Fidelity® Stock Selector All Cap Fund
Annual Report
September 30, 2020
Includes Fidelity and Fidelity Advisor share classes
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Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Notes to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
There were a number of changes during the reporting period. First, on October 1, 2019, Pierre Sorel assumed co-management responsibilities for the fund, succeeding Christopher Lee. Then on November 1, 2019, Nicola Stafford assumed co-management responsibilities for the fund, succeeding James McElligott. Shortly thereafter, Jody Simes assumed co-management responsibilities for the fund, succeeding Richard Malnight on November 8, 2019. Lastly, on January 1, 2020, Ben Shuleva assumed co-management responsibilities for the fund, as did Ashley Fernandes, who succeeded John Dowd.
In September 2020, Fidelity® Stock Selector All Cap Fund changed the means by which it attains its U.S. equity exposure, from 10 individual Fidelity sector central funds to one consolidated, multisector portfolio (Fidelity U.S. Equity Central Fund). This new, broad-based investment vehicle provides additional tax efficiencies and more flexibility for the sector specialists to express their convictions, advantages that should serve shareholders well.
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
| For the periods ended September 30, 2020 | Past 1 year | Past 5 years | Past 10 years |
| Class A (incl. 5.75% sales charge) | 11.73% | 12.19% | 11.96% |
| Class M (incl. 3.50% sales charge) | 14.12% | 12.43% | 12.00% |
| Class C (incl. contingent deferred sales charge) | 16.59% | 12.64% | 11.93% |
| Fidelity® Stock Selector All Cap Fund | 18.88% | 13.87% | 12.92% |
| Class K | 19.01% | 13.98% | 13.04% |
| Class I | 18.92% | 13.83% | 12.87% |
| Class Z | 19.00% | 13.98% | 12.98% |
Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on October 23, 2012. Returns prior to October 23, 2012, are those of Fidelity® Stock Selector All Cap Fund, the original class of the fund, which has no 12b-1 fee. Had Class A's 12b-1 fee been reflected, returns prior to October 23, 2012, would have been lower.
Class M shares bear a 0.50% 12b-1 fee. The initial offering of Class M shares took place on October 23, 2012. Returns prior to October 23, 2012, are those of Fidelity® Stock Selector All Cap Fund, the original class of the fund, which has no 12b-1 fee. Had Class M's 12b-1 fee been reflected, returns prior to October 23, 2012, would have been lower.
Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on October 23, 2012. Returns prior to October 23, 2012, are those of Fidelity® Stock Selector All Cap Fund, the original class of the fund, which has no 12b-1 fee. Had Class C's 12b-1 fee been reflected, returns prior to October 23, 2012, would have been lower.
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 I shares took place on October 23, 2012. Returns prior to October 23, 2012 are those of Fidelity® Stock Selector All Cap Fund, the original class of the fund.
The initial offering of Class Z shares took place on August 13, 2013. Returns between October 23, 2012 and August 13, 2013, are those of Class I. Returns prior to October 23, 2012, are those of Fidelity® Stock Selector All Cap Fund, the original class of the fund.
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Stock Selector All Cap Fund, a class of the fund, on September 30, 2010.
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.
| Period Ending Values |
| $33,695 | Fidelity® Stock Selector All Cap Fund |
| $36,244 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: The S&P 500
® index gained 15.15% for the 12 months ending September 30, 2020, in what was a bumpy ride for U.S. equity investors, marked by a steep but brief decline due to the early-2020 outbreak and spread of the coronavirus, followed by a historic rebound. Declared a pandemic on March 11, the COVID-19 crisis and containment efforts caused broad contraction in economic activity, along with extreme uncertainty, volatility and dislocation in financial markets. By mid-March, U.S. stocks had entered bear-market territory less than a month after hitting an all-time high and extending the longest-running bull market in American history. Stocks slid in late February, following a surge in COVID-19 cases outside China. The downtrend continued in March (-12%), capping the index’s worst quarter since 2008. A historically rapid and expansive U.S. monetary/fiscal-policy response provided a partial offset to the economic disruption and fueled a sharp uptrend beginning March 24, with recent strength supported by near-term potential for a COVID-19 vaccine breakthrough and signs of an early recovery in economic activity. The historic rally continued until September 2, when the S&P 500 achieved an all-time high, before retreating and returning -3.80% for the month, partly due to the inability of Congress to reach a deal on additional stimulus funding. Growth stocks dominated value shares for the year. By sector, information technology (+47%) led. In contrast, energy (-45%) fell hard along with the price of crude oil.
Comments from Lead Portfolio Manager Geoff Stein: For the fiscal year ending September 30, 2020, the fund's share classes (excluding sales charges, if applicable) gained 18% to 19%, outpacing the 15.15% advance of the benchmark S&P 500
® index. Strong security selection across a number of sectors, most notably health care, information technology and communication services fueled the fund’s relative outperformance. The top individual contributors included underweighted positions in multinational banking company JPMorgan Chase (-0.1%), along with telecom and media giant AT&T (+2%), along with an out-of-benchmark investment in cloud-based communications software provider Twilio (+138%). A larger-than-benchmark stake in publishing software company Adobe (+75%) also added value. On the downside, stocks picks and an underweighting in the strong-performing consumer discretionary sector was the biggest relative detractor. Adverse positioning in financials and selection in materials also weighed on the portfolio’s relative result. At the individual stock level, the biggest negatives were underweighted positions in graphics chip maker Nvidia (+23%) and e-commerce leader Amazon.com (+82%). Amazon is one of the largest components of the S&P 500. An overweighting in credit card and consumer finance company Capital One Financial (-15%) also dampened the fund’s relative performance.
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 (Unaudited)
The information in the following tables is based on the Fund’s pro-rata share of the investments of Fidelity U.S. Equity Central Fund.Top Ten Stocks as of September 30, 2020
| | % of fund's net assets |
| Apple, Inc. | 6.3 |
| Microsoft Corp. | 5.9 |
| Alphabet, Inc. Class A | 3.1 |
| Amazon.com, Inc. | 2.6 |
| Facebook, Inc. Class A | 1.9 |
| UnitedHealth Group, Inc. | 1.3 |
| Salesforce.com, Inc. | 1.3 |
| Adobe, Inc. | 1.2 |
| Procter & Gamble Co. | 1.2 |
| The Home Depot, Inc. | 1.0 |
| | 25.8 |
Top Five Market Sectors as of September 30, 2020
| | % of fund's net assets |
| Information Technology | 27.8 |
| Health Care | 15.2 |
| Consumer Discretionary | 11.0 |
| Financials | 10.4 |
| Communication Services | 10.2 |
At period end, investments in foreign securities including the Fund's pro-rata share of Fidelity U.S. Equity Central Fund, was 8.7% of net assets.
An unaudited holdings listing for Fidelity Stock Selector All Cap Fund, which presents its pro-rata share of securities and other investments held indirectly through its investment in Fidelity U.S. Equity Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
Schedule of Investments September 30, 2020
Showing Percentage of Net Assets
| Equity Central Funds - 100.1% | | | |
| | | Shares | Value (000s) |
| Fidelity U.S. Equity Central Fund (a) | | | |
| (Cost $7,263,833) | | 95,808,107 | 9,648,834 |
|
| Money Market Central Funds - 0.0% | | | |
| Fidelity Cash Central Fund 0.10% (b) | | | |
| (Cost $1,624) | | 1,623,613 | 1,624 |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | | | |
| (Cost $7,265,457) | | | 9,650,458 |
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | | | (5,038) |
| NET ASSETS - 100% | | | $9,645,420 |
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. Fidelity U.S. Equity Central Fund commenced operations on September 18, 2020 and has a fiscal year end of June 30. A complete unaudited schedule of portfolio holdings for Fidelity U.S. Equity Central Fund will be filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and available upon request or at the SEC’s website at www.sec.gov. An unaudited holdings listing for Fidelity Stock Selector All Cap Fund, which presents its pro-rata share of securities and other investments held indirectly through its investment in Fidelity U.S. Equity Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. In addition, Fidelity U.S. Equity Central Fund’s financial statements will be available on the SEC’s website or upon request starting with the December 31, 2020 unaudited semiannual report.
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| | (Amounts in thousands) |
| Fidelity Cash Central Fund | $13 |
| Fidelity Communication Services Central Fund | 52,946 |
| Fidelity Consumer Discretionary Central Fund | 28,907 |
| Fidelity Consumer Staples Central Fund | 17,537 |
| Fidelity Energy Central Fund | 9,454 |
| Fidelity Financials Central Fund | 84,348 |
| Fidelity Health Care Central Fund | 135,977 |
| Fidelity Industrials Central Fund | 12,483 |
| Fidelity Information Technology Central Fund | 299,233 |
| Fidelity Materials Central Fund | 3,213 |
| Fidelity Utilities Central Fund | 16,251 |
| Total | $660,362 |
Amounts in the 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.
Fiscal year to date information regarding the Fund’s investments in non-Money Market Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period | Purchases(a) | Sales Proceeds(a) | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Communication Services Central Fund | $770,403 | $172,283 | $846,995 | $1,770 | $(97,461) | $-- | 0.0 |
| Fidelity Consumer Discretionary Central Fund | 815,865 | 149,924 | 708,032 | (512) | (257,245) | -- | 0.0 |
| Fidelity Consumer Staples Central Fund | 576,832 | 96,842 | 632,238 | 1,076 | (42,512) | -- | 0.0 |
| Fidelity Energy Central Fund | 355,569 | 37,769 | 455,865 | (16,830) | 79,357 | -- | 0.0 |
| Fidelity Financials Central Fund | 1,387,365 | 250,391 | 1,428,366 | (7,290) | (202,100) | -- | 0.0 |
| Fidelity Health Care Central Fund | 1,115,522 | 232,362 | 1,075,933 | 10,063 | (282,014) | -- | 0.0 |
| Fidelity Industrials Central Fund | 746,455 | 98,876 | 700,880 | (5,312) | (139,139) | -- | 0.0 |
| Fidelity Information Technology Central Fund | 1,906,027 | 485,232 | 1,970,025 | 12,210 | (433,444) | -- | 0.0 |
| Fidelity Materials Central Fund | 192,074 | 42,660 | 251,258 | (3,263) | 19,787 | -- | 0.0 |
| Fidelity U.S. Equity Central Fund | -- | 7,311,453 | 23,080 | (24,539) | 2,385,000 | 9,648,834 | 44.3 |
| Fidelity Utilities Central Fund | 273,240 | 50,300 | 252,214 | (682) | (70,644) | -- | 0.0 |
| | $8,139,352 | $8,928,092 | $8,344,886 | $(33,309) | $959,585 | $9,648,834 | |
(a) Includes the value of securities received and delivered through merger transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of September 30, 2020, 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 | Total | Level 1 | Level 2 | Level 3 |
| (Amounts in thousands) | | | | |
| Investments in Securities: | | | | |
| Equity Central Funds | $9,648,834 | $9,648,834 | $-- | $-- |
| Money Market Central Funds | 1,624 | 1,624 | -- | -- |
| Total Investments in Securities: | $9,650,458 | $9,650,458 | $-- | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
| United States of America | 91.3% |
| Switzerland | 1.7% |
| United Kingdom | 1.3% |
| France | 1.3% |
| Canada | 1.2% |
| Others (Individually Less Than 1%) | 3.2% |
| | 100.0% |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amounts) | | September 30, 2020 |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
| | |
| Investments in Fidelity Central Funds (cost $7,265,457) | | $9,650,458 |
| Cash | | 41 |
| Receivable for investments sold | | 381 |
| Receivable for fund shares sold | | 1,714 |
| Dividends receivable | | 8 |
| Prepaid expenses | | 18 |
| Other receivables | | 66 |
| Total assets | | 9,652,686 |
| Liabilities | | |
| Payable for investments purchased | $197 | |
| Payable for fund shares redeemed | 1,909 | |
| Accrued management fee | 3,742 | |
| Transfer agent fee payable | 1,128 | |
| Distribution and service plan fees payable | 114 | |
| Other affiliated payables | 106 | |
| Other payables and accrued expenses | 70 | |
| Total liabilities | | 7,266 |
| Net Assets | | $9,645,420 |
| Net Assets consist of: | | |
| Paid in capital | | $7,058,414 |
| Total accumulated earnings (loss) | | 2,587,006 |
| Net Assets | | $9,645,420 |
| Net Asset Value and Maximum Offering Price | | |
| Class A: | | |
| Net Asset Value and redemption price per share ($212,589 ÷ 4,115.47 shares)(a) | | $51.66 |
| Maximum offering price per share (100/94.25 of $51.66) | | $54.81 |
| Class M: | | |
| Net Asset Value and redemption price per share ($110,264 ÷ 2,136.55 shares)(a) | | $51.61 |
| Maximum offering price per share (100/96.50 of $51.61) | | $53.48 |
| Class C: | | |
| Net Asset Value and offering price per share ($26,829 ÷ 526.97 shares)(a) | | $50.91 |
| Stock Selector All Cap: | | |
| Net Asset Value, offering price and redemption price per share ($9,147,358 ÷ 177,056.31 shares) | | $51.66 |
| Class K: | | |
| Net Asset Value, offering price and redemption price per share ($75,936 ÷ 1,465.84 shares) | | $51.80 |
| Class I: | | |
| Net Asset Value, offering price and redemption price per share ($38,468 ÷ 738.42 shares) | | $52.10 |
| Class Z: | | |
| Net Asset Value, offering price and redemption price per share ($33,976 ÷ 658.72 shares) | | $51.58 |
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | | Year ended September 30, 2020 |
| Investment Income | | |
| Income from Fidelity Central Funds | | $163,768 |
| Expenses | | |
| Management fee | | |
| Basic fee | $46,491 | |
| Performance adjustment | (5,275) | |
| Transfer agent fees | 12,112 | |
| Distribution and service plan fees | 1,319 | |
| Accounting fees and expenses | 1,234 | |
| Independent trustees' fees and expenses | 51 | |
| Registration fees | 191 | |
| Audit | 52 | |
| Legal | 25 | |
| Miscellaneous | 78 | |
| Total expenses before reductions | 56,278 | |
| Expense reductions | (48) | |
| Total expenses after reductions | | 56,230 |
| Net investment income (loss) | | 107,538 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 58 | |
| Fidelity Central Funds | (33,309) | |
| Capital gain distributions from Fidelity Central Funds | 496,594 | |
| Total net realized gain (loss) | | 463,343 |
| Change in net unrealized appreciation (depreciation) on: | | |
| Investment securities: | | |
| Fidelity Central Funds | 959,585 | |
| Total change in net unrealized appreciation (depreciation) | | 959,585 |
| Net gain (loss) | | 1,422,928 |
| Net increase (decrease) in net assets resulting from operations | | $1,530,466 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Year ended September 30, 2020 | Year ended September 30, 2019 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $107,538 | $83,374 |
| Net realized gain (loss) | 463,343 | 496,274 |
| Change in net unrealized appreciation (depreciation) | 959,585 | (756,847) |
| Net increase (decrease) in net assets resulting from operations | 1,530,466 | (177,199) |
| Distributions to shareholders | (520,531) | (352,107) |
| Share transactions - net increase (decrease) | 499,119 | (1,723,792) |
| Total increase (decrease) in net assets | 1,509,054 | (2,253,098) |
| Net Assets | | |
| Beginning of period | 8,136,366 | 10,389,464 |
| End of period | $9,645,420 | $8,136,366 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Stock Selector All Cap Fund Class A
| Years ended September 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.11 | $48.62 | $43.04 | $35.99 | $32.94 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .45 | .28 | .18 | .15 | .18 |
| Net realized and unrealized gain (loss) | 7.88 | (1.23) | 6.90 | 7.15 | 4.47 |
| Total from investment operations | 8.33 | (.95) | 7.08 | 7.30 | 4.65 |
| Distributions from net investment income | (.30) | (.17) | (.16) | (.17) | (.10) |
| Distributions from net realized gain | (2.48) | (1.39) | (1.35) | (.09) | (1.50) |
| Total distributions | (2.78) | (1.56) | (1.50)B | (.25)B | (1.60) |
| Net asset value, end of period | $51.66 | $46.11 | $48.62 | $43.04 | $35.99 |
| Total ReturnC,D | 18.54% | (1.28)% | 16.82% | 20.41% | 14.55% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | .93% | .96% | .99% | .94% | .96% |
| Expenses net of fee waivers, if any | .93% | .96% | .99% | .94% | .96% |
| Expenses net of all reductions | .93% | .96% | .99% | .94% | .96% |
| Net investment income (loss) | .94% | .63% | .40% | .39% | .52% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $213 | $198 | $201 | $196 | $193 |
| Portfolio turnover rateG | 12% | 22% | 12%H | 9% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Stock Selector All Cap Fund Class M
| Years ended September 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.05 | $48.53 | $42.97 | $35.94 | $32.88 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .33 | .17 | .07 | .05 | .09 |
| Net realized and unrealized gain (loss) | 7.87 | (1.21) | 6.88 | 7.14 | 4.47 |
| Total from investment operations | 8.20 | (1.04) | 6.95 | 7.19 | 4.56 |
| Distributions from net investment income | (.17) | (.05) | (.04) | (.07) | – |
| Distributions from net realized gain | (2.48) | (1.39) | (1.35) | (.09) | (1.50) |
| Total distributions | (2.64)B | (1.44) | (1.39) | (.16) | (1.50) |
| Net asset value, end of period | $51.61 | $46.05 | $48.53 | $42.97 | $35.94 |
| Total ReturnC,D | 18.26% | (1.54)% | 16.50% | 20.08% | 14.26% |
| Ratios to Average Net AssetsE,F | | | | | |
| Expenses before reductions | 1.18% | 1.21% | 1.25% | 1.20% | 1.23% |
| Expenses net of fee waivers, if any | 1.18% | 1.21% | 1.25% | 1.20% | 1.23% |
| Expenses net of all reductions | 1.18% | 1.21% | 1.25% | 1.20% | 1.22% |
| Net investment income (loss) | .70% | .38% | .14% | .13% | .25% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $110 | $111 | $126 | $121 | $119 |
| Portfolio turnover rateG | 12% | 22% | 12%H | 9% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns do not include the effect of the sales charges.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Stock Selector All Cap Fund Class C
| Years ended September 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $45.41 | $48.00 | $42.52 | $35.59 | $32.70 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .07 | (.07) | (.17) | (.15) | (.09) |
| Net realized and unrealized gain (loss) | 7.75 | (1.19) | 6.82 | 7.08 | 4.44 |
| Total from investment operations | 7.82 | (1.26) | 6.65 | 6.93 | 4.35 |
| Distributions from net investment income | – | – | – | – | – |
| Distributions from net realized gain | (2.32) | (1.33) | (1.17) | – | (1.46) |
| Total distributions | (2.32) | (1.33) | (1.17) | – | (1.46) |
| Net asset value, end of period | $50.91 | $45.41 | $48.00 | $42.52 | $35.59 |
| Total ReturnB,C | 17.59% | (2.06)% | 15.91% | 19.47% | 13.68% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | 1.74% | 1.75% | 1.76% | 1.72% | 1.74% |
| Expenses net of fee waivers, if any | 1.73% | 1.75% | 1.76% | 1.72% | 1.73% |
| Expenses net of all reductions | 1.73% | 1.75% | 1.76% | 1.72% | 1.73% |
| Net investment income (loss) | .14% | (.16)% | (.37)% | (.39)% | (.25)% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $27 | $29 | $66 | $68 | $63 |
| Portfolio turnover rateF | 12% | 22% | 12%G | 9% | 14% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Total returns do not include the effect of the contingent deferred sales charge.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Stock Selector All Cap Fund
| Years ended September 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.11 | $48.66 | $43.08 | $36.03 | $33.00 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .59 | .41 | .32 | .28 | .29 |
| Net realized and unrealized gain (loss) | 7.88 | (1.25) | 6.91 | 7.15 | 4.47 |
| Total from investment operations | 8.47 | (.84) | 7.23 | 7.43 | 4.76 |
| Distributions from net investment income | (.44) | (.32) | (.30) | (.29) | (.23) |
| Distributions from net realized gain | (2.48) | (1.39) | (1.35) | (.09) | (1.50) |
| Total distributions | (2.92) | (1.71) | (1.65) | (.38) | (1.73) |
| Net asset value, end of period | $51.66 | $46.11 | $48.66 | $43.08 | $36.03 |
| Total ReturnB | 18.88% | (.98)% | 17.18% | 20.80% | 14.92% |
| Ratios to Average Net AssetsC,D | | | | | |
| Expenses before reductions | .63% | .65% | .68% | .62% | .64% |
| Expenses net of fee waivers, if any | .63% | .65% | .68% | .62% | .64% |
| Expenses net of all reductions | .63% | .65% | .68% | .62% | .63% |
| Net investment income (loss) | 1.25% | .94% | .71% | .71% | .85% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $9,147 | $7,669 | $9,307 | $7,144 | $6,078 |
| Portfolio turnover rateE | 12% | 22% | 12%F | 9% | 14% |
A Calculated based on average shares outstanding during the period.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
F Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Stock Selector All Cap Fund Class K
| Years ended September 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.22 | $48.69 | $43.12 | $36.06 | $33.02 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .63 | .46 | .37 | .31 | .32 |
| Net realized and unrealized gain (loss) | 7.91 | (1.25) | 6.90 | 7.16 | 4.47 |
| Total from investment operations | 8.54 | (.79) | 7.27 | 7.47 | 4.79 |
| Distributions from net investment income | (.49) | (.29) | (.35) | (.32) | (.25) |
| Distributions from net realized gain | (2.48) | (1.39) | (1.35) | (.09) | (1.50) |
| Total distributions | (2.96)B | (1.68) | (1.70) | (.41) | (1.75) |
| Net asset value, end of period | $51.80 | $46.22 | $48.69 | $43.12 | $36.06 |
| Total ReturnC | 19.01% | (.89)% | 17.28% | 20.91% | 15.02% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .53% | .56% | .59% | .53% | .54% |
| Expenses net of fee waivers, if any | .53% | .55% | .59% | .53% | .54% |
| Expenses net of all reductions | .53% | .55% | .59% | .53% | .54% |
| Net investment income (loss) | 1.34% | 1.03% | .80% | .80% | .94% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $76 | $79 | $368 | $86 | $100 |
| Portfolio turnover rateF | 12% | 22% | 12%G | 9% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Stock Selector All Cap Fund Class I
| Years ended September 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.13 | $48.68 | $43.09 | $36.04 | $32.99 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .60 | .40 | .30 | .26 | .27 |
| Net realized and unrealized gain (loss) | 7.92 | (1.26) | 6.91 | 7.15 | 4.48 |
| Total from investment operations | 8.52 | (.86) | 7.21 | 7.41 | 4.75 |
| Distributions from net investment income | (.07) | (.29) | (.27) | (.27) | (.20) |
| Distributions from net realized gain | (2.48) | (1.39) | (1.35) | (.09) | (1.50) |
| Total distributions | (2.55) | (1.69)B | (1.62) | (.36) | (1.70) |
| Net asset value, end of period | $52.10 | $46.13 | $48.68 | $43.09 | $36.04 |
| Total ReturnC | 18.92% | (1.05)% | 17.13% | 20.73% | 14.87% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .62% | .69% | .73% | .67% | .69% |
| Expenses net of fee waivers, if any | .62% | .69% | .73% | .67% | .69% |
| Expenses net of all reductions | .62% | .69% | .73% | .67% | .69% |
| Net investment income (loss) | 1.25% | .90% | .66% | .66% | .79% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $38 | $39 | $295 | $313 | $297 |
| Portfolio turnover rateF | 12% | 22% | 12%G | 9% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity Stock Selector All Cap Fund Class Z
| Years ended September 30, | 2020 | 2019 | 2018 | 2017 | 2016 |
| Selected Per–Share Data | | | | | |
| Net asset value, beginning of period | $46.03 | $48.59 | $43.02 | $35.98 | $32.95 |
| Income from Investment Operations | | | | | |
| Net investment income (loss)A | .64 | .45 | .37 | .32 | .32 |
| Net realized and unrealized gain (loss) | 7.86 | (1.25) | 6.89 | 7.13 | 4.46 |
| Total from investment operations | 8.50 | (.80) | 7.26 | 7.45 | 4.78 |
| Distributions from net investment income | (.48) | (.36) | (.34) | (.33) | (.25) |
| Distributions from net realized gain | (2.48) | (1.39) | (1.35) | (.09) | (1.50) |
| Total distributions | (2.95)B | (1.76)B | (1.69) | (.41)B | (1.75) |
| Net asset value, end of period | $51.58 | $46.03 | $48.59 | $43.02 | $35.98 |
| Total ReturnC | 19.00% | (.89)% | 17.30% | 20.91% | 15.02% |
| Ratios to Average Net AssetsD,E | | | | | |
| Expenses before reductions | .53% | .56% | .59% | .53% | .54% |
| Expenses net of fee waivers, if any | .53% | .56% | .59% | .53% | .54% |
| Expenses net of all reductions | .53% | .56% | .59% | .53% | .54% |
| Net investment income (loss) | 1.34% | 1.03% | .80% | .80% | .94% |
| Supplemental Data | | | | | |
| Net assets, end of period (in millions) | $34 | $12 | $26 | $20 | $8 |
| Portfolio turnover rateF | 12% | 22% | 12%G | 9% | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
G Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended September 30, 2020
(Amounts in thousands except percentages)
1. Organization.
Fidelity Stock Selector All 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 All Cap, Class K, Class I and Class Z 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. Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.
Effective January 1, 2020:
Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".
Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".
Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".
2. Investments in Fidelity Central Funds.
The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the 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 Fund. These strategies are consistent with the investment objectives of the 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 Fund. The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%. The following summarizes the Fund's investment in each non-money market Fidelity Central Fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio |
| Fidelity U.S. Equity Central Fund | FMR | Seeks capital appreciation by investing primarily in common stocks, allocated across different market sectors. | Foreign Securities
Restricted Securities | .01%(a) |
| Fidelity Equity Central Funds(b) | FMR | Each fund seeks capital appreciation by investing primarily in common stocks, with a concentration in a particular industry. | Foreign Securities
Restricted Securities | Less than .005% to .01%(c) |
(a) Based on estimated amounts for the current fiscal year. Fund commenced operations on September 18, 2020.
(b) Funds merged into Fidelity U.S. Equity Central Fund on September 18, 2020.
(c) 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.
An unaudited holdings listing for Fidelity Stock Selector All Cap Fund, which presents its pro-rata share of securities and other investments held indirectly through its investment in Fidelity U.S. Equity Central Fund, is available at fidelity.com and/or institutional.fidelity.com, as applicable. A complete unaudited list of holdings for Fidelity U.S. Equity Central Fund will be filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and available upon request or at the SEC's website at www.sec.gov. In addition, the financial statements of Fidelity U.S. Equity Central Fund which contain the significant accounting policies (including investment valuation policies) of that fund will be available on the SEC's website or upon request starting with the December 31, 2020 unaudited semiannual report.
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 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 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 – 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.
The aggregate value of investments by input level, as of September 30, 2020, 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the Fidelity Central Funds. Although not included in the Fund's expenses, the Fund indirectly bears its proportionate share of the Fidelity Central Funds' expenses through the impact of these expenses on each Fidelity Central Fund's NAV.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees of $65 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
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 September 30, 2020, 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 the short-term gain distributions from the Fidelity Central Funds, deferred trustees compensation 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 | $2,384,200 |
| Gross unrealized depreciation | (325,501) |
| Net unrealized appreciation (depreciation) | $2,058,699 |
| Tax Cost | $7,591,759 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $142,288 |
| Undistributed long-term capital gain | $386,084 |
| Net unrealized appreciation (depreciation) on securities and other investments | $2,058,699 |
The tax character of distributions paid was as follows:
| | September 30, 2020 | September 30, 2019 |
| Ordinary Income | $105,457 | $ 76,710 |
| Long-term Capital Gains | 415,074 | 275,397 |
| Total | $520,531 | $ 352,107 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Stock Selector All Cap Fund | 1,663,509 | 1,080,303 |
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 Stock Selector All Cap 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 .47% 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.
The investment adviser pays a portion of the management fees received from the Fund to the Fidelity Central Funds' investment advisers, who are also affiliates, for managing the assets of the Fidelity Central Funds.
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% | $504 | $7 |
| Class M | .25% | .25% | 539 | 10 |
| Class C | .75% | .25% | 276 | 22 |
| | | | $1,319 | $39 |
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 | $21 |
| Class M | 5 |
| Class C(a) | 1 |
| | $27 |
(a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
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 and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Effective February 1, 2020, the Board approved to change the fee for Class K and Class Z from .046% to .044%.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Class A | $382 | .19 |
| Class M | 203 | .19 |
| Class C | 67 | .24 |
| Stock Selector All Cap | 11,372 | .14 |
| Class K | 32 | .04 |
| Class I | 50 | .13 |
| Class Z | 6 | .04 |
| | $12,112 | |
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 Stock Selector All Cap Fund | .01 |
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. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
Prior Fiscal Year Reallocation of Underlying Fund Investments. During the prior period, the investment adviser reallocated portions of investments of the Fund. This involved taxable redemptions of Fidelity Consumer Discretionary Central Fund and Fidelity Information Technology Central Fund for investments with a value of $131,727 and $355,159, respectively, and a non-taxable exchange of those investments for 2,651 shares of Fidelity Communication Services Central Fund. The Fund had a net realized gain(loss) of $5,307 and $(25,448) on redemptions from Fidelity Consumer Discretionary Central Fund and Fidelity Information Technology Central Fund, respectively, in connection with the reallocation. Fidelity Communication Services Central Fund, Fidelity Consumer Discretionary Central Fund and Fidelity Information Technology Central Fund are affiliated investment companies managed by FMR.
Prior Fiscal Year Affiliated Redemptions In-Kind. During the prior period, 16,154 shares of the Fund were redeemed in-kind for securities and cash. The Fund did not realize any gains or losses for federal income tax purposes on the investments delivered of $741,812.
This was accomplished by the Fund processing taxable exchanges in-kind of its investments in the Fidelity Equity Central Funds with a total value of $741,812, in exchange for securities and cash, realizing a net loss of $26,671. The Fund recognized these losses for federal income tax purposes on the exchanges of the Fidelity Equity Central Funds. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. 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 as follows:
| | Amount |
| Fidelity Stock Selector All Cap Fund | $21 |
During the period, there were no borrowings on this line of credit.
7. 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 $35.
In addition, during the period the investment adviser or an affiliate reimbursed the Fund $13 for an operational error which is included in the accompanying Statement of Operations.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended
September 30, 2020 | Year ended
September 30, 2019 |
| Distributions to shareholders | | |
| Class A | $11,730 | $6,230 |
| Class M | 6,060 | 3,635 |
| Class C | 1,410 | 1,760 |
| Stock Selector All Cap | 493,719 | 326,227 |
| Class K | 4,781 | 3,046 |
| Class I | 2,149 | 10,268 |
| Class Z | 682 | 941 |
| Total | $520,531 | $352,107 |
9. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| | Year ended September 30, 2020 | Year ended September 30, 2019 | Year ended September 30, 2020 | Year ended September 30, 2019 |
| Class A | | | | |
| Shares sold | 283 | 822 | $13,123 | $36,144 |
| Reinvestment of distributions | 239 | 158 | 11,421 | 6,047 |
| Shares redeemed | (702) | (812) | (32,440) | (35,937) |
| Net increase (decrease) | (180) | 168 | $(7,896) | $6,254 |
| Class M | | | | |
| Shares sold | 82 | 143 | $3,763 | $6,295 |
| Reinvestment of distributions | 125 | 94 | 6,004 | 3,590 |
| Shares redeemed | (476) | (421) | (21,824) | (18,637) |
| Net increase (decrease) | (269) | (184) | $(12,057) | $(8,752) |
| Class C | | | | |
| Shares sold | 57 | 85 | $2,651 | $3,706 |
| Reinvestment of distributions | 29 | 46 | 1,372 | 1,739 |
| Shares redeemed | (200) | (875) | (9,278) | (37,980) |
| Net increase (decrease) | (114) | (744) | $(5,255) | $(32,535) |
| Stock Selector All Cap | | | | |
| Shares sold | 26,506 | 18,082 | $1,221,265 | $795,561 |
| Reinvestment of distributions | 10,169 | 8,481 | 485,680 | 323,138 |
| Shares redeemed | (25,960) | (51,490)(a) | (1,189,149) | (2,298,308)(a) |
| Net increase (decrease) | 10,715 | (24,927) | $517,796 | $(1,179,609) |
| Class K | | | | |
| Shares sold | 210 | 335 | $9,995 | $14,774 |
| Reinvestment of distributions | 100 | 80 | 4,781 | 3,046 |
| Shares redeemed | (550) | (6,260) | (25,385) | (272,575) |
| Net increase (decrease) | (240) | (5,845) | $(10,609) | $(254,755) |
| Class I | | | | |
| Shares sold | 125 | 1,532 | $6,042 | $68,017 |
| Reinvestment of distributions | 41 | 266 | 1,992 | 10,156 |
| Shares redeemed | (269) | (7,025)(a) | (12,048) | (319,246)(a) |
| Net increase (decrease) | (103) | (5,227) | $(4,014) | $(241,073) |
| Class Z | | | | |
| Shares sold | 517 | 115 | $26,509 | $4,953 |
| Reinvestment of distributions | 14 | 24 | 644 | 916 |
| Shares redeemed | (124) | (432) | (5,999) | (19,191) |
| Net increase (decrease) | 407 | (293) | $21,154 | $(13,322) |
(a) Amount includes in-kind redemptions (see the Prior Fiscal Year Affiliated Redemptions In-Kind note for additional details).
10. Other.
The 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, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were the owners of record of approximately 27% of the total outstanding shares of the Fund.
At the end of the period, VIP FundsManager 50% Portfolio and VIP FundsManager 60% Portfolio were the owners of record of approximately 17% and 22%, respectively, of the total outstanding shares of the Fund.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Capital Trust and Shareholders of Fidelity Stock Selector All Cap Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Stock Selector All Cap Fund (the "Fund"), a fund of Fidelity Capital Trust, including the schedule of investments, as of September 30, 2020, 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 September 30, 2020, 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 September 30, 2020, 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
November 12, 2020
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
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 Bettina Doulton, each of the Trustees oversees 304 funds. Ms. Doulton oversees 203 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 Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman 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 Chairman, 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 Chairman 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. Ned C. Lautenbach and David M. Thomas serve as Co-Lead Independent Trustees and as such each (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 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 (2013-2018).
Robert A. Lawrence (1952)
Year of Election or Appointment: 2020
Trustee
Acting Chairman of the Board of Trustees
Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a 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+
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, a member of the Board of NYC Leadership Academy (2012-present) and a member of the Board of Advisors of Ripple Labs, Inc. (financial services, 2015-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).
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 The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).
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, Compensation Committee and Executive Committee and as Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations 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 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).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008
Trustee
Mr. Lacy also serves as Trustee of other Fidelity® funds. Previously, Mr. Lacy served as Senior Adviser (2007-2014) of Oak Hill Capital Partners, L.P. (private equity), Chief Executive Officer (2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation (retail), Chief Executive Officer and Chairman of the Board of Sears, Roebuck and Co. (retail, 2000-2005), Chairman (2014-2017) and a member of the Board (2010-2017) of Dave & Buster’s Entertainment, Inc. (restaurant and entertainment complexes) and a member of the Board of Bristol-Myers Squibb Company (global pharmaceuticals, 2008-2020). Mr. Lacy currently serves as a Trustee of the California Chapter of The Nature Conservancy (2015-present) and a member of the Board of the Center for Advanced Study in the Behavioral Sciences at Stanford University (2015-present).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000
Trustee
Co-Lead Independent Trustee
Mr. Lautenbach also serves as Trustee of other Fidelity® funds. Mr. Lautenbach currently serves as Chair of the Board of Governors, State University System of Florida (2013-present) and is a member of the Council on Foreign Relations (1994-present). He is also a member and has in the past served as Chairman of the Board of Directors of Artis-Naples (2012-present). Previously, Mr. Lautenbach served as a member and then Lead Director of the Board of Directors of Eaton Corporation (diversified industrial, 1997-2016). He was also a Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010); as well as Director of Sony Corporation (2006-2007). In addition, Mr. Lautenbach had a 30-year career with IBM (technology company), during which time he served as Senior Vice President and as a member of the Corporate Executive Committee (1968-1998).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008
Trustee
Mr. Mauriello also serves as Trustee of other Fidelity® funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Independent Directors Council Governing Council (2015-present). Previously, Mr. Mauriello served as a member of the Board of XL Group plc. (global insurance and re-insurance, 2006-2018).
Cornelia M. Small (1944)
Year of Election or Appointment: 2005
Trustee
Ms. Small also serves as Trustee of other Fidelity® funds. Previously, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments and a member of Scudder, Stevens & Clark and Scudder Kemper Investments. Ms. Small previously served as a member of the Board (2009-2019) and Chair of the Investment Committee (2010-2019) of the Teagle Foundation and a member of the Investment Committee of the Berkshire Taconic Community Foundation (2008-2019).
Garnett A. Smith (1947)
Year of Election or Appointment: 2018
Trustee
Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).
David M. Thomas (1949)
Year of Election or Appointment: 2008
Trustee
Co-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 Non-Executive Chairman of the Board of Fortune Brands Home and Security (home and security products, 2011-present), and a member of the Board (2004-present) and Presiding Director (2013-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, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member of the Board of the Columbus Regional Airport Authority (2007-present), as a member 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 of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board (2011-2019) and as 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).
+ 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.
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. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Lloyd James Austin, III (1953)
Year of Election or Appointment: 2020
Member of the Advisory Board
General Austin also serves as a Member of the Advisory Board of other Fidelity® funds. Prior to his retirement, General Austin (United States Army, Retired) held a variety of positions within the U.S. Government, including Commander, U.S. Central Command (2013-2016), Vice Chief of Staff, U.S. Army (2012-2013) and Commanding General, U.S. Forces – Iraq, Operation New Dawn (2010-2012). General Austin currently serves as a Partner of Pine Island Capital Partners (private equity, 2020-present) and as President of the Austin Strategy Group LLC (consulting, 2016-present). General Austin serves as a member of the Board of Directors of Nucor Corporation (steel products, 2017-present), as a member of the Board of Directors of Tenet Healthcare Corporation (2018-present) and as a member of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). In addition, General Austin currently serves as a member of the Board of Trustees of the Carnegie Corporation of New York (2017-present) and as a member of the Board of Trustees of Auburn University (2017-present). Previously, General Austin served as a member of the Board of Directors of United Technologies Corporation (aerospace, defense and building, 2016-2020).
Thomas A. Kennedy (1955)
Year of Election or Appointment: 2020
Member of the Advisory Board
Mr. Kennedy also serves as a Member of the Advisory Board of other Fidelity® funds. Previously, Mr. Kennedy 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 currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).
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).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of certain funds (2017-2019), as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
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 serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2019
Assistant Secretary
Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); 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 serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
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 an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2020
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). 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 serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). 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).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2020
Deputy Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
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 for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).
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 serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Vadim Zlotnikov (1962)
Year of Election or Appointment: 2019
Vice President
Mr. Zlotnikov also serves as Vice President of other funds. Mr. Zlotnikov serves as President of FIAM (Fidelity Institutional Asset Management) and is an employee of Fidelity Investments (2018-present). Previously, Mr. Zlotnikov served as President and Chief Investment Officer of Global Asset Allocation (2018-2020). Prior to joining Fidelity Investments, Mr. Zlotnikov served as Co-Head of Multi-Asset Solutions, Chief Market Strategist, and CIO of Systematic Strategies with AllianceBernstein (investment adviser firm, 2002-2018).
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 (April 1, 2020 to September 30, 2020).
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
April 1, 2020 | Ending
Account Value
September 30, 2020 | Expenses Paid
During Period-B
April 1, 2020
to September 30, 2020 |
| Fidelity Stock Selector All Cap Fund | | | | |
| Class A | .93% | | | |
| Actual | | $1,000.00 | $1,348.80 | $5.46 |
| Hypothetical-C | | $1,000.00 | $1,020.35 | $4.70 |
| Class M | 1.18% | | | |
| Actual | | $1,000.00 | $1,347.20 | $6.92 |
| Hypothetical-C | | $1,000.00 | $1,019.10 | $5.96 |
| Class C | 1.73% | | | |
| Actual | | $1,000.00 | $1,343.30 | $10.13 |
| Hypothetical-C | | $1,000.00 | $1,016.35 | $8.72 |
| Stock Selector All Cap | .63% | | | |
| Actual | | $1,000.00 | $1,350.90 | $3.70 |
| Hypothetical-C | | $1,000.00 | $1,021.85 | $3.18 |
| Class K | .54% | | | |
| Actual | | $1,000.00 | $1,351.40 | $3.17 |
| Hypothetical-C | | $1,000.00 | $1,022.30 | $2.73 |
| Class I | .65% | | | |
| Actual | | $1,000.00 | $1,350.80 | $3.82 |
| Hypothetical-C | | $1,000.00 | $1,021.75 | $3.29 |
| Class Z | .54% | | | |
| Actual | | $1,000.00 | $1,351.70 | $3.17 |
| Hypothetical-C | | $1,000.00 | $1,022.30 | $2.73 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended September 30, 2020, $386,230,370, or, if subsequently determined to be different, the net capital gain of such year.
Class A designates 90%; Class M designates 100%; Stock Selector All Cap designates 69%; Class K designates 64%; Class I designates 100%; and Class Z designates 66%; of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.
Class A designates 97%; Class M designates 100%; Stock Selector All Cap designates 75%; Class K designates 69%; Class I designates 100%; and Class Z designates 70%; 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.
Class A designates 4%; Stock Selector All Cap designates 5%; Class K designates 5%; and Class Z designates 5%; of the dividends distributed in December 2019, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2021 of amounts for use in preparing 2020 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on June 9, 2020. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect a Board of Trustees.
| | # of
Votes | % of
Votes |
| Dennis J. Dirks |
| Affirmative | 13,998,165,554.985 | 93.989 |
| Withheld | 895,202,206.725 | 6.011 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Donald F. Donahue |
| Affirmative | 14,015,243,588.617 | 94.104 |
| Withheld | 878,124,173.093 | 5.896 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Bettina Doulton |
| Affirmative | 14,083,289,004.163 | 94.561 |
| Withheld | 810,078,757.547 | 5.439 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Vicki L. Fuller |
| Affirmative | 14,092,110,769.395 | 94.620 |
| Withheld | 801,256,992.315 | 5.380 |
| TOTAL | 14,893,367,761.710 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 14,032,515,480.494 | 94.220 |
| Withheld | 860,852,281.216 | 5.780 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Alan J. Lacy |
| Affirmative | 13,919,375,167.396 | 93.460 |
| Withheld | 973,992,594.314 | 6.540 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Ned C. Lautenbach |
| Affirmative | 13,903,078,582.514 | 93.351 |
| Withheld | 990,289,179.196 | 6.649 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Robert A. Lawrence |
| Affirmative | 13,962,199,383.768 | 93.748 |
| Withheld | 931,168,377.942 | 6.252 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Joseph Mauriello |
| Affirmative | 13,903,314,736.437 | 93.352 |
| Withheld | 990,053,025.273 | 6.648 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Cornelia M. Small |
| Affirmative | 13,968,239,698.757 | 93.788 |
| Withheld | 925,128,062.953 | 6.212 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Garnett A. Smith |
| Affirmative | 13,937,942,839.146 | 93.585 |
| Withheld | 955,424,922.564 | 6.415 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| David M. Thomas |
| Affirmative | 13,935,918,537.829 | 93.571 |
| Withheld | 957,449,223.881 | 6.429 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Susan Tomasky |
| Affirmative | 14,049,765,171.783 | 94.336 |
| Withheld | 843,602,589.927 | 5.664 |
| TOTAL | 14,893,367,761.710 | 100.000 |
| Michael E. Wiley |
| Affirmative | 13,934,625,414.679 | 93.563 |
| Withheld | 958,742,347.031 | 6.437 |
| TOTAL | 14,893,367,761.710 | 100.000 |
PROPOSAL 2
To convert a fundamental investment policy to a non-fundamental investment policy.
| | # of
Votes | % of
Votes |
| Affirmative | 5,023,859,585.494 | 71.079 |
| Against | 1,272,560,665.617 | 18.004 |
| Abstain | 675,074,673.476 | 9.551 |
| Broker Non-Vote | 96,527,169.120 | 1.366 |
| TOTAL | 7,068,022,093.708 | 100.000 |
|
| Proposal 1 reflects trust wide proposal and voting results. |
FSS-ANN-1120
1.538295.123
