,298)		207,298


Total Investment in Securities (cost $6,583,565)			$	7,354,609
Foreign currency held at value (cost $3,286)				3,285
Receivable for investments sold				33,902
Receivable for fund shares sold				687
Dividends receivable				5,476
Distributions receivable from Fidelity Central Funds				286
Prepaid expenses				10
Other receivables				410
Total assets				7,398,665
Liabilities
Payable to custodian bank	$	223
Payable for investments purchased		46,322
Payable for fund shares redeemed		3,229
Accrued management fee		4,603
Other affiliated payables		866
Other payables and accrued expenses		493
Collateral on securities loaned		174,283
Total Liabilities				230,019
Net Assets			$	7,168,646
Net Assets consist of:
Paid in capital			$	6,153,402
Total accumulated earnings (loss)				1,015,244
Net Assets			$	7,168,646

Net Asset Value and Maximum Offering Price
Value :
Net Asset Value, offering price and redemption price per share ($6,539,068 ÷ 522,436 shares)			$	12.52
Class K :
Net Asset Value, offering price and redemption price per share ($629,578 ÷ 50,203 shares)			$	12.54

Statement of Operations
Amounts in thousands				Year ended October 31, 2023
Investment Income
Dividends			$	144,489
Interest				224
Income from Fidelity Central Funds (including $1,037 from security lending)				4,450
Total Income				149,163
Expenses
Management fee
Basic fee	$	42,267
Performance adjustment		16,109
Transfer agent fees		9,598
Accounting fees		1,084
Custodian fees and expenses		82
Independent trustees' fees and expenses		47
Registration fees		96
Audit		74
Legal		23
Interest		56
Miscellaneous		39
Total expenses before reductions		69,475
Expense reductions		(482)
Total expenses after reductions				68,993
Net Investment income (loss)				80,170
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		306,339
Affiliated issuers		(39,486)
Foreign currency transactions		(17)
Futures contracts		2,472
Total net realized gain (loss)				269,308
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(282,791)
Fidelity Central Funds		(1)
Other affiliated issuers		23,820
Assets and liabilities in foreign currencies		29
Total change in net unrealized appreciation (depreciation)				(258,943)
Net gain (loss)				10,365
Net increase (decrease) in net assets resulting from operations			$	90,535

Statement of Changes in Net Assets

Amount in thousands		Year ended October 31, 2023		Year ended October 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	80,170	$	108,810
Net realized gain (loss)		269,308		539,231
Change in net unrealized appreciation (depreciation)		(258,943)		(1,303,273)
Net increase (decrease) in net assets resulting from operations		90,535		(655,232)
Distributions to shareholders		(550,862)		(871,432)

Share transactions - net increase (decrease)		(720,277)		346,721
Total increase (decrease) in net assets		(1,180,604)		(1,179,943)

Net Assets
Beginning of period		8,349,250		9,529,193
End of period	$	7,168,646	$	8,349,250

Financial Highlights

Fidelity® Value Fund

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	13.27	$	15.72	$	9.57	$	10.59	$	11.15
Income from Investment Operations
Net investment income (loss) A,B		.13		.17		.12		.12		.14
Net realized and unrealized gain (loss)		- C		(1.18)		6.15		(.77)		.71
Total from investment operations		.13		(1.01)		6.27		(.65)		.85
Distributions from net investment income		(.09)		(.20)		(.12)		(.14) D		(.12)
Distributions from net realized gain		(.80)		(1.24)		-		(.23) D		(1.29)
Total distributions		(.88) E		(1.44)		(.12)		(.37)		(1.41)
Net asset value, end of period	$	12.52	$	13.27	$	15.72	$	9.57	$	10.59
Total Return F		.97%		(6.80)%		65.91%		(6.52)%		9.31%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.87%		.83%		.79%		.57%		.58%
Expenses net of fee waivers, if any		.87%		.83%		.79%		.57%		.58%
Expenses net of all reductions		.87%		.83%		.79%		.55%		.58%
Net investment income (loss)		.99%		1.18%		.82%		1.30%		1.38%
Supplemental Data
Net assets, end of period (in millions)	$	6,539	$	7,190	$	8,361	$	4,760	$	6,112
Portfolio turnover rate I		69%		74%		77%		90%		75%

ACalculated based on average shares outstanding during the period.

BNet 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.

CAmount represents less than $.005 per share.

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

ETotal distributions per share do not sum due to rounding.

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

GFees 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.

HExpense 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.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity® Value Fund Class K

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	13.30	$	15.74	$	9.59	$	10.60	$	11.16
Income from Investment Operations
Net investment income (loss) A,B		.14		.18		.13		.13		.15
Net realized and unrealized gain (loss)		- C		(1.17)		6.15		(.76)		.72
Total from investment operations		.14		(.99)		6.28		(.63)		.87
Distributions from net investment income		(.10)		(.21)		(.13)		(.15) D		(.13)
Distributions from net realized gain		(.80)		(1.24)		-		(.23) D		(1.29)
Total distributions		(.90)		(1.45)		(.13)		(.38)		(1.43) E
Net asset value, end of period	$	12.54	$	13.30	$	15.74	$	9.59	$	10.60
Total Return F		.99%		(6.63)%		65.90%		(6.33)%		9.43%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.79%		.75%		.71%		.47%		.49%
Expenses net of fee waivers, if any		.78%		.74%		.71%		.47%		.49%
Expenses net of all reductions		.78%		.74%		.71%		.45%		.48%
Net investment income (loss)		1.07%		1.27%		.91%		1.40%		1.48%
Supplemental Data
Net assets, end of period (in millions)	$	630	$	1,160	$	1,168	$	493	$	740
Portfolio turnover rate I		69%		74%		77%		90%		75%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

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

ETotal distributions per share do not sum due to rounding.

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

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements

For the period ended October 31, 2023

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. 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 (ETFs) 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, 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.

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 October 31, 2023 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 (ETFs). 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 (ETF). 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 Value Fund

$402

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

Gross unrealized appreciation	$1,339,899
Gross unrealized depreciation	(616,040)
Net unrealized appreciation (depreciation)	$723,859
Tax Cost	$6,630,750

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

Undistributed ordinary income	$64,417
Undistributed long-term capital gain	$227,015
Net unrealized appreciation (depreciation) on securities and other investments	$723,812

The tax character of distributions paid was as follows:

	October 31, 2023	October 31, 2022
Ordinary Income	$55,150	$ 358,482
Long-term Capital Gains	495,712	512,950
Total	$550,862	$ 871,432

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

4. Derivative Instruments.

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

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

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


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

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

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

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

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily 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 unless an average notional amount is presented. 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 Value Fund	5,501,573	6,662,176

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Value as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .73% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Value	$9,225	.13
Class K	373	.04
	$9,598

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Value	0.1269%

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
Fidelity Value Fund	.01

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Value Fund	0.0134%

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

	Amount
Fidelity Value Fund	$ 215

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 period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Value Fund	Borrower	$ 65,776	5.07%	$56

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Value Fund	365,019	495,540	27,053

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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Value Fund	$15

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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Value Fund	$109	$71	$-

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $482.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2023	Year ended October 31, 2022
Fidelity Value Fund
Distributions to shareholders
Value	$473,295	$764,386
Class K	77,567	107,046
Total	$550,862	$871,432

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2023	Year ended October 31, 2022	Year ended October 31, 2023	Year ended October 31, 2022
Fidelity Value Fund
Value
Shares sold	25,663	66,565	$340,386	$955,112
Reinvestment of distributions	34,449	50,898	434,054	704,841
Shares redeemed	(79,290)	(107,837)	(1,032,323)	(1,496,833)
Net increase (decrease)	(19,178)	9,626	$(257,883)	$163,120
Class K
Shares sold	11,753	27,089	$155,225	$383,456
Reinvestment of distributions	6,151	7,724	77,567	107,046
Shares redeemed	(54,898)	(21,814)	(695,186)	(306,902)
Net increase (decrease)	(36,994)	12,999	$(462,394)	$183,600

12. Other.

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

13. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Capital Trust and Shareholders of Fidelity Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Value Fund (one of the funds constituting Fidelity Capital Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 20, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Vijay Advani, each of the Trustees oversees 322 funds. Mr. Advani oversees 215 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Value Fund
Fidelity® Value Fund	.88%
Actual		$ 1,000	$ 988.20	$ 4.41
Hypothetical-B		$ 1,000	$ 1,020.77	$ 4.48
Class K	.79%
Actual		$ 1,000	$ 988.20	$ 3.96
Hypothetical-B		$ 1,000	$ 1,021.22	$ 4.02

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2023, $243,395,112, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $404,257 of the distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 99% and Class K designates 87% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund and Class K designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity 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.

Approval of Stub Period Continuation. At its May 2023 meeting, the Board of Trustees voted to continue the fund's management contract with FMR, and the sub-advisory agreements and sub-sub-advisory agreements, in each case, where applicable (together, the Advisory Contracts), without modification, for two months from June 1, 2023 through July 31, 2023. The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board would consider the annual renewal for a full one year period in July 2023.

At its July 2023 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); (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.

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.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and 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 global 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, as well as to transmit new information and research conclusions rapidly around the world. 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.

Shareholder and Administrative Services. 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, pricing and bookkeeping, and securities lending 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. 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.

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.

Investment in a Large Fund Family. 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 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.

Investment Performance. 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 appropriate securities market index (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 the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, 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. The Board also considered information about the impact of the fund's performance adjustment.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. 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) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size 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 mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. 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 similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

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.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the fund's management fee, 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 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 and the full Board approves such changes.

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, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (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; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) 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 July 31, 2024.

1.538531.126

VAL-ANN-1223

Fidelity® Stock Selector Small Cap Fund

Annual Report

October 31, 2023

Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2023	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	-8.34%	6.39%	6.74%
Class M (incl. 3.50% sales charge)	-6.40%	6.59%	6.66%
Class C (incl. contingent deferred sales charge)	-4.48%	6.80%	6.68%
Fidelity® Stock Selector Small Cap Fund	-2.48%	7.97%	7.68%
Class I	-2.50%	7.96%	7.68%
Class Z	-2.34%	8.11%	7.78%

Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.

The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Stock Selector Small Cap Fund, a class of the fund, on October 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Lead Manager Shadman Riaz:

For the fiscal year ending October 31, 2023, the fund's share classes (excluding sales charges, if applicable) returned about -4% to -2%, versus -8.56% for the benchmark Russell 2000 Index. Relative to the benchmark, security selection was the primary contributor, especially within industrials, where our stock picking in capital goods helped most. Stock selection in information technology, primarily within the technology hardware & equipment industry, also contributed. Stock picking in consumer discretionary and materials further boosted the fund's relative performance. The top individual relative contributor was our non-benchmark stake in Builders FirstSource (+97%). Builders FirstSource was not held at period end. A second notable relative contributor was our non-benchmark stake in TechnipFMC (+103%), which was among the fund's biggest holdings at period end. Another relative contributor was our stake in Axcelis Technologies (+73%). This was a stake we established this period. In contrast, the biggest detractors from performance versus the benchmark were stock selection and an overweight in energy. Stock picks in the utilities and communication services sectors also hurt our relative result. The biggest individual relative detractor was our stake in PacWest Bancorp (-80%). PacWest Bancorp was not held at period end. A second notable relative detractor was avoiding Super Micro Computer, a benchmark component that gained 244%. An overweight in Brookfield Infrastructure (-39%) also hurt. Brookfield Infrastructure was among the fund's largest holdings this 12-month period, though we reduced the position by period end. Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to real estate.

Note to shareholders:

On September 30, 2023, Morgen Peck came off the fund, leaving Shadman Riaz as Lead Manager.

Investment Summary October 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Fabrinet	1.5
Murphy U.S.A., Inc.	1.4
Northern Oil & Gas, Inc.	1.3
SPX Technologies, Inc.	1.3
Championx Corp.	1.3
Insight Enterprises, Inc.	1.2
Academy Sports & Outdoors, Inc.	1.2
TechnipFMC PLC	1.2
EMCOR Group, Inc.	1.2
Liberty Oilfield Services, Inc. Class A	1.2
	12.8

Market Sectors (% of Fund's net assets)

Industrials	19.9
Financials	14.6
Information Technology	14.2
Health Care	13.8
Consumer Discretionary	11.6
Energy	7.8
Materials	5.5
Real Estate	3.8
Consumer Staples	3.6
Utilities	1.7
Communication Services	1.3

Asset Allocation (% of Fund's net assets)

Futures - 0.4%

Schedule of Investments October 31, 2023

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 1.3%
Diversified Telecommunication Services - 0.2%
Cogent Communications Group, Inc.	78,300	5,088
Entertainment - 0.3%
Vivid Seats, Inc. Class A (a)(b)	1,010,667	5,943
Interactive Media & Services - 0.3%
Ziff Davis, Inc. (a)	91,500	5,532
Media - 0.4%
TechTarget, Inc. (a)	155,398	3,913
Thryv Holdings, Inc. (a)	274,100	4,778
		8,691
Wireless Telecommunication Services - 0.1%
Gogo, Inc. (a)	257,900	2,708
TOTAL COMMUNICATION SERVICES		27,962
CONSUMER DISCRETIONARY - 11.6%
Automobile Components - 2.1%
Adient PLC (a)	314,100	10,582
Fox Factory Holding Corp. (a)	172,967	14,092
LCI Industries (b)	106,400	11,543
Patrick Industries, Inc.	124,500	9,356
		45,573
Diversified Consumer Services - 0.5%
Laureate Education, Inc. Class A	816,000	11,538
Hotels, Restaurants & Leisure - 1.2%
Bloomin' Brands, Inc.	132,199	3,086
Brinker International, Inc. (a)	150,200	5,095
Churchill Downs, Inc.	102,700	11,281
Hilton Grand Vacations, Inc. (a)	186,200	6,694
		26,156
Household Durables - 2.2%
Green Brick Partners, Inc. (a)	181,806	7,036
M.D.C. Holdings, Inc.	175,004	6,641
SharkNinja Hong Kong Co. Ltd. (b)	256,800	10,724
Skyline Champion Corp. (a)	308,000	18,058
Tempur Sealy International, Inc.	165,300	6,600
		49,059
Leisure Products - 0.5%
Acushnet Holdings Corp. (b)	137,400	7,002
Clarus Corp.	603,561	3,495
Games Workshop Group PLC	9,486	1,139
		11,636
Specialty Retail - 3.3%
Academy Sports & Outdoors, Inc.	613,600	27,514
Dick's Sporting Goods, Inc.	93,800	10,032
Murphy U.S.A., Inc.	83,450	30,266
Upbound Group, Inc.	176,400	4,597
		72,409
Textiles, Apparel & Luxury Goods - 1.8%
Crocs, Inc. (a)	107,600	9,611
Deckers Outdoor Corp. (a)	25,100	14,986
Kontoor Brands, Inc.	325,400	15,115
		39,712
TOTAL CONSUMER DISCRETIONARY		256,083
CONSUMER STAPLES - 3.6%
Beverages - 0.5%
Primo Water Corp.	872,400	11,394
Consumer Staples Distribution & Retail - 1.5%
BJ's Wholesale Club Holdings, Inc. (a)	183,500	12,500
Performance Food Group Co. (a)	180,500	10,426
Sprouts Farmers Market LLC (a)	227,700	9,568
		32,494
Food Products - 1.0%
Nomad Foods Ltd. (a)	1,053,377	14,558
The Simply Good Foods Co. (a)	225,300	8,401
		22,959
Personal Care Products - 0.6%
BellRing Brands, Inc. (a)	278,300	12,170
TOTAL CONSUMER STAPLES		79,017
ENERGY - 7.8%
Energy Equipment & Services - 4.8%
Cactus, Inc.	246,900	11,589
Championx Corp.	908,213	27,973
Liberty Oilfield Services, Inc. Class A	1,286,378	25,342
TechnipFMC PLC	1,264,900	27,221
Valaris Ltd. (a)	205,800	13,591
		105,716
Oil, Gas & Consumable Fuels - 3.0%
Antero Resources Corp. (a)	682,988	20,107
Chord Energy Corp.	64,200	10,614
HF Sinclair Corp.	127,100	7,039
Northern Oil & Gas, Inc. (b)	771,722	29,588
		67,348
TOTAL ENERGY		173,064
FINANCIALS - 14.6%
Banks - 6.9%
ConnectOne Bancorp, Inc.	252,424	4,112
East West Bancorp, Inc.	132,600	7,110
First Bancorp, Puerto Rico (b)	1,769,100	23,617
First Interstate Bancsystem, Inc.	201,800	4,656
Glacier Bancorp, Inc. (b)	227,700	6,874
Independent Bank Group, Inc.	291,600	10,308
Metropolitan Bank Holding Corp. (a)	117,434	3,806
Pathward Financial, Inc.	264,200	11,966
Pinnacle Financial Partners, Inc.	165,100	10,296
Synovus Financial Corp.	809,900	21,114
Trico Bancshares	368,826	11,932
United Community Bank, Inc.	797,200	17,610
Webster Financial Corp.	213,764	8,117
Western Alliance Bancorp.	234,900	9,654
		151,172
Capital Markets - 2.7%
Houlihan Lokey	237,982	23,922
Lazard Ltd. Class A	422,400	11,730
LPL Financial	23,600	5,299
TMX Group Ltd.	935,600	19,484
		60,435
Consumer Finance - 0.8%
FirstCash Holdings, Inc.	153,300	16,697
Financial Services - 1.4%
Essent Group Ltd.	510,300	24,107
Walker & Dunlop, Inc.	106,100	6,875
		30,982
Insurance - 2.8%
Assurant, Inc.	31,300	4,661
First American Financial Corp.	189,100	9,727
Genworth Financial, Inc. Class A (a)	1,688,500	10,114
Primerica, Inc.	119,000	22,748
Selective Insurance Group, Inc.	143,570	14,947
		62,197
TOTAL FINANCIALS		321,483
HEALTH CARE - 13.7%
Biotechnology - 6.7%
Acelyrin, Inc. (b)	331,500	3,376
Acelyrin, Inc.	89,619	904
Acelyrin, Inc. rights (a)(c)	10,889	104
Allogene Therapeutics, Inc. (a)	715,105	2,017
ALX Oncology Holdings, Inc. (a)	416,500	2,999
Arcellx, Inc. (a)	157,900	5,566
Argenx SE ADR (a)	22,631	10,627
Arrowhead Pharmaceuticals, Inc. (a)	244,400	6,010
Ascendis Pharma A/S sponsored ADR (a)	32,406	2,894
Astria Therapeutics, Inc. (a)	522,411	2,607
Astria Therapeutics, Inc. warrants (a)(c)	95,634	0
Celldex Therapeutics, Inc. (a)	142,100	3,342
Cerevel Therapeutics Holdings (a)	197,100	4,661
Cogent Biosciences, Inc. (a)	500,200	4,082
Crinetics Pharmaceuticals, Inc. (a)	156,500	4,584
Cytokinetics, Inc. (a)	303,055	10,564
Dianthus Therapeutics, Inc. (a)	92,121	1,105
Dianthus Therapeutics, Inc. (d)	55,800	636
Icosavax, Inc. (a)	640,820	3,941
Janux Therapeutics, Inc. (a)(b)	246,228	1,581
Karuna Therapeutics, Inc. (a)	33,623	5,602
Keros Therapeutics, Inc. (a)	187,700	5,357
Madrigal Pharmaceuticals, Inc. (a)(b)	38,200	5,019
Moonlake Immunotherapeutics (a)(b)	100,900	5,228
Morphic Holding, Inc. (a)	143,038	2,854
Nuvalent, Inc. Class A (a)	74,200	3,865
ORIC Pharmaceuticals, Inc. (a)(b)	413,000	2,767
PepGen, Inc. (a)	202,863	1,039
PTC Therapeutics, Inc. (a)	122,975	2,306
Scholar Rock Holding Corp. warrants 12/31/25 (a)(d)	7,350	43
Tango Therapeutics, Inc. (a)(b)	85,524	718
Tango Therapeutics, Inc. (d)	387,835	3,258
Tyra Biosciences, Inc. (a)(b)	411,843	4,777
Vaxcyte, Inc. (a)	201,871	9,710
Verve Therapeutics, Inc. (a)(b)	290,530	3,498
Viking Therapeutics, Inc. (a)	327,200	3,210
Viridian Therapeutics, Inc. (d)	273,827	3,081
Xenon Pharmaceuticals, Inc. (a)	242,071	7,504
Zentalis Pharmaceuticals, Inc. (a)(b)	385,805	6,312
		147,748
Health Care Equipment & Supplies - 2.8%
Axonics Modulation Technologies, Inc. (a)	128,000	6,555
Haemonetics Corp. (a)	177,864	15,159
Inspire Medical Systems, Inc. (a)	35,628	5,243
Integer Holdings Corp. (a)	142,000	11,526
Lantheus Holdings, Inc. (a)	139,800	9,031
Shockwave Medical, Inc. (a)	36,100	7,446
TransMedics Group, Inc. (a)	208,507	7,815
		62,775
Health Care Providers & Services - 2.5%
Acadia Healthcare Co., Inc. (a)	162,851	11,971
agilon health, Inc. (a)	489,901	8,818
Molina Healthcare, Inc. (a)	36,249	12,069
Privia Health Group, Inc. (a)	295,600	6,214
R1 RCM, Inc. (a)(b)	405,956	4,786
Surgery Partners, Inc. (a)	282,054	6,524
Tenet Healthcare Corp. (a)	68,960	3,703
		54,085
Health Care Technology - 0.2%
Evolent Health, Inc. (a)	200,977	4,910
Life Sciences Tools & Services - 0.2%
10X Genomics, Inc. (a)	116,090	4,096
Pharmaceuticals - 1.3%
Amylyx Pharmaceuticals, Inc. (a)	188,600	3,076
Axsome Therapeutics, Inc. (a)(b)	88,752	5,527
CymaBay Therapeutics, Inc. (a)	223,400	3,659
Edgewise Therapeutics, Inc. (a)	673,845	4,313
Enliven Therapeutics, Inc. (a)(b)	203,608	2,523
Ikena Oncology, Inc. (a)	313,000	1,261
Structure Therapeutics, Inc. ADR	64,600	4,800
Ventyx Biosciences, Inc. (a)	296,460	4,275
		29,434
TOTAL HEALTH CARE		303,048
INDUSTRIALS - 19.9%
Aerospace & Defense - 0.3%
V2X, Inc. (a)	136,200	6,956
Building Products - 1.4%
Masonite International Corp. (a)	74,400	5,888
Simpson Manufacturing Co. Ltd.	184,610	24,586
		30,474
Commercial Services & Supplies - 0.7%
The Brink's Co.	137,900	9,220
Vestis Corp.	349,300	5,341
		14,561
Construction & Engineering - 4.9%
Comfort Systems U.S.A., Inc.	101,876	18,526
Construction Partners, Inc. Class A (a)	267,900	10,301
Dycom Industries, Inc. (a)	92,000	7,837
EMCOR Group, Inc.	131,540	27,183
Granite Construction, Inc.	455,400	18,435
IES Holdings, Inc. (a)	297,115	18,489
Sterling Construction Co., Inc. (a)	108,500	7,904
		108,675
Electrical Equipment - 1.8%
Atkore, Inc. (a)	193,370	24,032
Fluence Energy, Inc. (a)(b)	195,100	3,379
Thermon Group Holdings, Inc. (a)	452,855	12,087
		39,498
Machinery - 4.6%
Astec Industries, Inc.	161,000	6,446
Federal Signal Corp.	416,500	24,174
ITT, Inc.	58,520	5,463
Kadant, Inc.	43,300	9,526
SPX Technologies, Inc. (a)	358,600	28,731
Terex Corp.	402,000	18,412
Timken Co.	139,600	9,649
		102,401
Professional Services - 3.3%
ASGN, Inc. (a)	125,400	10,466
CACI International, Inc. Class A (a)	24,600	7,989
CRA International, Inc.	78,200	7,594
ExlService Holdings, Inc. (a)	676,555	17,665
FTI Consulting, Inc. (a)	25,800	5,476
KBR, Inc.	166,300	9,670
NV5 Global, Inc. (a)	62,200	5,869
WNS Holdings Ltd. sponsored ADR (a)	144,550	7,852
		72,581
Trading Companies & Distributors - 2.9%
Applied Industrial Technologies, Inc.	71,500	10,976
Beacon Roofing Supply, Inc. (a)	151,800	10,804
Finning International, Inc.	189,000	5,065
FTAI Aviation Ltd.	238,600	8,974
GMS, Inc. (a)	125,200	7,322
Rush Enterprises, Inc. Class A	601,932	21,417
		64,558
TOTAL INDUSTRIALS		439,704
INFORMATION TECHNOLOGY - 14.2%
Communications Equipment - 0.4%
Extreme Networks, Inc. (a)	447,000	9,217
Electronic Equipment, Instruments & Components - 5.1%
Advanced Energy Industries, Inc.	278,300	24,284
Fabrinet (a)	210,240	32,581
Insight Enterprises, Inc. (a)	193,185	27,683
Napco Security Technologies, Inc.	138,300	2,541
Sanmina Corp. (a)	164,900	8,388
TD SYNNEX Corp.	183,100	16,787
		112,264
IT Services - 1.2%
Endava PLC ADR (a)	199,400	10,002
Fastly, Inc. Class A (a)	664,700	9,751
Perficient, Inc. (a)	110,700	6,442
		26,195
Semiconductors & Semiconductor Equipment - 2.6%
Allegro MicroSystems LLC (a)	166,600	4,325
Axcelis Technologies, Inc. (a)	27,900	3,557
Diodes, Inc. (a)	98,000	6,378
MACOM Technology Solutions Holdings, Inc. (a)	275,200	19,413
Onto Innovation, Inc. (a)	141,250	15,872
Synaptics, Inc. (a)	88,800	7,429
		56,974
Software - 4.6%
Five9, Inc. (a)	59,800	3,461
Intapp, Inc. (a)	296,948	10,156
Manhattan Associates, Inc. (a)	53,000	10,334
Progress Software Corp.	124,900	6,417
PROS Holdings, Inc. (a)	523,700	16,313
Qualys, Inc. (a)	48,300	7,387
Rapid7, Inc. (a)	90,300	4,198
SPS Commerce, Inc. (a)	129,700	20,796
Tenable Holdings, Inc. (a)	523,300	22,036
		101,098
Technology Hardware, Storage & Peripherals - 0.3%
Avid Technology, Inc. (a)	270,569	7,311
TOTAL INFORMATION TECHNOLOGY		313,059
MATERIALS - 5.5%
Chemicals - 1.1%
Element Solutions, Inc.	760,800	13,869
The Chemours Co. LLC	228,000	5,497
Tronox Holdings PLC	517,029	5,527
		24,893
Construction Materials - 1.0%
Eagle Materials, Inc.	141,000	21,701
Containers & Packaging - 0.4%
O-I Glass, Inc. (a)	616,000	9,517
Metals & Mining - 2.4%
Commercial Metals Co.	563,700	23,839
Constellium NV (a)	1,296,700	20,488
Lundin Mining Corp.	1,457,900	9,104
		53,431
Paper & Forest Products - 0.6%
Louisiana-Pacific Corp.	124,100	6,364
Sylvamo Corp.	133,900	5,932
		12,296
TOTAL MATERIALS		121,838
REAL ESTATE - 3.8%
Equity Real Estate Investment Trusts (REITs) - 2.6%
EastGroup Properties, Inc.	59,400	9,697
Elme Communities (SBI)	772,200	9,853
Essential Properties Realty Trust, Inc.	942,900	20,697
Lamar Advertising Co. Class A	134,100	11,032
Terreno Realty Corp.	123,410	6,575
		57,854
Real Estate Management & Development - 1.2%
Colliers International Group, Inc.	128,700	11,667
Jones Lang LaSalle, Inc. (a)	74,200	9,492
Marcus & Millichap, Inc.	188,238	5,402
		26,561
TOTAL REAL ESTATE		84,415
UTILITIES - 1.7%
Gas Utilities - 1.7%
Brookfield Infrastructure Corp. A Shares	727,400	18,738
ONE Gas, Inc. (b)	176,178	10,641
Southwest Gas Holdings, Inc. (b)	122,600	7,186
		36,565
TOTAL COMMON STOCKS (Cost $1,935,757)		2,156,238

Convertible Preferred Stocks - 0.1%
	Shares	Value ($) (000s)
HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
Boundless Bio, Inc. Series C (c)(d) (Cost $1,561)	2,229,367	1,405

Money Market Funds - 5.5%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (e)	47,818,059	47,828
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f)	73,100,373	73,108
TOTAL MONEY MARKET FUNDS (Cost $120,935)		120,936

TOTAL INVESTMENT IN SECURITIES - 103.3% (Cost $2,058,253)	2,278,579
NET OTHER ASSETS (LIABILITIES) - (3.3)%	(72,026)
NET ASSETS - 100.0%	2,206,553

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount ($) (000s)	Value ($) (000s)	Unrealized Appreciation/ (Depreciation) ($) (000s)
Purchased

Equity Index Contracts
CME E-mini Russell 2000 Index Contracts (United States)	115	Dec 2023	9,593	(759)	(759)

The notional amount of futures purchased as a percentage of Net Assets is 0.4%

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a)	Non-income producing

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

(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 $8,423,000 or 0.4% of net assets.

(e)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($) (000s)
Boundless Bio, Inc. Series C	4/05/23	1,561

Dianthus Therapeutics, Inc.	5/03/23	1,303

Scholar Rock Holding Corp. warrants 12/31/25	6/17/22	0

Tango Therapeutics, Inc.	8/09/23	1,997

Viridian Therapeutics, Inc.	10/30/23	3,390

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 (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	34,195	1,165,438	1,151,806	2,332	-	1	47,828	0.1%
Fidelity Securities Lending Cash Central Fund 5.40%	57,129	849,683	833,704	245	-	-	73,108	0.3%
Total	91,324	2,015,121	1,985,510	2,577	-	1	120,936

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	27,962	27,962	-	-
Consumer Discretionary	256,083	256,083	-	-
Consumer Staples	79,017	79,017	-	-
Energy	173,064	173,064	-	-
Financials	321,483	321,483	-	-
Health Care	304,453	298,280	4,664	1,509
Industrials	439,704	439,704	-	-
Information Technology	313,059	313,059	-	-
Materials	121,838	121,838	-	-
Real Estate	84,415	84,415	-	-
Utilities	36,565	36,565	-	-

Money Market Funds	120,936	120,936	-	-
Total Investments in Securities:	2,278,579	2,272,406	4,664	1,509
Derivative Instruments: Liabilities
Futures Contracts	(759)	(759)	-	-
Total Liabilities	(759)	(759)	-	-
Total Derivative Instruments:	(759)	(759)	-	-

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2023. 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	Value
(Amounts in thousands)	Asset ($)	Liability ($)
Equity Risk
Futures Contracts (a)	0	(759)
Total Equity Risk	0	(759)
Total Value of Derivatives	0	(759)

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

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				October 31, 2023

Assets
Investment in securities, at value (including securities loaned of $73,183) - See accompanying schedule:
Unaffiliated issuers (cost $1,937,318)	$	2,157,643
Fidelity Central Funds (cost $120,935)		120,936


Total Investment in Securities (cost $2,058,253)			$	2,278,579
Segregated cash with brokers for derivative instruments				713
Receivable for investments sold				8,321
Receivable for fund shares sold				2,605
Dividends receivable				179
Distributions receivable from Fidelity Central Funds				219
Receivable for daily variation margin on futures contracts				85
Prepaid expenses				3
Total assets				2,290,704
Liabilities
Payable for investments purchased	$	7,006
Payable for fund shares redeemed		2,146
Accrued management fee		1,427
Distribution and service plan fees payable		45
Other affiliated payables		368
Other payables and accrued expenses		57
Collateral on securities loaned		73,102
Total Liabilities				84,151
Net Assets			$	2,206,553
Net Assets consist of:
Paid in capital			$	2,020,194
Total accumulated earnings (loss)				186,359
Net Assets			$	2,206,553

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($109,397 ÷ 4,092 shares)(a)			$	26.73
Maximum offering price per share (100/94.25 of $26.73)			$	28.36
Class M :
Net Asset Value and redemption price per share ($14,476 ÷ 568 shares)(a)(b)			$	25.48
Maximum offering price per share (100/96.50 of $25.48)			$	26.40
Class C :
Net Asset Value and offering price per share ($18,420 ÷ 798 shares)(a)(b)			$	23.07
Stock Selector Small Cap :
Net Asset Value, offering price and redemption price per share ($1,283,486 ÷ 46,265 shares)			$	27.74
Class I :
Net Asset Value, offering price and redemption price per share ($471,072 ÷ 16,870 shares)			$	27.92
Class Z :
Net Asset Value, offering price and redemption price per share ($309,702 ÷ 11,101 shares)			$	27.90
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.

Statement of Operations
Amounts in thousands				Year ended October 31, 2023
Investment Income
Dividends			$	23,228
Interest				21
Income from Fidelity Central Funds (including $245 from security lending)				2,577
Total Income				25,826
Expenses
Management fee
Basic fee	$	12,597
Performance adjustment		3,756
Transfer agent fees		3,503
Distribution and service plan fees		530
Accounting fees		583
Custodian fees and expenses		45
Independent trustees' fees and expenses		12
Registration fees		200
Audit		56
Legal		5
Miscellaneous		9
Total expenses before reductions		21,296
Expense reductions		(135)
Total expenses after reductions				21,161
Net Investment income (loss)				4,665
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(11,819)
Foreign currency transactions		(5)
Futures contracts		(58)
Total net realized gain (loss)				(11,882)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(62,654)
Fidelity Central Funds		1
Assets and liabilities in foreign currencies		1
Futures contracts		(1,091)
Total change in net unrealized appreciation (depreciation)				(63,743)
Net gain (loss)				(75,625)
Net increase (decrease) in net assets resulting from operations			$	(70,960)

Statement of Changes in Net Assets

Amount in thousands		Year ended October 31, 2023		Year ended October 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,665	$	3,431
Net realized gain (loss)		(11,882)		(20,104)
Change in net unrealized appreciation (depreciation)		(63,743)		(379,385)
Net increase (decrease) in net assets resulting from operations		(70,960)		(396,058)
Distributions to shareholders		(2,386)		(226,161)

Share transactions - net increase (decrease)		289,717		339,216
Total increase (decrease) in net assets		216,371		(283,003)

Net Assets
Beginning of period		1,990,182		2,273,185
End of period	$	2,206,553	$	1,990,182

Financial Highlights

Fidelity Advisor® Stock Selector Small Cap Fund Class A

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	27.51	$	36.93	$	24.09	$	23.82	$	25.94
Income from Investment Operations
Net investment income (loss) A,B		(.01)		(.03) C		(.15)		(.07)		.01
Net realized and unrealized gain (loss)		(.75)		(5.76)		13.42		.83		2.30
Total from investment operations		(.76)		(5.79)		13.27		.76		2.31
Distributions from net investment income		(.02)		-		-		(.02) D		(.01)
Distributions from net realized gain		-		(3.63)		(.43)		(.47) D		(4.42)
Total distributions		(.02)		(3.63)		(.43)		(.49)		(4.43)
Net asset value, end of period	$	26.73	$	27.51	$	36.93	$	24.09	$	23.82
Total Return E,F		(2.75)%		(16.94)%		55.62%		3.15%		11.55%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.23%		1.21%		1.19%		1.32%		1.04%
Expenses net of fee waivers, if any		1.23%		1.21%		1.19%		1.32%		1.04%
Expenses net of all reductions		1.23%		1.21%		1.19%		1.31%		1.04%
Net investment income (loss)		(.05)%		(.10)% C		(.45)%		(.29)%		.06%
Supplemental Data
Net assets, end of period (in millions)	$	109	$	99	$	108	$	52	$	37
Portfolio turnover rate I		38%		38%		59%		70%		56% J

ACalculated based on average shares outstanding during the period.

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

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

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

FTotal returns do not include the effect of the sales charges.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

JPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Stock Selector Small Cap Fund Class M

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	26.28	$	35.46	$	23.20	$	23.00	$	25.21
Income from Investment Operations
Net investment income (loss) A,B		(.09)		(.10) C		(.23)		(.13)		(.05)
Net realized and unrealized gain (loss)		(.70)		(5.53)		12.92		.80		2.21
Total from investment operations		(.79)		(5.63)		12.69		.67		2.16
Distributions from net investment income		(.01)		-		-		-		-
Distributions from net realized gain		-		(3.55)		(.43)		(.46) D		(4.37)
Total distributions		(.01)		(3.55)		(.43)		(.46)		(4.37)
Net asset value, end of period	$	25.48	$	26.28	$	35.46	$	23.20	$	23.00
Total Return E,F		(3.01)%		(17.19)%		55.24%		2.83%		11.20%
Ratios to Average Net Assets B,G,H
Expenses before reductions		1.51%		1.48%		1.46%		1.61%		1.35%
Expenses net of fee waivers, if any		1.51%		1.48%		1.45%		1.60%		1.35%
Expenses net of all reductions		1.50%		1.48%		1.45%		1.60%		1.35%
Net investment income (loss)		(.33)%		(.37)% C		(.71)%		(.58)%		(.24)%
Supplemental Data
Net assets, end of period (in millions)	$	14	$	14	$	17	$	8	$	7
Portfolio turnover rate I		38%		38%		59%		70%		56% J

ACalculated based on average shares outstanding during the period.

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

DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown. Amount has been revised from previously reported amount of $.47 per share.

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

FTotal returns do not include the effect of the sales charges.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

JPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Stock Selector Small Cap Fund Class C

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	23.91	$	32.61	$	21.48	$	21.43	$	23.79
Income from Investment Operations
Net investment income (loss) A,B		(.20)		(.23) C		(.36)		(.23)		(.16)
Net realized and unrealized gain (loss)		(.64)		(5.05)		11.92		.75		2.06
Total from investment operations		(.84)		(5.28)		11.56		.52		1.90
Distributions from net realized gain		-		(3.42)		(.43)		(.46) D		(4.26)
Total distributions		-		(3.42)		(.43)		(.46)		(4.26)
Net asset value, end of period	$	23.07	$	23.91	$	32.61	$	21.48	$	21.43
Total Return E,F		(3.51)%		(17.61)%		54.40%		2.33%		10.64%
Ratios to Average Net Assets B,G,H
Expenses before reductions		2.01%		2.00%		1.98%		2.13%		1.86%
Expenses net of fee waivers, if any		2.00%		1.99%		1.97%		2.13%		1.86%
Expenses net of all reductions		2.00%		1.99%		1.97%		2.12%		1.86%
Net investment income (loss)		(.83)%		(.88)% C		(1.23)%		(1.10)%		(.76)%
Supplemental Data
Net assets, end of period (in millions)	$	18	$	16	$	19	$	8	$	8
Portfolio turnover rate I		38%		38%		59%		70%		56% J

ACalculated based on average shares outstanding during the period.

DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown. Amount has been revised from previously reported amount of $.47 per share.

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

FTotal returns do not include the effect of the contingent deferred sales charge.

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

JPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity® Stock Selector Small Cap Fund

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	28.48	$	38.11	$	24.77	$	24.47	$	26.50
Income from Investment Operations
Net investment income (loss) A,B		.07		.06 C		(.05)		- D		.08
Net realized and unrealized gain (loss)		(.77)		(5.96)		13.82		.84		2.36
Total from investment operations		(.70)		(5.90)		13.77		.84		2.44
Distributions from net investment income		(.04)		(.06)		-		(.07) E		(.06)
Distributions from net realized gain		-		(3.67)		(.43)		(.47) E		(4.42)
Total distributions		(.04)		(3.73)		(.43)		(.54)		(4.47) F
Net asset value, end of period	$	27.74	$	28.48	$	38.11	$	24.77	$	24.47
Total Return G		(2.48)%		(16.73)%		56.11%		3.42%		11.90%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.96%		.93%		.90%		1.02%		.75%
Expenses net of fee waivers, if any		.95%		.93%		.90%		1.02%		.75%
Expenses net of all reductions		.95%		.93%		.90%		1.01%		.75%
Net investment income (loss)		.23%		.18% C		(.16)%		-% J		.36%
Supplemental Data
Net assets, end of period (in millions)	$	1,283	$	1,340	$	1,654	$	960	$	938
Portfolio turnover rate K		38%		38%		59%		70%		56% L

ACalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

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

FTotal distributions per share do not sum due to rounding.

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

HFees 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.

IExpense 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.

JAmount represents less than .005%.

KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

LPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Stock Selector Small Cap Fund Class I

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	28.67	$	38.34	$	24.93	$	24.54	$	26.57
Income from Investment Operations
Net investment income (loss) A,B		.06		.05 C		(.06)		- D		.08
Net realized and unrealized gain (loss)		(.78)		(5.99)		13.90		.86		2.37
Total from investment operations		(.72)		(5.94)		13.84		.86		2.45
Distributions from net investment income		(.03)		(.06)		-		- D,E		(.06)
Distributions from net realized gain		-		(3.67)		(.43)		(.47) E		(4.42)
Total distributions		(.03)		(3.73)		(.43)		(.47)		(4.48)
Net asset value, end of period	$	27.92	$	28.67	$	38.34	$	24.93	$	24.54
Total Return F		(2.50)%		(16.72)%		56.03%		3.49%		11.87%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.98%		.94%		.92%		1.01%		.76%
Expenses net of fee waivers, if any		.97%		.94%		.91%		1.00%		.76%
Expenses net of all reductions		.97%		.94%		.91%		1.00%		.75%
Net investment income (loss)		.21%		.17% C		(.17)%		.02%		.35%
Supplemental Data
Net assets, end of period (in millions)	$	471	$	296	$	308	$	79	$	9
Portfolio turnover rate I		38%		38%		59%		70%		56% J

ACalculated based on average shares outstanding during the period.

DAmount represents less than $.005 per share.

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

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

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

JPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity Advisor® Stock Selector Small Cap Fund Class Z

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	28.61	$	38.27	$	24.85	$	24.55	$	26.59
Income from Investment Operations
Net investment income (loss) A,B		.11		.09 C		(.02)		.03		.12
Net realized and unrealized gain (loss)		(.78)		(5.98)		13.87		.86		2.36
Total from investment operations		(.67)		(5.89)		13.85		.89		2.48
Distributions from net investment income		(.04)		(.11)		-		(.12) D		(.10)
Distributions from net realized gain		-		(3.67)		(.43)		(.47) D		(4.42)
Total distributions		(.04)		(3.77) E		(.43)		(.59)		(4.52)
Net asset value, end of period	$	27.90	$	28.61	$	38.27	$	24.85	$	24.55
Total Return F		(2.34)%		(16.62)%		56.26%		3.58%		12.05%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.83%		.81%		.79%		.89%		.61%
Expenses net of fee waivers, if any		.82%		.81%		.79%		.88%		.61%
Expenses net of all reductions		.82%		.81%		.79%		.88%		.61%
Net investment income (loss)		.35%		.30% C		(.04)%		.14%		.49%
Supplemental Data
Net assets, end of period (in millions)	$	310	$	225	$	167	$	53	$	30
Portfolio turnover rate I		38%		38%		59%		70%		56% J

ACalculated based on average shares outstanding during the period.

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

ETotal distributions per share do not sum due to rounding.

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

IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

JPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended October 31, 2023

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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.

3. Significant Accounting Policies.

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:

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.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards 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	$466,563
Gross unrealized depreciation	(252,140)
Net unrealized appreciation (depreciation)	$214,423
Tax Cost	$2,064,156

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

Undistributed ordinary income	$1,603
Capital loss carryforward	$(29,667)
Net unrealized appreciation (depreciation) on securities and other investments	$214,424

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

Short-term

$(29,667)

The tax character of distributions paid was as follows:

	October 31, 2023	October 31, 2022
Ordinary Income	$2,386	$ 43,104
Long-term Capital Gains	-	183,057
Total	$2,386	$ 226,161

4. Derivative Instruments.

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.

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Stock Selector Small Cap Fund	1,107,675	827,842

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Fund Stock Selector Small Cap Fund as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .75% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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%	$273	$14
Class M	.25%	.25%	75	- A
Class C	.75%	.25%	182	47
			$530	$61

A Amount represents less than five hundred dollars.

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	$70
Class M	3
Class CA	-B
	$73

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

B Amount represents less than five hundred dollars.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$212	.19
Class M	33	.22
Class C	41	.22
Stock Selector Small Cap	2,343	.17
Class I	762	.19
Class Z	112	.04
	$3,503

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Class A	0.1897%
Class M	0.2000%
Class C	0.2000%
Stock Selector Small Cap	0.1658%
Class I	0.1859%

	% of Average Net Assets
Fidelity Stock Selector Small Cap Fund	.03

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Stock Selector Small Cap Fund	0.0263%

	Amount
Fidelity Stock Selector Small Cap Fund	$28

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Stock Selector Small Cap Fund	81,007	62,508	1,875

7. Committed Line of Credit.

	Amount
Fidelity Stock Selector Small Cap Fund	$4

8. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Stock Selector Small Cap Fund	$26	$19	$-

9. Expense Reductions.

Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

	Expense Reduction
Class M	-A

A Amount represents less than five hundred dollars.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $134.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2023	Year ended October 31, 2022
Fidelity Stock Selector Small Cap Fund
Distributions to shareholders
Class A	$ 84	$10,910
Class M	5	1,718
Class C	-	2,017
Stock Selector Small Cap	1,630	163,524
Class I	342	30,970
Class Z	325	17,022
Total	$2,386	$226,161

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2023	Year ended October 31, 2022	Year ended October 31, 2023	Year ended October 31, 2022
Fidelity Stock Selector Small Cap Fund
Class A
Shares sold	1,193	1,133	$34,158	$34,122
Reinvestment of distributions	3	335	84	10,563
Shares redeemed	(700)	(787)	(19,837)	(22,689)
Net increase (decrease)	496	681	$14,405	$21,996
Class M
Shares sold	110	105	$3,004	$3,024
Reinvestment of distributions	-	57	5	1,718
Shares redeemed	(83)	(101)	(2,280)	(2,857)
Net increase (decrease)	27	61	$729	$1,885
Class C
Shares sold	299	188	$7,405	$4,875
Reinvestment of distributions	-	73	-	2,015
Shares redeemed	(156)	(186)	(3,844)	(4,677)
Net increase (decrease)	143	75	$3,561	$2,213
Stock Selector Small Cap
Shares sold	7,397	8,023	$219,149	$252,902
Reinvestment of distributions	54	4,730	1,526	154,140
Shares redeemed	(8,227)	(9,125)	(242,949)	(276,721)
Net increase (decrease)	(776)	3,628	$(22,274)	$130,321
Class I
Shares sold	14,720	5,918	$443,431	$182,536
Reinvestment of distributions	12	921	336	30,204
Shares redeemed	(8,200)	(4,531)	(245,687)	(138,056)
Net increase (decrease)	6,532	2,308	$198,080	$74,684
Class Z
Shares sold	6,735	5,266	$199,337	$158,315
Reinvestment of distributions	11	462	302	15,122
Shares redeemed	(3,524)	(2,223)	(104,423)	(65,320)
Net increase (decrease)	3,222	3,505	$95,216	$108,117

12. Other.

13. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Capital Trust and the Shareholders of Fidelity Stock Selector Small Cap Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Stock Selector Small Cap Fund (the "Fund"), a fund of Fidelity Capital Trust, including the schedule of investments, as of October 31, 2023, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 12, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Stock Selector Small Cap Fund
Class A	1.22%
Actual		$ 1,000	$ 955.00	$ 6.01
Hypothetical-B		$ 1,000	$ 1,019.06	$ 6.21
Class M	1.49%
Actual		$ 1,000	$ 953.60	$ 7.34
Hypothetical-B		$ 1,000	$ 1,017.69	$ 7.58
Class C	1.99%
Actual		$ 1,000	$ 950.90	$ 9.79
Hypothetical-B		$ 1,000	$ 1,015.17	$ 10.11
Fidelity® Stock Selector Small Cap Fund	.94%
Actual		$ 1,000	$ 956.20	$ 4.63
Hypothetical-B		$ 1,000	$ 1,020.47	$ 4.79
Class I	.97%
Actual		$ 1,000	$ 956.20	$ 4.78
Hypothetical-B		$ 1,000	$ 1,020.32	$ 4.94
Class Z	.82%
Actual		$ 1,000	$ 956.80	$ 4.04
Hypothetical-B		$ 1,000	$ 1,021.07	$ 4.18

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

Distributions (Unaudited)

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

Fidelity Stock Selector Small Cap Fund, Class A, Class M, Class I and Class Z designate 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Fidelity Stock Selector Small Cap Fund, Class A, Class M, Class I and Class Z designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Stock Selector Small Cap Fund

At its July 2023 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.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and 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 global 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, as well as to transmit new information and research conclusions rapidly around the world. 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.

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.

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 the total expense ratio of the retail class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 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. The Board also considered information about the impact of the fund's performance adjustment.

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

1.703160.126

SCS-ANN-1223

Fidelity® Focused Stock Fund

Annual Report

October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Focused Stock Fund	11.64%	11.99%	11.65%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Focused Stock Fund on October 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Stephen DuFour:

For the fiscal year ending October 31, 2023, the fund gained 11.64%, versus 10.14% for the benchmark S&P 500® index. The biggest contributor to performance versus the benchmark was stock selection in communication services. Stock picks in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also boosted relative performance, while security selection and an underweight in consumer staples, primarily within the food, beverage & tobacco industry, also helped. The top individual relative contributor was an overweight in Nvidia (+198%), the fund's second-largest holding at period end. Overweight positions in Eli Lilly (+54%) and Meta Platforms (+61%), both top-five fund holdings, also helped. The latter was a stake we established during the 12-month period. In contrast, the biggest detractor from performance versus the benchmark was an overweight in financials, primarily within the insurance industry. Stock selection in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also detracting from our result were stock picking and an overweight in industrials, primarily within the capital goods industry. The largest individual relative detractor was an overweight in UnitedHealth (-3%), which was a top-20 holding at the end of the period. A stake in Constellation Energy, which was sold during the past year, returned -16% and was the second-largest relative detractor. Our non-benchmark stake in Block (-8%) also hurt. Notable changes in positioning include increased exposure to the communication services and industrials sectors, and a lower allocation to health care and financials.

Investment Summary October 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	9.3
NVIDIA Corp.	8.1
Meta Platforms, Inc. Class A	8.0
Eli Lilly & Co.	6.7
Amazon.com, Inc.	5.6
Eaton Corp. PLC	5.2
Alphabet, Inc. Class A	5.1
Fiserv, Inc.	5.0
Oracle Corp.	4.3
Exxon Mobil Corp.	3.7
	61.0

Market Sectors (% of Fund's net assets)

Information Technology	32.6
Industrials	15.8
Communication Services	13.6
Financials	10.8
Health Care	10.1
Consumer Discretionary	9.2
Energy	6.9

Asset Allocation (% of Fund's net assets)

Schedule of Investments October 31, 2023

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value ($)
COMMUNICATION SERVICES - 13.6%
Entertainment - 0.5%
Netflix, Inc. (a)	34,000	13,997,460
Interactive Media & Services - 13.1%
Alphabet, Inc. Class A (a)	1,076,000	133,510,080
Meta Platforms, Inc. Class A (a)	685,000	206,369,950
		339,880,030
TOTAL COMMUNICATION SERVICES		353,877,490
CONSUMER DISCRETIONARY - 9.2%
Automobiles - 1.6%
Tesla, Inc. (a)	212,000	42,578,080
Broadline Retail - 5.6%
Amazon.com, Inc. (a)	1,088,000	144,801,920
Specialty Retail - 0.3%
TJX Companies, Inc.	88,000	7,750,160
Textiles, Apparel & Luxury Goods - 1.7%
Deckers Outdoor Corp. (a)	65,727	39,242,963
lululemon athletica, Inc. (a)	10,900	4,288,932
		43,531,895
TOTAL CONSUMER DISCRETIONARY		238,662,055
ENERGY - 6.9%
Energy Equipment & Services - 0.4%
Schlumberger Ltd.	180,000	10,018,800
Oil, Gas & Consumable Fuels - 6.5%
Exxon Mobil Corp.	895,000	94,735,750
PrairieSky Royalty Ltd. (b)	4,200,000	73,747,972
		168,483,722
TOTAL ENERGY		178,502,522
FINANCIALS - 10.8%
Capital Markets - 3.3%
S&P Global, Inc.	246,294	86,032,957
Financial Services - 6.1%
Fiserv, Inc. (a)	1,143,971	130,126,701
Visa, Inc. Class A	120,000	28,212,000
		158,338,701
Insurance - 1.4%
Arthur J. Gallagher & Co.	150,000	35,323,500
TOTAL FINANCIALS		279,695,158
HEALTH CARE - 10.1%
Health Care Providers & Services - 3.4%
HealthEquity, Inc. (a)	202,000	14,479,360
UnitedHealth Group, Inc.	136,000	72,836,160
		87,315,520
Pharmaceuticals - 6.7%
Eli Lilly & Co.	313,000	173,380,090
TOTAL HEALTH CARE		260,695,610
INDUSTRIALS - 15.8%
Electrical Equipment - 7.2%
Eaton Corp. PLC	644,000	133,894,040
Vertiv Holdings Co.	1,354,000	53,171,580
		187,065,620
Ground Transportation - 1.1%
CSX Corp.	739,000	22,059,150
J.B. Hunt Transport Services, Inc.	39,000	6,702,930
		28,762,080
Machinery - 3.4%
Chart Industries, Inc. (a)(b)	187,000	21,735,010
Parker Hannifin Corp.	182,000	67,141,620
		88,876,630
Professional Services - 2.3%
KBR, Inc.	998,000	58,033,700
Trading Companies & Distributors - 1.8%
United Rentals, Inc.	117,000	47,533,590
TOTAL INDUSTRIALS		410,271,620
INFORMATION TECHNOLOGY - 32.6%
Electronic Equipment, Instruments & Components - 3.1%
Jabil, Inc.	654,000	80,311,200
Semiconductors & Semiconductor Equipment - 10.5%
Advanced Micro Devices, Inc. (a)	1,000	98,500
Lattice Semiconductor Corp. (a)	71,952	4,001,251
Micron Technology, Inc.	881,000	58,912,470
NVIDIA Corp.	513,000	209,201,400
Teradyne, Inc.	1,000	83,270
		272,296,891
Software - 16.1%
Adobe, Inc. (a)	122,000	64,911,320
Microsoft Corp.	714,000	241,410,540
Oracle Corp.	1,083,000	111,982,200
		418,304,060
Technology Hardware, Storage & Peripherals - 2.9%
Apple, Inc.	436,000	74,455,720
TOTAL INFORMATION TECHNOLOGY		845,367,871
TOTAL COMMON STOCKS (Cost $1,860,434,638)		2,567,072,326

Money Market Funds - 0.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (c)	8,984,390	8,986,187
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d)	4,045,030	4,045,434
TOTAL MONEY MARKET FUNDS (Cost $13,031,621)		13,031,621

TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $1,873,466,259)	2,580,103,947
NET OTHER ASSETS (LIABILITIES) - 0.5%	13,336,767
NET ASSETS - 100.0%	2,593,440,714

Legend

(a)	Non-income producing

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

(c)

(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, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	6,946,087	1,005,661,383	1,003,621,283	2,179,360	-	-	8,986,187	0.0%
Fidelity Securities Lending Cash Central Fund 5.40%	2,265,950	80,738,501	78,959,017	12,492	-	-	4,045,434	0.0%
Total	9,212,037	1,086,399,884	1,082,580,300	2,191,852	-	-	13,031,621

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	353,877,490	353,877,490	-	-
Consumer Discretionary	238,662,055	238,662,055	-	-
Energy	178,502,522	178,502,522	-	-
Financials	279,695,158	279,695,158	-	-
Health Care	260,695,610	260,695,610	-	-
Industrials	410,271,620	410,271,620	-	-
Information Technology	845,367,871	845,367,871	-	-

Money Market Funds	13,031,621	13,031,621	-	-
Total Investments in Securities:	2,580,103,947	2,580,103,947	-	-

Financial Statements

Statement of Assets and Liabilities
				October 31, 2023

Assets
Investment in securities, at value (including securities loaned of $3,828,163) - See accompanying schedule:
Unaffiliated issuers (cost $1,860,434,638)	$	2,567,072,326
Fidelity Central Funds (cost $13,031,621)		13,031,621


Total Investment in Securities (cost $1,873,466,259)			$	2,580,103,947
Foreign currency held at value (cost $136)				134
Receivable for investments sold				45,929,566
Receivable for fund shares sold				266,731
Dividends receivable				100,921
Distributions receivable from Fidelity Central Funds				43,469
Prepaid expenses				3,770
Other receivables				1,521
Total assets				2,626,450,059
Liabilities
Payable for investments purchased	$	26,555,624
Payable for fund shares redeemed		1,342,340
Accrued management fee		646,924
Other affiliated payables		374,334
Other payables and accrued expenses		47,433
Collateral on securities loaned		4,042,690
Total Liabilities				33,009,345
Net Assets			$	2,593,440,714
Net Assets consist of:
Paid in capital			$	1,920,567,664
Total accumulated earnings (loss)				672,873,050
Net Assets			$	2,593,440,714
Net Asset Value, offering price and redemption price per share ($2,593,440,714 ÷ 96,184,951 shares)			$	26.96

Statement of Operations
				Year ended October 31, 2023
Investment Income
Dividends			$	23,897,159
Interest				59
Income from Fidelity Central Funds (including $12,492 from security lending)				2,191,852
Total Income				26,089,070
Expenses
Management fee
Basic fee	$	13,803,890
Performance adjustment		(4,862,720)
Transfer agent fees		3,675,808
Accounting fees		688,306
Custodian fees and expenses		53,061
Independent trustees' fees and expenses		15,303
Registration fees		31,677
Audit		77,643
Legal		6,680
Miscellaneous		13,061
Total expenses before reductions		13,502,709
Expense reductions		(165,271)
Total expenses after reductions				13,337,438
Net Investment income (loss)				12,751,632
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(26,606,767)
Foreign currency transactions		111,508
Total net realized gain (loss)				(26,495,259)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		300,178,817
Assets and liabilities in foreign currencies		26,507
Total change in net unrealized appreciation (depreciation)				300,205,324
Net gain (loss)				273,710,065
Net increase (decrease) in net assets resulting from operations			$	286,461,697

Statement of Changes in Net Assets

		Year ended October 31, 2023		Year ended October 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	12,751,632	$	5,560,128
Net realized gain (loss)		(26,495,259)		232,180,802
Change in net unrealized appreciation (depreciation)		300,205,324		(1,170,350,014)
Net increase (decrease) in net assets resulting from operations		286,461,697		(932,609,084)
Distributions to shareholders		(183,691,014)		(473,470,909)

Share transactions
Proceeds from sales of shares		120,824,499		318,891,655
Reinvestment of distributions		170,864,087		444,595,520
Cost of shares redeemed		(375,011,087)		(736,064,445)

Net increase (decrease) in net assets resulting from share transactions		(83,322,501)		27,422,730
Total increase (decrease) in net assets		19,448,182		(1,378,657,263)

Net Assets
Beginning of period		2,573,992,532		3,952,649,795
End of period	$	2,593,440,714	$	2,573,992,532

Other Information
Shares
Sold		4,640,288		10,448,913
Issued in reinvestment of distributions		7,072,189		13,184,921
Redeemed		(14,407,298)		(25,861,227)
Net increase (decrease)		(2,694,821)		(2,227,393)

Financial Highlights

Fidelity® Focused Stock Fund

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	26.03	$	39.09	$	30.56	$	25.42	$	25.23
Income from Investment Operations
Net investment income (loss) A,B		.13		.05		(.10)		.01		.03
Net realized and unrealized gain (loss)		2.68		(8.41)		12.18		6.45		3.23
Total from investment operations		2.81		(8.36)		12.08		6.46		3.26
Distributions from net investment income		(.20)		-		(.01)		(.02)		(.03)
Distributions from net realized gain		(1.68)		(4.70)		(3.54)		(1.30)		(3.04)
Total distributions		(1.88)		(4.70)		(3.55)		(1.32)		(3.07)
Net asset value, end of period	$	26.96	$	26.03	$	39.09	$	30.56	$	25.42
Total Return C		11.64%		(24.13)%		42.82%		26.56%		15.05%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.51%		.80%		.86%		.88%		.89%
Expenses net of fee waivers, if any		.51%		.79%		.86%		.88%		.89%
Expenses net of all reductions		.51%		.79%		.86%		.87%		.89%
Net investment income (loss)		.48%		.17%		(.29)%		.05%		.12%
Supplemental Data
Net assets, end of period (000 omitted)	$	2,593,441	$	2,573,993	$	3,952,650	$	3,190,557	$	2,953,108
Portfolio turnover rate F		130%		142%		107%		140%		152%

ACalculated based on average shares outstanding during the period.

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

DFees 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.

EExpense 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.

FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements

For the period ended October 31, 2023

1. Organization.

Fidelity Focused Stock Fund (the Fund) is a fund of Fidelity Capital Trust (the Trust) and is authorized to issue an unlimited number of shares. 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.

2. Investments in Fidelity Central Funds.

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.

3. Significant Accounting Policies.

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:

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.

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. 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.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

Gross unrealized appreciation	$729,825,367
Gross unrealized depreciation	(40,149,913)
Net unrealized appreciation (depreciation)	$689,675,454
Tax Cost	$1,890,428,493

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

Undistributed ordinary income	$14,246,209
Capital loss carryforward	$(31,042,303)
Net unrealized appreciation (depreciation) on securities and other investments	$689,669,143

Short-term	$(31,042,303)
Total capital loss carryforward	$(31,042,303)

The tax character of distributions paid was as follows:

	October 31, 2023	October 31, 2022
Ordinary Income	$19,618,435	$ 112,899,173
Long-term Capital Gains	164,072,579	360,571,736
Total	$183,691,014	$ 473,470,909

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Focused Stock Fund	3,379,745,326	3,633,018,612

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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .34% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .14% of average net assets.

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of 0.1351% of average net assets.

	% of Average Net Assets
Fidelity Focused Stock Fund	.03

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Focused Stock Fund	0.0259%

	Amount
Fidelity Focused Stock Fund	$ 57,963

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Focused Stock Fund	208,162,955	231,365,203	(6,760,858)

6. Committed Line of Credit.

	Amount
Fidelity Focused Stock Fund	$4,740

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Focused Stock Fund	$1,350	$-	$-

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 $4,271.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $161,000.

9. Other.

10. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Capital Trust and Shareholders of Fidelity Focused Stock Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Focused Stock Fund (one of the funds constituting Fidelity Capital Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Expenses Paid During Period- C May 1, 2023 to October 31, 2023

Fidelity® Focused Stock Fund	.45%
Actual		$ 1,000	$ 1,065.60	$ 2.34
Hypothetical-B		$ 1,000	$ 1,022.94	$ 2.29

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

Distributions (Unaudited)

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

The fund designates 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Focused Stock Fund

At its July 2023 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.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and 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 global 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, as well as to transmit new information and research conclusions rapidly around the world. 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.

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.

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 management fee rate as well as other fund expenses, 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. The Board also considered information about the impact of the fund's performance adjustment.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. 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) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size 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 mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

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.

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

1.538682.126

TQG-ANN-1223

Fidelity® Capital Appreciation Fund

Annual Report

October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Capital Appreciation Fund	11.03%	11.69%	10.72%
Class K	11.13%	11.78%	10.82%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Capital Appreciation Fund, a class of the fund, on October 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Co-Managers Asher Anolic and Jason Weiner:

For the fiscal year ending October 31, 2023, the fund's share classes gained about 11%, versus 10.14% for the benchmark S&P 500® index. The biggest contributor to performance versus the benchmark was security selection in industrials, primarily within the capital goods industry. Picks in information technology also boosted relative performance. Also contributing to our result was an underweight in consumer staples, primarily within the consumer staples distribution & retail industry. The fund's non-benchmark stake in Uber Technologies gained approximately 63% and was the top individual relative contributor. Uber Technologies was one of the fund's biggest holdings. The second-largest relative contributor was an overweight in Nvidia (+204%). Nvidia was also among the fund's largest holdings, and this period we increased our position. An overweight in General Electric (+64%) further contributed. This was a stake we established the past year. In contrast, the biggest detractor from performance versus the benchmark was stock selection in materials. Stock picking and an overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. The biggest individual relative detractor was an underweight in Meta Platforms (+223%), a stock that was not held at period end. A second notable relative detractor was an underweight in Amazon.com (+30%). This period we decreased our position. A small stake in Signature Bank, a regional U.S. bank that collapsed in March, returned -100% and also hurt. Notable changes in positioning during the 12-month period include increased exposure to the information technology sector and a lower allocation to financials.

Investment Summary October 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	10.6
NVIDIA Corp.	4.8
Boston Scientific Corp.	2.6
MasterCard, Inc. Class A	2.6
Uber Technologies, Inc.	2.5
TJX Companies, Inc.	2.3
UnitedHealth Group, Inc.	2.2
Apple, Inc.	2.0
Oracle Corp.	2.0
Alphabet, Inc. Class A	1.9
	33.5

Market Sectors (% of Fund's net assets)

Information Technology	32.9
Health Care	15.9
Industrials	14.2
Consumer Discretionary	9.8
Financials	9.6
Communication Services	8.1
Energy	4.9
Consumer Staples	3.2
Materials	1.4

Asset Allocation (% of Fund's net assets)

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Schedule of Investments October 31, 2023

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 8.1%
Entertainment - 4.5%
Netflix, Inc. (a)	208,900	86,002
Universal Music Group NV	3,669,151	89,853
Warner Music Group Corp. Class A	1,831,300	57,320
		233,175
Interactive Media & Services - 3.6%
Alphabet, Inc.:
Class A (a)	771,740	95,757
Class C (a)	708,920	88,828
Epic Games, Inc. (a)(b)(c)	4,584	2,913
		187,498
TOTAL COMMUNICATION SERVICES		420,673
CONSUMER DISCRETIONARY - 9.8%
Automobiles - 0.5%
BYD Co. Ltd. (H Shares)	762,000	23,173
Broadline Retail - 3.0%
Amazon.com, Inc. (a)	637,460	84,840
Dollarama, Inc.	291,500	19,906
MercadoLibre, Inc. (a)	39,800	49,381
Savers Value Village, Inc.	63,236	947
		155,074
Diversified Consumer Services - 0.2%
Service Corp. International	194,000	10,557
Hotels, Restaurants & Leisure - 1.8%
Airbnb, Inc. Class A (a)	259,400	30,684
Booking Holdings, Inc. (a)	10,700	29,848
Flutter Entertainment PLC (a)	160,400	25,159
Kura Sushi U.S.A., Inc. Class A (a)(d)	96,500	5,514
		91,205
Specialty Retail - 2.7%
Five Below, Inc. (a)	125,600	21,852
TJX Companies, Inc.	1,339,900	118,005
		139,857
Textiles, Apparel & Luxury Goods - 1.6%
LVMH Moet Hennessy Louis Vuitton SE	48,204	34,511
LVMH Moet Hennessy Louis Vuitton SE	23,738	17,029
Samsonite International SA (a)(e)	10,588,200	32,793
		84,333
TOTAL CONSUMER DISCRETIONARY		504,199
CONSUMER STAPLES - 3.2%
Beverages - 1.3%
Boston Beer Co., Inc. Class A (a)	45,683	15,256
Monster Beverage Corp.	1,026,976	52,478
		67,734
Personal Care Products - 1.9%
Estee Lauder Companies, Inc. Class A	143,800	18,532
Kenvue, Inc.	4,142,400	77,049
		95,581
TOTAL CONSUMER STAPLES		163,315
ENERGY - 4.9%
Energy Equipment & Services - 1.3%
Baker Hughes Co. Class A	1,490,600	51,306
Schlumberger Ltd.	305,800	17,021
		68,327
Oil, Gas & Consumable Fuels - 3.6%
Antero Resources Corp. (a)	474,200	13,960
Canadian Natural Resources Ltd.	563,600	35,806
Cheniere Energy, Inc.	490,700	81,662
New Fortress Energy, Inc. (d)	411,300	12,462
Range Resources Corp.	795,200	28,500
Southwestern Energy Co. (a)	1,413,100	10,075
		182,465
TOTAL ENERGY		250,792
FINANCIALS - 9.6%
Banks - 0.5%
JPMorgan Chase & Co.	199,200	27,701
Capital Markets - 3.1%
CME Group, Inc.	418,738	89,384
Moody's Corp.	90,800	27,966
Morgan Stanley	588,200	41,656
		159,006
Financial Services - 3.4%
Apollo Global Management, Inc.	59,800	4,631
Fiserv, Inc. (a)	224,900	25,582
MasterCard, Inc. Class A	359,900	135,448
Rocket Companies, Inc. (a)(d)	1,086,351	8,028
		173,689
Insurance - 2.6%
Arthur J. Gallagher & Co.	290,141	68,325
BRP Group, Inc. (a)	698,800	14,626
Marsh & McLennan Companies, Inc.	285,300	54,107
		137,058
TOTAL FINANCIALS		497,454
HEALTH CARE - 15.9%
Biotechnology - 4.5%
Adamas Pharmaceuticals, Inc.:
rights (a)(c)	1,379,600	345
rights (a)(c)	1,379,600	152
Alnylam Pharmaceuticals, Inc. (a)	197,100	29,920
Arcellx, Inc. (a)	63,800	2,249
Arrowhead Pharmaceuticals, Inc. (a)	60,200	1,480
Beam Therapeutics, Inc. (a)(d)	82,900	1,753
BioMarin Pharmaceutical, Inc. (a)	119,200	9,709
Blueprint Medicines Corp. (a)	31,800	1,872
Cerevel Therapeutics Holdings (a)	70,400	1,665
Cytokinetics, Inc. (a)	226,300	7,889
Galapagos NV sponsored ADR (a)(d)	354,700	11,861
Gamida Cell Ltd. (a)(d)	2,169,053	1,594
Gamida Cell Ltd. warrants 4/21/28 (a)	317,400	67
Hookipa Pharma, Inc. (a)	916,200	396
Immunocore Holdings PLC ADR (a)	158,900	7,055
Legend Biotech Corp. ADR (a)	156,900	10,366
Regeneron Pharmaceuticals, Inc. (a)	63,822	49,774
Repligen Corp. (a)	127,400	17,143
Sarepta Therapeutics, Inc. (a)	42,900	2,888
Seres Therapeutics, Inc. (a)	330,500	506
Synlogic, Inc. (a)	61,286	116
Vertex Pharmaceuticals, Inc. (a)	186,200	67,425
Vor Biopharma, Inc. (a)	610,405	1,117
XOMA Corp. (a)(d)	296,000	5,580
		232,922
Health Care Equipment & Supplies - 3.9%
Axonics Modulation Technologies, Inc. (a)	108,300	5,546
Baxter International, Inc.	859,500	27,874
Boston Scientific Corp. (a)	2,661,900	136,263
Inspire Medical Systems, Inc. (a)	50,200	7,387
Lantheus Holdings, Inc. (a)	40,200	2,597
Masimo Corp. (a)	96,500	7,829
Penumbra, Inc. (a)	74,461	14,233
		201,729
Health Care Providers & Services - 3.3%
HealthEquity, Inc. (a)	806,200	57,788
UnitedHealth Group, Inc.	212,692	113,909
		171,697
Health Care Technology - 0.2%
Evolent Health, Inc. (e)	277,900	6,789
Simulations Plus, Inc. (d)	31,400	1,107
		7,896
Life Sciences Tools & Services - 3.3%
Agilent Technologies, Inc.	46,000	4,755
Bio-Techne Corp.	217,800	11,898
Bruker Corp.	441,248	25,151
Charles River Laboratories International, Inc. (a)	120,300	20,254
Codexis, Inc. (a)	970,508	1,611
Danaher Corp.	103,939	19,958
Sartorius Stedim Biotech	75,300	14,067
Thermo Fisher Scientific, Inc.	162,600	72,320
		170,014
Pharmaceuticals - 0.7%
Aclaris Therapeutics, Inc. (a)	218,000	1,086
AstraZeneca PLC sponsored ADR	555,200	35,105
		36,191
TOTAL HEALTH CARE		820,449
INDUSTRIALS - 14.2%
Commercial Services & Supplies - 0.6%
Republic Services, Inc.	210,600	31,272
Veralto Corp.	34,646	2,391
		33,663
Electrical Equipment - 1.6%
Eaton Corp. PLC	282,300	58,693
HD Hyundai Electric Co. Ltd.	75,510	4,196
Hubbell, Inc. Class B	68,200	18,421
		81,310
Ground Transportation - 2.5%
Uber Technologies, Inc. (a)	3,027,200	131,017
Industrial Conglomerates - 1.5%
General Electric Co.	695,100	75,509
Machinery - 3.4%
Energy Recovery, Inc. (a)	240,200	3,651
Ingersoll Rand, Inc.	1,479,945	89,803
Parker Hannifin Corp.	125,900	46,446
Westinghouse Air Brake Tech Co.	330,400	35,029
		174,929
Passenger Airlines - 0.5%
Ryanair Holdings PLC sponsored ADR (a)	273,600	23,995
Professional Services - 3.1%
Equifax, Inc.	377,500	64,013
KBR, Inc.	1,371,500	79,753
TransUnion Holding Co., Inc.	339,700	14,906
		158,672
Trading Companies & Distributors - 1.0%
Ferguson PLC	345,800	51,823
TOTAL INDUSTRIALS		730,918
INFORMATION TECHNOLOGY - 32.7%
Electronic Equipment, Instruments & Components - 1.7%
Flex Ltd. (a)	1,769,097	45,501
Jabil, Inc.	331,100	40,659
		86,160
IT Services - 1.5%
Gartner, Inc. (a)	64,700	21,483
MongoDB, Inc. Class A (a)	123,419	42,529
Snowflake, Inc. (a)	103,800	15,064
		79,076
Semiconductors & Semiconductor Equipment - 10.8%
Aixtron AG	594,500	16,644
Allegro MicroSystems LLC (a)	404,357	10,497
Analog Devices, Inc.	227,800	35,840
Arm Holdings Ltd. ADR (d)	49,100	2,420
ASML Holding NV (depository receipt)	41,299	24,730
BE Semiconductor Industries NV	317,500	32,688
KLA Corp.	51,900	24,377
Marvell Technology, Inc.	246,000	11,616
Monolithic Power Systems, Inc.	37,500	16,565
NVIDIA Corp.	608,736	248,243
NXP Semiconductors NV	196,500	33,882
SiTime Corp. (a)	199,900	19,950
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	598,700	51,674
Universal Display Corp.	200,528	27,909
		557,035
Software - 16.7%
ASAPP, Inc. warrants 8/28/28 (a)(b)(c)	1,620,156	3,645
Confluent, Inc. (a)(d)	1,011,200	29,234
DocuSign, Inc. (a)	267,200	10,389
HubSpot, Inc. (a)	52,300	22,163
Intuit, Inc.	77,100	38,161
Manhattan Associates, Inc. (a)	169,548	33,058
Microsoft Corp.	1,613,010	545,379
NICE Ltd. sponsored ADR (a)	96,900	14,957
Oracle Corp.	980,700	101,404
ServiceNow, Inc. (a)	18,800	10,939
Synopsys, Inc. (a)	104,300	48,963
Volue A/S (a)	1,407,500	2,361
		860,653
Technology Hardware, Storage & Peripherals - 2.0%
Apple, Inc.	600,508	102,549
TOTAL INFORMATION TECHNOLOGY		1,685,473
MATERIALS - 1.2%
Chemicals - 1.2%
Aspen Aerogels, Inc. (a)(d)	519,300	4,009
Linde PLC	117,600	44,942
Sherwin-Williams Co.	53,900	12,840
		61,791
TOTAL COMMON STOCKS (Cost $3,932,761)		5,135,064

Convertible Preferred Stocks - 0.4%
	Shares	Value ($) (000s)
CONSUMER DISCRETIONARY - 0.0%
Textiles, Apparel & Luxury Goods - 0.0%
Canva, Inc.:
Series A (b)(c)	677	722
Series A2 (b)(c)	123	131
		853
HEALTH CARE - 0.0%
Biotechnology - 0.0%
ElevateBio LLC Series C (a)(b)(c)	153,900	512
INFORMATION TECHNOLOGY - 0.2%
Software - 0.2%
ASAPP, Inc.:
Series C (a)(b)(c)	513,013	1,483
Series D (b)(c)	2,823,822	7,257
		8,740
MATERIALS - 0.2%
Metals & Mining - 0.2%
Illuminated Holdings, Inc.:
Series C2 (a)(b)(c)	110,923	2,703
Series C3 (a)(b)(c)	138,654	3,379
Series C4 (a)(b)(c)	37,518	914
Series C5 (a)(b)(c)	75,216	1,833
		8,829
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $27,320)		18,934

Convertible Bonds - 0.0%
	Principal Amount (f) (000s)	Value ($) (000s)
MATERIALS - 0.0%
Metals & Mining - 0.0%
Illuminated Holdings, Inc. 6% (b)(c)(g) (Cost $1,334)	1,334	1,351

Preferred Securities - 0.0%
	Principal Amount (f) (000s)	Value ($) (000s)
MATERIALS - 0.0%
Metals & Mining - 0.0%
Illuminated Holdings, Inc. 6% (b)(c)(g) (Cost $1,724)	1,724	1,754

Money Market Funds - 1.2%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (h)	6,667,248	6,669
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i)	56,257,821	56,263
TOTAL MONEY MARKET FUNDS (Cost $62,932)		62,932

TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $4,026,071)	5,220,035
NET OTHER ASSETS (LIABILITIES) - (1.2)%	(62,898)
NET ASSETS - 100.0%	5,157,137

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a)	Non-income producing

(b)	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 $28,597,000 or 0.6% of net assets.

(c)	Level 3 security

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

(e)

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

(g)	Security is perpetual in nature with no stated maturity date.

(h)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($) (000s)
ASAPP, Inc. warrants 8/28/28	8/29/23	0

ASAPP, Inc. Series C	4/30/21	3,384

ASAPP, Inc. Series D	8/29/23	10,904

Canva, Inc. Series A	9/22/23	722

Canva, Inc. Series A2	9/22/23	131

ElevateBio LLC Series C	3/09/21	646

Epic Games, Inc.	3/29/21	4,057

Illuminated Holdings, Inc. Series C2	7/07/20	2,773

Illuminated Holdings, Inc. Series C3	7/07/20	4,160

Illuminated Holdings, Inc. Series C4	1/08/21	1,351

Illuminated Holdings, Inc. Series C5	6/16/21	3,249

Illuminated Holdings, Inc. 6%	6/14/23 - 9/27/23	3,058

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 (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	62,129	858,095	913,555	679	-	-	6,669	0.0%
Fidelity Securities Lending Cash Central Fund 5.40%	76,251	501,806	521,794	1,317	-	-	56,263	0.2%
Total	138,380	1,359,901	1,435,349	1,996	-	-	62,932

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	420,673	327,907	89,853	2,913
Consumer Discretionary	505,052	413,722	90,477	853
Consumer Staples	163,315	163,315	-	-
Energy	250,792	250,792	-	-
Financials	497,454	497,454	-	-
Health Care	820,961	819,885	67	1,009
Industrials	730,918	726,722	4,196	-
Information Technology	1,694,213	1,681,828	-	12,385
Materials	70,620	61,791	-	8,829

Corporate Bonds	1,351	-	-	1,351

Preferred Securities	1,754	-	-	1,754

Money Market Funds	62,932	62,932	-	-
Total Investments in Securities:	5,220,035	5,006,348	184,593	29,094

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				October 31, 2023

Assets
Investment in securities, at value (including securities loaned of $55,429) - See accompanying schedule:
Unaffiliated issuers (cost $3,963,139)	$	5,157,103
Fidelity Central Funds (cost $62,932)		62,932


Total Investment in Securities (cost $4,026,071)			$	5,220,035
Receivable for investments sold				41,422
Receivable for fund shares sold				202
Dividends receivable				1,736
Interest receivable				30
Distributions receivable from Fidelity Central Funds				45
Prepaid expenses				8
Other receivables				28
Total assets				5,263,506
Liabilities
Payable for investments purchased	$	46,724
Payable for fund shares redeemed		1,343
Accrued management fee		1,313
Other affiliated payables		610
Other payables and accrued expenses		104
Collateral on securities loaned		56,275
Total Liabilities				106,369
Net Assets			$	5,157,137
Net Assets consist of:
Paid in capital			$	3,778,570
Total accumulated earnings (loss)				1,378,567
Net Assets			$	5,157,137

Net Asset Value and Maximum Offering Price
Capital Appreciation :
Net Asset Value, offering price and redemption price per share ($4,920,535 ÷ 139,309 shares)			$	35.32
Class K :
Net Asset Value, offering price and redemption price per share ($236,602 ÷ 6,669 shares)			$	35.48

Statement of Operations
Amounts in thousands				Year ended October 31, 2023
Investment Income
Dividends			$	52,885
Interest				31
Income from Fidelity Central Funds (including $1,317 from security lending)				1,996
Total Income				54,912
Expenses
Management fee
Basic fee	$	27,978
Performance adjustment		(1,294)
Transfer agent fees		6,239
Accounting fees		972
Custodian fees and expenses		90
Independent trustees' fees and expenses		31
Registration fees		72
Audit		76
Legal		14
Interest		107
Miscellaneous		24
Total expenses before reductions		34,309
Expense reductions		(323)
Total expenses after reductions				33,986
Net Investment income (loss)				20,926
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		188,489
Foreign currency transactions		227
Total net realized gain (loss)				188,716
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		345,608
Assets and liabilities in foreign currencies		11
Total change in net unrealized appreciation (depreciation)				345,619
Net gain (loss)				534,335
Net increase (decrease) in net assets resulting from operations			$	555,261

Statement of Changes in Net Assets

Amount in thousands		Year ended October 31, 2023		Year ended October 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	20,926	$	36,359
Net realized gain (loss)		188,716		471,989
Change in net unrealized appreciation (depreciation)		345,619		(1,859,572)
Net increase (decrease) in net assets resulting from operations		555,261		(1,351,224)
Distributions to shareholders		(434,233)		(1,022,382)

Share transactions - net increase (decrease)		(99,223)		416,815
Total increase (decrease) in net assets		21,805		(1,956,791)

Net Assets
Beginning of period		5,135,332		7,092,123
End of period	$	5,157,137	$	5,135,332

Financial Highlights

Fidelity® Capital Appreciation Fund

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	34.71	$	51.06	$	39.58	$	36.16	$	36.33
Income from Investment Operations
Net investment income (loss) A,B		.14		.23 C		(.01)		.04		.24
Net realized and unrealized gain (loss)		3.44		(9.18)		14.99		7.95		3.53
Total from investment operations		3.58		(8.95)		14.98		7.99		3.77
Distributions from net investment income		(.14)		(.17)		(.01)		(.24)		(.27)
Distributions from net realized gain		(2.84)		(7.23)		(3.49)		(4.34)		(3.67)
Total distributions		(2.97) D		(7.40)		(3.50)		(4.57) D		(3.94)
Net asset value, end of period	$	35.32	$	34.71	$	51.06	$	39.58	$	36.16
Total Return E		11.03%		(20.14)%		40.02%		24.73%		12.24%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.65%		.83%		.84%		.82%		.62%
Expenses net of fee waivers, if any		.64%		.82%		.84%		.82%		.62%
Expenses net of all reductions		.64%		.82%		.84%		.82%		.61%
Net investment income (loss)		.39%		.59% C		(.02)%		.12%		.69%
Supplemental Data
Net assets, end of period (in millions)	$	4,921	$	4,809	$	6,549	$	5,023	$	4,668
Portfolio turnover rate H		49%		69%		51%		61% I		122%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .21%.

DTotal distributions per share do not sum due to rounding.

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

FFees 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.

GExpense 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.

HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

IPortfolio turnover rate excludes securities received or delivered in-kind.

Fidelity® Capital Appreciation Fund Class K

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	34.85	$	51.24	$	39.70	$	36.25	$	36.42
Income from Investment Operations
Net investment income (loss) A,B		.16		.26 C		.02		.07		.27
Net realized and unrealized gain (loss)		3.47		(9.21)		15.04		7.98		3.54
Total from investment operations		3.63		(8.95)		15.06		8.05		3.81
Distributions from net investment income		(.16)		(.21)		(.03)		(.26)		(.31)
Distributions from net realized gain		(2.84)		(7.23)		(3.49)		(4.34)		(3.67)
Total distributions		(3.00)		(7.44)		(3.52)		(4.60)		(3.98)
Net asset value, end of period	$	35.48	$	34.85	$	51.24	$	39.70	$	36.25
Total Return D		11.13%		(20.08)%		40.12%		24.85%		12.33%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.57%		.75%		.76%		.74%		.52%
Expenses net of fee waivers, if any		.56%		.75%		.76%		.74%		.52%
Expenses net of all reductions		.56%		.75%		.76%		.73%		.52%
Net investment income (loss)		.47%		.67% C		.05%		.21%		.79%
Supplemental Data
Net assets, end of period (in millions)	$	237	$	326	$	543	$	500	$	864
Portfolio turnover rate G		49%		69%		51%		61% H		122%

ACalculated based on average shares outstanding during the period.

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

EFees 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.

FExpense 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.

GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

HPortfolio turnover rate excludes securities received or delivered in-kind.

Notes to Financial Statements

For the period ended October 31, 2023

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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.

3. Significant Accounting Policies.

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:

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.

Fidelity Capital Appreciation Fund

$28

Book-tax differences are primarily due to foreign currency transactions, contingent interest, partnerships and losses deferred due to wash sales.

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

Gross unrealized appreciation	$1,457,952
Gross unrealized depreciation	(264,389)
Net unrealized appreciation (depreciation)	$1,193,563
Tax Cost	$4,026,472

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

Undistributed ordinary income	$14,726
Undistributed long-term capital gain	$170,287
Net unrealized appreciation (depreciation) on securities and other investments	$1,193,554

The tax character of distributions paid was as follows:

	October 31, 2023	October 31, 2022
Ordinary Income	$20,109	$198,377
Long-term Capital Gains	414,124	824,005
Total	$434,233	$1,022,382

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Capital Appreciation Fund	2,611,947	3,107,569

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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Capital Appreciation as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .50% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Capital Appreciation, except for Class K. FIIOC receives an asset-based fee of Class K's. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Capital Appreciation	$6,118	.12
Class K	121	.04
	$6,239

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Capital Appreciation	0.1186%

	% of Average Net Assets
Fidelity Capital Appreciation Fund	.02

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Capital Appreciation Fund	0.0173%

	Amount
Fidelity Capital Appreciation Fund	$41

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Capital Appreciation Fund	Borrower	$7,892	5.10%	$105

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Capital Appreciation Fund	134,504	266,218	35,827

6. Committed Line of Credit.

	Amount
Fidelity Capital Appreciation Fund	$10

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Capital Appreciation Fund	$132	$50	$-

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Capital Appreciation Fund	$4,379	4.33%	$2

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $323.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2023	Year ended October 31, 2022
Fidelity Capital Appreciation Fund
Distributions to shareholders
Capital Appreciation	$406,264	$943,863
Class K	27,969	78,519
Total	$434,233	$1,022,382

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2023	Year ended October 31, 2022	Year ended October 31, 2023	Year ended October 31, 2022
Fidelity Capital Appreciation Fund
Capital Appreciation
Shares sold	4,890	4,490	$170,292	$178,854
Reinvestment of distributions	11,738	21,042	382,791	890,712
Shares redeemed	(15,889)	(15,220)	(556,464)	(597,446)
Net increase (decrease)	739	10,312	$(3,381)	$472,120
Class K
Shares sold	895	9,368	$31,370	$337,499
Reinvestment of distributions	855	1,849	27,969	78,519
Shares redeemed	(4,438)	(12,465)	(155,181)	(471,323)
Net increase (decrease)	(2,688)	(1,248)	$(95,842)	$(55,305)

12. Other.

13. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Capital Trust and Shareholders of Fidelity Capital Appreciation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Capital Appreciation Fund (one of the funds constituting Fidelity Capital Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 13, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Capital Appreciation Fund
Fidelity® Capital Appreciation Fund	.54%
Actual		$ 1,000	$ 1,027.90	$ 2.76
Hypothetical-B		$ 1,000	$ 1,022.48	$ 2.75
Class K	.43%
Actual		$ 1,000	$ 1,028.40	$ 2.20
Hypothetical-B		$ 1,000	$ 1,023.04	$ 2.19

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2023, $181,052,704, or, if subsequently determined to be different, the net capital gain of such year.

Capital Appreciation and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Capital Appreciation and Class K designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Capital Appreciation Fund

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.

Based on its review, the Board concluded that the fund's management fee, 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.

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

1.538293.126

CAF-ANN-1223

Fidelity® Disciplined Equity Fund

Annual Report

October 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2023	Past 1 year	Past 5 years	Past 10 years
Fidelity® Disciplined Equity Fund	14.44%	10.72%	9.74%
Class K	14.55%	10.82%	9.85%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Disciplined Equity Fund, a class of the fund, on October 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Kwasi Dadzie-Yeboah:

For the fiscal year ending October 31, 2023, the fund's share classes gained about 14% to 15%, versus 10.14% for the benchmark S&P 500® index. The biggest contributor to performance versus the benchmark was stock picking in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. An overweight in information technology, primarily within the software & services industry, also boosted relative performance. Stock selection in communication services helped as well. The top individual relative contributor was an overweight in Nvidia (+202%), a stock that was among the fund's largest holdings. A second notable relative contributor was an overweight in Microsoft (+47%), the fund's top holding. An overweight in Meta Platforms (+232%), another top-10 holding, also helped. This period we increased our position. In contrast, the biggest detractor from performance versus the benchmark was stock picking in energy. The biggest individual relative detractor this period was avoiding Broadcom, a benchmark component that gained 84%. An overweight stake in Devon Energy returned roughly -35% and was the second-largest relative detractor, while a position in NextEra Energy returned -37% and also notably hurt. Neither Devon Energy nor NextEra Energy was held at period end. Notable changes in positioning during the 12-month period include increased exposure to the communication services sector and a lower allocation to energy.

Investment Summary October 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Microsoft Corp.	9.3
Apple, Inc.	5.5
Amazon.com, Inc.	4.3
NVIDIA Corp.	4.2
UnitedHealth Group, Inc.	3.2
Meta Platforms, Inc. Class A	3.2
Alphabet, Inc. Class A	2.7
Eli Lilly & Co.	2.5
Alphabet, Inc. Class C	2.5
Visa, Inc. Class A	2.4
	39.8

Market Sectors (% of Fund's net assets)

Information Technology	33.2
Health Care	15.0
Financials	11.0
Consumer Discretionary	10.3
Industrials	10.2
Communication Services	9.9
Consumer Staples	4.0
Energy	2.6
Materials	2.0
Real Estate	0.8

Asset Allocation (% of Fund's net assets)

Schedule of Investments October 31, 2023

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares	Value ($) (000s)
COMMUNICATION SERVICES - 9.9%
Entertainment - 1.5%
Netflix, Inc. (a)	54,734	22,533
Interactive Media & Services - 8.4%
Alphabet, Inc.:
Class A (a)	338,800	42,038
Class C (a)	308,800	38,693
Meta Platforms, Inc. Class A (a)	166,577	50,185
		130,916
TOTAL COMMUNICATION SERVICES		153,449
CONSUMER DISCRETIONARY - 10.3%
Automobiles - 0.1%
Tesla, Inc. (a)	6,300	1,265
Broadline Retail - 4.3%
Amazon.com, Inc. (a)	503,760	67,045
Distributors - 0.1%
Pool Corp.	5,800	1,831
Hotels, Restaurants & Leisure - 2.3%
Airbnb, Inc. Class A (a)	36,600	4,329
Booking Holdings, Inc. (a)	2,900	8,090
Domino's Pizza, Inc.	10,000	3,390
Hilton Worldwide Holdings, Inc.	50,066	7,587
Marriott International, Inc. Class A	53,500	10,088
Royal Caribbean Cruises Ltd. (a)	19,300	1,635
		35,119
Household Durables - 0.5%
NVR, Inc. (a)	1,555	8,417
Specialty Retail - 1.9%
The Home Depot, Inc.	64,444	18,347
TJX Companies, Inc.	117,200	10,322
		28,669
Textiles, Apparel & Luxury Goods - 1.1%
lululemon athletica, Inc. (a)	13,300	5,233
NIKE, Inc. Class B	116,810	12,005
		17,238
TOTAL CONSUMER DISCRETIONARY		159,584
CONSUMER STAPLES - 4.0%
Beverages - 1.5%
Monster Beverage Corp.	162,000	8,278
The Coca-Cola Co.	258,500	14,603
		22,881
Consumer Staples Distribution & Retail - 1.5%
Costco Wholesale Corp.	41,315	22,824
Food Products - 0.8%
Lamb Weston Holdings, Inc.	67,900	6,097
Mondelez International, Inc.	106,200	7,032
		13,129
Personal Care Products - 0.2%
Estee Lauder Companies, Inc. Class A	27,619	3,559
TOTAL CONSUMER STAPLES		62,393
ENERGY - 2.6%
Oil, Gas & Consumable Fuels - 2.6%
ConocoPhillips Co.	79,100	9,397
EOG Resources, Inc.	64,567	8,152
Exxon Mobil Corp.	69,700	7,378
Hess Corp.	17,100	2,469
Occidental Petroleum Corp.	81,100	5,013
Ovintiv, Inc.	73,000	3,504
Valero Energy Corp.	42,600	5,410
		41,323
FINANCIALS - 11.0%
Banks - 2.6%
Bank of America Corp.	541,683	14,268
JPMorgan Chase & Co.	189,014	26,284
		40,552
Capital Markets - 2.8%
KKR & Co. LP	13,900	770
LPL Financial	31,900	7,162
Moody's Corp.	38,139	11,747
MSCI, Inc.	27,844	13,130
S&P Global, Inc.	27,458	9,591
		42,400
Financial Services - 4.4%
MasterCard, Inc. Class A	82,711	31,128
Visa, Inc. Class A	159,934	37,600
		68,728
Insurance - 1.2%
Arthur J. Gallagher & Co.	53,000	12,481
The Travelers Companies, Inc.	36,300	6,078
		18,559
TOTAL FINANCIALS		170,239
HEALTH CARE - 15.0%
Biotechnology - 0.9%
Vertex Pharmaceuticals, Inc. (a)	40,400	14,629
Health Care Equipment & Supplies - 2.9%
Axonics Modulation Technologies, Inc. (a)	29,300	1,500
Boston Scientific Corp. (a)	257,829	13,198
DexCom, Inc. (a)	87,400	7,764
IDEXX Laboratories, Inc. (a)	12,693	5,070
Intuitive Surgical, Inc. (a)	24,314	6,376
Stryker Corp.	38,500	10,403
		44,311
Health Care Providers & Services - 5.0%
Cigna Group	43,500	13,450
Elevance Health, Inc.	29,600	13,323
Guardant Health, Inc. (a)	19,000	492
UnitedHealth Group, Inc.	94,175	50,436
		77,701
Health Care Technology - 0.4%
Veeva Systems, Inc. Class A (a)	28,385	5,470
Life Sciences Tools & Services - 2.5%
Danaher Corp.	91,145	17,502
Mettler-Toledo International, Inc. (a)	3,264	3,216
Thermo Fisher Scientific, Inc.	24,700	10,986
West Pharmaceutical Services, Inc.	22,836	7,268
		38,972
Pharmaceuticals - 3.3%
Eli Lilly & Co.	71,800	39,772
Zoetis, Inc. Class A	75,444	11,845
		51,617
TOTAL HEALTH CARE		232,700
INDUSTRIALS - 10.2%
Aerospace & Defense - 2.6%
HEICO Corp. Class A	78,247	9,948
Lockheed Martin Corp.	26,137	11,883
The Boeing Co. (a)	40,800	7,622
TransDigm Group, Inc. (a)	12,700	10,517
		39,970
Building Products - 0.0%
Hayward Holdings, Inc. (a)	37,900	398
Commercial Services & Supplies - 1.3%
Cintas Corp.	16,563	8,399
Copart, Inc.	260,552	11,339
		19,738
Electrical Equipment - 2.2%
AMETEK, Inc.	68,538	9,648
Eaton Corp. PLC	75,400	15,676
Generac Holdings, Inc. (a)	9,506	799
Vertiv Holdings Co.	220,700	8,667
		34,790
Ground Transportation - 0.4%
Old Dominion Freight Lines, Inc.	16,450	6,196
Industrial Conglomerates - 0.8%
General Electric Co.	119,900	13,025
Machinery - 2.7%
Fortive Corp.	86,900	5,673
IDEX Corp.	18,700	3,579
ITT, Inc.	44,539	4,158
Parker Hannifin Corp.	33,000	12,174
Snap-On, Inc.	32,700	8,435
Westinghouse Air Brake Tech Co.	71,700	7,602
		41,621
Professional Services - 0.2%
Ceridian HCM Holding, Inc. (a)	14,800	947
Paycom Software, Inc.	6,296	1,542
Paylocity Holding Corp. (a)	2,000	359
		2,848
TOTAL INDUSTRIALS		158,586
INFORMATION TECHNOLOGY - 33.2%
Electronic Equipment, Instruments & Components - 1.2%
Amphenol Corp. Class A	156,640	12,617
CDW Corp.	28,273	5,666
		18,283
IT Services - 1.2%
Accenture PLC Class A	54,808	16,283
EPAM Systems, Inc. (a)	4,100	892
Okta, Inc. (a)	9,200	620
Twilio, Inc. Class A (a)	12,900	661
		18,456
Semiconductors & Semiconductor Equipment - 6.3%
Enphase Energy, Inc. (a)	12,200	971
Lam Research Corp.	19,267	11,333
Lattice Semiconductor Corp. (a)	82,300	4,577
Monolithic Power Systems, Inc.	14,300	6,317
NVIDIA Corp.	161,698	65,940
NXP Semiconductors NV	15,700	2,707
ON Semiconductor Corp. (a)	87,700	5,494
Universal Display Corp.	5,200	724
		98,063
Software - 19.0%
Adobe, Inc. (a)	45,459	24,187
ANSYS, Inc. (a)	42,900	11,937
Atlassian Corp. PLC (a)	13,141	2,374
Autodesk, Inc. (a)	13,100	2,589
Bill Holdings, Inc. (a)	19,800	1,808
Cadence Design Systems, Inc. (a)	72,047	17,280
Crowdstrike Holdings, Inc. (a)	4,400	778
Dynatrace, Inc. (a)	124,803	5,580
Elastic NV (a)	11,100	833
Fortinet, Inc. (a)	194,060	11,094
Guidewire Software, Inc. (a)	7,200	649
HubSpot, Inc. (a)	11,662	4,942
Intuit, Inc.	34,226	16,940
Microsoft Corp.	426,338	144,152
Roper Technologies, Inc.	14,975	7,316
Salesforce, Inc. (a)	103,594	20,805
ServiceNow, Inc. (a)	17,852	10,387
Synopsys, Inc. (a)	23,400	10,985
Zscaler, Inc. (a)	2,900	460
		295,096
Technology Hardware, Storage & Peripherals - 5.5%
Apple, Inc.	498,207	85,079
TOTAL INFORMATION TECHNOLOGY		514,977
MATERIALS - 2.0%
Chemicals - 1.0%
CF Industries Holdings, Inc.	70,900	5,656
Sherwin-Williams Co.	35,583	8,476
Westlake Corp.	9,500	1,096
		15,228
Construction Materials - 1.0%
Martin Marietta Materials, Inc.	19,700	8,056
Vulcan Materials Co.	40,300	7,919
		15,975
TOTAL MATERIALS		31,203
REAL ESTATE - 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.8%
American Tower Corp.	51,900	9,248
SBA Communications Corp. Class A	16,100	3,359
		12,607
TOTAL COMMON STOCKS (Cost $904,640)		1,537,061

Money Market Funds - 0.4%
	Shares	Value ($) (000s)
Fidelity Cash Central Fund 5.40% (b) (Cost $7,011)	7,010,027	7,011

TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $911,651)	1,544,072
NET OTHER ASSETS (LIABILITIES) - 0.6%	8,692
NET ASSETS - 100.0%	1,552,764

Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

(a)	Non-income producing

(b)

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 (Amounts in thousands)	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.40%	17,319	341,466	351,774	581	-	-	7,011	0.0%
Fidelity Securities Lending Cash Central Fund 5.40%	-	41,103	41,103	-	-	-	-	0.0%
Total	17,319	382,569	392,877	581	-	-	7,011

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

Investment Valuation

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Equities:
Communication Services	153,449	153,449	-	-
Consumer Discretionary	159,584	159,584	-	-
Consumer Staples	62,393	62,393	-	-
Energy	41,323	41,323	-	-
Financials	170,239	170,239	-	-
Health Care	232,700	232,700	-	-
Industrials	158,586	158,586	-	-
Information Technology	514,977	514,977	-	-
Materials	31,203	31,203	-	-
Real Estate	12,607	12,607	-	-

Money Market Funds	7,011	7,011	-	-
Total Investments in Securities:	1,544,072	1,544,072	-	-

Financial Statements

Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)				October 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $904,640)	$	1,537,061
Fidelity Central Funds (cost $7,011)		7,011


Total Investment in Securities (cost $911,651)			$	1,544,072
Cash				74
Receivable for investments sold				13,179
Receivable for fund shares sold				30
Dividends receivable				151
Distributions receivable from Fidelity Central Funds				22
Prepaid expenses				2
Total assets				1,557,530
Liabilities
Payable for investments purchased	$	3,579
Payable for fund shares redeemed		529
Accrued management fee		399
Other affiliated payables		205
Other payables and accrued expenses		54
Total Liabilities				4,766
Net Assets			$	1,552,764
Net Assets consist of:
Paid in capital			$	849,546
Total accumulated earnings (loss)				703,218
Net Assets			$	1,552,764

Net Asset Value and Maximum Offering Price
Disciplined Equity :
Net Asset Value, offering price and redemption price per share ($1,503,508 ÷ 28,316 shares)			$	53.10
Class K :
Net Asset Value, offering price and redemption price per share ($49,256 ÷ 928 shares)(a)			$	53.11
(a)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares.

Statement of Operations
Amounts in thousands				Year ended October 31, 2023
Investment Income
Dividends			$	13,601
Income from Fidelity Central Funds				581
Total Income				14,182
Expenses
Management fee
Basic fee	$	8,129
Performance adjustment		(3,162)
Transfer agent fees		1,948
Accounting fees		429
Custodian fees and expenses		22
Independent trustees' fees and expenses		9
Registration fees		43
Audit		55
Legal		11
Interest		2
Miscellaneous		7
Total expenses before reductions		7,493
Expense reductions		(95)
Total expenses after reductions				7,398
Net Investment income (loss)				6,784
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		76,312
Total net realized gain (loss)				76,312
Change in net unrealized appreciation (depreciation) on investment securities				122,255
Net gain (loss)				198,567
Net increase (decrease) in net assets resulting from operations			$	205,351

Statement of Changes in Net Assets

Amount in thousands		Year ended October 31, 2023		Year ended October 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,784	$	3,633
Net realized gain (loss)		76,312		34,685
Change in net unrealized appreciation (depreciation)		122,255		(583,180)
Net increase (decrease) in net assets resulting from operations		205,351		(544,862)
Distributions to shareholders		(40,439)		(31,288)

Share transactions - net increase (decrease)		(87,151)		(152,553)
Total increase (decrease) in net assets		77,761		(728,703)

Net Assets
Beginning of period		1,475,003		2,203,706
End of period	$	1,552,764	$	1,475,003

Financial Highlights

Fidelity® Disciplined Equity Fund

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	47.71	$	65.18	$	45.48	$	37.51	$	38.32
Income from Investment Operations
Net investment income (loss) A,B		.22		.11		(.06)		.03		.32
Net realized and unrealized gain (loss)		6.49		(16.65)		19.77		8.16		3.53
Total from investment operations		6.71		(16.54)		19.71		8.19		3.85
Distributions from net investment income		(.12)		-		(.01)		(.22)		(.53)
Distributions from net realized gain		(1.20)		(.93)		-		-		(4.13)
Total distributions		(1.32)		(.93)		(.01)		(.22)		(4.66)
Net asset value, end of period	$	53.10	$	47.71	$	65.18	$	45.48	$	37.51
Total Return C		14.44%		(25.71)%		43.35%		21.92%		12.01%
Ratios to Average Net Assets B,D,E
Expenses before reductions		.49%		.71%		.79%		.71%		.51%
Expenses net of fee waivers, if any		.48%		.70%		.78%		.71%		.51%
Expenses net of all reductions		.48%		.70%		.78%		.71%		.51%
Net investment income (loss)		.44%		.20%		(.10)%		.07%		.90%
Supplemental Data
Net assets, end of period (in millions)	$	1,504	$	1,422	$	2,091	$	1,469	$	1,190
Portfolio turnover rate F		36%		28%		19%		35%		108%

ACalculated based on average shares outstanding during the period.

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

FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Fidelity® Disciplined Equity Fund Class K

Years ended October 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	47.72	$	65.14	$	45.42	$	37.47	$	38.29
Income from Investment Operations
Net investment income (loss) A,B		.27		.16		(.01)		.06		.35
Net realized and unrealized gain (loss)		6.49		(16.65)		19.75		8.14		3.53
Total from investment operations		6.76		(16.49)		19.74		8.20		3.88
Distributions from net investment income		(.17)		-		(.02)		(.25)		(.57)
Distributions from net realized gain		(1.20)		(.93)		-		-		(4.13)
Total distributions		(1.37)		(.93)		(.02)		(.25)		(4.70)
Net asset value, end of period	$	53.11	$	47.72	$	65.14	$	45.42	$	37.47
Total Return C		14.55%		(25.65)%		43.47%		21.99%		12.12%
Ratios to Average Net Assets A,D,E
Expenses before reductions		.40%		.62%		.70%		.62%		.42%
Expenses net of fee waivers, if any		.39%		.62%		.70%		.62%		.42%
Expenses net of all reductions		.39%		.62%		.70%		.62%		.42%
Net investment income (loss)		.52%		.28%		(.01)%		.16%		.99%
Supplemental Data
Net assets, end of period (in millions)	$	49	$	53	$	113	$	95	$	91
Portfolio turnover rate F		36%		28%		19%		35%		108%

ANet 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.

BCalculated based on average shares outstanding during the period.

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

DExpense 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.

FAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements

For the period ended October 31, 2023

(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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.

3. Significant Accounting Policies.

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:

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.

Book-tax differences are primarily due to 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	$647,575
Gross unrealized depreciation	(19,908)
Net unrealized appreciation (depreciation)	$627,667
Tax Cost	$916,405

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

Undistributed ordinary income	$4,349
Undistributed long-term capital gain	$71,202
Net unrealized appreciation (depreciation) on securities and other investments	$627,667

The tax character of distributions paid was as follows:

	October 31, 2023	October 31, 2022
Ordinary Income	$3,685	$-
Long-term Capital Gains	36,754	31,288
Total	$40,439	$31,288

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Disciplined Equity Fund	554,632	657,322

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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Disciplined Equity as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .32% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Disciplined Equity	$1,927	.13
Class K	21	.04
	$1,948

During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:

	% of Class-Level Average Net Assets
Disciplined Equity	0.1251%

	% of Average Net Assets
Fidelity Disciplined Equity Fund	.03

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
Fidelity Disciplined Equity Fund	0.0274%

	Amount
Fidelity Disciplined Equity Fund	$8

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Disciplined Equity Fund	Borrower	$11,223	5.44%	$2

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Disciplined Equity Fund	41,483	34,272	3,150

6. Committed Line of Credit.

	Amount
Fidelity Disciplined Equity Fund	$3

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Disciplined Equity Fund	$-A	$-	$-

A Amount represents less than five hundred dollars

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $95.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2023	Year ended October 31, 2022
Fidelity Disciplined Equity Fund
Distributions to shareholders
Disciplined Equity	$39,004	$29,805
Class K	1,435	1,483
Total	$40,439	$31,288

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2023	Year ended October 31, 2022	Year ended October 31, 2023	Year ended October 31, 2022
Fidelity Disciplined Equity Fund
Disciplined Equity
Shares sold	567	884	$29,350	$49,965
Reinvestment of distributions	760	441	35,580	27,553
Shares redeemed	(2,818)	(3,600)	(142,970)	(197,919)
Net increase (decrease)	(1,491)	(2,275)	$(78,040)	$(120,401)
Class K
Shares sold	48	125	$2,440	$7,128
Reinvestment of distributions	31	24	1,435	1,483
Shares redeemed	(260)	(768)	(12,986)	(40,763)
Net increase (decrease)	(181)	(619)	$(9,111)	$(32,152)

11. Other.

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Capital Trust and Shareholders of Fidelity Disciplined Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Disciplined Equity Fund (one of the funds constituting Fidelity Capital Trust, referred to hereafter as the "Fund") as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 15, 2023

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

Trustees and Officers

TRUSTEES AND OFFICERS

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Expenses Paid During Period- C May 1, 2023 to October 31, 2023
Fidelity® Disciplined Equity Fund
Fidelity® Disciplined Equity Fund	.46%
Actual		$ 1,000	$ 1,048.00	$ 2.37
Hypothetical-B		$ 1,000	$ 1,022.89	$ 2.35
Class K	.38%
Actual		$ 1,000	$ 1,048.40	$ 1.96
Hypothetical-B		$ 1,000	$ 1,023.29	$ 1.94

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

Distributions (Unaudited)

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2023, $74,876,779, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund will notify shareholders in January 2024 of amounts for use in preparing 2023 income tax returns.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Disciplined Equity Fund

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and 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 global 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, as well as to transmit new information and research conclusions rapidly around the world. 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.

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.

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.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

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

1.538372.126

FDE-ANN-1223

Item 2.

Code of Ethics

As of the end of the period, October 31, 2023, Fidelity Capital Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

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

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Stock Selector Small Cap Fund (the “Fund(s)”):

Services Billed by Deloitte Entities

October 31, 2023 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Stock Selector Small Cap Fund	$43,800	$-	$7,700	$1,100

October 31, 2022 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Stock Selector Small Cap Fund	$44,100	$-	$6,900	$1,000

^AAmounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Capital Appreciation Fund, Fidelity Disciplined Equity Fund, Fidelity Focused Stock Fund and Fidelity Value Fund (the “Fund(s)”):

Services Billed by PwC

October 31, 2023 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Capital Appreciation Fund	$47,400	$4,200	$14,900	$1,400
Fidelity Disciplined Equity Fund	$44,700	$4,000	$8,200	$1,300
Fidelity Focused Stock Fund	$29,300	$2,800	$23,800	$900
Fidelity Value Fund	$52,800	$4,900	$15,800	$1,700

October 31, 2022 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Capital Appreciation Fund	$45,100	$4,000	$8,900	$1,400
Fidelity Disciplined Equity Fund	$42,700	$3,800	$7,800	$1,300
Fidelity Focused Stock Fund	$28,000	$2,700	$8,700	$900
Fidelity Value Fund	$49,900	$4,700	$14,400	$1,600

^AAmounts may reflect rounding.

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

Services Billed by Deloitte Entities


	October 31, 2023^A	October 31, 2022^A
Audit-Related Fees	$-	$-
Tax Fees	$-	$-
All Other Fees	$-	$-

^A Amounts may reflect rounding.

Services Billed by PwC


	October 31, 2023^A	October 31, 2022^A
Audit-Related Fees	$8,284,200	$7,914,600
Tax Fees	$1,000	$1,000
All Other Fees	$-	$-

^A Amounts may reflect rounding.

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

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

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

Assurance services must be performed by an independent public accountant.

* * *

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


Billed By	October 31, 2023^A	October 31, 2022^A
Deloitte Entities	$251,400	$465,500
PwC	$13,671,700	$12,943,200

^A Amounts may reflect rounding.

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

Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

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

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

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

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.

Item 11.

Controls and Procedures

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

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

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation

(a)

Not applicable.

(b)

Not applicable.

Item 19.

Exhibits


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(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.
(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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Capital Trust


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	December 21, 2023

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.


By:	/s/Stacie M. Smith
	Stacie M. Smith
	President and Treasurer

Date:	December 21, 2023


By:	/s/John J. Burke III
	John J. Burke III
	Chief Financial Officer

Date:	December 21, 2023

Fidelity Focused Stock Fund (FTQGX) N-CSRCertified annual shareholder report (management investment company)