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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-02841

Fidelity Capital Trust

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	October 31

Date of reporting period:	October 31, 2021

Item 1.

Reports to Stockholders

Fidelity® Value Fund

Annual Report

October 31, 2021

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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.

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.

Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, 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. To help stem 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.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 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 continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

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 October 31, 2021	Past 1 year	Past 5 years	Past 10 years
Fidelity® Value Fund	65.91%	14.26%	13.76%
Class K	65.90%	14.36%	13.88%

The initial offering of Class K shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of Fidelity® Value Fund, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Value Fund, a class of the fund, on October 31, 2011.

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

	Period Ending Values
	$36,303	Fidelity® Value Fund
	$34,491	Russell Midcap® Value Index

Management's Discussion of Fund Performance

Market Recap: The S&P 500^® index gained 42.91% for the 12 months ending October 31, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained 111% to lead by a wide margin, followed by financials (+72%), whereas the defensive utilities (+11%) and consumer staples (+19%) groups notably lagged.

Comments from Lead Manager Matt Friedman and Co-Manager s John Mirshekari and Laurie Mundt: For the fiscal year ending October 31, 2021, the fund's share classes gained about 66%, outperforming the 48.60% result of the benchmark, the Russell Midcap^®Value Index.Versus the benchmark, security selection largely drove the fund’s outperformance, especially in the capital goods segment of the industrials sector. Security selection in consumer discretionary and financials also lifted the fund's relative result. An outsized stake in chemicals company Olin (+254%) added more value than any other fund position. It also helped to overweight Signature Bank, which gained about 272% for the 12 months. This New York-based commercial lending and services provider benefited from customers increasing their deposits of cryptocurrency through Signature's blockchain-based Signet payments platform. Conversely, security selection and an underweighting in real estate detracted versus the benchmark. An underweighting in financials also hindered the fund's relative performance, as did the fund’s cash position. Among individual fund positions, an overweighted stake in Allison Transmission (-6%) detracted, as did an underweighting in mining company Freeport-McMoRan, a benchmark position that gained 115%. Freeport-McMoRan was not held in the fund at period end. Notable changes in fund positioning for the period included increased exposure to the energy sector and a lower allocation to health care.

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)

Top Ten Stocks as of October 31, 2021

	% of fund's net assets
Nielsen Holdings PLC	1.1
Edison International	1.0
Builders FirstSource, Inc.	1.0
Jeld-Wen Holding, Inc.	1.0
Hess Corp.	1.0
Alexandria Real Estate Equities, Inc.	1.0
PG&E Corp.	1.0
Curtiss-Wright Corp.	0.9
The AES Corp.	0.8
Antero Resources Corp.	0.8
	9.6

Top Five Market Sectors as of October 31, 2021

	% of fund's net assets
Industrials	21.4
Financials	12.9
Consumer Discretionary	11.9
Materials	11.2
Energy	8.7

Asset Allocation (% of fund's net assets)

As of October 31, 2021^*
	Stocks and Equity Futures	99.3%
	Short-Term Investments and Net Other Assets (Liabilities)	0.7%

* Foreign investments - 17.0%

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares	Value (000s)
COMMUNICATION SERVICES - 2.5%
Diversified Telecommunication Services - 0.3%
Liberty Global PLC Class C (a)	1,014,500	$29,258
Media - 2.2%
Advantage Solutions, Inc. Class A (a)	3,018,300	25,776
DISH Network Corp. Class A (a)	541,400	22,235
Interpublic Group of Companies, Inc.	1,593,000	58,256
News Corp. Class A	956,300	21,899
Nexstar Broadcasting Group, Inc. Class A	293,700	44,034
Thryv Holdings, Inc. (a)	1,232,400	39,030
		211,230

TOTAL COMMUNICATION SERVICES		240,488

CONSUMER DISCRETIONARY - 11.9%
Auto Components - 0.5%
Adient PLC (a)	1,249,900	52,021
Distributors - 0.6%
LKQ Corp.	1,053,000	57,999
Diversified Consumer Services - 1.0%
Adtalem Global Education, Inc. (a)	1,463,256	54,038
Laureate Education, Inc. Class A	2,470,700	42,793
		96,831
Hotels, Restaurants & Leisure - 1.9%
ARAMARK Holdings Corp.	422,700	15,420
Brinker International, Inc. (a)	965,500	40,512
Caesars Entertainment, Inc. (a)	699,704	76,590
Elior SA (a)(b)	2,343,400	18,475
Hilton Grand Vacations, Inc. (a)	642,400	32,300
		183,297
Household Durables - 1.6%
Meritage Homes Corp. (a)	287,139	31,215
Mohawk Industries, Inc. (a)	305,200	54,084
Tempur Sealy International, Inc.	960,700	42,722
Tupperware Brands Corp. (a)(c)	1,208,216	26,871
		154,892
Internet & Direct Marketing Retail - 1.0%
eBay, Inc.	796,364	61,097
Qurate Retail, Inc. Series A (c)	2,860,800	29,867
		90,964
Leisure Products - 0.2%
Mattel, Inc. (a)	776,700	16,940
Multiline Retail - 1.1%
Dollar Tree, Inc. (a)	650,900	70,141
Nordstrom, Inc. (a)(c)	1,208,500	34,720
		104,861
Specialty Retail - 3.4%
Academy Sports & Outdoors, Inc.	789,779	33,787
American Eagle Outfitters, Inc. (c)	1,389,000	32,975
Camping World Holdings, Inc. (c)	347,900	12,959
Gap, Inc.	2,232,300	50,651
Lithia Motors, Inc. Class A (sub. vtg.)	116,400	37,157
Rent-A-Center, Inc.	1,007,000	53,633
Sally Beauty Holdings, Inc. (a)	2,282,471	34,831
Signet Jewelers Ltd. (c)	226,000	20,155
Victoria's Secret & Co. (a)	922,933	46,580
		322,728
Textiles, Apparel & Luxury Goods - 0.6%
Capri Holdings Ltd. (a)	1,065,266	56,715

TOTAL CONSUMER DISCRETIONARY		1,137,248

CONSUMER STAPLES - 3.8%
Beverages - 0.6%
Primo Water Corp.	3,416,100	54,316
Food & Staples Retailing - 0.6%
Albertsons Companies, Inc. (c)	699,900	21,662
U.S. Foods Holding Corp. (a)	941,600	32,645
		54,307
Food Products - 1.5%
Bunge Ltd.	634,700	58,799
Darling Ingredients, Inc. (a)	871,800	73,685
Lamb Weston Holdings, Inc.	237,400	13,401
		145,885
Household Products - 0.3%
Reynolds Consumer Products, Inc.	1,069,500	28,855
Personal Products - 0.4%
Herbalife Nutrition Ltd. (a)(c)	870,600	40,396
Tobacco - 0.4%
Altria Group, Inc.	834,800	36,823

TOTAL CONSUMER STAPLES		360,582

ENERGY - 8.7%
Energy Equipment & Services - 1.0%
Liberty Oilfield Services, Inc. Class A (a)	2,989,094	38,619
Technip Energies NV (a)	1,553,460	23,929
TechnipFMC PLC (a)	4,575,500	33,721
		96,269
Oil, Gas & Consumable Fuels - 7.7%
Antero Resources Corp. (a)	4,059,000	80,652
APA Corp.	712,481	18,674
Canadian Natural Resources Ltd.	1,693,100	71,959
Cenovus Energy, Inc. (Canada)	6,480,381	77,496
Cheniere Energy, Inc.	695,500	71,915
Denbury, Inc. (a)	586,150	49,623
Devon Energy Corp.	622,163	24,936
DHT Holdings, Inc.	1,358,800	8,846
Diamondback Energy, Inc.	153,574	16,462
Energy Transfer LP	2,869,600	27,290
Enviva Partners LP	592,321	39,662
Euronav NV	889,400	9,449
Genesis Energy LP	1,196,667	13,044
Hess Corp.	1,121,277	92,584
HollyFrontier Corp.	1,053,700	35,615
Marathon Petroleum Corp.	340,812	22,470
Targa Resources Corp.	898,700	49,132
The Williams Companies, Inc.	819,172	23,011
		732,820

TOTAL ENERGY		829,089

FINANCIALS - 12.9%
Banks - 2.8%
Bank of Kyoto Ltd.	369,000	16,595
East West Bancorp, Inc.	450,400	35,798
First Citizens Bancshares, Inc. (c)	49,992	40,688
First Citizens Bancshares, Inc. Class B	5,400	3,969
M&T Bank Corp.	423,000	62,232
PacWest Bancorp	1,083,100	51,415
Signature Bank	206,100	61,381
		272,078
Capital Markets - 2.6%
Ameriprise Financial, Inc.	228,800	69,127
Apollo Global Management LLC Class A (c)	854,000	65,715
Lazard Ltd. Class A	1,079,800	52,899
LPL Financial	369,900	60,671
		248,412
Consumer Finance - 1.6%
OneMain Holdings, Inc.	1,133,980	59,885
SLM Corp.	2,992,096	54,905
Synchrony Financial	735,000	34,141
		148,931
Diversified Financial Services - 1.4%
ECN Capital Corp.	3,535,400	30,738
Equitable Holdings, Inc.	1,475,700	49,436
Voya Financial, Inc.	697,900	48,692
WeWork, Inc. (a)	826,800	8,442
		137,308
Insurance - 3.7%
AMBAC Financial Group, Inc. (a)	2,040,459	34,504
American Financial Group, Inc.	400,600	54,498
Arch Capital Group Ltd. (a)	1,151,500	48,156
Assurant, Inc.	426,000	68,718
Fairfax Financial Holdings Ltd. (sub. vtg.)	76,900	31,146
Reinsurance Group of America, Inc.	387,600	45,768
The Travelers Companies, Inc.	435,100	69,999
		352,789
Thrifts & Mortgage Finance - 0.8%
Axos Financial, Inc. (a)	638,200	33,825
Essent Group Ltd.	798,600	38,333
		72,158

TOTAL FINANCIALS		1,231,676

HEALTH CARE - 5.9%
Biotechnology - 0.5%
Ascendis Pharma A/S sponsored ADR (a)	32,743	4,964
Horizon Therapeutics PLC (a)	77,054	9,240
Rocket Pharmaceuticals, Inc. (a)(c)	92,900	2,760
United Therapeutics Corp. (a)	145,000	27,660
		44,624
Health Care Equipment & Supplies - 0.6%
Dentsply Sirona, Inc.	158,262	9,054
Hologic, Inc. (a)	145,654	10,678
Teleflex, Inc.	30,215	10,785
The Cooper Companies, Inc.	35,577	14,833
Zimmer Biomet Holdings, Inc.	65,004	9,303
		54,653
Health Care Providers & Services - 2.8%
Cardinal Health, Inc.	155,477	7,433
Centene Corp. (a)	1,016,600	72,423
Cigna Corp.	344,800	73,653
DaVita HealthCare Partners, Inc. (a)	10,600	1,094
Laboratory Corp. of America Holdings (a)	275,476	79,067
McKesson Corp.	90,643	18,843
Molina Healthcare, Inc. (a)	51,607	15,261
Oak Street Health, Inc. (a)	90,436	4,271
		272,045
Health Care Technology - 0.1%
Phreesia, Inc. (a)	43,331	3,057
Teladoc Health, Inc. (a)(c)	35,200	5,266
		8,323
Life Sciences Tools & Services - 0.8%
Agilent Technologies, Inc.	60,715	9,562
Avantor, Inc. (a)	71,200	2,875
Bio-Rad Laboratories, Inc. Class A (a)	26,106	20,746
IQVIA Holdings, Inc. (a)	69,006	18,040
PerkinElmer, Inc.	77,547	13,717
Syneos Health, Inc. (a)	109,810	10,250
		75,190
Pharmaceuticals - 1.1%
Bristol-Myers Squibb Co.	506,900	29,603
Catalent, Inc. (a)	79,671	10,983
Elanco Animal Health, Inc. (a)	68,200	2,242
Jazz Pharmaceuticals PLC (a)	473,367	62,977
Royalty Pharma PLC	65,700	2,597
		108,402

TOTAL HEALTH CARE		563,237

INDUSTRIALS - 21.4%
Aerospace & Defense - 1.3%
Curtiss-Wright Corp.	653,000	83,375
Northrop Grumman Corp.	88,600	31,650
The Boeing Co. (a)	52,500	10,869
		125,894
Air Freight & Logistics - 0.6%
FedEx Corp.	226,200	53,277
Airlines - 0.1%
Spirit Airlines, Inc. (a)	530,400	11,589
Building Products - 2.2%
Builders FirstSource, Inc. (a)	1,609,750	93,800
Jeld-Wen Holding, Inc. (a)	3,382,319	92,709
UFP Industries, Inc.	344,600	28,199
		214,708
Commercial Services & Supplies - 1.4%
CoreCivic, Inc. (a)	1,596,360	13,745
HNI Corp.	599,452	22,420
KAR Auction Services, Inc. (a)	1,935,200	28,389
The Brink's Co.	1,037,000	71,429
		135,983
Construction & Engineering - 2.9%
AECOM (a)	382,919	26,180
API Group Corp. (a)	1,754,063	38,203
Fluor Corp. (a)	3,720,300	72,323
Granite Construction, Inc.	1,367,537	50,763
Quanta Services, Inc.	17,500	2,122
Valmont Industries, Inc.	116,500	27,839
Willscot Mobile Mini Holdings (a)	1,728,700	60,072
		277,502
Electrical Equipment - 1.3%
Regal Rexnord Corp.	433,556	66,044
Sensata Technologies, Inc. PLC (a)	544,706	30,013
Vertiv Holdings Co.	935,700	24,029
		120,086
Machinery - 2.7%
Allison Transmission Holdings, Inc.	2,005,529	66,904
Crane Co.	676,300	69,848
Kennametal, Inc.	807,200	32,086
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)	4,040	355
PACCAR, Inc.	319,300	28,616
Stanley Black & Decker, Inc.	261,900	47,071
Timken Co.	180,000	12,771
		257,651
Marine - 1.0%
Genco Shipping & Trading Ltd.	420,500	7,220
Golden Ocean Group Ltd.	517,900	4,713
Kirby Corp. (a)	1,165,300	61,073
Safe Bulkers, Inc. (a)	448,954	2,002
Star Bulk Carriers Corp.	780,951	16,158
		91,166
Professional Services - 2.9%
Alight, Inc. Class A (a)	806,500	8,775
ASGN, Inc. (a)	143,510	17,172
CACI International, Inc. Class A (a)	139,100	40,011
Intertrust NV (a)(b)	1,951,147	29,502
KBR, Inc.	870,300	36,936
Manpower, Inc.	419,400	40,535
Nielsen Holdings PLC	5,120,100	103,683
		276,614
Road & Rail - 1.5%
Knight-Swift Transportation Holdings, Inc. Class A	332,900	18,872
Ryder System, Inc.	502,900	42,721
TFI International, Inc. (Canada)	388,100	43,034
XPO Logistics, Inc. (a)	407,200	34,938
		139,565
Trading Companies & Distributors - 3.5%
AerCap Holdings NV (a)	790,596	46,677
Beacon Roofing Supply, Inc. (a)	1,118,500	59,135
Custom Truck One Source, Inc. Class A (a)	1,779,200	16,102
Fortress Transportation & Infrastructure Investors LLC	1,491,538	38,944
GMS, Inc. (a)	869,600	43,071
Herc Holdings, Inc.	260,000	47,330
MRC Global, Inc. (a)	2,835,958	23,538
NOW, Inc. (a)	1,016,755	7,341
Univar, Inc. (a)	2,179,327	55,747
		337,885

TOTAL INDUSTRIALS		2,041,920

INFORMATION TECHNOLOGY - 6.5%
Communications Equipment - 0.9%
Lumentum Holdings, Inc. (a)	253,000	20,893
Plantronics, Inc. (a)(c)	1,352,900	36,204
ViaSat, Inc. (a)	411,500	24,562
		81,659
Electronic Equipment & Components - 1.1%
Flex Ltd. (a)	3,874,318	65,476
Insight Enterprises, Inc. (a)	399,200	37,804
		103,280
IT Services - 3.0%
Amdocs Ltd.	401,441	31,248
Concentrix Corp.	274,000	48,684
Cyxtera Technologies, Inc.:
warrants 9/10/27 (a)	711,815	1,659
Class A (a)(c)	3,883,792	38,605
DXC Technology Co. (a)	1,142,536	37,212
Rackspace Technology, Inc. (a)(c)	1,308,300	17,387
Unisys Corp. (a)	3,003,061	76,788
Verra Mobility Corp. (a)	2,166,400	32,236
		283,819
Software - 1.4%
Micro Focus International PLC	2,440,800	11,961
NCR Corp. (a)	1,379,700	54,553
SS&C Technologies Holdings, Inc.	890,100	70,736
		137,250
Technology Hardware, Storage & Peripherals - 0.1%
Xerox Holdings Corp.	494,100	8,795

TOTAL INFORMATION TECHNOLOGY		614,803

MATERIALS - 11.2%
Chemicals - 4.4%
Axalta Coating Systems Ltd. (a)(c)	1,793,237	55,931
Celanese Corp. Class A	140,467	22,687
CF Industries Holdings, Inc.	89,600	5,089
Corteva, Inc.	475,119	20,501
Eastman Chemical Co.	363,900	37,857
Huntsman Corp.	2,353,983	76,693
Olin Corp.	1,374,880	78,341
The Chemours Co. LLC	1,109,800	31,097
Trinseo PLC (c)	994,190	55,734
Tronox Holdings PLC	1,462,474	34,105
		418,035
Construction Materials - 1.2%
Eagle Materials, Inc.	274,900	40,784
GCC S.A.B. de CV	2,700,900	20,091
Martin Marietta Materials, Inc.	58,702	23,060
Summit Materials, Inc. (a)	939,500	33,493
		117,428
Containers & Packaging - 3.0%
Berry Global Group, Inc. (a)	1,058,624	69,382
Crown Holdings, Inc.	576,900	59,992
O-I Glass, Inc. (a)	3,978,284	51,917
Sealed Air Corp.	662,100	39,276
WestRock Co.	1,234,994	59,403
		279,970
Metals & Mining - 2.6%
Alcoa Corp.	625,200	28,728
Allegheny Technologies, Inc. (a)(c)	1,106,700	17,818
Arconic Corp. (a)	1,460,630	42,972
Carpenter Technology Corp.	869,900	26,863
Constellium NV (a)	2,514,241	46,287
First Quantum Minerals Ltd.	779,400	18,452
Steel Dynamics, Inc.	345,548	22,834
Wheaton Precious Metals Corp.	1,103,400	44,543
		248,497

TOTAL MATERIALS		1,063,930

REAL ESTATE - 7.6%
Equity Real Estate Investment Trusts (REITs) - 6.5%
Alexandria Real Estate Equities, Inc.	452,600	92,394
American Tower Corp.	195,904	55,239
CubeSmart	1,404,237	77,247
Equinix, Inc.	71,500	59,851
Equity Lifestyle Properties, Inc.	937,422	79,222
Lamar Advertising Co. Class A	319,900	36,213
Mid-America Apartment Communities, Inc.	342,800	70,003
SITE Centers Corp.	2,157,000	34,275
The GEO Group, Inc.	577,700	4,726
Ventas, Inc.	750,686	40,064
VICI Properties, Inc. (c)	1,785,200	52,396
Washington REIT (SBI)	674,600	17,101
		618,731
Real Estate Management & Development - 1.1%
Cushman & Wakefield PLC (a)	4,003,646	73,627
Realogy Holdings Corp. (a)	1,707,000	29,565
		103,192

TOTAL REAL ESTATE		721,923

UTILITIES - 6.7%
Electric Utilities - 3.4%
Edison International	1,516,000	95,402
Exelon Corp.	705,808	37,542
FirstEnergy Corp.	1,311,500	50,532
NRG Energy, Inc.	1,256,800	50,134
PG&E Corp. (a)	7,729,400	89,661
		323,271
Independent Power and Renewable Electricity Producers - 1.3%
The AES Corp.	3,223,100	80,997
Vistra Corp.	2,398,800	46,992
		127,989
Multi-Utilities - 2.0%
CenterPoint Energy, Inc.	2,545,365	66,281
MDU Resources Group, Inc.	2,275,500	69,926
Sempra Energy	387,400	49,444
		185,651

TOTAL UTILITIES		636,911

TOTAL COMMON STOCKS
(Cost $7,109,023)		9,441,807
	Principal Amount (000s)	Value (000s)

U.S. Treasury Obligations - 0.0%
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.04% 12/16/21 (d)
(Cost $5,310)	5,310	5,309
	Shares	Value (000s)

Money Market Funds - 2.5%
Fidelity Cash Central Fund 0.06% (e)	44,435,811	$44,445
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f)	192,058,844	192,078
TOTAL MONEY MARKET FUNDS
(Cost $236,522)		236,523
TOTAL INVESTMENT IN SECURITIES - 101.6%
(Cost $7,350,855)		9,683,639
NET OTHER ASSETS (LIABILITIES) - (1.6)%		(154,446)
NET ASSETS - 100%		$9,529,193

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount (000s)	Value (000s)	Unrealized Appreciation/(Depreciation) (000s)
Purchased
Equity Index Contracts
CME E-mini S&P MidCap 400 Index Contracts (United States)	59	Dec. 2021	$16,457	$423	$423

The notional amount of futures purchased as a percentage of Net Assets is 0.2%

Legend

(a) Non-income producing

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $47,977,000 or 0.5% of net assets.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $848,000.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.06%	$47,661	$3,996,738	$3,999,955	$68	$1	$--	$44,445	0.1%
Fidelity Securities Lending Cash Central Fund 0.06%	14,552	968,402	790,876	600	--	--	192,078	0.5%
Total	$62,213	$4,965,140	$4,790,831	$668	$1	$--	$236,523

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. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, 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:
Equities:
Communication Services	$240,488	$240,488	$--	$--
Consumer Discretionary	1,137,248	1,137,248	--	--
Consumer Staples	360,582	360,582	--	--
Energy	829,089	829,089	--	--
Financials	1,231,676	1,215,081	16,595	--
Health Care	563,237	563,237	--	--
Industrials	2,041,920	2,041,565	355	--
Information Technology	614,803	602,842	11,961	--
Materials	1,063,930	1,063,930	--	--
Real Estate	721,923	721,923	--	--
Utilities	636,911	636,911	--	--
U.S. Government and Government Agency Obligations	5,309	--	5,309	--
Money Market Funds	236,523	236,523	--	--
Total Investments in Securities:	$9,683,639	$9,649,419	$34,220	$--
Derivative Instruments:
Assets
Futures Contracts	$423	$423	$--	$--
Total Assets	$423	$423	$--	$--
Total Derivative Instruments:	$423	$423	$--	$--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
(Amounts in thousands)
Equity Risk
Futures Contracts^(a)	$423	$0
Total Equity Risk	423	0
Total Value of Derivatives	$423	$0

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

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	83.0%
Canada	4.0%
United Kingdom	3.4%
Bermuda	3.0%
Ireland	1.9%
Netherlands	1.0%
Others (Individually Less Than 1%)	3.7%
	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)		October 31, 2021
Assets
Investment in securities, at value (including securities loaned of $186,754) — See accompanying schedule: Unaffiliated issuers (cost $7,114,333)	$9,447,116
Fidelity Central Funds (cost $236,522)	236,523
Total Investment in Securities (cost $7,350,855)		$9,683,639
Cash		1,801
Foreign currency held at value (cost $134)		131
Receivable for investments sold		86,882
Receivable for fund shares sold		6,099
Dividends receivable		21,168
Distributions receivable from Fidelity Central Funds		153
Receivable for daily variation margin on futures contracts		9
Prepaid expenses		12
Other receivables		1,016
Total assets		9,800,910
Liabilities
Payable for investments purchased	$50,937
Payable for fund shares redeemed	4,343
Accrued management fee	5,266
Deferred dividend income	17,320
Other affiliated payables	964
Other payables and accrued expenses	827
Collateral on securities loaned	192,060
Total liabilities		271,717
Net Assets		$9,529,193
Net Assets consist of:
Paid in capital		$6,441,373
Total accumulated earnings (loss)		3,087,820
Net Assets		$9,529,193
Net Asset Value and Maximum Offering Price
Value:
Net Asset Value, offering price and redemption price per share ($8,360,984 ÷ 531,988 shares)		$15.72
Class K:
Net Asset Value, offering price and redemption price per share ($1,168,209 ÷ 74,198 shares)		$15.74

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

Amounts in thousands		Year ended October 31, 2021
Investment Income
Dividends		$124,845
Non-Cash dividends		6,726
Income from Fidelity Central Funds (including $600 from security lending)		668
Total income		132,239
Expenses
Management fee
Basic fee	$42,848
Performance adjustment	10,210
Transfer agent fees	9,542
Accounting fees	1,210
Custodian fees and expenses	45
Independent trustees' fees and expenses	30
Registration fees	261
Audit	79
Legal	17
Miscellaneous	33
Total expenses before reductions	64,275
Expense reductions	(138)
Total expenses after reductions		64,137
Net investment income (loss)		68,102
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,480,765
Fidelity Central Funds	1
Foreign currency transactions	51
Futures contracts	6,857
Total net realized gain (loss)		1,487,674
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	1,891,227
Assets and liabilities in foreign currencies	(16)
Futures contracts	1,590
Total change in net unrealized appreciation (depreciation)		1,892,801
Net gain (loss)		3,380,475
Net increase (decrease) in net assets resulting from operations		$3,448,577

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2021	Year ended October 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$68,102	$74,556
Net realized gain (loss)	1,487,674	(682,472)
Change in net unrealized appreciation (depreciation)	1,892,801	95,975
Net increase (decrease) in net assets resulting from operations	3,448,577	(511,941)
Distributions to shareholders	(64,718)	(237,887)
Share transactions - net increase (decrease)	892,433	(849,469)
Total increase (decrease) in net assets	4,276,292	(1,599,297)
Net Assets
Beginning of period	5,252,901	6,852,198
End of period	$9,529,193	$5,252,901

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Value Fund

Years ended October 31,	2021	2020	2019	2018 ^A	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$9.57	$10.59	$11.15	$12.19	$10.30
Income from Investment Operations
Net investment income (loss)^B	.12	.12	.14	.15	.18^C
Net realized and unrealized gain (loss)	6.15	(.77)	.71	(.62)	1.85
Total from investment operations	6.27	(.65)	.85	(.47)	2.03
Distributions from net investment income	(.12)	(.14)^D	(.12)	(.17)	(.14)
Distributions from net realized gain	–	(.23)^D	(1.29)	(.41)	–^E
Total distributions	(.12)	(.37)	(1.41)	(.57)^F	(.14)
Net asset value, end of period	$15.72	$9.57	$10.59	$11.15	$12.19
Total Return^G	65.91%	(6.52)%	9.31%	(4.14)%	19.86%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.79%	.57%	.58%	.58%	.58%
Expenses net of fee waivers, if any	.79%	.57%	.58%	.58%	.58%
Expenses net of all reductions	.79%	.55%	.58%	.56%	.57%
Net investment income (loss)	.82%	1.30%	1.38%	1.25%	1.51%^C
Supplemental Data
Net assets, end of period (in millions)	$8,361	$4,760	$6,112	$6,181	$7,344
Portfolio turnover rate^J	77%	90%	75%	100%	73%

^A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.

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

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

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

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

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

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

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

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

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

See accompanying notes which are an integral part of the financial statements.

Fidelity Value Fund Class K

Years ended October 31,	2021	2020	2019	2018 ^A	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$9.59	$10.60	$11.16	$12.21	$10.32
Income from Investment Operations
Net investment income (loss)^B	.13	.13	.15	.16	.19^C
Net realized and unrealized gain (loss)	6.15	(.76)	.72	(.62)	1.85
Total from investment operations	6.28	(.63)	.87	(.46)	2.04
Distributions from net investment income	(.13)	(.15)^D	(.13)	(.18)	(.15)
Distributions from net realized gain	–	(.23)^D	(1.29)	(.41)	–^E
Total distributions	(.13)	(.38)	(1.43)^F	(.59)	(.15)
Net asset value, end of period	$15.74	$9.59	$10.60	$11.16	$12.21
Total Return^G	65.90%	(6.33)%	9.43%	(4.11)%	19.98%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.71%	.47%	.49%	.48%	.48%
Expenses net of fee waivers, if any	.71%	.47%	.49%	.48%	.48%
Expenses net of all reductions	.71%	.45%	.48%	.46%	.48%
Net investment income (loss)	.91%	1.40%	1.48%	1.34%	1.61%^C
Supplemental Data
Net assets, end of period (in millions)	$1,168	$493	$740	$844	$1,073
Portfolio turnover rate^J	77%	90%	75%	100%	73%

^A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.

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

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

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

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

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

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

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended October 31, 2021
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. A non-recurring dividend with a payable date of October 29,2021 and an ex-date of November 1, 2021 is presented in the Statements of Assets and Liabilities as "Deferred dividend income". Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity Value Fund

$749

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, 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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards, partnerships and losses deferred due to wash sales.

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

Gross unrealized appreciation	$2,490,148
Gross unrealized depreciation	(213,070)
Net unrealized appreciation (depreciation)	$2,277,078
Tax Cost	$7,406,561

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

Undistributed ordinary income	$298,477
Undistributed long-term capital gain	$512,259
Net unrealized appreciation (depreciation) on securities and other investments	$2,277,082

The tax character of distributions paid was as follows:

	October 31, 2021	October 31, 2020
Ordinary Income	$64,718	$ 87,453
Long-term Capital Gains	–	150,434
Total	$64,718	$ 237,887

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

4. Derivative Instruments.

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

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

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

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

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

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

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

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

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

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Value Fund	6,934,032	6,047,008

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Value as compared to its benchmark index, the Russell Midcap Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .65% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

	Amount	% of Class-Level Average Net Assets
Value	$9,188	.13
Class K	354	.04
	$9,542

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

	% of Average Net Assets
Fidelity Value Fund	.01

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

	Amount
Fidelity Value Fund	$185

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Value Fund	Borrower	$9,829	.33%	$-^*

^*Amount represents less than five hundred dollars.

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

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Value Fund	520,405	510,275	127,199

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

	Amount ($)
Fidelity Value Fund	247

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
Fidelity Value Fund	$14

8. Security Lending.

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

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Value Fund	$57	$–	$–

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $138.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2021	Year ended October 31, 2020
Fidelity Value Fund
Distributions to shareholders
Value	$58,303	$211,624
Class K	6,415	26,263
Total	$64,718	$237,887

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2021	Year ended October 31, 2020	Year ended October 31, 2021	Year ended October 31, 2020
Fidelity Value Fund
Value
Shares sold	108,639	27,325	$1,570,378	$254,518
Reinvestment of distributions	4,594	17,903	54,026	192,457
Shares redeemed	(78,502)	(125,326)	(1,105,911)	(1,125,956)
Net increase (decrease)	34,731	(80,098)	$518,493	$(678,981)
Class K
Shares sold	45,765	11,831	$690,373	$110,938
Reinvestment of distributions	545	2,443	6,415	26,263
Shares redeemed	(23,501)	(32,695)	(322,848)	(307,689)
Net increase (decrease)	22,809	(18,421)	$373,940	$(170,488)

12. Other.

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.

13. 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 Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Value Fund (one of the funds constituting Fidelity Capital Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 15, 2021

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

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. Each of the Trustees oversees 318 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. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

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

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

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+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

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

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity^® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-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, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity^® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

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

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

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

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

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity^® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and 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 (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity^® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

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

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-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 serves as Assistant Treasurer of FIMM, LLC (2021-present) and 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 FIMM, LLC (2021-present) and 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); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (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 FIMM, LLC (2021-present) and 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).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

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 FIMM, LLC (2021-present) and 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.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expenses Paid During Period-^B May 1, 2021 to October 31, 2021
Fidelity Value Fund
Value	.81%
Actual		$1,000.00	$1,050.10	$4.19
Hypothetical-^C		$1,000.00	$1,021.12	$4.13
Class K	.73%
Actual		$1,000.00	$1,050.00	$3.77
Hypothetical-^C		$1,000.00	$1,021.53	$3.72

^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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Value Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Value Fund
Value	12/06/21	12/03/21	$0.169	$1.237
Class K	12/06/21	12/03/21	$0.182	$1.237

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $512,258,539, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 96% and Class K designates 89% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

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

Class K designates 1% of the dividends distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Value Fund

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

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

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

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

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in April 2018 and June 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Value Fund

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

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

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.

Fidelity Value Fund

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

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

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

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

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

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

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

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

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Fidelity Investments

VAL-ANN-1221
1.538531.124

Fidelity® Capital Appreciation Fund

Annual Report

October 31, 2021

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2021	Past 1 year	Past 5 years	Past 10 years
Fidelity® Capital Appreciation Fund	40.02%	21.42%	16.72%
Class K	40.12%	21.53%	16.84%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Capital Appreciation Fund, a class of the fund, on October 31, 2011.

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
	$46,915	Fidelity® Capital Appreciation Fund
	$44,939	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Co-Managers Asher Anolic and Jason Weiner: For the fiscal year ending October 31, 2021, the fund's share classes gained roughly 40%, trailing the 42.91% result of the benchmark, the S&P 500^® index. Versus the benchmark, market selection was the primary detractor, especially in the consumer discretionary sector. Stock selection and an overweighting in communication services and an underweighting in financials also hindered the fund's relative result. Our non-benchmark stake in internet retailer Alibaba Group Holding was the fund's largest individual relative detractor, due to its roughly -33% result. We sold Alibaba Group Holding from the fund by period end. The fund's non-benchmark stake in media & entertainment company Tencent Holdings, a position not held at period end, returned about -20% and hurt on a relative basis as well. Conversely, our stock picks in information technology contributed meaningfully versus the benchmark. Helpful picks in the industrials sector, primarily driven by the capital goods industry, also bolstered the fund's relative result. Also bolstering the fund's relative result was an underweighting in utilities. The fund's largest individual relative contributor was an outsized stake in Alphabet, which gained roughly 83% the past 12 months. The company was among our largest holdings. Also bolstering performance was our overweighting in Microsoft, which gained 65%. The company was the fund's biggest holding. Another notable relative contributor was an outsized stake in Nvidia (+104%), which was one of the fund's largest holdings. Notable changes in positioning include increased exposure to the financials sector and a lower allocation to consumer discretionary.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

	% of fund's net assets
Microsoft Corp.	10.0
Alphabet, Inc. Class A	6.4
UnitedHealth Group, Inc.	4.3
Amazon.com, Inc.	4.2
Meta Platforms, Inc. Class A	3.0
Apple, Inc.	2.7
NVIDIA Corp.	2.6
Adobe, Inc.	2.5
Alphabet, Inc. Class C	2.1
Eli Lilly & Co.	1.7
	39.5

Top Five Market Sectors as of October 31, 2021

	% of fund's net assets
Information Technology	29.4
Communication Services	16.6
Health Care	15.5
Industrials	13.6
Consumer Discretionary	7.5

Asset Allocation (% of fund's net assets)

As of October 31, 2021^*
	Stocks	97.4%
	Convertible Securities	0.3%
	Short-Term Investments and Net Other Assets (Liabilities)	2.3%

* Foreign investments - 13.8%

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares	Value (000s)
COMMUNICATION SERVICES - 16.6%
Diversified Telecommunication Services - 0.8%
Cellnex Telecom SA (a)	911,954	$56,063
Entertainment - 3.1%
Roblox Corp. (b)	70,100	5,890
Sea Ltd. ADR (b)	81,500	28,001
Take-Two Interactive Software, Inc. (b)	211,600	38,300
Universal Music Group NV	2,503,800	72,693
Warner Music Group Corp. Class A	1,578,400	78,115
		222,999
Interactive Media & Services - 12.0%
Alphabet, Inc.:
Class A (b)	152,482	451,487
Class C (b)	49,656	147,250
Meta Platforms, Inc. Class A (b)	670,602	216,987
Snap, Inc. Class A (b)	150,400	7,908
Tongdao Liepin Group (b)	2,928,262	4,230
Zoominfo Technologies, Inc. (b)	314,400	21,134
		848,996
Media - 0.7%
Cable One, Inc.	20,700	35,422
Nexstar Broadcasting Group, Inc. Class A	71,300	10,690
		46,112

TOTAL COMMUNICATION SERVICES		1,174,170

CONSUMER DISCRETIONARY - 7.5%
Automobiles - 0.7%
Ferrari NV	214,889	50,965
Diversified Consumer Services - 0.9%
Laureate Education, Inc. Class A	3,293,319	57,040
Mister Car Wash, Inc.	197,600	3,624
		60,664
Hotels, Restaurants & Leisure - 0.7%
Airbnb, Inc. Class A	116,400	19,865
Dalata Hotel Group PLC (b)	880,700	3,767
Flutter Entertainment PLC (b)	136,600	25,789
		49,421
Internet & Direct Marketing Retail - 4.3%
Amazon.com, Inc. (b)	88,828	299,566
Coupang, Inc. Class A (b)	53,300	1,586
Pinduoduo, Inc. ADR (b)	20,789	1,849
		303,001
Multiline Retail - 0.1%
Dollarama, Inc.	147,400	6,663
Specialty Retail - 0.3%
Victoria's Secret & Co. (b)	418,000	21,096
Textiles, Apparel & Luxury Goods - 0.5%
LVMH Moet Hennessy Louis Vuitton SE	5,404	4,237
LVMH Moet Hennessy Louis Vuitton SE	23,738	18,612
On Holding AG	15,500	529
Samsonite International SA (a)(b)	6,833,400	14,720
		38,098

TOTAL CONSUMER DISCRETIONARY		529,908

CONSUMER STAPLES - 3.5%
Beverages - 1.1%
Kweichow Moutai Co. Ltd. (A Shares)	33,200	9,464
Monster Beverage Corp. (b)	800,238	68,020
		77,484
Household Products - 1.8%
Energizer Holdings, Inc. (c)	622,641	22,708
Reckitt Benckiser Group PLC	720,816	58,518
The Clorox Co.	280,500	45,724
		126,950
Tobacco - 0.6%
Swedish Match Co. AB	4,891,500	43,048

TOTAL CONSUMER STAPLES		247,482

ENERGY - 0.2%
Energy Equipment & Services - 0.2%
Baker Hughes Co. Class A	525,700	13,185
Oil, Gas & Consumable Fuels - 0.0%
Denbury, Inc. (b)	48,800	4,131

TOTAL ENERGY		17,316

FINANCIALS - 7.4%
Banks - 1.5%
Comerica, Inc.	397,700	33,840
HDFC Bank Ltd. sponsored ADR	234,700	16,877
M&T Bank Corp.	248,526	36,563
Wintrust Financial Corp.	235,000	20,798
		108,078
Capital Markets - 3.7%
BlackRock, Inc. Class A	62,300	58,778
CME Group, Inc.	358,438	79,054
Franklin Resources, Inc.	873,800	27,516
Morningstar, Inc.	169,695	53,751
MSCI, Inc.	46,400	30,850
S&P Global, Inc.	17,100	8,108
		258,057
Insurance - 2.2%
American Financial Group, Inc.	266,300	36,227
American International Group, Inc.	413,200	24,416
Arthur J. Gallagher & Co.	512,341	85,904
BRP Group, Inc. (b)	314,300	11,472
		158,019

TOTAL FINANCIALS		524,154

HEALTH CARE - 15.5%
Biotechnology - 3.6%
Adamas Pharmaceuticals, Inc. (b)	1,379,600	11,189
Alnylam Pharmaceuticals, Inc. (b)	67,200	10,722
Applied Therapeutics, Inc. (b)	348,140	5,107
Cytokinetics, Inc. (b)	153,400	5,355
Erasca, Inc.	76,500	1,513
Evelo Biosciences, Inc. (b)	47,200	418
Gamida Cell Ltd. (b)	1,122,170	4,477
Hookipa Pharma, Inc. (b)	292,700	1,425
Horizon Therapeutics PLC (b)	517,465	62,049
Innovent Biologics, Inc. (a)(b)	1,008,301	9,046
Prelude Therapeutics, Inc. (b)	24,000	422
Regeneron Pharmaceuticals, Inc. (b)	169,922	108,740
Rubius Therapeutics, Inc. (b)	64,338	914
Seres Therapeutics, Inc. (b)	138,300	841
Synlogic, Inc. (b)	931,200	2,384
Vertex Pharmaceuticals, Inc. (b)	89,300	16,514
Vor Biopharma, Inc. (b)	367,505	5,781
XOMA Corp. (b)	207,800	5,195
		252,092
Health Care Equipment & Supplies - 2.7%
Axonics Modulation Technologies, Inc. (b)	88,900	6,521
Danaher Corp.	177,839	55,445
Edwards Lifesciences Corp. (b)	397,400	47,616
Insulet Corp. (b)	6,700	2,077
Intuitive Surgical, Inc. (b)	157,275	56,797
Medacta Group SA (a)(b)	11,080	1,859
Nevro Corp. (b)	42,007	4,778
Penumbra, Inc. (b)	71,061	19,652
		194,745
Health Care Providers & Services - 5.0%
agilon health, Inc. (b)	142,100	3,481
Guardant Health, Inc. (b)	99,088	11,572
HealthEquity, Inc. (b)	316,700	20,959
Option Care Health, Inc. (b)	317,600	8,680
UnitedHealth Group, Inc.	665,792	306,577
		351,269
Health Care Technology - 0.3%
Certara, Inc.	125,100	5,168
Doximity, Inc. (c)	11,200	778
Schrodinger, Inc. (b)	37,100	2,025
Simulations Plus, Inc. (c)	62,200	3,141
Veeva Systems, Inc. Class A (b)	37,360	11,843
		22,955
Life Sciences Tools & Services - 1.3%
10X Genomics, Inc. (b)	43,753	7,056
Berkeley Lights, Inc. (b)	525,400	12,216
Bio-Techne Corp.	30,800	16,128
Bruker Corp.	550,148	44,177
Codexis, Inc. (b)	273,340	9,504
Nanostring Technologies, Inc. (b)	39,503	1,908
Olink Holding AB ADR (b)	22,700	730
		91,719
Pharmaceuticals - 2.6%
Aclaris Therapeutics, Inc. (b)	200,300	3,475
Eli Lilly & Co.	462,585	117,848
Revance Therapeutics, Inc. (b)	258,300	3,552
Zoetis, Inc. Class A	288,720	62,421
		187,296

TOTAL HEALTH CARE		1,100,076

INDUSTRIALS - 13.6%
Aerospace & Defense - 2.4%
Airbus Group NV (b)	431,100	55,302
Axon Enterprise, Inc. (b)	57,400	10,330
HEICO Corp. Class A	162,219	20,388
Northrop Grumman Corp.	178,900	63,907
TransDigm Group, Inc. (b)	35,000	21,834
		171,761
Airlines - 0.8%
Ryanair Holdings PLC sponsored ADR (b)	514,626	58,415
Building Products - 0.2%
Builders FirstSource, Inc. (b)	284,881	16,600
Construction & Engineering - 0.1%
Willscot Mobile Mini Holdings (b)	279,000	9,695
Electrical Equipment - 1.6%
Ballard Power Systems, Inc. (b)(c)	23,900	433
Bloom Energy Corp. Class A (b)(c)	123,200	3,851
Ceres Power Holdings PLC (b)	446,600	7,609
Eaton Corp. PLC	171,600	28,273
Encore Wire Corp.	114,429	15,340
Generac Holdings, Inc. (b)	116,273	57,969
		113,475
Industrial Conglomerates - 1.6%
General Electric Co.	1,109,287	116,331
Machinery - 1.9%
Deere & Co.	118,100	40,427
Ingersoll Rand, Inc.	1,059,945	56,983
Otis Worldwide Corp.	447,600	35,947
		133,357
Marine - 0.1%
Eagle Bulk Shipping, Inc. (b)	94,400	4,064
Professional Services - 3.5%
CACI International, Inc. Class A (b)	196,704	56,580
Clarivate Analytics PLC (b)	649,100	15,221
Dun & Bradstreet Holdings, Inc. (b)(c)	743,000	13,998
Equifax, Inc.	116,500	32,321
Experian PLC	1,054,659	48,309
KBR, Inc.	1,394,800	59,195
Upwork, Inc. (b)	451,456	21,273
		246,897
Road & Rail - 0.6%
Uber Technologies, Inc. (b)	891,373	39,060
Trading Companies & Distributors - 0.8%
Azelis Group NV	107,700	3,486
Ferguson PLC	354,600	53,357
		56,843

TOTAL INDUSTRIALS		966,498

INFORMATION TECHNOLOGY - 29.3%
Electronic Equipment & Components - 0.7%
Jabil, Inc.	73,900	4,431
Teledyne Technologies, Inc. (b)	23,700	10,647
Zebra Technologies Corp. Class A (b)	70,847	37,829
		52,907
IT Services - 2.7%
Adyen BV (a)(b)	9,800	29,570
Amadeus IT Holding SA Class A (b)	479,300	32,047
Cloudflare, Inc. (b)	110,400	21,497
MongoDB, Inc. Class A (b)	101,219	52,764
Snowflake Computing, Inc. (b)	13,800	4,883
Square, Inc. (b)	83,330	21,207
VeriSign, Inc. (b)	118,200	26,320
		188,288
Semiconductors & Semiconductor Equipment - 5.4%
Aixtron AG	601,700	14,294
ASML Holding NV	45,299	36,823
Enphase Energy, Inc. (b)	137,695	31,894
NVIDIA Corp.	721,636	184,501
Qualcomm, Inc.	590,547	78,566
SolarEdge Technologies, Inc. (b)	38,541	13,670
Universal Display Corp.	112,728	20,652
		380,400
Software - 17.8%
Adobe, Inc. (b)	272,524	177,239
Autodesk, Inc. (b)	57,600	18,294
Coupa Software, Inc. (b)	119,200	27,142
Crowdstrike Holdings, Inc. (b)	38,700	10,906
CyberArk Software Ltd. (b)	245,300	44,181
Epic Games, Inc. (b)(d)(e)	4,584	3,890
Intuit, Inc.	117,200	73,366
Mandiant, Inc. (b)	3,114,100	54,310
Manhattan Associates, Inc. (b)	218,448	39,657
Microsoft Corp.	2,134,310	707,782
Palo Alto Networks, Inc. (b)	190,100	96,778
SentinelOne, Inc.	29,800	1,979
Volue A/S	671,800	4,700
		1,260,224
Technology Hardware, Storage & Peripherals - 2.7%
Apple, Inc.	1,295,708	194,097

TOTAL INFORMATION TECHNOLOGY		2,075,916

MATERIALS - 2.5%
Chemicals - 2.1%
Albemarle Corp. U.S.	167,800	42,029
Axalta Coating Systems Ltd. (b)	340,800	10,630
Corbion NV	92,000	4,371
Sherwin-Williams Co.	210,335	66,594
The Chemours Co. LLC	999,400	28,003
		151,627
Metals & Mining - 0.4%
First Quantum Minerals Ltd.	646,300	15,301
Lynas Rare Earths Ltd. (b)	1,166,967	6,435
MP Materials Corp. (b)(c)	102,000	3,453
		25,189

TOTAL MATERIALS		176,816

REAL ESTATE - 1.1%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Prologis (REIT), Inc.	530,805	76,945
Real Estate Management & Development - 0.0%
Doma Holdings, Inc. (d)	673,925	4,401

TOTAL REAL ESTATE		81,346

UTILITIES - 0.2%
Independent Power and Renewable Electricity Producers - 0.2%
Brookfield Renewable Corp.	197,700	8,187
Brookfield Renewable Partners LP	83,900	3,364
		11,551
TOTAL COMMON STOCKS
(Cost $4,199,513)		6,905,233

Convertible Preferred Stocks - 0.3%
HEALTH CARE - 0.0%
Biotechnology - 0.0%
ElevateBio LLC Series C (d)(e)	153,900	646
INFORMATION TECHNOLOGY - 0.1%
Software - 0.1%
ASAPP, Inc. Series C (d)(e)	513,013	2,488
MATERIALS - 0.2%
Metals & Mining - 0.2%
Illuminated Holdings, Inc.:
Series C2 (b)(d)(e)	110,923	4,792
Series C3 (b)(d)(e)	138,654	5,990
Series C4 (d)(e)	37,518	1,621
Series C5 (d)(e)	75,216	3,249
		15,652
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $15,563)		18,786

Money Market Funds - 2.2%
Fidelity Cash Central Fund 0.06% (f)	150,705,961	150,736
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g)	8,108,186	8,109
TOTAL MONEY MARKET FUNDS
(Cost $158,845)		158,845
TOTAL INVESTMENT IN SECURITIES - 99.9%
(Cost $4,373,921)		7,082,864
NET OTHER ASSETS (LIABILITIES) - 0.1%		9,259
NET ASSETS - 100%		$7,092,123

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $111,258,000 or 1.6% of net assets.

(b) Non-income producing

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $27,077,000 or 0.4% of net assets.

(e) Level 3 security

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
ASAPP, Inc. Series C	4/30/21	$3,384
Doma Holdings, Inc.	3/2/21	$6,739
ElevateBio LLC Series C	3/9/21	$646
Epic Games, Inc.	3/29/21	$4,057
Illuminated Holdings, Inc. Series C2	7/7/20	$2,773
Illuminated Holdings, Inc. Series C3	7/7/20	$4,160
Illuminated Holdings, Inc. Series C4	1/8/21	$1,351
Illuminated Holdings, Inc. Series C5	6/16/21	$3,249

Affiliated Central Funds

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.06%	$--	$1,126,779	$976,043	$14	$--	$--	$150,736	0.2%
Fidelity Securities Lending Cash Central Fund 0.06%	26,149	381,635	399,675	642	--	--	8,109	0.0%
Total	$26,149	$1,508,414	$1,375,718	$656	$--	$--	$158,845

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$1,174,170	$1,174,170	$--	$--
Consumer Discretionary	529,908	525,671	4,237	--
Consumer Staples	247,482	188,964	58,518	--
Energy	17,316	17,316	--	--
Financials	524,154	524,154	--	--
Health Care	1,100,722	1,100,076	--	646
Industrials	966,498	911,196	55,302	--
Information Technology	2,078,404	2,042,456	29,570	6,378
Materials	192,468	176,816	--	15,652
Real Estate	81,346	81,346	--	--
Utilities	11,551	11,551	--	--
Money Market Funds	158,845	158,845	--	--
Total Investments in Securities:	$7,082,864	$6,912,561	$147,627	$22,676
Net unrealized depreciation on unfunded commitments	$(1,033)	$--	$(1,033)	$--

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	86.2%
Netherlands	3.5%
Ireland	2.5%
Bailiwick of Jersey	1.7%
Spain	1.3%
Others (Individually Less Than 1%)	4.8%
	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)		October 31, 2021
Assets
Investment in securities, at value (including securities loaned of $8,030) — See accompanying schedule: Unaffiliated issuers (cost $4,215,076)	$6,924,019
Fidelity Central Funds (cost $158,845)	158,845
Total Investment in Securities (cost $4,373,921)		$7,082,864
Cash		23,305
Foreign currency held at value (cost $1)		1
Receivable for investments sold		94,476
Receivable for fund shares sold		1,193
Dividends receivable		1,261
Distributions receivable from Fidelity Central Funds		7
Prepaid expenses		9
Other receivables		160
Total assets		7,203,276
Liabilities
Payable for investments purchased	$72,177
Unrealized depreciation on unfunded commitments	1,033
Payable for fund shares redeemed	1,870
Accrued management fee	3,975
Other affiliated payables	714
Deferred dividend income	23,087
Other payables and accrued expenses	177
Collateral on securities loaned	8,120
Total liabilities		111,153
Net Assets		$7,092,123
Net Assets consist of:
Paid in capital		$3,385,970
Total accumulated earnings (loss)		3,706,153
Net Assets		$7,092,123
Net Asset Value and Maximum Offering Price
Capital Appreciation:
Net Asset Value, offering price and redemption price per share ($6,548,723 ÷ 128,258 shares)		$51.06
Class K:
Net Asset Value, offering price and redemption price per share ($543,400 ÷ 10,605 shares)		$51.24

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

Amounts in thousands		Year ended October 31, 2021
Investment Income
Dividends		$52,323
Income from Fidelity Central Funds (including $642 from security lending)		656
Total income		52,979
Expenses
Management fee
Basic fee	$34,281
Performance adjustment	11,173
Transfer agent fees	7,281
Accounting fees	1,143
Custodian fees and expenses	133
Independent trustees' fees and expenses	25
Registration fees	68
Audit	64
Legal	12
Interest	6
Miscellaneous	30
Total expenses before reductions	54,216
Expense reductions	(105)
Total expenses after reductions		54,111
Net investment income (loss)		(1,132)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,063,073
Foreign currency transactions	(271)
Total net realized gain (loss)		1,062,802
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	1,064,340
Unfunded commitments	(1,033)
Assets and liabilities in foreign currencies	(5)
Total change in net unrealized appreciation (depreciation)		1,063,302
Net gain (loss)		2,126,104
Net increase (decrease) in net assets resulting from operations		$2,124,972

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2021	Year ended October 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(1,132)	$7,213
Net realized gain (loss)	1,062,802	538,916
Change in net unrealized appreciation (depreciation)	1,063,302	576,555
Net increase (decrease) in net assets resulting from operations	2,124,972	1,122,684
Distributions to shareholders	(480,925)	(691,286)
Share transactions - net increase (decrease)	(75,008)	(440,538)
Total increase (decrease) in net assets	1,569,039	(9,140)
Net Assets
Beginning of period	5,523,084	5,532,224
End of period	$7,092,123	$5,523,084

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Capital Appreciation Fund

Years ended October 31,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$39.58	$36.16	$36.33	$37.90	$31.75
Income from Investment Operations
Net investment income (loss)^A	(.01)	.04	.24	.29	.38
Net realized and unrealized gain (loss)	14.99	7.95	3.53	2.15	7.55
Total from investment operations	14.98	7.99	3.77	2.44	7.93
Distributions from net investment income	(.01)	(.24)	(.27)	(.34)	(.39)
Distributions from net realized gain	(3.49)	(4.34)	(3.67)	(3.67)	(1.39)
Total distributions	(3.50)	(4.57)^B	(3.94)	(4.01)	(1.78)
Net asset value, end of period	$51.06	$39.58	$36.16	$36.33	$37.90
Total Return^C	40.02%	24.73%	12.24%	6.93%	25.93%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.84%	.82%	.62%	.54%	.51%
Expenses net of fee waivers, if any	.84%	.82%	.62%	.54%	.51%
Expenses net of all reductions	.84%	.82%	.61%	.53%	.50%
Net investment income (loss)	(.02)%	.12%	.69%	.77%	1.09%
Supplemental Data
Net assets, end of period (in millions)	$6,549	$5,023	$4,668	$4,792	$5,157
Portfolio turnover rate^F	51%	61%^G	122%	101%	129%

^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 Capital Appreciation Fund Class K

Years ended October 31,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$39.70	$36.25	$36.42	$37.99	$31.83
Income from Investment Operations
Net investment income (loss)^A	.02	.07	.27	.33	.41
Net realized and unrealized gain (loss)	15.04	7.98	3.54	2.15	7.57
Total from investment operations	15.06	8.05	3.81	2.48	7.98
Distributions from net investment income	(.03)	(.26)	(.31)	(.37)	(.43)
Distributions from net realized gain	(3.49)	(4.34)	(3.67)	(3.67)	(1.39)
Total distributions	(3.52)	(4.60)	(3.98)	(4.05)^B	(1.82)
Net asset value, end of period	$51.24	$39.70	$36.25	$36.42	$37.99
Total Return^C	40.12%	24.85%	12.33%	7.03%	26.04%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.76%	.74%	.52%	.45%	.41%
Expenses net of fee waivers, if any	.76%	.74%	.52%	.44%	.41%
Expenses net of all reductions	.76%	.73%	.52%	.43%	.40%
Net investment income (loss)	.05%	.21%	.79%	.86%	1.20%
Supplemental Data
Net assets, end of period (in millions)	$543	$500	$864	$1,702	$2,174
Portfolio turnover rate^F	51%	61%^G	122%	101%	129%

^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.

^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 October 31, 2021
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. A non-recurring dividend with a payable date of October 29, 2021 and an ex-date of November 1, 2021 is presented in the Statement of Assets and Liabilities as "Deferred dividend income". Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Fidelity Capital Appreciation Fund

$68

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, 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	$2,822,835
Gross unrealized depreciation	(116,528)
Net unrealized appreciation (depreciation)	$2,706,307

Tax Cost

$4,375,524

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

Undistributed ordinary income	$175,872
Undistributed long-term capital gain	$823,976
Net unrealized appreciation (depreciation) on securities and other investments	$2,706,305

The tax character of distributions paid was as follows:

	October 31, 2021	October 31, 2020
Ordinary Income	$6,834	$ 36,130
Long-term Capital Gains	474,091	655,156
Total	$480,925	$ 691,286

Special Purpose Acquisition Companies. Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

Private Investment in Public Equity. Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on these commitments is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and in the Statement of Operations as Change in unrealized appreciation (depreciation) on unfunded commitments.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Capital Appreciation Fund	3,304,648	4,024,760

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

	Shares	Total net realized gain or loss ($)	Total Proceeds ($)	Participating classes
Fidelity Capital Appreciation Fund	6,200	24,513	167,637	Class K

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Capital Appreciation as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

	Amount	% of Class-Level Average Net Assets
Capital Appreciation	$7,062	.12
Class K	219	.04
	$7,281

	% of Average Net Assets
Fidelity Capital Appreciation Fund	.02

	Amount
Fidelity Capital Appreciation Fund	$53

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Capital Appreciation Fund	Borrower	$14,172	.32%	$6

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Capital Appreciation Fund	144,379	172,286	48,408

6. Committed Line of Credit.

	Amount
Fidelity Capital Appreciation Fund	$12

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Capital Appreciation Fund	$68	$22	$–

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $105.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2021	Year ended October 31, 2020
Fidelity Capital Appreciation Fund
Distributions to shareholders
Capital Appreciation	$440,699	$583,889
Class K	40,226	107,397
Total	$480,925	$691,286

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2021	Year ended October 31, 2020	Year ended October 31, 2021	Year ended October 31, 2020
Fidelity Capital Appreciation Fund
Capital Appreciation
Shares sold	4,762	4,773	$213,800	$166,755
Reinvestment of distributions	10,190	16,833	417,572	551,617
Shares redeemed	(13,606)	(23,787)	(616,358)	(810,014)
Net increase (decrease)	1,346	(2,181)	$15,014	$(91,642)
Class K
Shares sold	2,161	2,769	$97,913	$94,021
Reinvestment of distributions	979	3,269	40,226	107,397
Shares redeemed	(5,138)	(17,282)	(228,161)	(550,314)
Net increase (decrease)	(1,998)	(11,244)	$(90,022)	$(348,896)

11. Other.

12. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Capital Appreciation Fund (one of the funds constituting Fidelity Capital Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 15, 2021

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

Trustees and Officers

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expenses Paid During Period-^B May 1, 2021 to October 31, 2021
Fidelity Capital Appreciation Fund
Capital Appreciation	.81%
Actual		$1,000.00	$1,108.80	$4.31
Hypothetical-^C		$1,000.00	$1,021.12	$4.13
Class K	.73%
Actual		$1,000.00	$1,109.10	$3.88
Hypothetical-^C		$1,000.00	$1,021.53	$3.72

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

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Capital Appreciation Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Capital Appreciation Fund
Capital Appreciation	12/6/2021	12/3/2021	$0.1700	$7.2280
Class K	12/6/2021	12/3/2021	$0.2100	$7.2280

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $824,071,187, or, if subsequently determined to be different, the net capital gain of such year.

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

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

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

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Capital Appreciation Fund

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in March 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.

Fidelity Capital Appreciation Fund

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

Fidelity Capital Appreciation Fund

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

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

Fidelity Investments

CAF-ANN-1221
1.538293.124

Fidelity® Disciplined Equity Fund

Annual Report

October 31, 2021

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2021	Past 1 year	Past 5 years	Past 10 years
Fidelity® Disciplined Equity Fund	43.35%	19.68%	16.08%
Class K	43.47%	19.79%	16.20%

The initial offering of Class K shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of Fidelity® Disciplined Equity Fund, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Disciplined Equity Fund, a class of the fund, on Octerber 31, 2011.

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
	$44,416	Fidelity® Disciplined Equity Fund
	$44,939	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Kwasi Dadzie-Yeboah: For the fiscal year ending October 31, 2021, the fund's share classes gained roughly 43%, about in line with the 42.91% result of the benchmark S&P 500^® index. Versus the benchmark, security selection was the primary contributor, especially in the information technology sector. An underweighting coupled with solid picks among consumer staples stocks, as well as favorable investment choices in communication services, also helped. The portfolio's leading individual relative contributor was an overweighting in Generac Holdings, which gained 136% the past 12 months. Also lifting performance was our outsized stake in Fortinet, which rose roughly 204%. Adding further value was a larger-than-benchmark position in Nvidia (+104%), one of our biggest holdings on October 31. In contrast, the biggest detractor from performance versus the benchmark was our security selection in consumer discretionary. Also hindering the fund's relative return was an underweighting in both the energy and financials sectors. On a stock-specific basis, not owning Tesla, a benchmark component that gained about 60%, was the largest individual relative detractor. Avoiding Exxon Mobil (+112%), another strong-performing benchmark component, pressured the portfolio’s relative return as well. Not owning Wells Fargo, a benchmark component that advanced 142%, also hurt relative performance. Notable changes in positioning the past 12 months include increased exposure to the financials sector and a lower allocation to health care stocks.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

	% of fund's net assets
Microsoft Corp.	7.8
Apple, Inc.	4.4
Amazon.com, Inc.	4.3
Alphabet, Inc. Class A	3.7
NVIDIA Corp.	2.6
Meta Platforms, Inc. Class A	2.6
UnitedHealth Group, Inc.	2.2
JPMorgan Chase & Co.	1.9
Visa, Inc. Class A	1.9
Alphabet, Inc. Class C	1.8
	33.2

Top Five Market Sectors as of October 31, 2021

	% of fund's net assets
Information Technology	34.6
Health Care	14.3
Consumer Discretionary	13.4
Communication Services	11.0
Industrials	9.9

Asset Allocation (% of fund's net assets)

As of October 31, 2021^*
	Stocks	99.4%
	Short-Term Investments and Net Other Assets (Liabilities)	0.6%

* Foreign investments – 2.5%

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value (000s)
COMMUNICATION SERVICES - 11.0%
Entertainment - 2.7%
Activision Blizzard, Inc.	133,974	$10,475
Live Nation Entertainment, Inc. (a)	33,800	3,419
Netflix, Inc. (a)	43,600	30,098
The Walt Disney Co. (a)	88,365	14,940
		58,932
Interactive Media & Services - 8.3%
Alphabet, Inc.:
Class A (a)	27,688	81,982
Class C (a)	13,366	39,636
Match Group, Inc. (a)	28,646	4,319
Meta Platforms, Inc. Class A (a)	178,928	57,896
		183,833

TOTAL COMMUNICATION SERVICES		242,765

CONSUMER DISCRETIONARY - 13.4%
Distributors - 0.5%
LKQ Corp.	39,700	2,187
Pool Corp.	15,700	8,088
		10,275
Diversified Consumer Services - 0.3%
Service Corp. International	91,900	6,294
Hotels, Restaurants & Leisure - 1.8%
Booking Holdings, Inc. (a)	3,711	8,984
Domino's Pizza, Inc.	18,500	9,046
Hilton Worldwide Holdings, Inc. (a)	58,366	8,402
Marriott International, Inc. Class A (a)	55,600	8,897
Planet Fitness, Inc. (a)	59,100	4,701
		40,030
Household Durables - 1.3%
D.R. Horton, Inc.	31,600	2,821
Lennar Corp. Class A	81,900	8,184
Mohawk Industries, Inc. (a)	18,800	3,332
NVR, Inc. (a)	2,455	12,017
Whirlpool Corp.	8,500	1,792
		28,146
Internet & Direct Marketing Retail - 4.4%
Amazon.com, Inc. (a)	28,458	95,973
Wayfair LLC Class A (a)	7,400	1,843
		97,816
Multiline Retail - 0.4%
Dollar General Corp.	39,100	8,661
Specialty Retail - 3.1%
Best Buy Co., Inc.	70,184	8,579
Floor & Decor Holdings, Inc. Class A (a)	94,052	12,784
Ross Stores, Inc.	56,000	6,339
The Home Depot, Inc.	87,111	32,383
TJX Companies, Inc.	131,600	8,618
		68,703
Textiles, Apparel & Luxury Goods - 1.6%
lululemon athletica, Inc. (a)	14,200	6,617
NIKE, Inc. Class B	154,910	25,915
Tapestry, Inc.	69,000	2,690
		35,222

TOTAL CONSUMER DISCRETIONARY		295,147

CONSUMER STAPLES - 2.1%
Beverages - 0.3%
Monster Beverage Corp. (a)	79,100	6,724
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.	44,900	22,070
Personal Products - 0.8%
Estee Lauder Companies, Inc. Class A	53,714	17,421

TOTAL CONSUMER STAPLES		46,215

ENERGY - 1.9%
Oil, Gas & Consumable Fuels - 1.9%
Devon Energy Corp.	444,700	17,824
EOG Resources, Inc.	157,600	14,572
Hess Corp.	102,500	8,463
		40,859
FINANCIALS - 8.8%
Banks - 4.9%
Bank of America Corp.	750,305	35,850
Comerica, Inc.	116,300	9,896
Cullen/Frost Bankers, Inc.	76,200	9,868
JPMorgan Chase & Co.	249,459	42,381
Regions Financial Corp.	391,700	9,275
		107,270
Capital Markets - 3.2%
Moody's Corp.	58,170	23,509
MSCI, Inc.	38,791	25,791
S&P Global, Inc.	44,800	21,242
		70,542
Insurance - 0.7%
Allstate Corp.	25,700	3,178
American Financial Group, Inc.	9,300	1,265
Arthur J. Gallagher & Co.	56,800	9,524
Cincinnati Financial Corp.	16,600	2,016
		15,983

TOTAL FINANCIALS		193,795

HEALTH CARE - 14.3%
Biotechnology - 0.7%
Horizon Therapeutics PLC (a)	120,684	14,471
Health Care Equipment & Supplies - 6.4%
Boston Scientific Corp. (a)	200,529	8,649
Danaher Corp.	104,938	32,717
DexCom, Inc. (a)	30,848	19,225
Hologic, Inc. (a)	55,500	4,069
IDEXX Laboratories, Inc. (a)	21,293	14,184
Intuitive Surgical, Inc. (a)	46,414	16,761
Masimo Corp. (a)	40,084	11,365
ResMed, Inc.	16,220	4,264
Stryker Corp.	68,448	18,212
West Pharmaceutical Services, Inc.	28,036	12,052
		141,498
Health Care Providers & Services - 3.1%
Anthem, Inc.	25,100	10,922
Guardant Health, Inc. (a)	23,400	2,733
HCA Holdings, Inc.	20,500	5,134
Laboratory Corp. of America Holdings (a)	9,700	2,784
UnitedHealth Group, Inc.	103,457	47,639
		69,212
Health Care Technology - 0.4%
Veeva Systems, Inc. Class A (a)	27,985	8,872
Life Sciences Tools & Services - 3.0%
10X Genomics, Inc. (a)	12,500	2,016
Avantor, Inc. (a)	190,973	7,711
Bio-Rad Laboratories, Inc. Class A (a)	12,054	9,579
Bruker Corp.	89,000	7,147
Maravai LifeSciences Holdings, Inc.	128,700	5,443
Mettler-Toledo International, Inc. (a)	5,064	7,499
Thermo Fisher Scientific, Inc.	43,187	27,340
		66,735
Pharmaceuticals - 0.7%
Zoetis, Inc. Class A	69,544	15,035

TOTAL HEALTH CARE		315,823

INDUSTRIALS - 9.9%
Aerospace & Defense - 1.6%
HEICO Corp. Class A	90,347	11,355
L3Harris Technologies, Inc.	39,800	9,175
Lockheed Martin Corp.	19,737	6,559
Northrop Grumman Corp.	23,100	8,252
		35,341
Building Products - 0.6%
Armstrong World Industries, Inc. (b)	20,900	2,208
Fortune Brands Home & Security, Inc.	104,900	10,637
		12,845
Commercial Services & Supplies - 1.5%
Cintas Corp.	44,483	19,266
Copart, Inc. (a)	94,288	14,642
		33,908
Electrical Equipment - 1.6%
AMETEK, Inc.	90,938	12,040
Generac Holdings, Inc. (a)	47,406	23,635
		35,675
Industrial Conglomerates - 0.6%
Roper Technologies, Inc.	26,775	13,063
Machinery - 1.9%
Dover Corp.	65,110	11,009
Fortive Corp.	106,100	8,033
IDEX Corp.	46,600	10,372
ITT, Inc.	119,839	11,273
		40,687
Professional Services - 0.8%
CACI International, Inc. Class A (a)	25,000	7,191
CoStar Group, Inc. (a)	41,000	3,528
IHS Markit Ltd.	40,100	5,242
TriNet Group, Inc. (a)	23,000	2,329
		18,290
Road & Rail - 1.3%
Norfolk Southern Corp.	43,103	12,631
Old Dominion Freight Lines, Inc.	23,550	8,039
Uber Technologies, Inc. (a)	178,513	7,822
		28,492

TOTAL INDUSTRIALS		218,301

INFORMATION TECHNOLOGY - 34.6%
Electronic Equipment& Components - 2.1%
Amphenol Corp. Class A	118,540	9,100
CDW Corp.	33,873	6,322
Keysight Technologies, Inc. (a)	40,002	7,201
Teledyne Technologies, Inc. (a)	19,897	8,938
Zebra Technologies Corp. Class A (a)	26,541	14,172
		45,733
IT Services - 7.3%
Accenture PLC Class A	79,793	28,629
EPAM Systems, Inc. (a)	18,100	12,186
Global Payments, Inc.	62,272	8,904
MasterCard, Inc. Class A	95,262	31,962
PayPal Holdings, Inc. (a)	89,360	20,784
Square, Inc. (a)	49,092	12,494
VeriSign, Inc. (a)	22,658	5,045
Visa, Inc. Class A	192,688	40,806
		160,810
Semiconductors & Semiconductor Equipment - 3.9%
Advanced Micro Devices, Inc. (a)	31,000	3,727
Lam Research Corp.	38,085	21,464
NVIDIA Corp.	227,332	58,122
Universal Display Corp.	10,599	1,942
		85,255
Software - 16.9%
Adobe, Inc. (a)	49,659	32,296
ANSYS, Inc. (a)	25,400	9,641
Aspen Technology, Inc. (a)	6,200	971
Atlassian Corp. PLC (a)	11,741	5,379
Autodesk, Inc. (a)	36,738	11,668
Cadence Design Systems, Inc. (a)	57,847	10,014
Ceridian HCM Holding, Inc. (a)	69,315	8,682
Coupa Software, Inc. (a)	12,120	2,760
Datadog, Inc. Class A (a)	3,218	538
Dynatrace, Inc. (a)	73,203	5,490
Fortinet, Inc. (a)	44,452	14,951
HubSpot, Inc. (a)	7,362	5,965
Intuit, Inc.	50,645	31,703
Manhattan Associates, Inc. (a)	4,628	840
Microsoft Corp.	518,495	171,942
Paycom Software, Inc. (a)	13,396	7,339
Salesforce.com, Inc. (a)	102,161	30,617
ServiceNow, Inc. (a)	17,052	11,898
Synopsys, Inc. (a)	27,200	9,062
		371,756
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.	653,825	97,943

TOTAL INFORMATION TECHNOLOGY		761,497

MATERIALS - 1.0%
Chemicals - 0.7%
Sherwin-Williams Co.	48,700	15,419
Construction Materials - 0.3%
Eagle Materials, Inc.	20,800	3,086
Martin Marietta Materials, Inc.	11,600	4,557
		7,643

TOTAL MATERIALS		23,062

REAL ESTATE - 1.8%
Equity Real Estate Investment Trusts (REITs) - 1.1%
American Tower Corp.	58,700	16,552
SBA Communications Corp. Class A	21,300	7,356
		23,908
Real Estate Management & Development - 0.7%
CBRE Group, Inc. (a)	136,600	14,217
Jones Lang LaSalle, Inc. (a)	5,900	1,524
		15,741

TOTAL REAL ESTATE		39,649

UTILITIES - 0.6%
Electric Utilities - 0.6%
NextEra Energy, Inc.	158,400	13,516
TOTAL COMMON STOCKS
(Cost $1,097,283)		2,190,629

Money Market Funds - 0.1%
Fidelity Cash Central Fund 0.06% (c)	871,666	872
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d)	1,672,933	1,673
TOTAL MONEY MARKET FUNDS
(Cost $2,545)		2,545
TOTAL INVESTMENT IN SECURITIES - 99.5%
(Cost $1,099,828)		2,193,174
NET OTHER ASSETS (LIABILITIES) - 0.5%		10,532
NET ASSETS - 100%		$2,203,706

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

Legend

(a) Non-income producing

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

(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.06%	$2,355	$186,288	$187,771	$3	$--	$--	$872	0.0%
Fidelity Securities Lending Cash Central Fund 0.06%	--	20,703	19,030	0	--	--	1,673	0.0%
Total	$2,355	$206,991	$206,801	$3	$--	$--	$2,545

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$242,765	$242,765	$--	$--
Consumer Discretionary	295,147	295,147	--	--
Consumer Staples	46,215	46,215	--	--
Energy	40,859	40,859	--	--
Financials	193,795	193,795	--	--
Health Care	315,823	315,823	--	--
Industrials	218,301	218,301	--	--
Information Technology	761,497	761,497	--	--
Materials	23,062	23,062	--	--
Real Estate	39,649	39,649	--	--
Utilities	13,516	13,516	--	--
Money Market Funds	2,545	2,545	--	--
Total Investments in Securities:	$2,193,174	$2,193,174	$--	$--

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)		October 31, 2021
Assets
Investment in securities, at value (including securities loaned of $1,648) — See accompanying schedule: Unaffiliated issuers (cost $1,097,283)	$2,190,629
Fidelity Central Funds (cost $2,545)	2,545
Total Investment in Securities (cost $1,099,828)		$2,193,174
Receivable for investments sold		13,609
Receivable for fund shares sold		262
Dividends receivable		462
Prepaid expenses		3
Other receivables		4
Total assets		2,207,514
Liabilities
Payable for fund shares redeemed	642
Accrued management fee	1,180
Transfer agent fee payable	205
Other affiliated payables	53
Other payables and accrued expenses	55
Collateral on securities loaned	1,673
Total liabilities		3,808
Net Assets		$2,203,706
Net Assets consist of:
Paid in capital		$1,082,241
Total accumulated earnings (loss)		1,121,465
Net Assets		$2,203,706
Net Asset Value and Maximum Offering Price
Disciplined Equity:
Net Asset Value, offering price and redemption price per share ($2,091,163 ÷ 32,082.0 shares)		$65.18
Class K:
Net Asset Value, offering price and redemption price per share ($112,543 ÷ 1,727.6 shares)		$65.14

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

Amounts in thousands		Year ended October 31, 2021
Investment Income
Dividends		$13,428
Income from Fidelity Central Funds		3
Total income		13,431
Expenses
Management fee
Basic fee	$10,270
Performance adjustment	1,882
Transfer agent fees	2,368
Accounting fees	594
Custodian fees and expenses	19
Independent trustees' fees and expenses	7
Registration fees	74
Audit	56
Legal	8
Miscellaneous	8
Total expenses before reductions	15,286
Expense reductions	(32)
Total expenses after reductions		15,254
Net investment income (loss)		(1,823)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	68,874
Total net realized gain (loss)		68,874
Change in net unrealized appreciation (depreciation) on investment securities		615,412
Net gain (loss)		684,286
Net increase (decrease) in net assets resulting from operations		$682,463

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2021	Year ended October 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(1,823)	$1,019
Net realized gain (loss)	68,874	2,569
Change in net unrealized appreciation (depreciation)	615,412	261,401
Net increase (decrease) in net assets resulting from operations	682,463	264,989
Distributions to shareholders	(438)	(7,348)
Share transactions - net increase (decrease)	(42,002)	25,387
Total increase (decrease) in net assets	640,023	283,028
Net Assets
Beginning of period	1,563,683	1,280,655
End of period	$2,203,706	$1,563,683

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Disciplined Equity Fund

Years ended October 31,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$45.48	$37.51	$38.32	$38.96	$32.26
Income from Investment Operations
Net investment income (loss)^A	(.06)	.03	.32	.52	.47
Net realized and unrealized gain (loss)	19.77	8.16	3.53	.41	6.72
Total from investment operations	19.71	8.19	3.85	.93	7.19
Distributions from net investment income	(.01)	(.22)	(.53)	(.45)	(.49)
Distributions from net realized gain	–	–	(4.13)	(1.12)	–
Total distributions	(.01)	(.22)	(4.66)	(1.57)	(.49)
Net asset value, end of period	$65.18	$45.48	$37.51	$38.32	$38.96
Total Return^B	43.35%	21.92%	12.01%	2.37%	22.51%
Ratios to Average Net Assets^C,^D
Expenses before reductions	.79%	.71%	.51%	.53%	.54%
Expenses net of fee waivers, if any	.78%	.71%	.51%	.53%	.54%
Expenses net of all reductions	.78%	.71%	.51%	.53%	.54%
Net investment income (loss)	(.10)%	.07%	.90%	1.32%	1.33%
Supplemental Data
Net assets, end of period (in millions)	$2,091	$1,469	$1,190	$1,182	$1,266
Portfolio turnover rate^E	19%	35%	108%	181%	184%

^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).

See accompanying notes which are an integral part of the financial statements.

Fidelity Disciplined Equity Fund Class K

Years ended October 31,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$45.42	$37.47	$38.29	$38.93	$32.23
Income from Investment Operations
Net investment income (loss)^A	(.01)	.06	.35	.56	.51
Net realized and unrealized gain (loss)	19.75	8.14	3.53	.41	6.71
Total from investment operations	19.74	8.20	3.88	.97	7.22
Distributions from net investment income	(.02)	(.25)	(.57)	(.49)	(.52)
Distributions from net realized gain	–	–	(4.13)	(1.12)	–
Total distributions	(.02)	(.25)	(4.70)	(1.61)	(.52)
Net asset value, end of period	$65.14	$45.42	$37.47	$38.29	$38.93
Total Return^B	43.47%	21.99%	12.12%	2.48%	22.65%
Ratios to Average Net Assets^C,^D
Expenses before reductions	.70%	.62%	.42%	.43%	.44%
Expenses net of fee waivers, if any	.70%	.62%	.42%	.43%	.44%
Expenses net of all reductions	.70%	.62%	.42%	.43%	.44%
Net investment income (loss)	(.01)%	.16%	.99%	1.41%	1.43%
Supplemental Data
Net assets, end of period (in millions)	$113	$95	$91	$99	$111
Portfolio turnover rate^E	19%	35%	108%	181%	184%

^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.

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

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended October 31, 2021
(Amounts in thousands except percentages)

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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.

Book-tax differences are primarily due to capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$1,098,361
Gross unrealized depreciation	(5,688)
Net unrealized appreciation (depreciation)	$1,092,673
Tax Cost	$1,100,501

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

Undistributed long-term capital gain	$31,232
Net unrealized appreciation (depreciation) on securities and other investments	$1,092,673

The fund intends to elect to defer to its next fiscal year $2,439 of ordinary losses recognized during the period January 1, 2021 to October 31, 2021.

The tax character of distributions paid was as follows:

	October 31, 2021	October 31, 2020
Ordinary Income	$438	$ 7,348

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Disciplined Equity Fund	369,411	424,035

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Disciplined Equity as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .62% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

	Amount	% of Class-Level Average Net Assets
Disciplined Equity	$2,324	.13
Class K	44	.04
	$2,368

	% of Average Net Assets
Fidelity Disciplined Equity Fund	.03

	Amount
Fidelity Disciplined Equity Fund	$3

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Disciplined Equity Fund	14,674	18,124	2,417

6. Committed Line of Credit.

	Amount
Fidelity Disciplined Equity Fund	$3

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Disciplined Equity Fund	$–^(a)	$–	$–

(a) In the amount of less than five hundred dollars.

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived portion of fund-level operating expenses in the amount of $32.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2021	Year ended October 31, 2020
Fidelity Disciplined Equity Fund
Distributions to shareholders
Disciplined Equity	$396	$6,759
Class K	42	589
Total	$438	$7,348

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2021	Year ended October 31, 2020	Year ended October 31, 2021	Year ended October 31, 2020
Fidelity Disciplined Equity Fund
Disciplined Equity
Shares sold	4,022	4,659	$213,553	$204,960
Reinvestment of distributions	7	161	367	6,258
Shares redeemed	(4,245)	(4,241)	(236,063)	(172,496)
Net increase (decrease)	(216)	579	$(22,143)	$38,722
Class K
Shares sold	171	267	$9,204	$11,141
Reinvestment of distributions	1	15	42	589
Shares redeemed	(533)	(615)	(29,105)	(25,065)
Net increase (decrease)	(361)	(333)	$(19,859)	$(13,335)

11. Other.

12. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Disciplined Equity Fund (one of the funds constituting Fidelity Capital Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 15, 2021

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

Trustees and Officers

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expenses Paid During Period-^B May 1, 2021 to October 31, 2021
Fidelity Disciplined Equity Fund
Disciplined Equity	.80%
Actual		$1,000.00	$1,138.90	$4.31
Hypothetical-^C		$1,000.00	$1,021.17	$4.08
Class K	.72%
Actual		$1,000.00	$1,139.20	$3.88
Hypothetical-^C		$1,000.00	$1,021.58	$3.67

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

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Disciplined Equity Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
Fidelity Disciplined Equity Fund
Disciplined Equity	12/06/21	12/03/21	$0.934
Class K	12/06/21	12/03/21	$0.934

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $31,731,239, or, if subsequently determined to be different, the net capital gain of such year.

The fund and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Disciplined Equity Fund

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes in February 2019 and October 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.

Fidelity Disciplined Equity Fund

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

Fidelity Disciplined Equity Fund

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

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

Fidelity Investments

FDE-ANN-1221
1.538372.124

Fidelity® Focused Stock Fund

Annual Report

October 31, 2021

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2021	Past 1 year	Past 5 years	Past 10 years
Fidelity® Focused Stock Fund	42.82%	24.80%	18.07%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Focused Stock Fund on October 31, 2011.

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
	$52,652	Fidelity® Focused Stock Fund
	$44,939	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Portfolio Manager Stephen DuFour: For the fiscal year ending October 31, 2021, the fund gained 42.82%, roughly in line with the 42.91% result of the benchmark S&P 500^® index. Versus the benchmark, security selection was the primary contributor, especially in the information technology sector. Picks among materials, communication services, consumer staples and consumer discretionary stocks also lifted the portfolio's relative return. The fund's biggest individual relative contributor was an outsized stake in Nvidia, which gained 105% the past 12 months and was among our largest positions. Also lifting performance was our overweighting in Caesars Entertainment, which gained about 141% and was another top holding. Adding further value was a larger-than-benchmark stake in Intuit (+77%), a position we established this period. Conversely, the biggest detractor from performance versus the benchmark was stock selection in industrials. An underweighting in energy and investment choices in health care also hindered relative performance. Our non-benchmark stake in Sunrun was the fund's biggest individual relative detractor, due to its -45% result. The position was sold before the end of the period. Also weighing on performance was the portfolio’s outsized exposure to PayPal Holdings, which gained about 25% and was one of the fund's largest holdings the past 12 months. Another detractor was our overweighting in Exxon Mobil, which returned roughly -12% and was no longer held at period end. Notable changes in positioning include reduced exposure to the health care, industrials and consumer staples sectors and higher allocations to communication services, information technology, materials and financials stocks.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

	% of fund's net assets
Microsoft Corp.	6.9
Alphabet, Inc. Class A	6.6
NVIDIA Corp.��	6.1
S&P Global, Inc.	6.0
Caesars Entertainment, Inc.	5.2
Intuit, Inc.	5.2
Apple, Inc.	4.8
Amazon.com, Inc.	4.8
Marvell Technology, Inc.	4.8
Adobe, Inc.	4.2
	54.6

Top Five Market Sectors as of October 31, 2021

	% of fund's net assets
Information Technology	42.9
Consumer Discretionary	16.6
Communication Services	13.0
Financials	12.0
Health Care	6.6

Asset Allocation (% of fund's net assets)

As of October 31, 2021 ^*
	Stocks	99.7%
	Short-Term Investments and Net Other Assets (Liabilities)	0.3%

* Foreign investments - 4.2%

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares	Value
COMMUNICATION SERVICES - 13.0%
Entertainment - 3.4%
Netflix, Inc. (a)	116,000	$80,075,960
Sea Ltd. ADR (a)	157,000	53,940,490
		134,016,450
Interactive Media & Services - 9.6%
Alphabet, Inc. Class A (a)	88,600	262,337,512
Meta Platforms, Inc. Class A (a)	368,000	119,073,760
		381,411,272

TOTAL COMMUNICATION SERVICES		515,427,722

CONSUMER DISCRETIONARY - 16.6%
Automobiles - 2.1%
Tesla, Inc. (a)	73,000	81,322,000
Hotels, Restaurants & Leisure - 5.2%
Caesars Entertainment, Inc. (a)	1,879,000	205,675,340
Penn National Gaming, Inc. (a)	24,654	1,765,226
		207,440,566
Household Durables - 0.7%
Garmin Ltd.	193,259	27,751,992
Internet & Direct Marketing Retail - 4.8%
Amazon.com, Inc. (a)	56,600	190,879,538
Specialty Retail - 3.1%
Lowe's Companies, Inc.	465,000	108,726,300
Ulta Beauty, Inc. (a)	36,000	13,224,960
		121,951,260
Textiles, Apparel & Luxury Goods - 0.7%
lululemon athletica, Inc. (a)	51,100	23,813,111
PVH Corp.	27,300	2,984,709
		26,797,820

TOTAL CONSUMER DISCRETIONARY		656,143,176

FINANCIALS - 12.0%
Banks - 4.2%
Signature Bank	154,000	45,864,280
SVB Financial Group (a)	84,000	60,261,600
Wells Fargo & Co.	1,151,000	58,885,160
		165,011,040
Capital Markets - 7.8%
Carlyle Group LP	547,000	30,714,050
Morgan Stanley	371,000	38,131,380
S&P Global, Inc.	505,294	239,590,203
		308,435,633

TOTAL FINANCIALS		473,446,673

HEALTH CARE - 6.6%
Health Care Equipment & Supplies - 2.0%
Danaher Corp.	252,000	78,566,040
Life Sciences Tools & Services - 2.7%
10X Genomics, Inc. (a)	59,629	9,616,369
Thermo Fisher Scientific, Inc.	155,000	98,125,850
		107,742,219
Pharmaceuticals - 1.9%
Eli Lilly & Co.	288,000	73,370,880

TOTAL HEALTH CARE		259,679,139

INDUSTRIALS - 2.6%
Aerospace & Defense - 0.7%
Triumph Group, Inc. (a)	1,296,000	26,503,200
Machinery - 1.9%
Chart Industries, Inc. (a)(b)	422,000	74,913,440

TOTAL INDUSTRIALS		101,416,640

INFORMATION TECHNOLOGY - 42.9%
IT Services - 6.6%
Accenture PLC Class A	78,000	27,985,620
PayPal Holdings, Inc. (a)	704,000	163,743,360
Square, Inc. (a)	277,000	70,496,500
		262,225,480
Semiconductors & Semiconductor Equipment - 13.7%
Marvell Technology, Inc.	2,771,800	189,868,300
NVIDIA Corp.	944,000	241,352,480
ON Semiconductor Corp. (a)	2,304,600	110,782,122
		542,002,902
Software - 17.8%
Adobe, Inc. (a)	252,112	163,963,560
Intuit, Inc.	326,000	204,072,740
Microsoft Corp.	824,000	273,254,881
Salesforce.com, Inc. (a)	202,000	60,537,380
		701,828,561
Technology Hardware, Storage & Peripherals - 4.8%
Apple, Inc.	1,280,000	191,744,000

TOTAL INFORMATION TECHNOLOGY		1,697,800,943

MATERIALS - 5.4%
Chemicals - 5.4%
Linde PLC	172,000	54,902,400
Olin Corp.	2,761,000	157,321,780
		212,224,180
REAL ESTATE - 0.6%
Equity Real Estate Investment Trusts (REITs) - 0.6%
American Tower Corp.	92,000	25,941,240
TOTAL COMMON STOCKS
(Cost $2,365,306,844)		3,942,079,713

Money Market Funds - 1.3%
Fidelity Cash Central Fund 0.06% (c)	6,533,718	6,535,025
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d)	44,133,656	44,138,069
TOTAL MONEY MARKET FUNDS
(Cost $50,673,094)		50,673,094
TOTAL INVESTMENT IN SECURITIES - 101.0%
(Cost $2,415,979,938)		3,992,752,807
NET OTHER ASSETS (LIABILITIES) - (1.0)%		(40,103,012)
NET ASSETS - 100%		$3,952,649,795

Legend

(a) Non-income producing

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

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

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.06%	$57,170,189	$1,179,038,826	$1,229,676,519	$28,334	$2,831	$(302)	$6,535,025	0.0%
Fidelity Securities Lending Cash Central Fund 0.06%	25,956,458	1,068,974,415	1,050,792,804	57,404	--	--	44,138,069	0.1%
Total	$83,126,647	$2,248,013,241	$2,280,469,323	$85,738	$2,831	$(302)	$50,673,094

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$515,427,722	$515,427,722	$--	$--
Consumer Discretionary	656,143,176	656,143,176	--	--
Financials	473,446,673	473,446,673	--	--
Health Care	259,679,139	259,679,139	--	--
Industrials	101,416,640	101,416,640	--	--
Information Technology	1,697,800,943	1,697,800,943	--	--
Materials	212,224,180	212,224,180	--	--
Real Estate	25,941,240	25,941,240	--	--
Money Market Funds	50,673,094	50,673,094	--	--
Total Investments in Securities:	$3,992,752,807	$3,992,752,807	$--	$--

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		October 31, 2021
Assets
Investment in securities, at value (including securities loaned of $44,078,216) — See accompanying schedule: Unaffiliated issuers (cost $2,365,306,844)	$3,942,079,713
Fidelity Central Funds (cost $50,673,094)	50,673,094
Total Investment in Securities (cost $2,415,979,938)		$3,992,752,807
Receivable for investments sold		39,752,951
Receivable for fund shares sold		1,027,318
Dividends receivable		832,679
Distributions receivable from Fidelity Central Funds		3,287
Prepaid expenses		4,716
Other receivables		35,836
Total assets		4,034,409,594
Liabilities
Payable for investments purchased	$33,789,790
Payable for fund shares redeemed	1,125,038
Accrued management fee	2,168,118
Other affiliated payables	489,039
Other payables and accrued expenses	52,489
Collateral on securities loaned	44,135,325
Total liabilities		81,759,799
Net Assets		$3,952,649,795
Net Assets consist of:
Paid in capital		$1,904,860,931
Total accumulated earnings (loss)		2,047,788,864
Net Assets		$3,952,649,795
Net Asset Value, offering price and redemption price per share ($3,952,649,795 ÷ 101,107,165 shares)		$39.09

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended October 31, 2021
Investment Income
Dividends		$20,300,263
Income from Fidelity Central Funds (including $57,404 from security lending)		85,738
Total income		20,386,001
Expenses
Management fee
Basic fee	$18,862,185
Performance adjustment	5,711,886
Transfer agent fees	4,947,478
Accounting fees	1,017,511
Custodian fees and expenses	46,773
Independent trustees' fees and expenses	14,049
Registration fees	75,377
Audit	51,764
Legal	10,506
Interest	1,246
Miscellaneous	15,907
Total expenses before reductions	30,754,682
Expense reductions	(58,241)
Total expenses after reductions		30,696,441
Net investment income (loss)		(10,310,440)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	539,746,527
Fidelity Central Funds	2,831
Foreign currency transactions	36,476
Total net realized gain (loss)		539,785,834
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	737,256,091
Fidelity Central Funds	(302)
Assets and liabilities in foreign currencies	(17,006)
Total change in net unrealized appreciation (depreciation)		737,238,783
Net gain (loss)		1,277,024,617
Net increase (decrease) in net assets resulting from operations		$1,266,714,177

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended October 31, 2021	Year ended October 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(10,310,440)	$1,428,599
Net realized gain (loss)	539,785,834	403,499,056
Change in net unrealized appreciation (depreciation)	737,238,783	250,145,768
Net increase (decrease) in net assets resulting from operations	1,266,714,177	655,073,423
Distributions to shareholders	(368,627,790)	(145,165,150)
Share transactions
Proceeds from sales of shares	371,384,461	705,398,833
Reinvestment of distributions	349,597,290	138,191,524
Cost of shares redeemed	(856,975,720)	(1,116,049,280)
Net increase (decrease) in net assets resulting from share transactions	(135,993,969)	(272,458,923)
Total increase (decrease) in net assets	762,092,418	237,449,350
Net Assets
Beginning of period	3,190,557,377	2,953,108,027
End of period	$3,952,649,795	$3,190,557,377
Other Information
Shares
Sold	11,211,690	25,375,048
Issued in reinvestment of distributions	11,477,259	5,505,639
Redeemed	(26,001,483)	(42,636,011)
Net increase (decrease)	(3,312,534)	(11,755,324)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Focused Stock Fund


Years ended October 31,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$30.56	$25.42	$25.23	$23.48	$18.63
Income from Investment Operations
Net investment income (loss)^A	(.10)	.01	.03	.02	.13
Net realized and unrealized gain (loss)	12.18	6.45	3.23	3.17	4.92
Total from investment operations	12.08	6.46	3.26	3.19	5.05
Distributions from net investment income	(.01)	(.02)	(.03)	(.09)^B	(.10)
Distributions from net realized gain	(3.54)	(1.30)	(3.04)	(1.35)^B	(.10)
Total distributions	(3.55)	(1.32)	(3.07)	(1.44)	(.20)
Net asset value, end of period	$39.09	$30.56	$25.42	$25.23	$23.48
Total Return^C	42.82%	26.56%	15.05%	14.30%	27.37%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.86%	.88%	.89%	.82%	.57%
Expenses net of fee waivers, if any	.86%	.88%	.89%	.82%	.57%
Expenses net of all reductions	.86%	.87%	.89%	.81%	.57%
Net investment income (loss)	(.29)%	.05%	.12%	.07%	.63%
Supplemental Data
Net assets, end of period (000 omitted)	$3,952,650	$3,190,557	$2,953,108	$2,262,100	$1,717,779
Portfolio turnover rate^F	107%	140%	152%	138%	121%

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

^B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

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

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

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity Focused Stock Fund (the Fund) is a fund of Fidelity Capital Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Gross unrealized appreciation	$1,579,977,942
Gross unrealized depreciation	(5,469,948)
Net unrealized appreciation (depreciation)	$1,574,507,994
Tax Cost	$2,418,244,813

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

Undistributed ordinary income	$112,870,735
Undistributed long-term capital gain	$360,406,936
Net unrealized appreciation (depreciation) on securities and other investments	$1,574,511,192

The tax character of distributions paid was as follows:

	October 31, 2021	October 31, 2020
Ordinary Income	$623,037	$ 13,057,184
Long-term Capital Gains	368,004,753	132,107,966
Total	$368,627,790	$ 145,165,150

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Focused Stock Fund	3,773,723,822	4,249,496,204

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .68% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

	% of Average Net Assets
Fidelity Focused Stock Fund	.03

	Amount
Fidelity Focused Stock Fund	$78,464

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Focused Stock Fund	Borrower	$37,818,500	.30%	$1,246

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Focused Stock Fund	279,266,038	313,845,929	35,264,203

6. Committed Line of Credit.

	Amount
Fidelity Focused Stock Fund	$6,406

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Focused Stock Fund	$6,029	$888	$–

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $103.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $58,138.

9. Other.

10. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Focused Stock Fund (one of the funds constituting Fidelity Capital Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 15, 2021

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

Trustees and Officers

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

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expenses Paid During Period-^B May 1, 2021 to October 31, 2021
Fidelity Focused Stock Fund	.84%
Actual		$1,000.00	$1,161.30	$4.58
Hypothetical-^C		$1,000.00	$1,020.97	$4.28

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

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Focused Stock Fund voted to pay on December 6, 2021, to shareholders of record at the opening of business on December 3, 2021, a distribution of $4.697 per share derived from capital gains realized from sales of portfolio securities.

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

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

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Focused Stock Fund

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

Fidelity Focused Stock Fund

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the fund, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the fund's total expense ratio ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

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

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

Fidelity Investments

TQG-ANN-1221
1.538682.124

Fidelity® Stock Selector Small Cap Fund

Annual Report

October 31, 2021

Includes Fidelity and Fidelity Advisor share classes

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2021	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)	46.67%	15.87%	12.94%
Class M (incl. 3.50% sales charge)	49.81%	16.06%	12.86%
Class C (incl. contingent deferred sales charge)	53.40%	16.31%	12.89%
Fidelity® Stock Selector Small Cap Fund	56.11%	17.60%	13.93%
Class I	56.03%	17.59%	13.96%
Class Z	56.26%	17.74%	14.04%

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

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Stock Selector Small Cap Fund, a class of the fund, on October 31, 2011.

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

	Period Ending Values
	$36,852	Fidelity® Stock Selector Small Cap Fund
	$35,473	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Lead Manager Morgen Peck: For the fiscal year ending October 31, 2021, the fund's share classes (excluding sales charges, if applicable) gained about 54% to 56%, outperforming the 50.80% result of the benchmark, the Russell 2000^® Index. Versus the benchmark, security selection added considerable value, especially choices in the information technology sector. Strong picks in the financials sector, primarily driven by the banking industry, also helped, as did selections and an underweighting in health care. Conversely, underweighting the energy sector detracted from the fund’s relative result, as did picks in communications services and materials. The fund's position in cash also hurt on a relative basis. Looking at individual stocks, overweighting Atkore (+359%), a supplier of tubing and conduit and one of the fund’s largest holdings for the period, added more value than any other fund position. It also helped to hold a non-benchmark stake in Signature Bank, which gained about 273% for the 12 months. This New York-based commercial lending and services provider benefited from customers increasing their deposits of cryptocurrency through Signature's blockchain-based Signet payments platform. On the other hand, it hurt to overweight Prelude Therapeutics, which returned roughly -48% the past 12 months. Not owning retailer Gamestop, a benchmark component that gained about 1901%, detracted as well. Notable changes in fund positioning for the 12 months included reduced exposure to the consumer staples sector and an increased allocation to financials.

Note to shareholders: On November 16, 2021, Jennifer Fo Cardillo assumed co-management responsibilities for the fund. Shadman Riaz transitioned from Co-Manager to Co-Lead Manager for this fund, joining Co-Lead Manager Morgen Peck.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

	% of fund's net assets
Crocs, Inc.	1.4
Atkore, Inc.	1.2
Denbury, Inc.	1.2
Academy Sports & Outdoors, Inc.	1.1
Terreno Realty Corp.	1.1
BJ's Wholesale Club Holdings, Inc.	1.1
Lexington Corporate Properties Trust	1.0
ASGN, Inc.	1.0
ExlService Holdings, Inc.	1.0
Workiva, Inc.	0.9
	11.0

Top Five Market Sectors as of October 31, 2021

	% of fund's net assets
Health Care	18.7
Financials	16.1
Industrials	15.4
Information Technology	15.1
Consumer Discretionary	13.8

Asset Allocation (% of fund's net assets)

As of October 31, 2021 ^*
	Stocks and Equity Futures	99.0%
	Convertible Securities	0.1%
	Short-Term Investments and Net Other Assets (Liabilities)	0.9%

* Foreign investments - 10.0%

Percentages are adjusted for the effect of futures contracts and swaps, if applicable.

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value (000s)
COMMUNICATION SERVICES - 0.8%
Interactive Media & Services - 0.0%
QuinStreet, Inc. (a)	65,685	$920
Media - 0.8%
Nexstar Broadcasting Group, Inc. Class A	35,800	5,367
TechTarget, Inc. (a)	74,098	6,988
Thryv Holdings, Inc. (a)	160,700	5,089
		17,444

TOTAL COMMUNICATION SERVICES		18,364

CONSUMER DISCRETIONARY - 13.8%
Auto Components - 1.5%
Adient PLC (a)	334,600	13,926
Fox Factory Holding Corp. (a)	74,300	11,959
Patrick Industries, Inc.	94,700	7,378
		33,263
Diversified Consumer Services - 0.4%
Laureate Education, Inc. Class A	569,700	9,867
Hotels, Restaurants & Leisure - 3.2%
Bally's Corp. (a)	193,400	8,860
Brinker International, Inc. (a)	270,700	11,359
Churchill Downs, Inc.	78,400	18,032
Everi Holdings, Inc. (a)	277,300	6,655
Hilton Grand Vacations, Inc. (a)	164,800	8,286
Jack in the Box, Inc.	57,400	5,680
Lindblad Expeditions Holdings (a)	185,600	2,775
Marriott Vacations Worldwide Corp.	36,400	5,723
Ruth's Hospitality Group, Inc. (a)	272,600	5,272
		72,642
Household Durables - 1.6%
M.D.C. Holdings, Inc.	268,928	13,172
Skyline Champion Corp. (a)	127,400	8,067
Tempur Sealy International, Inc.	235,200	10,459
Toll Brothers, Inc.	92,400	5,560
		37,258
Leisure Products - 1.1%
Acushnet Holdings Corp. (b)	262,400	13,367
Clarus Corp.	291,237	8,032
Johnson Outdoors, Inc. Class A	32,400	3,440
		24,839
Multiline Retail - 0.4%
Nordstrom, Inc. (a)(b)	348,800	10,021
Specialty Retail - 2.8%
Academy Sports & Outdoors, Inc.	606,800	25,959
American Eagle Outfitters, Inc.	231,900	5,505
Dick's Sporting Goods, Inc.	75,800	9,415
Murphy U.S.A., Inc.	44,150	7,194
Rent-A-Center, Inc.	164,700	8,772
Williams-Sonoma, Inc.	36,500	6,779
		63,624
Textiles, Apparel & Luxury Goods - 2.8%
Capri Holdings Ltd. (a)	145,800	7,762
Crocs, Inc. (a)	198,700	32,071
Deckers Outdoor Corp. (a)	49,400	19,528
G-III Apparel Group Ltd. (a)	117,800	3,376
		62,737

TOTAL CONSUMER DISCRETIONARY		314,251

CONSUMER STAPLES - 3.5%
Beverages - 0.4%
Primo Water Corp.	591,400	9,403
Food & Staples Retailing - 1.1%
BJ's Wholesale Club Holdings, Inc. (a)	418,500	24,457
Food Products - 1.5%
Darling Ingredients, Inc. (a)	158,100	13,363
Nomad Foods Ltd. (a)	760,400	20,706
		34,069
Personal Products - 0.5%
BellRing Brands, Inc. Class A (a)(b)	357,202	9,580
MediFast, Inc.	9,396	1,844
		11,424

TOTAL CONSUMER STAPLES		79,353

ENERGY - 5.1%
Energy Equipment & Services - 0.6%
Liberty Oilfield Services, Inc. Class A (a)	980,678	12,670
Oil, Gas & Consumable Fuels - 4.5%
Antero Resources Corp. (a)	984,700	19,566
Denbury, Inc. (a)	326,209	27,617
Enviva Partners LP	158,600	10,620
HollyFrontier Corp.	509,300	17,214
Magnolia Oil & Gas Corp. Class A	494,900	10,334
Northern Oil & Gas, Inc. (b)	740,840	17,158
		102,509

TOTAL ENERGY		115,179

FINANCIALS - 16.1%
Banks - 8.6%
Ameris Bancorp	181,800	9,525
Associated Banc-Corp.	464,100	10,340
East West Bancorp, Inc.	113,100	8,989
First Bancorp, Puerto Rico	653,000	8,913
First Hawaiian, Inc.	253,700	7,000
Glacier Bancorp, Inc.	180,000	9,952
Hilltop Holdings, Inc. (b)	461,700	16,363
Preferred Bank, Los Angeles	119,400	8,187
ServisFirst Bancshares, Inc.	197,000	15,821
Signature Bank	67,500	20,103
Sterling Bancorp	740,900	18,856
Synovus Financial Corp.	419,400	19,540
Trico Bancshares	274,917	12,050
United Community Bank, Inc.	323,700	11,278
Western Alliance Bancorp.	165,600	19,225
		196,142
Capital Markets - 2.8%
Focus Financial Partners, Inc. Class A (a)	205,149	12,896
Hamilton Lane, Inc. Class A	104,300	10,900
Houlihan Lokey	98,600	11,051
Lazard Ltd. Class A	306,000	14,991
LPL Financial	61,400	10,071
TMX Group Ltd.	38,200	4,136
		64,045
Consumer Finance - 1.3%
First Cash Financial Services, Inc.	107,100	9,475
Navient Corp.	604,400	11,907
OneMain Holdings, Inc.	151,300	7,990
		29,372
Diversified Financial Services - 0.7%
Cannae Holdings, Inc. (a)	480,100	16,371
Insurance - 1.1%
Assurant, Inc.	45,300	7,307
Primerica, Inc.	98,100	16,504
		23,811
Thrifts & Mortgage Finance - 1.6%
Essent Group Ltd.	381,500	18,312
Meta Financial Group, Inc.	198,500	11,005
Walker & Dunlop, Inc.	46,700	6,074
		35,391

TOTAL FINANCIALS		365,132

HEALTH CARE - 18.6%
Biotechnology - 9.9%
Abcam PLC ADR (b)	332,100	7,638
ACADIA Pharmaceuticals, Inc. (a)	174,200	3,127
ADC Therapeutics SA (a)	103,581	3,003
Agios Pharmaceuticals, Inc. (a)(b)	196,415	9,232
Allakos, Inc. (a)	100,981	10,157
Ambrx Biopharma, Inc. ADR	17,328	218
Arcutis Biotherapeutics, Inc. (a)	186,700	3,954
Argenx SE ADR (a)	25,131	7,589
Ascendis Pharma A/S sponsored ADR (a)	32,406	4,913
Aurinia Pharmaceuticals, Inc. (a)(b)	225,500	7,460
Celldex Therapeutics, Inc. (a)	127,400	5,420
Century Therapeutics, Inc.	78,300	1,759
ChemoCentryx, Inc. (a)	66,275	2,307
Connect Biopharma Holdings Ltd. ADR (a)	219,040	3,470
Crinetics Pharmaceuticals, Inc. (a)	260,679	6,499
Cullinan Oncology, Inc.	249,100	5,535
Cytokinetics, Inc. (a)	331,500	11,573
Erasca, Inc.	197,711	3,911
Exelixis, Inc. (a)	465,400	10,011
Forma Therapeutics Holdings, Inc. (a)	200,100	3,714
Global Blood Therapeutics, Inc. (a)	280,500	10,244
Imago BioSciences, Inc.	19,144	510
Insmed, Inc. (a)	114,017	3,438
Instil Bio, Inc. (a)(b)	374,225	7,623
Janux Therapeutics, Inc. (b)	31,102	757
Keros Therapeutics, Inc. (a)	96,124	4,010
Mirati Therapeutics, Inc. (a)	59,200	11,190
Monte Rosa Therapeutics, Inc. (b)	95,400	2,237
Morphic Holding, Inc. (a)	100,538	5,781
Poseida Therapeutics, Inc. (a)	29,368	188
Prelude Therapeutics, Inc. (a)(b)	317,576	5,583
Protagonist Therapeutics, Inc. (a)	188,831	5,884
PTC Therapeutics, Inc. (a)	95,800	3,634
Relay Therapeutics, Inc. (a)	293,100	9,746
Revolution Medicines, Inc. (a)(b)	198,600	5,845
Shattuck Labs, Inc.	30,500	589
Tango Therapeutics, Inc. (a)	172,500	2,215
Tenaya Therapeutics, Inc. (a)	15,508	399
TG Therapeutics, Inc. (a)	354,900	11,080
Tyra Biosciences, Inc.	20,400	457
Vaxcyte, Inc. (a)	137,539	3,218
Verve Therapeutics, Inc.	19,500	905
Xenon Pharmaceuticals, Inc. (a)	264,571	8,241
Zentalis Pharmaceuticals, Inc. (a)	133,000	10,699
		225,963
Health Care Equipment & Supplies - 1.9%
Axonics Modulation Technologies, Inc. (a)	95,090	6,975
Envista Holdings Corp. (a)	358,100	14,002
Globus Medical, Inc. (a)	170,400	13,150
Integer Holdings Corp. (a)	109,827	9,887
		44,014
Health Care Providers & Services - 2.7%
Acadia Healthcare Co., Inc. (a)	200,600	12,437
agilon health, Inc. (a)	154,169	3,777
Molina Healthcare, Inc. (a)	59,900	17,714
Owens & Minor, Inc.	143,960	5,165
R1 RCM, Inc. (a)	644,000	13,975
Surgery Partners, Inc. (a)	172,800	7,109
		60,177
Health Care Technology - 1.4%
Evolent Health, Inc. (a)	267,240	7,822
Inspire Medical Systems, Inc. (a)	43,700	11,781
Omnicell, Inc. (a)	27,300	4,863
Phreesia, Inc. (a)	106,000	7,477
		31,943
Life Sciences Tools & Services - 1.2%
Maravai LifeSciences Holdings, Inc.	94,200	3,984
Olink Holding AB ADR (a)	212,473	6,833
Syneos Health, Inc. (a)	184,700	17,240
		28,057
Pharmaceuticals - 1.5%
Arvinas Holding Co. LLC (a)	167,900	14,537
Cyteir Therapeutics, Inc.	224,600	4,023
Edgewise Therapeutics, Inc. (a)	247,200	4,079
Fulcrum Therapeutics, Inc. (a)	253,100	5,604
Ikena Oncology, Inc. (a)(b)	399,900	4,299
Ikena Oncology, Inc. (c)	143,145	1,539
		34,081

TOTAL HEALTH CARE		424,235

INDUSTRIALS - 15.4%
Aerospace & Defense - 0.4%
Kratos Defense & Security Solutions, Inc. (a)	171,600	3,671
Vectrus, Inc. (a)	114,800	5,560
		9,231
Building Products - 2.3%
Builders FirstSource, Inc. (a)	361,337	21,055
Jeld-Wen Holding, Inc. (a)	214,700	5,885
Masonite International Corp. (a)	94,600	11,353
Simpson Manufacturing Co. Ltd.	125,310	13,294
		51,587
Commercial Services & Supplies - 1.0%
Casella Waste Systems, Inc. Class A (a)	158,300	13,728
Tetra Tech, Inc.	55,100	9,679
		23,407
Construction & Engineering - 2.8%
Comfort Systems U.S.A., Inc.	165,976	15,182
Construction Partners, Inc. Class A (a)	460,500	16,398
Dycom Industries, Inc. (a)	84,300	6,695
EMCOR Group, Inc.	68,540	8,327
IES Holdings, Inc. (a)	226,200	11,276
NV5 Global, Inc. (a)	65,200	6,789
		64,667
Electrical Equipment - 1.9%
Atkore, Inc. (a)	293,870	27,780
Generac Holdings, Inc. (a)	15,200	7,578
Regal Rexnord Corp.	40,200	6,124
Thermon Group Holdings, Inc. (a)	102,055	1,764
		43,246
Machinery - 3.2%
ESCO Technologies, Inc.	55,300	4,676
Federal Signal Corp.	348,000	14,898
ITT, Inc.	139,140	13,089
Kadant, Inc.	35,000	7,774
Oshkosh Corp.	74,000	7,918
SPX Corp. (a)	295,100	17,142
SPX Flow, Inc.	99,671	7,446
		72,943
Professional Services - 2.2%
Alight, Inc. Class A (a)	1,344,900	14,633
ASGN, Inc. (a)	185,100	22,149
CRA International, Inc.	58,400	6,413
TriNet Group, Inc. (a)	75,300	7,624
		50,819
Trading Companies & Distributors - 1.6%
Beacon Roofing Supply, Inc. (a)	211,800	11,198
Rush Enterprises, Inc. Class A	351,588	18,311
Univar, Inc. (a)	221,200	5,658
		35,167

TOTAL INDUSTRIALS		351,067

INFORMATION TECHNOLOGY - 15.1%
Communications Equipment - 0.4%
Calix, Inc. (a)	116,800	7,311
Casa Systems, Inc. (a)	425,168	2,691
		10,002
Electronic Equipment & Components - 2.5%
Advanced Energy Industries, Inc.	178,200	16,362
Fabrinet (a)	129,740	12,455
FARO Technologies, Inc. (a)	148,850	10,951
Insight Enterprises, Inc. (a)	124,800	11,819
Napco Security Technolgies, Inc. (a)	104,600	5,017
		56,604
IT Services - 3.4%
Cyxtera Technologies, Inc. Class A (a)	345,940	3,439
Endava PLC ADR (a)	54,400	8,620
ExlService Holdings, Inc. (a)	178,133	21,844
Perficient, Inc. (a)	117,800	14,560
Verra Mobility Corp. (a)	421,000	6,264
WNS Holdings Ltd. sponsored ADR (a)	242,250	21,514
		76,241
Semiconductors & Semiconductor Equipment - 3.9%
Brooks Automation, Inc.	99,600	11,598
CMC Materials, Inc.	111,700	14,339
FormFactor, Inc. (a)	160,700	6,393
Onto Innovation, Inc. (a)	118,150	9,359
Semtech Corp. (a)	183,000	15,560
SiTime Corp. (a)	68,100	18,039
Synaptics, Inc. (a)	64,700	12,589
		87,877
Software - 4.9%
Digital Turbine, Inc. (a)(b)	93,000	8,004
Manhattan Associates, Inc. (a)	99,700	18,100
Rapid7, Inc. (a)	76,800	9,888
Sprout Social, Inc. (a)	114,800	14,658
SPS Commerce, Inc. (a)	68,800	10,508
Telos Corp.	393,100	10,185
Tenable Holdings, Inc. (a)	287,100	15,288
Workiva, Inc. (a)	143,900	21,520
Zuora, Inc. (a)	194,900	4,261
		112,412

TOTAL INFORMATION TECHNOLOGY		343,136

MATERIALS - 4.4%
Chemicals - 1.8%
Element Solutions, Inc.	437,000	9,924
Huntsman Corp.	486,300	15,844
Trinseo PLC	137,300	7,697
Tronox Holdings PLC	299,300	6,980
		40,445
Construction Materials - 0.8%
Eagle Materials, Inc.	119,200	17,685
Containers & Packaging - 0.4%
O-I Glass, Inc. (a)	665,528	8,685
Metals & Mining - 1.2%
Commercial Metals Co.	592,500	19,067
Warrior Metropolitan Coal, Inc.	368,990	8,845
		27,912
Paper & Forest Products - 0.2%
Louisiana-Pacific Corp.	94,000	5,539

TOTAL MATERIALS		100,266

REAL ESTATE - 4.4%
Equity Real Estate Investment Trusts (REITs) - 3.4%
EastGroup Properties, Inc.	58,500	11,570
Equity Commonwealth	316,100	8,196
Essential Properties Realty Trust, Inc.	354,300	10,555
Lexington Corporate Properties Trust	1,523,900	22,203
Terreno Realty Corp.	347,800	25,435
		77,959
Real Estate Management & Development - 1.0%
Cushman & Wakefield PLC (a)	408,300	7,509
Jones Lang LaSalle, Inc. (a)	53,500	13,815
		21,324

TOTAL REAL ESTATE		99,283

UTILITIES - 0.5%
Gas Utilities - 0.5%
Brookfield Infrastructure Corp. A Shares	183,200	11,109
TOTAL COMMON STOCKS
(Cost $1,559,937)		2,221,375

Convertible Preferred Stocks - 0.1%
HEALTH CARE - 0.1%
Biotechnology - 0.0%
ValenzaBio, Inc. Series A (d)(e)	125,214	1,114
Pharmaceuticals - 0.1%
Aristea Therapeutics, Inc. Series B (d)(e)	186,831	1,719
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $2,144)		2,833
	Principal Amount (000s)	Value (000s)

U.S. Treasury Obligations - 0.1%
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.05% 12/16/21 to 1/20/22 (f)
(Cost $2,070)	2,070	2,070
	Shares	Value (000s)

Money Market Funds - 4.7%
Fidelity Cash Central Fund 0.06% (g)	57,237,043	$57,248
Fidelity Securities Lending Cash Central Fund 0.06% (g)(h)	49,428,595	49,434
TOTAL MONEY MARKET FUNDS
(Cost $106,682)		106,682
TOTAL INVESTMENT IN SECURITIES - 102.6%
(Cost $1,670,833)		2,332,960
NET OTHER ASSETS (LIABILITIES) - (2.6)%		(59,775)
NET ASSETS - 100%		$2,273,185

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount (000s)	Value (000s)	Unrealized Appreciation/(Depreciation) (000s)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts (United States)	264	Dec. 2021	$30,298	$943	$943

The notional amount of futures purchased as a percentage of Net Assets is 1.3%

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,539,000 or 0.1% of net assets.

(e) Level 3 security

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,070,000.

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

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Aristea Therapeutics, Inc. Series B	10/6/20 - 7/27/21	$1,030
ValenzaBio, Inc. Series A	3/25/21	$1,114

Affiliated Central Funds

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

Fund (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.06%	$32,324	$1,210,221	$1,185,297	$36	$--	$--	$57,248	0.1%
Fidelity Securities Lending Cash Central Fund 0.06%	18,392	588,328	557,286	192	--	--	49,434	0.1%
Total	$50,716	$1,798,549	$1,742,583	$228	$--	$--	$106,682

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
(Amounts in thousands)
Investments in Securities:
Equities:
Communication Services	$18,364	$18,364	$--	$--
Consumer Discretionary	314,251	314,251	--	--
Consumer Staples	79,353	79,353	--	--
Energy	115,179	115,179	--	--
Financials	365,132	365,132	--	--
Health Care	427,068	424,235	--	2,833
Industrials	351,067	351,067	--	--
Information Technology	343,136	343,136	--	--
Materials	100,266	100,266	--	--
Real Estate	99,283	99,283	--	--
Utilities	11,109	11,109	--	--
U.S. Government and Government Agency Obligations	2,070	--	2,070	--
Money Market Funds	106,682	106,682	--	--
Total Investments in Securities:	$2,332,960	$2,328,057	$2,070	$2,833
Net unrealized depreciation on unfunded commitments	$(374)	$--	$(374)	$--
Derivative Instruments:
Assets
Futures Contracts	$943	$943	$--	$--
Total Assets	$943	$943	$--	$--
Total Derivative Instruments:	$943	$943	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
(Amounts in thousands)
Equity Risk
Futures Contracts^(a)	$943	$0
Total Equity Risk	943	0
Total Value of Derivatives	$943	$0

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	90.0%
Canada	2.3%
Bermuda	1.4%
British Virgin Islands	1.2%
United Kingdom	1.1%
Ireland	1.0%
Others (Individually Less Than 1%)	3.0%
	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)		October 31, 2021
Assets
Investment in securities, at value (including securities loaned of $47,571) — See accompanying schedule: Unaffiliated issuers (cost $1,564,151)	$2,226,278
Fidelity Central Funds (cost $106,682)	106,682
Total Investment in Securities (cost $1,670,833)		$2,332,960
Cash		21
Receivable for investments sold		8,163
Receivable for fund shares sold		1,805
Dividends receivable		328
Distributions receivable from Fidelity Central Funds		14
Prepaid expenses		3
Other receivables		43
Total assets		2,343,337
Liabilities
Payable for investments purchased	$9,201
Unrealized depreciation on unfunded commitments	374
Payable for fund shares redeemed	5,417
Accrued management fee	1,292
Distribution and service plan fees payable	44
Payable for daily variation margin on futures contracts	15
Deferred dividend income	3,994
Other affiliated payables	322
Other payables and accrued expenses	65
Collateral on securities loaned	49,428
Total liabilities		70,152
Net Assets		$2,273,185
Net Assets consist of:
Paid in capital		$1,391,294
Total accumulated earnings (loss)		881,891
Net Assets		$2,273,185
Net Asset Value and Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($107,670 ÷ 2,915.17 shares)^(a)		$36.93
Maximum offering price per share (100/94.25 of $36.93)		$39.18
Class M:
Net Asset Value and redemption price per share ($17,020 ÷ 479.98 shares)^(a)		$35.46
Maximum offering price per share (100/96.50 of $35.46)		$36.75
Class C:
Net Asset Value and offering price per share ($18,908 ÷ 579.86 shares)^(a)		$32.61
Stock Selector Small Cap:
Net Asset Value, offering price and redemption price per share ($1,654,316 ÷ 43,413.02 shares)		$38.11
Class I:
Net Asset Value, offering price and redemption price per share ($307,876 ÷ 8,029.68 shares)		$38.34
Class Z:
Net Asset Value, offering price and redemption price per share ($167,395 ÷ 4,374.28 shares)		$38.27

(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 October 31, 2021
Investment Income
Dividends		$14,112
Interest		1
Income from Fidelity Central Funds (including $192 from security lending)		228
Total income		14,341
Expenses
Management fee
Basic fee	$11,111
Performance adjustment	2,429
Transfer agent fees	2,963
Distribution and service plan fees	425
Accounting fees	588
Custodian fees and expenses	42
Independent trustees' fees and expenses	7
Registration fees	166
Audit	59
Legal	4
Miscellaneous	9
Total expenses before reductions	17,803
Expense reductions	(32)
Total expenses after reductions		17,771
Net investment income (loss)		(3,430)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	249,910
Futures contracts	6,055
Total net realized gain (loss)		255,965
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	464,004
Unfunded commitments	(374)
Futures contracts	874
Total change in net unrealized appreciation (depreciation)		464,504
Net gain (loss)		720,469
Net increase (decrease) in net assets resulting from operations		$717,039

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

Amounts in thousands	Year ended October 31, 2021	Year ended October 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$(3,430)	$(174)
Net realized gain (loss)	255,965	19,262
Change in net unrealized appreciation (depreciation)	464,504	17,691
Net increase (decrease) in net assets resulting from operations	717,039	36,779
Distributions to shareholders	(21,097)	(23,000)
Share transactions - net increase (decrease)	417,871	116,242
Total increase (decrease) in net assets	1,113,813	130,021
Net Assets
Beginning of period	1,159,372	1,029,351
End of period	$2,273,185	$1,159,372

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Stock Selector Small Cap Fund Class A

Years ended October 31,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$24.09	$23.82	$25.94	$28.16	$23.48
Income from Investment Operations
Net investment income (loss)^A	(.15)	(.07)	.01	.04^B	–^C
Net realized and unrealized gain (loss)	13.42	.83	2.30	.43	5.05
Total from investment operations	13.27	.76	2.31	.47	5.05
Distributions from net investment income	–	(.02)^D	(.01)	(.03)	(.07)
Distributions from net realized gain	(.43)	(.47)^D	(4.42)	(2.65)	(.30)
Total distributions	(.43)	(.49)	(4.43)	(2.69)^E	(.37)
Redemption fees added to paid in capital^A	–	–	–	–^C	–^C
Net asset value, end of period	$36.93	$24.09	$23.82	$25.94	$28.16
Total Return^F,^G	55.62%	3.15%	11.55%	1.73%	21.62%
Ratios to Average Net Assets^H,^I
Expenses before reductions	1.19%	1.32%	1.04%	.97%	1.05%
Expenses net of fee waivers, if any	1.19%	1.32%	1.04%	.97%	1.04%
Expenses net of all reductions	1.19%	1.31%	1.04%	.95%	1.04%
Net investment income (loss)	(.45)%	(.29)%	.06%	.14%^B	.02%
Supplemental Data
Net assets, end of period (in millions)	$108	$52	$37	$23	$14
Portfolio turnover rate^J	59%	70%	56%^K	68%	62%

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

^B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .04%.

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

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

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

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

^G Total returns do not include the effect of the sales charges.

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

^K 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 Small Cap Fund Class M

Years ended October 31,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$23.20	$23.00	$25.21	$27.49	$22.95
Income from Investment Operations
Net investment income (loss)^A	(.23)	(.13)	(.05)	(.06)^B	(.08)
Net realized and unrealized gain (loss)	12.92	.80	2.21	.43	4.92
Total from investment operations	12.69	.67	2.16	.37	4.84
Distributions from net investment income	–	–	–	–	–
Distributions from net realized gain	(.43)	(.46)^C	(4.37)	(2.65)	(.30)
Total distributions	(.43)	(.46)	(4.37)	(2.65)	(.30)
Redemption fees added to paid in capital^A	–	–	–	–^D	–^D
Net asset value, end of period	$35.46	$23.20	$23.00	$25.21	$27.49
Total Return^E,^F	55.24%	2.83%	11.20%	1.40%	21.20%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.46%	1.61%	1.35%	1.33%	1.39%
Expenses net of fee waivers, if any	1.45%	1.60%	1.35%	1.33%	1.39%
Expenses net of all reductions	1.45%	1.60%	1.35%	1.32%	1.39%
Net investment income (loss)	(.71)%	(.58)%	(.24)%	(.22)%^B	(.33)%
Supplemental Data
Net assets, end of period (in millions)	$17	$8	$7	$5	$3
Portfolio turnover rate^I	59%	70%	56%^J	68%	62%

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

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

^D Amount represents less than $.005 per share.

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

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

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

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

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

^J 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 Small Cap Fund Class C

Years ended October 31,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$21.48	$21.43	$23.79	$26.20	$21.99
Income from Investment Operations
Net investment income (loss)^A	(.36)	(.23)	(.16)	(.17)^B	(.20)
Net realized and unrealized gain (loss)	11.92	.75	2.06	.41	4.71
Total from investment operations	11.56	.52	1.90	.24	4.51
Distributions from net investment income	–	–	–	–	–
Distributions from net realized gain	(.43)	(.46)^C	(4.26)	(2.65)	(.30)
Total distributions	(.43)	(.46)	(4.26)	(2.65)	(.30)
Redemption fees added to paid in capital^A	–	–	–	–^D	–^D
Net asset value, end of period	$32.61	$21.48	$21.43	$23.79	$26.20
Total Return^E,^F	54.40%	2.33%	10.64%	.94%	20.62%
Ratios to Average Net Assets^G,^H
Expenses before reductions	1.98%	2.13%	1.86%	1.79%	1.87%
Expenses net of fee waivers, if any	1.97%	2.13%	1.86%	1.79%	1.87%
Expenses net of all reductions	1.97%	2.12%	1.86%	1.78%	1.86%
Net investment income (loss)	(1.23)%	(1.10)%	(.76)%	(.68)%^B	(.81)%
Supplemental Data
Net assets, end of period (in millions)	$19	$8	$8	$6	$5
Portfolio turnover rate^I	59%	70%	56%^J	68%	62%

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

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

^D Amount represents less than $.005 per share.

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

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

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

^J 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 Small Cap Fund

Years ended October 31,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$24.77	$24.47	$26.50	$28.71	$23.91
Income from Investment Operations
Net investment income (loss)^A	(.05)	–^B	.08	.12^C	.08
Net realized and unrealized gain (loss)	13.82	.84	2.36	.43	5.15
Total from investment operations	13.77	.84	2.44	.55	5.23
Distributions from net investment income	–	(.07)^D	(.06)	(.11)	(.12)
Distributions from net realized gain	(.43)	(.47)^D	(4.42)	(2.65)	(.30)
Total distributions	(.43)	(.54)	(4.47)^E	(2.76)	(.43)^E
Redemption fees added to paid in capital^A	–	–	–	–^B	–^B
Net asset value, end of period	$38.11	$24.77	$24.47	$26.50	$28.71
Total Return^F	56.11%	3.42%	11.90%	2.04%	22.00%
Ratios to Average Net Assets^G,^H
Expenses before reductions	.90%	1.02%	.75%	.68%	.75%
Expenses net of fee waivers, if any	.90%	1.02%	.75%	.68%	.75%
Expenses net of all reductions	.90%	1.01%	.75%	.67%	.74%
Net investment income (loss)	(.16)%	- %^I	.36%	.43%^C	.31%
Supplemental Data
Net assets, end of period (in millions)	$1,654	$960	$938	$1,035	$1,511
Portfolio turnover rate^J	59%	70%	56%^K	68%	62%

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

^B Amount represents less than $.005 per share.

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

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

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

^I Amount represents less than .005%.

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

^K 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 Small Cap Fund Class I

Years ended October 31,	2021	2020	2019	2018	2017
Selected Per–Share Data
Net asset value, beginning of period	$24.93	$24.54	$26.57	$28.78	$23.97
Income from Investment Operations
Net investment income (loss)^A	(.06)	–^B	.08	.12^C	.08
Net realized and unrealized gain (loss)	13.90	.86	2.37	.43	5.15
Total from investment operations	13.84	.86	2.45	.55	5.23
Distributions from net investment income	–	–^B,^D	(.06)	(.11)	(.12)
Distributions from net realized gain	(.43)	(.47)^D	(4.42)	(2.65)	(.30)
Total distributions	(.43)	(.47)	(4.48)	(2.76)	(.42)
Redemption fees added to paid in capital^A	–	–	–	–^B	–^B
Net asset value, end of period	$38.34	$24.93	$24.54	$26.57	$28.78
Total Return^E	56.03%	3.49%	11.87%	2.02%	21.97%
Ratios to Average Net Assets^F,^G
Expenses before reductions	.92%	1.01%	.76%	.69%	.75%
Expenses net of fee waivers, if any	.91%	1.00%	.76%	.69%	.75%
Expenses net of all reductions	.91%	1.00%	.75%	.68%	.75%
Net investment income (loss)	(.17)%	.02%	.35%	.42%^C	.31%
Supplemental Data
Net assets, end of period (in millions)	$308	$79	$9	$40	$43
Portfolio turnover rate^H	59%	70%	56%^I	68%	62%

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

^B Amount represents less than $.005 per share.

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

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

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

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

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

^I 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 Small Cap Fund Class Z

Years ended October 31,	2021	2020	2019	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$24.85	$24.55	$26.59	$28.81	$26.36
Income from Investment Operations
Net investment income (loss)^B	(.02)	.03	.12	.16^C	.07
Net realized and unrealized gain (loss)	13.87	.86	2.36	.43	2.38
Total from investment operations	13.85	.89	2.48	.59	2.45
Distributions from net investment income	–	(.12)^D	(.10)	(.16)	–
Distributions from net realized gain	(.43)	(.47)^D	(4.42)	(2.65)	–
Total distributions	(.43)	(.59)	(4.52)	(2.81)	–
Redemption fees added to paid in capital^B	–	–	–	–^E	–^E
Net asset value, end of period	$38.27	$24.85	$24.55	$26.59	$28.81
Total Return^F,^G	56.26%	3.58%	12.05%	2.17%	9.29%
Ratios to Average Net Assets^H,^I
Expenses before reductions	.79%	.89%	.61%	.55%	.62%^J
Expenses net of fee waivers, if any	.79%	.88%	.61%	.55%	.61%^J
Expenses net of all reductions	.79%	.88%	.61%	.54%	.61%^J
Net investment income (loss)	(.04)%	.14%	.49%	.56%^C	.34%^J
Supplemental Data
Net assets, end of period (in millions)	$167	$53	$30	$6	$1
Portfolio turnover rate^K	59%	70%	56%^L	68%	62%

^A For the period February 1, 2017 (commencement of sale of shares) through October 31, 2017.

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

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

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

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

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

^J Annualized

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

^L 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 October 31, 2021
(Amounts in thousands except percentages)

1. Organization.

Fidelity Stock Selector Small Cap Fund (the Fund) is a fund of Fidelity Capital Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Stock Selector Small Cap, 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. Effective June 21, 2021, Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Prior to June 21, 2021, Class C shares automatically converted to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

Level 1 – 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:

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021, is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. A non-recurring dividend with a payable date of October 29, 2021 and an ex-date of November 1, 2021 is presented in the Statement of Assets and Liabilities as "Deferred dividend income". Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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. These differences resulted in distribution reclassifications for the period ended October 31, 2020. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to futures contracts, foreign currency contracts, partnerships, net operating losses, and losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$727,094
Gross unrealized depreciation	(67,712)
Net unrealized appreciation (depreciation)	$659,382
Tax Cost	$1,673,204

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

Undistributed ordinary income	$39,496
Undistributed long-term capital gain	$183,013
Net unrealized appreciation (depreciation) on securities and other investments	$659,382

The tax character of distributions paid was as follows:

	October 31, 2021	October 31, 2020
Ordinary Income	$–	$ 3,104
Long-term Capital Gains	21,097	19,896
Total	$21,097	$ 23,000

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Stock Selector Small Cap Fund	1,461,034	1,082,593

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Stock Selector Small Cap Fund as compared to its benchmark index, the Russell 2000 Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$216	$14
Class M	.25%	.25%	66	–
Class C	.75%	.25%	143	61
			$425	$75

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	$74
Class M	7
Class C^(a)	2
	$83

(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 Z. FIIOC receives an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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

	Amount	% of Class-Level Average Net Assets
Class A	$170	.20
Class M	28	.21
Class C	34	.23
Stock Selector Small Cap	2,307	.16
Class I	369	.17
Class Z	55	.04
	$2,963

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

	Amount
Fidelity Stock Selector Small Cap Fund	$43

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Stock Selector Small Cap Fund	127,858	85,731	4,427

7. Committed Line of Credit.

	Amount
Fidelity Stock Selector Small Cap Fund	$3

8. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
Fidelity Stock Selector Small Cap Fund	$20	$–^(a)	$–

(a) Amount represents less than five hundred dollars.

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $32.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended October 31, 2021	Year ended October 31, 2020
Fidelity Stock Selector Small Cap Fund
Distributions to shareholders
Class A	$931	$744
Class M	148	150
Class C	166	159
Stock Selector Small Cap	16,978	20,831
Class I	1,721	203
Class Z	1,153	913
Total	$21,097	$23,000

11. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended October 31, 2021	Year ended October 31, 2020	Year ended October 31, 2021	Year ended October 31, 2020
Fidelity Stock Selector Small Cap Fund
Class A
Shares sold	1,228	1,173	$40,693	$26,630
Reinvestment of distributions	31	30	885	743
Shares redeemed	(483)	(625)	(16,024)	(13,830)
Net increase (decrease)	776	578	$25,554	$13,543
Class M
Shares sold	183	137	$5,810	$3,007
Reinvestment of distributions	5	6	148	145
Shares redeemed	(54)	(120)	(1,685)	(2,494)
Net increase (decrease)	134	23	$4,273	$658
Class C
Shares sold	320	169	$9,363	$3,361
Reinvestment of distributions	7	7	166	158
Shares redeemed	(102)	(173)	(3,021)	(3,439)
Net increase (decrease)	225	3	$6,508	$80
Stock Selector Small Cap
Shares sold	13,890	11,100	$464,016	$259,830
Reinvestment of distributions	557	799	16,281	20,024
Shares redeemed	(9,792)	(11,479)	(333,526)	(263,471)
Net increase (decrease)	4,655	420	$146,771	$16,383
Class I
Shares sold	6,912	3,321	$230,376	$74,891
Reinvestment of distributions	56	8	1,648	191
Shares redeemed	(2,098)	(537)	(70,410)	(12,504)
Net increase (decrease)	4,870	2,792	$161,614	$62,578
Class Z
Shares sold	2,962	1,898	$99,043	$45,307
Reinvestment of distributions	37	35	1,098	873
Shares redeemed	(770)	(1,018)	(26,990)	(23,180)
Net increase (decrease)	2,229	915	$73,151	$23,000

12. Other.

13. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Stock Selector Small Cap Fund (the "Fund"), a fund of Fidelity Capital Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 15, 2021

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

Trustees and Officers

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expenses Paid During Period-^B May 1, 2021 to October 31, 2021
Fidelity Stock Selector Small Cap Fund
Class A	1.18%
Actual		$1,000.00	$1,063.70	$6.14
Hypothetical-^C		$1,000.00	$1,019.26	$6.01
Class M	1.44%
Actual		$1,000.00	$1,062.60	$7.49
Hypothetical-^C		$1,000.00	$1,017.95	$7.32
Class C	1.96%
Actual		$1,000.00	$1,059.80	$10.18
Hypothetical-^C		$1,000.00	$1,015.32	$9.96
Stock Selector Small Cap	.89%
Actual		$1,000.00	$1,065.40	$4.63
Hypothetical-^C		$1,000.00	$1,020.72	$4.53
Class I	.91%
Actual		$1,000.00	$1,065.30	$4.74
Hypothetical-^C		$1,000.00	$1,020.62	$4.63
Class Z	.78%
Actual		$1,000.00	$1,066.00	$4.06
Hypothetical-^C		$1,000.00	$1,021.27	$3.97

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

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Stock Selector Small Cap Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Stock Selector Small Cap Fund
Class A	12/06/21	12/03/21	$0.000	$3.631
Class M	12/06/21	12/03/21	$0.000	$3.548
Class C	12/06/21	12/03/21	$0.000	$3.418
Stock Selector Small Cap	12/06/21	12/03/21	$0.059	$3.666
Class I	12/06/21	12/03/21	$0.063	$3.666
Class Z	12/06/21	12/03/21	$0.106	$3.666

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021 $183,110,396, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Stock Selector Small Cap Fund

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in June 2018, July 2018, and September 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.

Fidelity Stock Selector Small Cap Fund

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

Fidelity Stock Selector Small Cap Fund

The Board noted that the comparisons for 2015 and later reflect a revised Total Mapped Group that no longer includes funds with micro-cap objectives and that FMR believes this Total Mapped Group is a more appropriate comparison because the fund does not have a micro-cap objective.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

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

Fidelity Investments

SCS-ANN-1221
1.703160.124

Fidelity Flex® Funds

Fidelity Flex® Small Cap Fund

Annual Report

October 31, 2021

Contents

Note to Shareholders
Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contracts and Management Fees

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Note to Shareholders:

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended October 31, 2021	Past 1 year	Life of fund^A
Fidelity Flex® Small Cap Fund	67.16%	19.69%

^A From March 7, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Flex® Small Cap Fund on March 7, 2017, when the fund started.

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

	Period Ending Values
	$23,090	Fidelity Flex® Small Cap Fund
	$17,740	Russell 2000® Index

Management's Discussion of Fund Performance

Comments from Co-Managers Derek Janssen, Gabriela Kelleher, and Patrick Venanzi: For the fiscal year ending October 31, 2021, the fund gained 67.16%, solidly outperforming the 50.80% result of the benchmark Russell 2000^® Index. Versus the benchmark, security selection was the primary contributor, especially in the information technology sector. Strong picks in financials also helped. Further boosting the portfolio's relative result were favorable investment choices and an underweighting in the health care sector, primarily driven by the pharmaceuticals, biotechnology & life sciences industry. Our non-benchmark stake in Signature Bank was the fund's top individual relative contributor, driven by an advance of 278%. We reduced our stake in the company the past 12 months. Also lifting performance was our outsized position in Crocs, which gained 208% and was among the fund's biggest holdings at the end of the period. Another notable relative contributor was a larger-than-benchmark holding in SiTime (+228%), in which we decreased our stake the past year. In contrast, the primary detractor from performance versus the benchmark was security selection in energy. Weak picks in the industrials sector, primarily within the capital goods industry, also hindered the portfolio's relative performance. Further pressuring the fund's relative return were stock picks in materials. Not owning GameStop, a benchmark component that gained 1901%, was the largest individual relative detractor. Also hampering performance was our overweighting in Array Technologies, which returned roughly -58% and was no longer owned at period end. Avoiding AMC Entertainment, a benchmark component that rose about 1399%, hurt relative performance as well. Notable changes in positioning during the period include increased exposure to the real estate sector and a lower allocation among consumer discretionary stocks.

Note to Shareholders: On January 30, 2021, Derek Janssen assumed lead portfolio management responsibilities for the fund, succeeding Clint Lawrence. On May 1, 2021, Gabriela Kelleher assumed co-management responsibilities for the fund, joining Derek Janssen and Patrick Venanzi.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

	% of fund's net assets
Crocs, Inc.	1.9
Churchill Downs, Inc.	1.5
Assurant, Inc.	1.3
CACI International, Inc. Class A	1.3
Valvoline, Inc.	1.3
Builders FirstSource, Inc.	1.3
Jones Lang LaSalle, Inc.	1.3
Crane Co.	1.1
Cushman & Wakefield PLC	1.1
Antero Resources Corp.	1.1
	13.2

Top Five Market Sectors as of October 31, 2021

	% of fund's net assets
Financials	18.2
Health Care	17.4
Industrials	15.4
Information Technology	15.0
Consumer Discretionary	12.5

Asset Allocation (% of fund's net assets)

As of October 31, 2021^*
	Stocks and Equity Futures	98.5%
	Convertible Securities	1.2%
	Short-Term Investments and Net Other Assets (Liabilities)	0.3%

* Foreign investments - 15.0%

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value
COMMUNICATION SERVICES - 1.9%
Media - 1.6%
Cogeco Communications, Inc.	222	$19,066
Integral Ad Science Holding Corp.	1,003	24,644
Nexstar Broadcasting Group, Inc. Class A	461	69,118
TechTarget, Inc. (a)	1,279	120,622
		233,450
Wireless Telecommunication Services - 0.3%
Gogo, Inc. (a)	2,757	44,829

TOTAL COMMUNICATION SERVICES		278,279

CONSUMER DISCRETIONARY - 12.3%
Auto Components - 0.5%
Adient PLC (a)	1,774	73,834
Hotels, Restaurants & Leisure - 3.6%
Caesars Entertainment, Inc. (a)	690	75,527
Churchill Downs, Inc.	954	219,420
Dutch Bros, Inc.	313	23,863
Everi Holdings, Inc. (a)	986	23,664
Hilton Grand Vacations, Inc. (a)	2,213	111,270
Lindblad Expeditions Holdings (a)	4,828	72,179
NeoGames SA	302	11,219
		537,142
Household Durables - 1.0%
GoPro, Inc. Class A (a)	1,847	15,903
Helen of Troy Ltd. (a)	53	11,922
Lovesac (a)	1,009	78,712
M/I Homes, Inc. (a)	231	13,227
Sonos, Inc. (a)	497	16,212
Traeger, Inc. (a)	802	15,150
		151,126
Internet & Direct Marketing Retail - 1.2%
Farfetch Ltd. Class A (a)	374	14,665
Overstock.com, Inc. (a)	78	7,428
Porch Group, Inc. Class A (a)	2,924	61,492
Revolve Group, Inc. (a)	318	23,863
The Original BARK Co. (b)	3,200	23,552
The Original BARK Co.:
warrants 8/29/25 (a)	658	1,059
Class A (a)	1,321	9,723
thredUP, Inc. (a)	2,067	44,730
		186,512
Leisure Products - 0.1%
Callaway Golf Co. (a)	481	13,011
Specialty Retail - 3.4%
American Eagle Outfitters, Inc.	3,019	71,671
Dick's Sporting Goods, Inc.	207	25,711
Fanatics, Inc. Class A (b)(c)	849	40,217
Floor & Decor Holdings, Inc. Class A (a)	285	38,737
Lithia Motors, Inc. Class A (sub. vtg.)	106	33,837
Musti Group OYJ	448	17,598
Rent-A-Center, Inc.	2,584	137,624
The Aaron's Co., Inc.	1,457	34,079
Warby Parker, Inc. (a)	293	15,822
Williams-Sonoma, Inc.	472	87,665
		502,961
Textiles, Apparel & Luxury Goods - 2.5%
Algolia, Inc. (b)(c)	131	3,831
Crocs, Inc. (a)	1,742	281,235
Deckers Outdoor Corp. (a)	129	50,995
Tapestry, Inc.	783	30,521
		366,582

TOTAL CONSUMER DISCRETIONARY		1,831,168

CONSUMER STAPLES - 2.1%
Food & Staples Retailing - 1.7%
BJ's Wholesale Club Holdings, Inc. (a)	1,966	114,893
U.S. Foods Holding Corp. (a)	3,893	134,970
		249,863
Food Products - 0.2%
Darling Ingredients, Inc. (a)	394	33,301
Personal Products - 0.2%
The Beauty Health Co. (a)	1,322	36,315

TOTAL CONSUMER STAPLES		319,479

ENERGY - 3.8%
Energy Equipment & Services - 0.6%
Fluence Energy, Inc.	608	21,627
Technip Energies NV ADR (a)	1,223	18,736
TechnipFMC PLC (a)	7,774	57,294
		97,657
Oil, Gas & Consumable Fuels - 3.2%
Antero Resources Corp. (a)	8,107	161,086
Brigham Minerals, Inc. Class A	4,100	95,038
BW Energy Ltd. (a)	22,036	71,863
Enviva Partners LP	783	52,430
Euronav NV	1,678	17,703
Genesis Energy LP	1,339	14,595
Range Resources Corp. (a)	1,164	27,144
Renewable Energy Group, Inc. (a)	472	30,208
		470,067

TOTAL ENERGY		567,724

FINANCIALS - 18.2%
Banks - 7.5%
BankUnited, Inc.	762	30,907
BOK Financial Corp.	500	50,585
Camden National Corp.	835	39,746
Comerica, Inc.	1,022	86,962
Cullen/Frost Bankers, Inc.	589	76,276
Eastern Bankshares, Inc.	5,000	103,850
First Citizens Bancshares, Inc.	33	26,859
First Foundation, Inc.	2,867	76,291
Glacier Bancorp, Inc.	392	21,674
PacWest Bancorp	334	15,855
Signature Bank	279	83,092
Silvergate Capital Corp. (a)	166	25,999
Starling Bank Ltd. Series D (a)(b)(c)	7,034	12,460
Sterling Bancorp	4,424	112,591
Synovus Financial Corp.	1,792	83,489
The Bank of NT Butterfield & Son Ltd.	2,251	80,811
Trico Bancshares	2,136	93,621
Western Alliance Bancorp.	756	87,764
		1,108,832
Capital Markets - 2.2%
AllianceBernstein Holding LP	1,662	93,720
Impax Asset Management Group PLC	716	10,740
Lazard Ltd. Class A	1,226	60,062
LPL Financial	186	30,508
Morningstar, Inc.	115	36,426
Perella Weinberg Partners (b)	3,238	45,462
StepStone Group, Inc. Class A	1,053	49,470
		326,388
Consumer Finance - 1.7%
Encore Capital Group, Inc. (a)	2,212	119,492
First Cash Financial Services, Inc.	1,332	117,842
OneMain Holdings, Inc.	385	20,332
		257,666
Diversified Financial Services - 0.7%
ECN Capital Corp.	11,417	99,262
Insurance - 5.5%
American Financial Group, Inc.	333	45,301
Assurant, Inc.	1,237	199,540
Axis Capital Holdings Ltd.	1,113	57,954
BRP Group, Inc. (a)	1,230	44,895
Enstar Group Ltd. (a)	541	124,852
First American Financial Corp.	709	51,856
HCI Group, Inc.	89	11,927
Old Republic International Corp.	5,526	142,737
Primerica, Inc.	442	74,362
Reinsurance Group of America, Inc.	594	70,140
		823,564
Thrifts & Mortgage Finance - 0.6%
Flagstar Bancorp, Inc.	1,693	79,893
Meta Financial Group, Inc.	265	14,692
		94,585

TOTAL FINANCIALS		2,710,297

HEALTH CARE - 17.1%
Biotechnology - 7.6%
4D Molecular Therapeutics, Inc.	342	8,218
ADC Therapeutics SA (a)	304	8,813
Agios Pharmaceuticals, Inc. (a)	942	44,274
Allakos, Inc. (a)	323	32,487
Allovir, Inc. (a)	651	15,631
ALX Oncology Holdings, Inc. (a)	298	16,700
Ambrx Biopharma, Inc. ADR	823	10,370
Annexon, Inc. (a)	287	4,681
Argenx SE ADR (a)	98	29,592
Ascendis Pharma A/S sponsored ADR (a)	260	39,419
Aurinia Pharmaceuticals, Inc. (a)	1,125	37,215
Avid Bioservices, Inc. (a)	747	22,918
Bicycle Therapeutics PLC ADR (a)	182	9,355
Biohaven Pharmaceutical Holding Co. Ltd. (a)	125	17,790
Bolt Biotherapeutics, Inc.	576	7,540
Celldex Therapeutics, Inc. (a)	936	39,817
Century Therapeutics, Inc.	429	9,640
Connect Biopharma Holdings Ltd. ADR (a)	793	12,561
Cullinan Oncology, Inc.	684	15,198
Cytokinetics, Inc. (a)	1,194	41,683
Erasca, Inc.	729	14,420
Exelixis, Inc. (a)	1,405	30,222
Forma Therapeutics Holdings, Inc. (a)	497	9,224
Global Blood Therapeutics, Inc. (a)	339	12,380
Graphite Bio, Inc.	507	6,459
Gritstone Bio, Inc. (a)	642	7,056
Halozyme Therapeutics, Inc. (a)	398	15,152
Immunocore Holdings PLC ADR	340	13,097
ImmunoGen, Inc. (a)	1,444	8,707
Instil Bio, Inc. (a)	1,406	28,640
Instil Bio, Inc. (d)	1,419	28,905
Janux Therapeutics, Inc.	384	9,350
Keros Therapeutics, Inc. (a)	503	20,985
Kura Oncology, Inc. (a)	778	12,775
Kymera Therapeutics, Inc. (a)	314	18,488
Monte Rosa Therapeutics, Inc.	573	13,437
Morphic Holding, Inc. (a)	582	33,465
Natera, Inc. (a)	236	27,039
Nuvalent, Inc.	643	14,923
Prelude Therapeutics, Inc. (a)	759	13,343
ProQR Therapeutics BV (a)	3,856	29,768
Protagonist Therapeutics, Inc. (a)	830	25,863
PTC Therapeutics, Inc. (a)	683	25,906
Relay Therapeutics, Inc. (a)	1,716	57,057
Repare Therapeutics, Inc. (a)	656	16,407
Revolution Medicines, Inc. (a)	516	15,186
Shattuck Labs, Inc.	610	11,773
Stoke Therapeutics, Inc. (a)	137	3,128
Tango Therapeutics, Inc. (b)	1,200	15,408
Tenaya Therapeutics, Inc. (a)	880	22,625
TG Therapeutics, Inc. (a)	1,504	46,955
Tyra Biosciences, Inc.	766	17,151
United Therapeutics Corp. (a)	151	28,805
Vericel Corp. (a)	319	14,680
Verve Therapeutics, Inc.	335	15,541
Xenon Pharmaceuticals, Inc. (a)	494	15,388
		1,123,610
Health Care Equipment & Supplies - 3.0%
Axonics Modulation Technologies, Inc. (a)	515	37,775
CryoPort, Inc. (a)	284	23,157
Envista Holdings Corp. (a)	2,508	98,063
Figs, Inc. Class A (a)	378	12,705
Globus Medical, Inc. (a)	272	20,990
Inogen, Inc. (a)	245	9,714
Insulet Corp. (a)	295	91,456
Integer Holdings Corp. (a)	343	30,877
Minerva Surgical, Inc.	1,378	12,898
Neuronetics, Inc. (a)	1,043	5,424
NeuroPace, Inc. (a)	947	14,357
OrthoPediatrics Corp. (a)	342	24,340
PAVmed, Inc. (a)	1,317	7,151
Pulmonx Corp.	393	15,299
TransMedics Group, Inc. (a)	674	18,488
ViewRay, Inc. (a)	3,587	26,221
		448,915
Health Care Providers & Services - 2.7%
Acadia Healthcare Co., Inc. (a)	738	45,756
Accolade, Inc. (a)	164	6,526
agilon health, Inc. (a)	1,219	29,866
Guardant Health, Inc. (a)	55	6,423
LifeStance Health Group, Inc.	876	10,494
Molina Healthcare, Inc. (a)	137	40,514
Oak Street Health, Inc. (a)	268	12,658
Option Care Health, Inc. (a)	1,514	41,378
Owens & Minor, Inc.	1,000	35,880
Premier, Inc.	1,700	66,215
R1 RCM, Inc. (a)	2,292	49,736
Signify Health, Inc.	582	9,353
Surgery Partners, Inc. (a)	575	23,656
The Joint Corp. (a)	191	16,709
		395,164
Health Care Technology - 1.0%
Certara, Inc.	697	28,793
Definitive Healthcare Corp.	54	2,168
Evolent Health, Inc. (a)	652	19,084
Health Catalyst, Inc. (a)	399	21,003
Inspire Medical Systems, Inc. (a)	119	32,080
OptimizeRx Corp. (a)	128	12,378
Phreesia, Inc. (a)	376	26,523
Schrodinger, Inc. (a)	248	13,536
		155,565
Life Sciences Tools & Services - 1.4%
10X Genomics, Inc. (a)	218	35,157
Absci Corp.	778	10,843
Charles River Laboratories International, Inc. (a)	69	30,959
Maravai LifeSciences Holdings, Inc.	556	23,513
Nanostring Technologies, Inc. (a)	543	26,227
Olink Holding AB ADR (a)	784	25,213
Syneos Health, Inc. (a)	622	58,057
		209,969
Pharmaceuticals - 1.4%
Arvinas Holding Co. LLC (a)	156	13,506
Cyteir Therapeutics, Inc.	384	6,877
Edgewise Therapeutics, Inc. (a)	708	11,682
Fulcrum Therapeutics, Inc. (a)	709	15,697
Ikena Oncology, Inc. (d)	1,416	15,222
Jazz Pharmaceuticals PLC (a)	313	41,642
NGM Biopharmaceuticals, Inc. (a)	299	5,523
Ocular Therapeutix, Inc. (a)	951	6,315
Pharvaris BV	898	15,931
Prestige Brands Holdings, Inc. (a)	1,111	66,649
Theseus Pharmaceuticals, Inc.	400	6,848
		205,892

TOTAL HEALTH CARE		2,539,115

INDUSTRIALS - 15.1%
Aerospace & Defense - 0.8%
BWX Technologies, Inc.	628	35,633
Curtiss-Wright Corp.	628	80,183
		115,816
Air Freight & Logistics - 0.2%
Hub Group, Inc. Class A (a)	389	30,564
Building Products - 2.9%
Builders FirstSource, Inc. (a)	3,266	190,310
Jeld-Wen Holding, Inc. (a)	3,833	105,063
Owens Corning	199	18,589
Resideo Technologies, Inc. (a)	833	20,542
Simpson Manufacturing Co. Ltd.	263	27,902
The AZEK Co., Inc. (a)	1,091	40,029
UFP Industries, Inc.	382	31,259
		433,694
Commercial Services & Supplies - 0.1%
Driven Brands Holdings, Inc.	552	17,923
Construction & Engineering - 0.9%
Arcosa, Inc.	969	50,126
Quanta Services, Inc.	122	14,796
Willscot Mobile Mini Holdings (a)	1,725	59,944
		124,866
Electrical Equipment - 1.6%
Acuity Brands, Inc.	246	50,536
Atkore, Inc. (a)	639	60,405
nVent Electric PLC	744	26,375
Regal Rexnord Corp.	190	28,943
Sensata Technologies, Inc. PLC (a)	489	26,944
Shoals Technologies Group, Inc.	571	17,695
Sunrun, Inc. (a)	488	28,148
		239,046
Machinery - 3.2%
Chart Industries, Inc. (a)	126	22,368
Crane Co.	1,590	164,215
ESCO Technologies, Inc.	447	37,798
ITT, Inc.	1,517	142,704
Kornit Digital Ltd. (a)	98	16,393
Luxfer Holdings PLC sponsored	3,676	73,924
SPX Flow, Inc.	191	14,270
		471,672
Professional Services - 4.1%
Alight, Inc. Class A (a)	3,718	40,452
ASGN, Inc. (a)	833	99,677
CACI International, Inc. Class A (a)	685	197,033
First Advantage Corp.	396	7,405
KBR, Inc.	2,921	123,967
Kelly Services, Inc. Class A (non-vtg.)	127	2,290
Korn Ferry	423	32,660
Manpower, Inc.	831	80,316
Sterling Check Corp.	267	5,727
TriNet Group, Inc. (a)	167	16,909
		606,436
Trading Companies & Distributors - 1.3%
Applied Industrial Technologies, Inc.	332	32,363
Beacon Roofing Supply, Inc. (a)	2,686	142,009
Custom Truck One Source, Inc. Class A (a)	2,654	24,019
		198,391

TOTAL INDUSTRIALS		2,238,408

INFORMATION TECHNOLOGY - 14.6%
Communications Equipment - 0.7%
AudioCodes Ltd.	1,065	37,744
Calix, Inc. (a)	277	17,337
Lumentum Holdings, Inc. (a)	615	50,787
		105,868
Electronic Equipment & Components - 2.2%
Fabrinet (a)	338	32,448
Insight Enterprises, Inc. (a)	692	65,532
Jabil, Inc.	500	29,980
TD SYNNEX Corp.	1,307	137,235
TTM Technologies, Inc. (a)	4,577	60,599
		325,794
IT Services - 3.2%
Concentrix Corp.	486	86,352
Cyxtera Technologies, Inc.:
warrants 9/10/27 (a)	1,028	2,395
Class A (a)	5,307	52,752
Digitalocean Holdings, Inc. (a)	327	31,912
Dlocal Ltd.	471	22,848
Flywire Corp. (a)	720	34,157
Genpact Ltd.	2,394	118,144
Nuvei Corp. (a)(d)	245	29,445
Perficient, Inc. (a)	219	27,068
Thoughtworks Holding, Inc.	513	14,821
Unisys Corp. (a)	1,460	37,332
Verra Mobility Corp. (a)	1,342	19,969
		477,195
Semiconductors & Semiconductor Equipment - 2.1%
AEHR Test Systems (a)	398	9,003
Ambarella, Inc. (a)	186	34,564
Cirrus Logic, Inc. (a)	439	35,476
eMemory Technology, Inc.	268	22,137
Nova Ltd. (a)	221	24,005
Semtech Corp. (a)	733	62,327
SiTime Corp. (a)	449	118,936
		306,448
Software - 6.1%
Alkami Technology, Inc. (a)	975	29,250
Amplitude, Inc. (a)	476	35,362
AvidXchange Holdings, Inc.	566	12,582
CCC Intelligent Solutions Holdings, Inc. (b)	500	5,990
Couchbase, Inc.	46	1,855
CyberArk Software Ltd. (a)	363	65,380
DoubleVerify Holdings, Inc. (d)	767	30,320
Dynatrace, Inc. (a)	701	52,575
Elastic NV (a)	366	63,505
Fortnox AB	148	10,478
Latch, Inc. (a)	730	6,490
Lightspeed Commerce, Inc. (Canada) (a)	303	29,534
Matterport, Inc. (a)	336	7,543
Matterport, Inc. (b)	500	11,225
Monday.com Ltd.	69	25,656
Rapid7, Inc. (a)	665	85,619
SentinelOne, Inc.	342	22,709
Similarweb Ltd. (a)	1,127	21,683
Sprout Social, Inc. (a)	509	64,989
Stronghold Digital Mining, Inc. Class A	300	8,238
TECSYS, Inc.	754	34,112
Telos Corp.	1,294	33,528
Tenable Holdings, Inc. (a)	1,498	79,769
WalkMe Ltd.	956	24,244
Workiva, Inc. (a)	262	39,182
Xperi Holding Corp.	4,431	79,404
Yext, Inc. (a)	2,091	26,326
		907,548
Technology Hardware, Storage & Peripherals - 0.3%
Avid Technology, Inc. (a)	518	14,836
Seagate Technology Holdings PLC	302	26,899
		41,735

TOTAL INFORMATION TECHNOLOGY		2,164,588

MATERIALS - 5.5%
Chemicals - 2.5%
Element Solutions, Inc.	1,550	35,201
The Chemours Co. LLC	902	25,274
Trinseo PLC	220	12,333
Tronox Holdings PLC	2,783	64,900
Valvoline, Inc.	5,710	193,912
Westlake Chemical Corp.	397	38,644
		370,264
Construction Materials - 0.9%
Eagle Materials, Inc.	518	76,850
RHI Magnesita NV	562	25,827
Summit Materials, Inc. (a)	873	31,122
		133,799
Containers & Packaging - 1.3%
Ardagh Group SA	1,395	34,352
Ardagh Metal Packaging SA (b)	1,915	18,863
Avery Dennison Corp.	138	30,045
O-I Glass, Inc. (a)	5,500	71,775
WestRock Co.	862	41,462
		196,497
Metals & Mining - 0.8%
Commercial Metals Co.	2,063	66,387
Iluka Resources Ltd.	3,290	23,264
Lynas Rare Earths Ltd. (a)	4,242	23,390
		113,041

TOTAL MATERIALS		813,601

REAL ESTATE - 5.5%
Equity Real Estate Investment Trusts (REITs) - 1.7%
Corporate Office Properties Trust (SBI)	469	12,719
Douglas Emmett, Inc.	2,152	70,327
Lexington Corporate Properties Trust	5,450	79,407
Rexford Industrial Realty, Inc.	340	22,848
RLJ Lodging Trust	3,500	50,470
Terreno Realty Corp.	357	26,107
		261,878
Real Estate Management & Development - 3.8%
Compass, Inc. (a)	3,485	45,654
Cushman & Wakefield PLC (a)	8,900	163,671
DIC Asset AG	6,253	109,800
Jones Lang LaSalle, Inc. (a)	713	184,118
Realogy Holdings Corp. (a)	3,354	58,091
		561,334

TOTAL REAL ESTATE		823,212

UTILITIES - 1.6%
Electric Utilities - 0.3%
Portland General Electric Co.	929	45,809
Independent Power and Renewable Electricity Producers - 1.3%
Clearway Energy, Inc. Class C	1,198	42,505
NextEra Energy Partners LP	1,280	110,464
Sunnova Energy International, Inc. (a)	914	40,728
		193,697

TOTAL UTILITIES		239,506

TOTAL COMMON STOCKS
(Cost $10,525,066)		14,525,377

Convertible Preferred Stocks - 1.2%
CONSUMER DISCRETIONARY - 0.2%
Internet & Direct Marketing Retail - 0.1%
Reddit, Inc. Series F (b)(c)	313	19,342
Textiles, Apparel & Luxury Goods - 0.1%
Algolia SAS Series D (b)(c)	200	5,849

TOTAL CONSUMER DISCRETIONARY		25,191

HEALTH CARE - 0.3%
Biotechnology - 0.2%
Bright Peak Therapeutics AG Series B (b)(c)	1,230	4,804
Caris Life Sciences, Inc. Series D (b)(c)	888	7,193
Sonoma Biotherapeutics, Inc.:
Series B (b)(c)	2,715	6,299
Series B1 (b)(c)	1,448	3,359
T-Knife Therapeutics, Inc. Series B (b)(c)	1,257	7,251
Treeline Biosciences Series A (b)(c)	620	4,853
		33,759
Health Care Providers & Services - 0.1%
Boundless Bio, Inc. Series B (b)(c)	3,535	4,772
Health Care Technology - 0.0%
Wugen, Inc. Series B (b)(c)	375	2,908

TOTAL HEALTH CARE		41,439

INDUSTRIALS - 0.3%
Construction & Engineering - 0.2%
Beta Technologies, Inc. Series A (b)(c)	323	23,666
Road & Rail - 0.1%
Convoy, Inc. Series D (a)(b)(c)	1,249	21,333

TOTAL INDUSTRIALS		44,999

INFORMATION TECHNOLOGY - 0.4%
Communications Equipment - 0.1%
Astranis Space Technologies Corp. Series C (b)(c)	648	15,008
IT Services - 0.3%
Yanka Industries, Inc.:
Series E (a)(b)(c)	1,071	34,140
Series F (b)(c)	149	4,750
		38,890
Software - 0.0%
Skyryse, Inc. Series B (b)(c)	300	7,404

TOTAL INFORMATION TECHNOLOGY		61,302

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $146,504)		172,931
	Principal Amount	Value

Convertible Bonds - 0.0%
CONSUMER STAPLES - 0.0%
Food & Staples Retailing - 0.0%
The Real Good Food Co. LLC 1% (Cost $7,700)(b)(e)	7,700	8,663

U.S. Treasury Obligations - 0.1%
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.05% 12/2/21 to 1/13/22 (f)
(Cost $19,999)	20,000	19,998
	Shares	Value

Money Market Funds - 1.4%
Fidelity Cash Central Fund 0.06% (g)
(Cost $202,732)	202,691	202,732
TOTAL INVESTMENT IN SECURITIES - 100.4%
(Cost $10,902,001)		14,929,701
NET OTHER ASSETS (LIABILITIES) - (0.4)%		(66,512)
NET ASSETS - 100%		$14,863,189

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 2000 Index Contracts (United States)	1	Dec. 2021	$114,765	$47	$47

The notional amount of futures purchased as a percentage of Net Assets is 0.8%

Legend

(a) Non-income producing

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $358,602 or 2.4% of net assets.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $103,892 or 0.7% of net assets.

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

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $9,999.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Algolia SAS Series D	7/23/21	$5,849
Algolia, Inc.	10/27/21	$3,831
Ardagh Metal Packaging SA	2/22/21	$19,150
Astranis Space Technologies Corp. Series C	3/19/21	$14,205
Beta Technologies, Inc. Series A	4/9/21	$23,666
Boundless Bio, Inc. Series B	4/23/21	$4,772
Bright Peak Therapeutics AG Series B	5/14/21	$4,804
Caris Life Sciences, Inc. Series D	5/11/21	$7,193
CCC Intelligent Solutions Holdings, Inc.	2/2/21	$5,000
Convoy, Inc. Series D	10/30/19	$16,911
Fanatics, Inc. Class A	8/13/20 - 3/22/21	$15,066
Matterport, Inc.	2/8/21	$5,000
Perella Weinberg Partners	12/29/20	$32,380
Reddit, Inc. Series F	8/11/21	$19,342
Skyryse, Inc. Series B	10/21/21	$7,404
Sonoma Biotherapeutics, Inc. Series B	7/26/21	$5,366
Sonoma Biotherapeutics, Inc. Series B1	7/26/21	$4,293
Starling Bank Ltd. Series D	6/18/21	$12,576
T-Knife Therapeutics, Inc. Series B	6/30/21	$7,251
Tango Therapeutics, Inc.	4/13/21	$12,000
The Original BARK Co.	12/17/20	$32,000
The Real Good Food Co. LLC 1%	5/7/21	$7,700
Treeline Biosciences Series A	7/30/21	$4,853
Wugen, Inc. Series B	7/9/21	$2,908
Yanka Industries, Inc. Series E	5/15/20	$12,937
Yanka Industries, Inc. Series F	4/8/21	$4,750

Affiliated Central Funds

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain/Loss	Change in Unrealized appreciation (depreciation)	Value, end of period	% ownership, end of period
Fidelity Cash Central Fund 0.06%	$136,249	$10,116,439	$10,049,956	$170	$--	$--	$202,732	0.0%
Total	$136,249	$10,116,439	$10,049,956	$170	$--	$--	$202,732

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Communication Services	$278,279	$278,279	$--	$--
Consumer Discretionary	1,856,359	1,787,120	--	69,239
Consumer Staples	319,479	319,479	--	--
Energy	567,724	567,724	--	--
Financials	2,710,297	2,697,837	--	12,460
Health Care	2,580,554	2,513,349	25,766	41,439
Industrials	2,283,407	2,238,408	--	44,999
Information Technology	2,225,890	2,164,588	--	61,302
Materials	813,601	813,601	--	--
Real Estate	823,212	823,212	--	--
Utilities	239,506	239,506	--	--
Corporate Bonds	8,663	--	8,663	--
U.S. Government and Government Agency Obligations	19,998	--	19,998	--
Money Market Funds	202,732	202,732	--	--
Total Investments in Securities:	$14,929,701	$14,645,835	$54,427	$229,439
Derivative Instruments:
Assets
Futures Contracts	$47	$47	$--	$--
Total Assets	$47	$47	$--	$--
Total Derivative Instruments:	$47	$47	$--	$--

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$110,829
Net Realized Gain (Loss) on Investment Securities	--
Net Unrealized Gain (Loss) on Investment Securities	49,664
Cost of Purchases	133,829
Proceeds of Sales	--
Amortization/Accretion	--
Transfers into Level 3	--
Transfers out of Level 3	(64,883)
Ending Balance	$229,439
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2021	$49,664

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts^(a)	$47	$0
Total Equity Risk	47	0
Total Value of Derivatives	$47	$0

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	85.1%
Bermuda	3.0%
United Kingdom	2.8%
Canada	1.7%
Israel	1.3%
Ireland	1.3%
Netherlands	1.0%
Others (Individually Less Than 1%)	3.8%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		October 31, 2021
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $10,699,269)	$14,726,969
Fidelity Central Funds (cost $202,732)	202,732
Total Investment in Securities (cost $10,902,001)		$14,929,701
Foreign currency held at value (cost $362)		362
Receivable for investments sold		177,123
Receivable for fund shares sold		6,769
Dividends receivable		3,191
Interest receivable		37
Distributions receivable from Fidelity Central Funds		12
Receivable for daily variation margin on futures contracts		10
Total assets		15,117,205
Liabilities
Payable to custodian bank	$35,661
Payable for investments purchased	217,994
Payable for fund shares redeemed	361
Total liabilities		254,016
Net Assets		$14,863,189
Net Assets consist of:
Paid in capital		$8,264,890
Total accumulated earnings (loss)		6,598,299
Net Assets		$14,863,189
Net Asset Value, offering price and redemption price per share ($14,863,189 ÷ 679,592 shares)		$21.87

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended October 31, 2021
Investment Income
Dividends		$132,526
Non-Cash dividends		27,325
Interest		35
Income from Fidelity Central Funds		170
Total income		160,056
Expenses
Independent trustees' fees and expenses	$54
Total expenses		54
Net investment income (loss)		160,002
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,161,627
Foreign currency transactions	(117)
Futures contracts	61,752
Total net realized gain (loss)		4,223,262
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	2,594,482
Assets and liabilities in foreign currencies	(23)
Futures contracts	47
Total change in net unrealized appreciation (depreciation)		2,594,506
Net gain (loss)		6,817,768
Net increase (decrease) in net assets resulting from operations		$6,977,770

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended October 31, 2021	Year ended October 31, 2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$160,002	$135,512
Net realized gain (loss)	4,223,262	(376,589)
Change in net unrealized appreciation (depreciation)	2,594,506	568,210
Net increase (decrease) in net assets resulting from operations	6,977,770	327,133
Distributions to shareholders	(92,270)	(100,243)
Share transactions
Proceeds from sales of shares	9,430,279	10,578,181
Reinvestment of distributions	92,270	100,243
Cost of shares redeemed	(12,916,300)	(10,770,011)
Net increase (decrease) in net assets resulting from share transactions	(3,393,751)	(91,587)
Total increase (decrease) in net assets	3,491,749	135,303
Net Assets
Beginning of period	11,371,440	11,236,137
End of period	$14,863,189	$11,371,440
Other Information
Shares
Sold	495,982	850,447
Issued in reinvestment of distributions	5,763	7,968
Redeemed	(685,408)	(928,476)
Net increase (decrease)	(183,663)	(70,061)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights

Fidelity Flex Small Cap Fund


Years ended October 31,	2021	2020	2019	2018	2017 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.17	$12.04	$11.10	$10.76	$10.00
Income from Investment Operations
Net investment income (loss)^B	.22^C	.15	.12	.13	.07
Net realized and unrealized gain (loss)	8.59	1.07	1.14	.32	.69
Total from investment operations	8.81	1.22	1.26	.45	.76
Distributions from net investment income	(.11)	(.09)	(.12)	(.11)	–
Distributions from net realized gain	–	–	(.20)	–	–
Total distributions	(.11)	(.09)	(.32)	(.11)	–
Net asset value, end of period	$21.87	$13.17	$12.04	$11.10	$10.76
Total Return^D,^E	67.16%	10.19%	11.83%	4.18%	7.60%
Ratios to Average Net Assets^F,^G
Expenses before reductions	- %^H	.01%	- %^H	- %^H	- %^H,^I
Expenses net of fee waivers, if any	- %^H	- %^H	- %^H	- %^H	- %^H,^I
Expenses net of all reductions	- %^H	- %^H	- %^H	- %^H	- %^H,^I
Net investment income (loss)	1.15%^C	1.23%	1.07%	1.14%	1.10%^I
Supplemental Data
Net assets, end of period (000 omitted)	$14,863	$11,371	$11,236	$7,534	$538
Portfolio turnover rate^J	104%	178%	145%	163%	249%^I

^A For the period March 7, 2017 (commencement of operations) through October 31, 2017.

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

^C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .95%.

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

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

^H Amount represents less than .005%.

^I Annualized

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

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity Flex Small Cap Fund (the Fund) is a fund of Fidelity Capital Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.

2. Investments in Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

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

Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input^(a)
Equities	$ 229,439	Market approach	Transaction price	$1.35 -$73.27/$33.27	Increase
		Discounted cash flow	Discount for lack of marketability	10.0%	Decrease
			Weighted average of cost (WAAC)	19.6%	Decrease
			Growth rate	2.0%	Increase

(a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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	$4,155,562
Gross unrealized depreciation	(257,080)
Net unrealized appreciation (depreciation)	$3,898,482
Tax Cost	$11,031,219

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

Undistributed ordinary income	$863,132
Undistributed long-term capital gain	$1,836,710
Net unrealized appreciation (depreciation) on securities and other investments	$3,898,456

The tax character of distributions paid was as follows:

	October 31, 2021	October 31, 2020
Ordinary Income	$92,270	$ 100,243

4. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

5. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Flex Small Cap Fund	14,042,712	17,190,964

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

	Amount
Fidelity Flex Small Cap Fund	$590

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Flex Small Cap Fund	756,042	1,010,884	234,065

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Other.

9. Coronavirus (COVID-19) Pandemic.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Capital Trust and Shareholders of Fidelity Flex Small Cap Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Flex Small Cap Fund (the "Fund"), a fund of Fidelity Capital Trust, including the schedule of investments, as of October 31, 2021, 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 four years in the period then ended and for the period from March 7, 2017 (commencement of operations) through October 31, 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, 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 four years in the period then ended and for the period from March 7, 2017 (commencement of operations) through October 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 14, 2021

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

Trustees and Officers

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).

Interested Trustees*:

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

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

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

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

Independent Trustees:

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

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

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expenses Paid During Period-^B May 1, 2021 to October 31, 2021
Fidelity Flex Small Cap Fund	- %-^C
Actual		$1,000.00	$1,084.30	$--^D
Hypothetical-^E		$1,000.00	$1,025.21	$--^D

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

^C Amount represents less than .005%.

^D Amount represents less than $.005.

^E 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Flex Small Cap Fund voted to pay on December 13, 2021, to shareholders of record at the opening of business on December 10, 2021, a distribution of $3.067 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.363 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $1,836,710, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 82% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 90% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Flex Small Cap Fund

At its May 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. The Board did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs. The fund had a portfolio management change in January 2021. The Board will continue to monitor closely the fund's performance in light of the portfolio management change.

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

Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

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

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

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

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

Fidelity Investments

ZSC-ANN-1221
1.9881583.104

Item 2.

Code of Ethics

As of the end of the period, October 31, 2021, Fidelity Capital Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

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

Item 4.

Principal Accountant Fees and Services

Fees and Services

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

Services Billed by Deloitte Entities

October 31, 2021 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Flex Small Cap Fund	$35,100	$-	$7,200	$900
Fidelity Stock Selector Small Cap Fund	$42,200	$-	$7,200	$1,000

October 31, 2020 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Flex Small Cap Fund	$36,000	$-	$7,000	$900
Fidelity Stock Selector Small Cap Fund	$46,700	$-	$6,900	$1,000

^AAmounts may reflect rounding.

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

Services Billed by PwC

October 31, 2021 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Capital Appreciation Fund	$46,300	$4,200	$10,900	$1,400
Fidelity Disciplined Equity Fund	$41,500	$4,000	$7,600	$1,400
Fidelity Focused Stock Fund	$27,200	$2,800	$8,400	$1,000
Fidelity Value Fund	$48,500	$5,000	$14,000	$1,700

October 31, 2020 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Capital Appreciation Fund	$44,500	$4,100	$8,600	$1,600
Fidelity Disciplined Equity Fund	$42,200	$3,900	$7,600	$1,600
Fidelity Focused Stock Fund	$27,800	$2,800	$7,600	$1,100
Fidelity Value Fund	$49,200	$4,900	$14,200	$2,000

^AAmounts may reflect rounding.

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

Services Billed by Deloitte Entities


	October 31, 2021^A	October 31, 2020^A
Audit-Related Fees	$-	$-
Tax Fees	$-	$-
All Other Fees	$-	$-

^A Amounts may reflect rounding.

Services Billed by PwC


	October 31, 2021^A	October 31, 2020^A
Audit-Related Fees	$8,830,600	$9,069,400
Tax Fees	$354,200	$30,000
All Other Fees	$-	$-

^A Amounts may reflect rounding.

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

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

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

Assurance services must be performed by an independent public accountant.

* * *

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


Billed By	October 31, 2021^A	October 31, 2020^A
Deloitte Entities	$537,900	$517,400
PwC	$14,549,900	$14,234,300

^A Amounts may reflect rounding.

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

Audit Committee Pre-Approval Policies and Procedures

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

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

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

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

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

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

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

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

Item 11.

Controls and Procedures

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

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

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies

Not applicable.

Item 13.

Exhibits


(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Fidelity Capital Trust


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

Date:	December 21, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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

Date:	December 21, 2021


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

Date:	December 21, 2021

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