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 811-00649
Fidelity Puritan Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: | July 31 |
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Date of reporting period: | July 31, 2024 |
Item 1.
Reports to Stockholders
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF JULY 31, 2024 | |
| | Fidelity® Low-Priced Stock K6 Fund Fidelity® Low-Priced Stock K6 Fund : FLKSX |
| | | |
This annual shareholder report contains information about Fidelity® Low-Priced Stock K6 Fund for the period August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Low-Priced Stock K6 Fund | $ 55 | 0.50% | |
What affected the Fund's performance this period?
•U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000® Index for the fiscal year, led by information technology. Security selection in energy also boosted relative performance. Also helping our relative result was positioning in health care.
•The fund's non-benchmark stake in Seagate Technology gained 66% and was the top individual relative contributor. We reduced our holdings in Seagate, but it was still among the top-20 largest holdings as of June 30. A non-benchmark stake in Dell Technologies (+117%) was the fund's second-largest relative contributor. This period we decreased our stake in Dell Technologies. Both of these contributors were non-benchmark positions.
•In contrast, the biggest detractor from performance versus the benchmark was stock selection in consumer staples.
•Not owning Super Micro Computer, a benchmark component that gained 148%, was the fund's largest individual relative detractor. Not owning Microstrategy, a benchmark component that gained about 215%, was a second notable relative detractor. An overweight in Helen of Troy (-58%) also hurt.
•Notable changes in the fund's positioning include higher allocation to financials.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
May 26, 2017 through July 31, 2024.
Initial investment of $10,000.
Fidelity® Low-Priced Stock K6 Fund | $10,000 | $10,230 | $11,594 | $11,510 | $11,425 | $16,659 | $16,065 | $17,870 |
Russell 2000® Index | $10,000 | $10,334 | $12,270 | $11,728 | $11,190 | $17,005 | $14,575 | $15,727 |
Russell 3000® Index | $10,000 | $10,260 | $11,942 | $12,784 | $14,181 | $19,672 | $18,226 | $20,532 |
| | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS: | | 1 Year | 5 Year | Life of Fund A |
| Fidelity® Low-Priced Stock K6 Fund | 18.41% | 12.95% | 10.99% |
| Russell 2000® Index | 14.25% | 8.91% | 8.50% |
| Russell 3000® Index | 21.07% | 14.23% | 13.51% |
A From May 26, 2017
Visit www.401k.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics (as of July 31, 2024)
KEY FACTS | | |
| Fund Size | $4,142,177,373 | |
| Number of Holdings | 674 | |
| Total Advisory Fee | $17,777,582 | |
| Portfolio Turnover | 34% | |
What did the Fund invest in?
(as of July 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 17.4 | |
| Industrials | 15.8 | |
| Consumer Discretionary | 14.3 | |
| Information Technology | 13.4 | |
| Health Care | 10.8 | |
| Energy | 8.0 | |
| Consumer Staples | 6.9 | |
| Materials | 5.0 | |
| Utilities | 1.8 | |
| Real Estate | 1.4 | |
| Communication Services | 1.0 | |
| |
| Common Stocks | 95.8 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 66.1 |
| Japan | 7.5 |
| United Kingdom | 6.6 |
| Canada | 4.2 |
| China | 1.9 |
| France | 1.9 |
| Korea (South) | 1.7 |
| Taiwan | 1.5 |
| Netherlands | 1.3 |
| Others | 7.3 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| UnitedHealth Group Inc | 1.7 | |
| Wells Fargo & Co | 1.7 | |
| PG&E Corp | 1.5 | |
| Metro Inc/CN | 1.5 | |
| Elevance Health Inc | 1.2 | |
| TotalEnergies SE ADR | 1.2 | |
| Unum Group | 1.2 | |
| Reinsurance Group of America Inc | 1.2 | |
| Universal Health Services Inc Class B | 1.1 | |
| Cigna Group/The | 1.1 | |
| | 13.4 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913549.100 2955-TSRA-0924 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF JULY 31, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity® Low-Priced Stock Fund Fidelity® Low-Priced Stock Fund Class K : FLPKX |
| | | |
This annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class K | $ 90 | 0.82% | |
What affected the Fund's performance this period?
•U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000® Index for the fiscal year, led by choices in information technology. Stock picks in energy and financials also boosted the fund's relative performance.
•The fund's stake in Seagate Technology gained 66% and was the top individual relative contributor. Seagate was among the fund's biggest holdings this period. A second notable relative contributor was our position in Dell Technologies (+117%). This period we decreased our stake in Dell. Another notable relative contributor was our stake in Reinsurance Group of America (+64%). The stock was among our biggest holdings at period end. All these contributors were non-benchmark positions.
•In contrast, the biggest detractor from performance versus the benchmark was stock selection in consumer staples, primarily within the consumer staples distribution & retail industry. An underweight in the financials sector, primarily among banks, also hampered the fund's result.
•The fund's largest individual relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained 148%. A second notable relative detractor this period was avoiding benchmark component Microstrategy, which gained about 215%. The fund's overweight position in Helen of Troy (-58%) also hurt.
•Notable changes in positioning include increased exposure to financials.
•On December 31, 2023, Joel Tillinghast stepped down from his portfolio management responsibilities, but will remain at Fidelity as a senior advisor to the Fidelity equity team.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
Class K | $10,000 | $10,944 | $10,793 | $12,441 | $13,956 | $13,802 | $13,746 | $20,060 | $19,245 | $21,335 | $25,240 |
Russell 2000® Index | $10,000 | $11,203 | $11,203 | $13,270 | $15,756 | $15,060 | $14,369 | $21,836 | $18,715 | $20,195 | $23,073 |
Russell 3000® Index | $10,000 | $11,128 | $11,623 | $13,498 | $15,711 | $16,819 | $18,657 | $25,882 | $23,979 | $27,013 | $32,705 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS: | | 1 Year | 5 Year | 10 Year |
| Class K | 18.30% | 12.83% | 9.70% |
| Russell 2000® Index | 14.25% | 8.91% | 8.72% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
Visit www.401k.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics (as of July 31, 2024)
KEY FACTS | | |
| Fund Size | $27,883,182,316 | |
| Number of Holdings | 677 | |
| Total Advisory Fee | $221,357,013 | |
| Portfolio Turnover | 23% | |
What did the Fund invest in?
(as of July 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 17.7 | |
| Industrials | 16.4 | |
| Consumer Discretionary | 14.7 | |
| Information Technology | 13.9 | |
| Health Care | 11.2 | |
| Energy | 8.3 | |
| Consumer Staples | 7.2 | |
| Materials | 5.0 | |
| Utilities | 1.9 | |
| Real Estate | 1.5 | |
| Communication Services | 1.0 | |
| |
| Common Stocks | 98.8 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 64.4 |
| Japan | 8.0 |
| United Kingdom | 6.7 |
| Canada | 4.4 |
| Korea (South) | 2.1 |
| China | 2.0 |
| France | 1.9 |
| Taiwan | 1.6 |
| Netherlands | 1.5 |
| Others | 7.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Wells Fargo & Co | 1.8 | |
| UnitedHealth Group Inc | 1.7 | |
| PG&E Corp | 1.6 | |
| Metro Inc/CN | 1.6 | |
| TotalEnergies SE ADR | 1.3 | |
| Elevance Health Inc | 1.2 | |
| Unum Group | 1.2 | |
| Universal Health Services Inc Class B | 1.1 | |
| Cigna Group/The | 1.1 | |
| Reinsurance Group of America Inc | 1.1 | |
| | 13.7 | |
| |
How has the Fund changed?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 28, 2024 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913422.100 2095-TSRA-0924 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF JULY 31, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity® Low-Priced Stock Fund Fidelity® Low-Priced Stock Fund : FLPSX |
| | | |
This annual shareholder report contains information about Fidelity® Low-Priced Stock Fund for the period August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Low-Priced Stock Fund | $ 99 | 0.91% | |
What affected the Fund's performance this period?
•U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000® Index for the fiscal year, led by choices in information technology. Stock picks in energy and financials also boosted the fund's relative performance.
•The fund's stake in Seagate Technology gained 66% and was the top individual relative contributor. Seagate was among the fund's biggest holdings this period. A second notable relative contributor was our position in Dell Technologies (+117%). This period we decreased our stake in Dell. Another notable relative contributor was our stake in Reinsurance Group of America (+64%). The stock was among our biggest holdings at period end. All these contributors were non-benchmark positions.
•In contrast, the biggest detractor from performance versus the benchmark was stock selection in consumer staples, primarily within the consumer staples distribution & retail industry. An underweight in the financials sector, primarily among banks, also hampered the fund's result.
•The fund's largest individual relative detractor this period was avoiding Super Micro Computer, a benchmark component that gained 148%. A second notable relative detractor this period was avoiding benchmark component Microstrategy, which gained about 215%. The fund's overweight position in Helen of Troy (-58%) also hurt.
•Notable changes in positioning include increased exposure to financials.
•On December 31, 2023, Joel Tillinghast stepped down from his portfolio management responsibilities, but will remain at Fidelity as a senior advisor to the Fidelity equity team.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
Fidelity® Low-Priced Stock Fund | $10,000 | $10,932 | $10,771 | $12,405 | $13,902 | $13,735 | $13,669 | $19,933 | $19,105 | $21,164 | $25,015 |
Russell 2000® Index | $10,000 | $11,203 | $11,203 | $13,270 | $15,756 | $15,060 | $14,369 | $21,836 | $18,715 | $20,195 | $23,073 |
Russell 3000® Index | $10,000 | $11,128 | $11,623 | $13,498 | $15,711 | $16,819 | $18,657 | $25,882 | $23,979 | $27,013 | $32,705 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS: | | 1 Year | 5 Year | 10 Year |
| Fidelity® Low-Priced Stock Fund | 18.19% | 12.74% | 9.60% |
| Russell 2000® Index | 14.25% | 8.91% | 8.72% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics (as of July 31, 2024)
KEY FACTS | | |
| Fund Size | $27,883,182,316 | |
| Number of Holdings | 677 | |
| Total Advisory Fee | $221,357,013 | |
| Portfolio Turnover | 23% | |
What did the Fund invest in?
(as of July 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 17.7 | |
| Industrials | 16.4 | |
| Consumer Discretionary | 14.7 | |
| Information Technology | 13.9 | |
| Health Care | 11.2 | |
| Energy | 8.3 | |
| Consumer Staples | 7.2 | |
| Materials | 5.0 | |
| Utilities | 1.9 | |
| Real Estate | 1.5 | |
| Communication Services | 1.0 | |
| |
| Common Stocks | 98.8 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 64.4 |
| Japan | 8.0 |
| United Kingdom | 6.7 |
| Canada | 4.4 |
| Korea (South) | 2.1 |
| China | 2.0 |
| France | 1.9 |
| Taiwan | 1.6 |
| Netherlands | 1.5 |
| Others | 7.4 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Wells Fargo & Co | 1.8 | |
| UnitedHealth Group Inc | 1.7 | |
| PG&E Corp | 1.6 | |
| Metro Inc/CN | 1.6 | |
| TotalEnergies SE ADR | 1.3 | |
| Elevance Health Inc | 1.2 | |
| Unum Group | 1.2 | |
| Universal Health Services Inc Class B | 1.1 | |
| Cigna Group/The | 1.1 | |
| Reinsurance Group of America Inc | 1.1 | |
| | 13.7 | |
| |
How has the Fund changed?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 28, 2024 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. | |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913423.100 316-TSRA-0924 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF JULY 31, 2024 | |
| | Fidelity® Value Discovery K6 Fund Fidelity® Value Discovery K6 Fund : FDVKX |
| | | |
This annual shareholder report contains information about Fidelity® Value Discovery K6 Fund for the period August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Value Discovery K6 Fund | $ 48 | 0.45% | |
What affected the Fund's performance this period?
•U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.
•Against this backdrop, security selection was the foremost detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within the consumer staples sector. Subpar picks and an underweight in industrials, primarily within the capital goods industry, also hampered the fund's result. Investment choices among information technology stocks hurt as well.
•The biggest individual relative detractor was an outsized stake in Lamb Weston Holdings (-34%), followed by overweight positions in Kenvue (-11%) and Bristol-Myers Squibb (-20%).
•In contrast, the biggest contributor to performance versus the benchmark was security selection in consumer discretionary, especially consumer services firms. An underweight in real estate, primarily within the equity real estate investment trusts industry, also boosted relative performance. Solid picks and outsized exposure to financials - banks in particular - was another plus.
•The top individual relative contributor was an overweight in H&R Block (+76%). A larger-than-benchmark stake in Constellation Energy (+95%) also was advantageous though the stock was not held at period end. An outsized position in Chubb (+37%) helped as well. The stock was among the fund's largest holdings.
•Notable changes in positioning include higher allocations to the consumer discretionary and industrials sectors.
How did the Fund perform over the life of Fund?
CUMULATIVE PERFORMANCE
May 25, 2017 through July 31, 2024.
Initial investment of $10,000.
Fidelity® Value Discovery K6 Fund | $10,000 | $10,380 | $11,063 | $11,393 | $10,960 | $15,655 | $15,750 | $16,716 |
Russell 3000® Value Index | $10,000 | $10,261 | $11,278 | $11,755 | $10,971 | $15,438 | $15,184 | $16,403 |
Russell 3000® Index | $10,000 | $10,263 | $11,945 | $12,787 | $14,185 | $19,678 | $18,231 | $20,538 |
| | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS: | | 1 Year | 5 Year | Life of Fund A |
| Fidelity® Value Discovery K6 Fund | 10.25% | 10.10% | 8.88% |
| Russell 3000® Value Index | 14.80% | 9.88% | 9.20% |
| Russell 3000® Index | 21.07% | 14.23% | 13.51% |
A From May 25, 2017
Visit www.401k.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics (as of July 31, 2024)
KEY FACTS | | |
| Fund Size | $169,849,561 | |
| Number of Holdings | 93 | |
| Total Advisory Fee | $811,886 | |
| Portfolio Turnover | 29% | |
What did the Fund invest in?
(as of July 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 24.6 | |
| Health Care | 17.0 | |
| Industrials | 11.9 | |
| Consumer Staples | 10.2 | |
| Energy | 8.9 | |
| Information Technology | 7.1 | |
| Utilities | 6.5 | |
| Communication Services | 5.0 | |
| Consumer Discretionary | 4.5 | |
| Materials | 2.2 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 98.1 |
| Preferred Stocks | 0.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.5 |
| United Kingdom | 4.4 |
| Canada | 2.2 |
| Germany | 1.9 |
| France | 1.3 |
| Korea (South) | 0.9 |
| Norway | 0.7 |
| Denmark | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.4 | |
| JPMorgan Chase & Co | 3.9 | |
| Chubb Ltd | 3.0 | |
| Bank of America Corp | 2.9 | |
| UnitedHealth Group Inc | 2.9 | |
| Comcast Corp Class A | 2.7 | |
| Cigna Group/The | 2.7 | |
| Travelers Cos Inc/The | 2.5 | |
| Berkshire Hathaway Inc Class B | 2.3 | |
| Walt Disney Co/The | 2.3 | |
| | 29.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913547.100 2943-TSRA-0924 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF JULY 31, 2024 | |
| | Fidelity® Series Intrinsic Opportunities Fund Fidelity® Series Intrinsic Opportunities Fund : FDMLX |
| | | |
This annual shareholder report contains information about Fidelity® Series Intrinsic Opportunities Fund for the period August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Series Intrinsic Opportunities Fund | $ 0 A | 0.00%B | |
A Amount represents less than $.50
B Amount represents less than 0.005%
What affected the Fund's performance this period?
•U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.
•Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000® and Russell 2000® Linked Index for the fiscal year, especially within information technology. Stock picks in industrials and consumer staples also boosted the fund's relative performance.
•The fund's top individual relative contributor was an overweight in Sprouts Farmers Market (+154%). This period we decreased our stake in Sprouts Farmers Market. A non-benchmark stake in Dell Technologies gained 122% and was a second notable relative contributor, and we reduced the fund's holdings in the stock. Another notable relative contributor was our non-benchmark stake in Seagate Technology (+66%). Though we pared the fund's position in Seagate, it was one of our biggest holdings as of June 30.
•In contrast, the biggest detractor from the fund's performance versus the benchmark was stock selection in communication services. Positioning in the consumer discretionary sector also hampered the fund's result.
•Not owning Super Micro Computer, a benchmark component that gained 148%, was the fund's biggest individual relative detractor. A second notable relative detractor was an overweight in Helen of Troy (-58%). An overweight in Adient (-39%) also detracted.
•Notable changes in positioning include increased exposure to the financials sector and a lower allocation to information technology.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
Fidelity® Series Intrinsic Opportunities Fund | $10,000 | $11,235 | $11,284 | $13,393 | $15,244 | $14,462 | $14,190 | $21,736 | $21,775 | $24,738 | $29,737 |
Russell 3000® and Russell 2000® Linked Index | $10,000 | $11,128 | $11,623 | $13,498 | $15,711 | $16,819 | $18,657 | $25,882 | $23,979 | $26,860 | $30,688 |
Russell 2000® Index | $10,000 | $11,203 | $11,203 | $13,270 | $15,756 | $15,060 | $14,369 | $21,836 | $18,715 | $20,195 | $23,073 |
Russell 3000® Index | $10,000 | $11,128 | $11,623 | $13,498 | $15,711 | $16,819 | $18,657 | $25,882 | $23,979 | $27,013 | $32,705 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS: | | 1 Year | 5 Year | 10 Year |
| Fidelity® Series Intrinsic Opportunities Fund | 20.21% | 15.51% | 11.51% |
| Russell 3000® and Russell 2000® Linked Index | 14.25% | 12.78% | 11.87% |
| Russell 2000® Index | 14.25% | 8.91% | 8.72% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics (as of July 31, 2024)
KEY FACTS | | |
| Fund Size | $3,035,944,963 | |
| Number of Holdings | 261 | |
| Total Advisory Fee | $0 | |
| Portfolio Turnover | 21% | |
What did the Fund invest in?
(as of July 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 20.9 | |
| Industrials | 18.3 | |
| Consumer Discretionary | 13.0 | |
| Information Technology | 11.7 | |
| Health Care | 10.8 | |
| Energy | 7.4 | |
| Materials | 6.7 | |
| Consumer Staples | 3.9 | |
| Real Estate | 2.0 | |
| Utilities | 1.6 | |
| Communication Services | 1.5 | |
| |
| Common Stocks | 97.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.2 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 89.1 |
| Japan | 2.4 |
| United Kingdom | 1.4 |
| France | 1.1 |
| Sweden | 0.8 |
| Puerto Rico | 0.7 |
| Greece | 0.6 |
| Netherlands | 0.6 |
| Austria | 0.5 |
| Others | 2.8 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Wells Fargo & Co | 1.8 | |
| PG&E Corp | 1.6 | |
| UnitedHealth Group Inc | 1.4 | |
| Jones Lang LaSalle Inc | 1.2 | |
| Reinsurance Group of America Inc | 1.1 | |
| Centene Corp | 1.1 | |
| Cigna Group/The | 1.1 | |
| Seagate Technology Holdings PLC | 1.1 | |
| Elevance Health Inc | 1.1 | |
| Diamondback Energy Inc | 1.1 | |
| | 12.6 | |
| |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913517.100 2455-TSRA-0924 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF JULY 31, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity® Value Discovery Fund Fidelity® Value Discovery Fund Class K : FVDKX |
| | | |
This annual shareholder report contains information about Fidelity® Value Discovery Fund for the period August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Class K | $ 54 | 0.52% | |
What affected the Fund's performance this period?
•U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within industrials, where our picks among capital goods stocks hurt most. Subpar investment choices and an overweight in consumer staples also hampered the fund's result. Security selection in information technology was detrimental to performance as well.
•The biggest individual relative detractor was an outsized stake in Lamb Weston Holdings (-33%). Overweight positions in Kenvue (-11%) and Bristol-Myers Squibb (-20%) also hurt.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an underweight in consumer discretionary. Comparatively light exposure to the real estate sector, primarily within the equity real estate investment trusts industry, also helped. In addition, favorable picks and an overweight in financials, primarily within the insurance industry, were advantageous.
•The top individual relative contributor was an overweight in H&R Block (+78%). A larger-than-benchmark stake in Constellation Energy (+94%) was another plus. The stock was not held at period end. Outsized exposure to Chubb (+37%) also helped. The stock was one of our biggest holdings.
•Notable changes in positioning include increased exposure to the consumer discretionary and industrials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
Class K | $10,000 | $10,880 | $10,906 | $12,849 | $13,663 | $14,064 | $13,585 | $19,394 | $19,372 | $20,520 | $22,592 |
Russell 3000® Value Index | $10,000 | $10,623 | $11,196 | $12,782 | $14,049 | $14,643 | $13,667 | $19,231 | $18,913 | $20,432 | $23,455 |
Russell 3000® Index | $10,000 | $11,128 | $11,623 | $13,498 | $15,711 | $16,819 | $18,657 | $25,882 | $23,979 | $27,013 | $32,705 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS: | | 1 Year | 5 Year | 10 Year |
| Class K | 10.10% | 9.94% | 8.49% |
| Russell 3000® Value Index | 14.80% | 9.88% | 8.90% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
Visit www.401k.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics (as of July 31, 2024)
KEY FACTS | | |
| Fund Size | $3,130,851,796 | |
| Number of Holdings | 93 | |
| Total Advisory Fee | $15,232,141 | |
| Portfolio Turnover | 33% | |
What did the Fund invest in?
(as of July 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 24.8 | |
| Health Care | 17.0 | |
| Industrials | 12.1 | |
| Consumer Staples | 10.2 | |
| Energy | 8.7 | |
| Information Technology | 7.0 | |
| Utilities | 6.4 | |
| Communication Services | 4.9 | |
| Consumer Discretionary | 4.6 | |
| Materials | 2.1 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 97.8 |
| Preferred Stocks | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.7 |
| United Kingdom | 4.2 |
| Canada | 2.0 |
| Germany | 1.9 |
| France | 1.3 |
| Korea (South) | 1.1 |
| Norway | 0.7 |
| Denmark | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.3 | |
| JPMorgan Chase & Co | 4.0 | |
| Chubb Ltd | 3.1 | |
| UnitedHealth Group Inc | 2.9 | |
| Comcast Corp Class A | 2.8 | |
| Bank of America Corp | 2.8 | |
| Cigna Group/The | 2.7 | |
| Travelers Cos Inc/The | 2.5 | |
| Berkshire Hathaway Inc Class B | 2.5 | |
| PG&E Corp | 2.3 | |
| | 29.9 | |
| |
How has the Fund changed?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 28, 2024 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: - •Management fee
- •Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913451.100 2103-TSRA-0924 |
| |
| | ANNUAL SHAREHOLDER REPORT | AS OF JULY 31, 2024 | This report describes changes to the Fund that occurred during the reporting period. |
| | Fidelity® Value Discovery Fund Fidelity® Value Discovery Fund : FVDFX |
| | | |
This annual shareholder report contains information about Fidelity® Value Discovery Fund for the period August 1, 2023 to July 31, 2024. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last year?(based on hypothetical $10,000 investment)
FUND COST (PREVIOUS YEAR)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment | |
| Fidelity® Value Discovery Fund | $ 67 | 0.64% | |
What affected the Fund's performance this period?
•U.S. equities gained for the 12 months ending July 31, 2024, driven by resilient corporate profits, a frenzy over generative artificial intelligence and the Federal Reserve's likely pivot to cutting interest rates later this year.
•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000 Value Index for the fiscal year, especially within industrials, where our picks among capital goods stocks hurt most. Subpar investment choices and an overweight in consumer staples also hampered the fund's result. Security selection in information technology was detrimental to performance as well.
•The biggest individual relative detractor was an outsized stake in Lamb Weston Holdings (-33%). Overweight positions in Kenvue (-11%) and Bristol-Myers Squibb (-20%) also hurt.
•In contrast, the biggest contributors to performance versus the benchmark were stock selection and an underweight in consumer discretionary. Comparatively light exposure to the real estate sector, primarily within the equity real estate investment trusts industry, also helped. In addition, favorable picks and an overweight in financials, primarily within the insurance industry, were advantageous.
•The top individual relative contributor was an overweight in H&R Block (+78%). A larger-than-benchmark stake in Constellation Energy (+94%) was another plus. The stock was not held at period end. Outsized exposure to Chubb (+37%) also helped. The stock was one of our biggest holdings.
•Notable changes in positioning include increased exposure to the consumer discretionary and industrials sectors.
How did the Fund perform over the past 10 years?
CUMULATIVE PERFORMANCE
July 31, 2014 through July 31, 2024.
Initial investment of $10,000.
Fidelity® Value Discovery Fund | $10,000 | $10,868 | $10,874 | $12,798 | $13,591 | $13,979 | $13,484 | $19,235 | $19,194 | $20,313 | $22,343 |
Russell 3000® Value Index | $10,000 | $10,623 | $11,196 | $12,782 | $14,049 | $14,643 | $13,667 | $19,231 | $18,913 | $20,432 | $23,455 |
Russell 3000® Index | $10,000 | $11,128 | $11,623 | $13,498 | $15,711 | $16,819 | $18,657 | $25,882 | $23,979 | $27,013 | $32,705 |
| | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
AVERAGE ANNUAL TOTAL RETURNS: | | 1 Year | 5 Year | 10 Year |
| Fidelity® Value Discovery Fund | 9.99% | 9.83% | 8.37% |
| Russell 3000® Value Index | 14.80% | 9.88% | 8.90% |
| Russell 3000® Index | 21.07% | 14.23% | 12.58% |
Visit www.fidelity.com for more recent performance information. |
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. |
Key Fund Statistics (as of July 31, 2024)
KEY FACTS | | |
| Fund Size | $3,130,851,796 | |
| Number of Holdings | 93 | |
| Total Advisory Fee | $15,232,141 | |
| Portfolio Turnover | 33% | |
What did the Fund invest in?
(as of July 31, 2024)
MARKET SECTORS (% of Fund's net assets) | | |
| Financials | 24.8 | |
| Health Care | 17.0 | |
| Industrials | 12.1 | |
| Consumer Staples | 10.2 | |
| Energy | 8.7 | |
| Information Technology | 7.0 | |
| Utilities | 6.4 | |
| Communication Services | 4.9 | |
| Consumer Discretionary | 4.6 | |
| Materials | 2.1 | |
| Real Estate | 1.1 | |
| |
| Common Stocks | 97.8 |
| Preferred Stocks | 1.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.1 |
ASSET ALLOCATION (% of Fund's net assets) |
|
|
| United States | 88.7 |
| United Kingdom | 4.2 |
| Canada | 2.0 |
| Germany | 1.9 |
| France | 1.3 |
| Korea (South) | 1.1 |
| Norway | 0.7 |
| Denmark | 0.1 |
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets) |
|
| |
|
TOP HOLDINGS (% of Fund's net assets) | | |
| Exxon Mobil Corp | 4.3 | |
| JPMorgan Chase & Co | 4.0 | |
| Chubb Ltd | 3.1 | |
| UnitedHealth Group Inc | 2.9 | |
| Comcast Corp Class A | 2.8 | |
| Bank of America Corp | 2.8 | |
| Cigna Group/The | 2.7 | |
| Travelers Cos Inc/The | 2.5 | |
| Berkshire Hathaway Inc Class B | 2.5 | |
| PG&E Corp | 2.3 | |
| | 29.9 | |
| |
How has the Fund changed?
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 28, 2024 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: - •Management fee
- •Performance adjustment fee
The fund's transfer agent and pricing & bookkeeping fees were changed to a fixed rate effective December 1, 2023, through February 29, 2024, in anticipation of the transition to a new management fee structure. Effective March 1, 2024, the fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (transfer agent and pricing & bookkeeping). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The Adviser or an affiliate pays certain expenses of managing and operating the fund out of each class's management fee. |
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2024 FMR LLC. All rights reserved. |
| | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913452.100 832-TSRA-0924 |
Item 2.
Code of Ethics
As of the end of the period, July 31, 2024, Fidelity Puritan 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 Series Intrinsic Opportunities Fund, Fidelity Value Discovery Fund and Fidelity Value Discovery K6 Fund (the “Funds”):
Services Billed by Deloitte Entities
July 31, 2024 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Series Intrinsic Opportunities Fund | $54,500 | $- | $11,400 | $1,400 |
Fidelity Value Discovery Fund | $38,400 | $- | $8,700 | $900 |
Fidelity Value Discovery K6 Fund | $36,700 | $- | $9,700 | $900 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Series Intrinsic Opportunities Fund | $54,800 | $- | $10,300 | $1,400 |
Fidelity Value Discovery Fund | $38,400 | $- | $10,000 | $900 |
Fidelity Value Discovery K6 Fund | $36,800 | $- | $8,200 | $900 |
A Amounts 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 Low-Priced Stock Fund and Fidelity Low-Priced Stock K6 Fund (the “Funds”):
Services Billed by PwC
July 31, 2024 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Low-Priced Stock Fund | $69,800 | $6,500 | $34,200 | $2,200 |
Fidelity Low-Priced Stock K6 Fund | $60,500 | $5,500 | $16,600 | $1,900 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Low-Priced Stock Fund | $97,300 | $6,200 | $92,700 | $2,100 |
Fidelity Low-Priced Stock K6 Fund | $83,100 | $5,400 | $12,800 | $1,800 |
A Amounts 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
| | |
| July 31, 2024A | July 31, 2023A |
Audit-Related Fees | $200,000 | $80,000 |
Tax Fees | $- | $- |
All Other Fees | $1,929,500 | $- |
A Amounts may reflect rounding.
Services Billed by PwC
| | |
| July 31, 2024A | July 31, 2023A |
Audit-Related Fees | $9,437,800 | $8,699,200 |
Tax Fees | $61,000 | $1,000 |
All Other Fees | $35,000 | $- |
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 | July 31, 2024A | July 31, 2023A |
Deloitte Entities | $4,981,500 | $3,329,700 |
PwC | $15,075,300 | $14,274,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® Value Discovery Fund
Annual Report
July 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Value Discovery Fund
Schedule of Investments July 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 97.7% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 4.9% | | | |
| Entertainment - 2.2% | | | |
| The Walt Disney Co. | | 725,600 | 67,981,464 |
| Media - 2.7% | | | |
| Comcast Corp. Class A | | 2,095,930 | 86,499,031 |
TOTAL COMMUNICATION SERVICES | | | 154,480,495 |
| CONSUMER DISCRETIONARY - 4.6% | | | |
| Diversified Consumer Services - 1.8% | | | |
| H&R Block, Inc. | | 987,062 | 57,190,372 |
| Household Durables - 0.3% | | | |
| Berkeley Group Holdings PLC | | 123,800 | 8,081,962 |
| Specialty Retail - 2.2% | | | |
| Lowe's Companies, Inc. | | 118,100 | 28,994,731 |
| Murphy U.S.A., Inc. | | 21,400 | 10,805,288 |
| Ross Stores, Inc. | | 211,740 | 30,327,520 |
| | | | 70,127,539 |
| Textiles, Apparel & Luxury Goods - 0.3% | | | |
| Tapestry, Inc. | | 203,600 | 8,162,324 |
TOTAL CONSUMER DISCRETIONARY | | | 143,562,197 |
| CONSUMER STAPLES - 10.2% | | | |
| Beverages - 3.6% | | | |
| Coca-Cola Europacific Partners PLC | | 286,039 | 21,101,097 |
| Diageo PLC | | 564,300 | 17,558,186 |
| Keurig Dr. Pepper, Inc. | | 1,049,300 | 35,970,004 |
| The Coca-Cola Co. | | 590,400 | 39,403,296 |
| | | | 114,032,583 |
| Consumer Staples Distribution & Retail - 1.9% | | | |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 159,500 | 9,832,358 |
| BJ's Wholesale Club Holdings, Inc. (a) | | 238,100 | 20,943,276 |
| U.S. Foods Holding Corp. (a) | | 496,460 | 27,002,459 |
| | | | 57,778,093 |
| Food Products - 1.3% | | | |
| Mondelez International, Inc. | | 271,561 | 18,561,194 |
| Tyson Foods, Inc. Class A | | 358,929 | 21,858,776 |
| | | | 40,419,970 |
| Household Products - 1.0% | | | |
| Procter & Gamble Co. | | 202,034 | 32,478,986 |
| Personal Care Products - 2.4% | | | |
| Haleon PLC | | 5,628,200 | 25,244,745 |
| Kenvue, Inc. | | 2,718,004 | 50,255,894 |
| | | | 75,500,639 |
TOTAL CONSUMER STAPLES | | | 320,210,271 |
| ENERGY - 8.8% | | | |
| Oil, Gas & Consumable Fuels - 8.8% | | | |
| Antero Resources Corp. (a) | | 563,496 | 16,352,654 |
| Equinor ASA sponsored ADR | | 861,188 | 22,873,153 |
| Exxon Mobil Corp. | | 1,136,141 | 134,734,962 |
| Occidental Petroleum Corp. | | 350,101 | 21,293,143 |
| Ovintiv, Inc. | | 394,351 | 18,313,660 |
| Parex Resources, Inc. (b) | | 1,191,808 | 17,877,336 |
| Parkland Corp. | | 140,900 | 3,952,527 |
| Shell PLC ADR | | 529,400 | 38,762,668 |
| | | | 274,160,103 |
| FINANCIALS - 24.7% | | | |
| Banks - 12.1% | | | |
| Bank of America Corp. | | 2,132,990 | 85,980,827 |
| Cullen/Frost Bankers, Inc. | | 63,891 | 7,479,080 |
| JPMorgan Chase & Co. | | 579,670 | 123,353,776 |
| M&T Bank Corp. | | 168,077 | 28,937,817 |
| PNC Financial Services Group, Inc. | | 211,096 | 38,229,486 |
| U.S. Bancorp | | 586,400 | 26,317,632 |
| Wells Fargo & Co. | | 1,134,289 | 67,308,709 |
| | | | 377,607,327 |
| Capital Markets - 2.7% | | | |
| BlackRock, Inc. | | 64,683 | 56,694,650 |
| Northern Trust Corp. | | 328,324 | 29,105,923 |
| | | | 85,800,573 |
| Financial Services - 3.2% | | | |
| Apollo Global Management, Inc. | | 186,200 | 23,332,722 |
| Berkshire Hathaway, Inc. Class B (a) | | 178,492 | 78,268,742 |
| | | | 101,601,464 |
| Insurance - 6.7% | | | |
| Chubb Ltd. | | 343,946 | 94,812,154 |
| The Travelers Companies, Inc. | | 366,406 | 79,304,915 |
| Willis Towers Watson PLC | | 123,999 | 35,002,438 |
| | | | 209,119,507 |
TOTAL FINANCIALS | | | 774,128,871 |
| HEALTH CARE - 17.0% | | | |
| Health Care Providers & Services - 10.3% | | | |
| Centene Corp. (a) | | 849,690 | 65,358,155 |
| Cigna Group | | 238,191 | 83,050,056 |
| CVS Health Corp. | | 626,200 | 37,778,646 |
| Elevance Health, Inc. | | 80,077 | 42,603,366 |
| UnitedHealth Group, Inc. | | 159,520 | 91,909,043 |
| | | | 320,699,266 |
| Pharmaceuticals - 6.7% | | | |
| AstraZeneca PLC sponsored ADR | | 727,814 | 57,606,478 |
| Bristol-Myers Squibb Co. | | 1,002,685 | 47,687,699 |
| Johnson & Johnson | | 315,808 | 49,850,293 |
| Roche Holding AG (participation certificate) | | 73,314 | 23,736,112 |
| Sanofi SA sponsored ADR | | 610,351 | 31,622,285 |
| | | | 210,502,867 |
TOTAL HEALTH CARE | | | 531,202,133 |
| INDUSTRIALS - 12.0% | | | |
| Aerospace & Defense - 3.6% | | | |
| Airbus Group NV | | 114,404 | 17,312,384 |
| L3Harris Technologies, Inc. | | 73,626 | 16,705,003 |
| Lockheed Martin Corp. | | 59,685 | 32,344,495 |
| Northrop Grumman Corp. | | 77,064 | 37,323,636 |
| The Boeing Co. (a) | | 42,700 | 8,138,620 |
| | | | 111,824,138 |
| Air Freight & Logistics - 1.5% | | | |
| C.H. Robinson Worldwide, Inc. | | 50,900 | 4,532,645 |
| DHL Group | | 329,395 | 14,692,842 |
| FedEx Corp. | | 86,700 | 26,205,075 |
| | | | 45,430,562 |
| Building Products - 0.6% | | | |
| Johnson Controls International PLC | | 268,300 | 19,194,182 |
| Electrical Equipment - 0.9% | | | |
| GE Vernova LLC | | 31,500 | 5,614,560 |
| Regal Rexnord Corp. | | 120,806 | 19,411,108 |
| Vestas Wind Systems A/S (a) | | 165,300 | 4,090,687 |
| | | | 29,116,355 |
| Industrial Conglomerates - 1.4% | | | |
| Siemens AG | | 242,377 | 44,378,528 |
| Machinery - 3.0% | | | |
| Allison Transmission Holdings, Inc. | | 54,400 | 4,819,296 |
| Cummins, Inc. | | 24,500 | 7,149,100 |
| Deere & Co. | | 142,300 | 52,932,754 |
| Oshkosh Corp. | | 26,090 | 2,834,679 |
| Pentair PLC | | 311,055 | 27,332,403 |
| | | | 95,068,232 |
| Professional Services - 1.0% | | | |
| Genpact Ltd. | | 330,600 | 11,461,902 |
| Maximus, Inc. | | 212,011 | 19,693,702 |
| | | | 31,155,604 |
TOTAL INDUSTRIALS | | | 376,167,601 |
| INFORMATION TECHNOLOGY - 5.9% | | | |
| Communications Equipment - 1.9% | | | |
| Cisco Systems, Inc. | | 1,271,156 | 61,587,508 |
| IT Services - 2.4% | | | |
| Amdocs Ltd. | | 416,604 | 36,440,352 |
| Capgemini SA | | 112,236 | 22,281,482 |
| Cognizant Technology Solutions Corp. Class A | | 206,715 | 15,644,191 |
| | | | 74,366,025 |
| Software - 1.6% | | | |
| Gen Digital, Inc. | | 1,587,082 | 41,248,261 |
| Open Text Corp. | | 251,218 | 7,920,904 |
| | | | 49,169,165 |
TOTAL INFORMATION TECHNOLOGY | | | 185,122,698 |
| MATERIALS - 2.1% | | | |
| Chemicals - 1.5% | | | |
| CF Industries Holdings, Inc. | | 330,900 | 25,277,451 |
| Nutrien Ltd. | | 429,600 | 21,995,520 |
| | | | 47,272,971 |
| Containers & Packaging - 0.6% | | | |
| Crown Holdings, Inc. | | 221,000 | 19,602,700 |
TOTAL MATERIALS | | | 66,875,671 |
| REAL ESTATE - 1.1% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.1% | | | |
| Crown Castle, Inc. | | 201,500 | 22,181,120 |
| Simon Property Group, Inc. | | 78,100 | 11,983,664 |
| | | | 34,164,784 |
| UTILITIES - 6.4% | | | |
| Electric Utilities - 4.4% | | | |
| Edison International | | 520,933 | 41,679,849 |
| NextEra Energy, Inc. | | 231,781 | 17,705,751 |
| PG&E Corp. | | 3,840,903 | 70,096,480 |
| Southern Co. | | 109,246 | 9,124,226 |
| | | | 138,606,306 |
| Independent Power and Renewable Electricity Producers - 0.4% | | | |
| The AES Corp. | | 759,431 | 13,510,277 |
| Multi-Utilities - 1.6% | | | |
| National Grid PLC | | 2,257,466 | 28,643,134 |
| Sempra | | 244,800 | 19,598,688 |
| | | | 48,241,822 |
TOTAL UTILITIES | | | 200,358,405 |
| TOTAL COMMON STOCKS (Cost $2,362,009,546) | | | 3,060,433,229 |
| | | | |
| Nonconvertible Preferred Stocks - 1.2% |
| | | Shares | Value ($) |
| INFORMATION TECHNOLOGY - 1.2% | | | |
| Technology Hardware, Storage & Peripherals - 1.2% | | | |
Samsung Electronics Co. Ltd. (Cost $31,159,294) | | 762,920 | 36,146,787 |
| | | | |
| Money Market Funds - 1.5% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (c) | | 45,145,529 | 45,154,558 |
| Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | | 1,859,814 | 1,860,000 |
| TOTAL MONEY MARKET FUNDS (Cost $47,014,558) | | | 47,014,558 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.4% (Cost $2,440,183,398) | 3,143,594,574 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | (12,742,778) |
| NET ASSETS - 100.0% | 3,130,851,796 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (d) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 43,166,966 | 573,116,182 | 571,128,732 | 2,793,277 | 142 | - | 45,154,558 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 21,052,883 | 118,639,986 | 137,832,869 | 314,797 | - | - | 1,860,000 | 0.0% |
| Total | 64,219,849 | 691,756,168 | 708,961,601 | 3,108,074 | 142 | - | 47,014,558 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2024, 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 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 154,480,495 | 154,480,495 | - | - |
Consumer Discretionary | 143,562,197 | 135,480,235 | 8,081,962 | - |
Consumer Staples | 320,210,271 | 277,407,340 | 42,802,931 | - |
Energy | 274,160,103 | 274,160,103 | - | - |
Financials | 774,128,871 | 774,128,871 | - | - |
Health Care | 531,202,133 | 507,466,021 | 23,736,112 | - |
Industrials | 376,167,601 | 295,693,160 | 80,474,441 | - |
Information Technology | 221,269,485 | 198,988,003 | 22,281,482 | - |
Materials | 66,875,671 | 66,875,671 | - | - |
Real Estate | 34,164,784 | 34,164,784 | - | - |
Utilities | 200,358,405 | 171,715,271 | 28,643,134 | - |
|
| Money Market Funds | 47,014,558 | 47,014,558 | - | - |
| Total Investments in Securities: | 3,143,594,574 | 2,937,574,512 | 206,020,062 | - |
Financial Statements
| Statement of Assets and Liabilities |
As of July 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $1,798,979) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,393,168,840) | $ | 3,096,580,016 | | |
Fidelity Central Funds (cost $47,014,558) | | 47,014,558 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $2,440,183,398) | | | $ | 3,143,594,574 |
| Foreign currency held at value (cost $557,343) | | | | 555,061 |
| Receivable for fund shares sold | | | | 2,941,489 |
| Dividends receivable | | | | 2,154,855 |
| Reclaims receivable | | | | 2,049,011 |
| Distributions receivable from Fidelity Central Funds | | | | 149,384 |
| Prepaid expenses | | | | 519 |
| Other receivables | | | | 6,421 |
Total assets | | | | 3,151,451,314 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 15,994,363 | | |
| Payable for fund shares redeemed | | 1,262,966 | | |
| Accrued management fee | | 1,338,704 | | |
| Other payables and accrued expenses | | 143,485 | | |
| Collateral on securities loaned | | 1,860,000 | | |
| Total liabilities | | | | 20,599,518 |
| Net Assets | | | $ | 3,130,851,796 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 2,309,945,266 |
| Total accumulated earnings (loss) | | | | 820,906,530 |
| Net Assets | | | $ | 3,130,851,796 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Value Discovery : | | | | |
Net Asset Value, offering price and redemption price per share ($3,065,869,570 ÷ 80,617,959 shares) | | | $ | 38.03 |
| Class K : | | | | |
Net Asset Value, offering price and redemption price per share ($64,982,226 ÷ 1,706,893 shares) | | | $ | 38.07 |
| Statement of Operations |
| Year ended July 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 68,172,666 |
| Interest | | | | 434 |
| Income from Fidelity Central Funds (including $314,797 from security lending) | | | | 3,108,074 |
| Total income | | | | 71,281,174 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 16,383,015 | | |
| Performance adjustment | | (972,405) | | |
| Transfer agent fees | | 2,213,429 | | |
| Accounting fees | | 422,471 | | |
| Custodian fees and expenses | | 63,950 | | |
| Independent trustees' fees and expenses | | 13,935 | | |
| Registration fees | | 95,179 | | |
| Audit fees | | 63,271 | | |
| Legal | | 6,140 | | |
| Miscellaneous | | 91,595 | | |
| Total expenses before reductions | | 18,380,580 | | |
| Expense reductions | | (181,737) | | |
| Total expenses after reductions | | | | 18,198,843 |
| Net Investment income (loss) | | | | 53,082,331 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 122,161,302 | | |
| Fidelity Central Funds | | 142 | | |
| Foreign currency transactions | | 5,502 | | |
| Total net realized gain (loss) | | | | 122,166,946 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 104,281,776 | | |
| Assets and liabilities in foreign currencies | | (55,554) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 104,226,222 |
| Net gain (loss) | | | | 226,393,168 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 279,475,499 |
| Statement of Changes in Net Assets |
| |
| | Year ended July 31, 2024 | | Year ended July 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 53,082,331 | $ | 39,500,806 |
| Net realized gain (loss) | | 122,166,946 | | 105,614,232 |
| Change in net unrealized appreciation (depreciation) | | 104,226,222 | | 15,435,014 |
| Net increase (decrease) in net assets resulting from operations | | 279,475,499 | | 160,550,052 |
| Distributions to shareholders | | (147,607,805) | | (133,719,223) |
| | | | | |
| Share transactions - net increase (decrease) | | 69,875,667 | | (52,772,440) |
| Total increase (decrease) in net assets | | 201,743,361 | | (25,941,611) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 2,929,108,435 | | 2,955,050,046 |
| End of period | $ | 3,130,851,796 | $ | 2,929,108,435 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity® Value Discovery Fund |
| |
| Years ended July 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 36.46 | $ | 36.10 | $ | 37.95 | $ | 26.99 | $ | 28.85 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .66 | | .48 | | .45 | | .40 | | .57 C |
| Net realized and unrealized gain (loss) | | 2.74 | | 1.53 | | (.48) | | 10.98 | | (1.53) |
| Total from investment operations | | 3.40 | | 2.01 | | (.03) | | 11.38 | | (.96) |
| Distributions from net investment income | | (.58) | | (.44) | | (.43) | | (.42) | | (.52) |
| Distributions from net realized gain | | (1.26) | | (1.21) | | (1.40) | | - | | (.38) |
| Total distributions | | (1.83) D | | (1.65) | | (1.82) D | | (.42) | | (.90) |
| Net asset value, end of period | $ | 38.03 | $ | 36.46 | $ | 36.10 | $ | 37.95 | $ | 26.99 |
Total Return E | | | | 5.83% | | (.21)% | | 42.65% | | (3.54)% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .64% | | .84% | | .80% | | .75% | | .66% |
| Expenses net of fee waivers, if any | | | | .83% | | .80% | | .75% | | .66% |
| Expenses net of all reductions | | .64% | | .83% | | .80% | | .74% | | .64% |
| Net investment income (loss) | | 1.85% | | 1.37% | | 1.20% | | 1.21% | | 2.07% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 3,065,870 | $ | 2,911,436 | $ | 2,895,400 | $ | 3,192,073 | $ | 1,788,146 |
Portfolio turnover rate H | | | | 24% I | | 34% I | | 36% | | 70% I |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.74%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
IPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Value Discovery Fund Class K |
| |
| Years ended July 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 36.49 | $ | 36.13 | $ | 37.98 | $ | 27.01 | $ | 28.86 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .70 | | .51 | | .49 | | .44 | | .60 C |
| Net realized and unrealized gain (loss) | | 2.74 | | 1.54 | | (.48) | | 10.97 | | (1.52) |
| Total from investment operations | | 3.44 | | 2.05 | | .01 | | 11.41 | | (.92) |
| Distributions from net investment income | | (.60) | | (.47) | | (.46) | | (.44) | | (.55) |
| Distributions from net realized gain | | (1.26) | | (1.21) | | (1.40) | | - | | (.38) |
| Total distributions | | (1.86) | | (1.69) D | | (1.86) | | (.44) | | (.93) |
| Net asset value, end of period | $ | 38.07 | $ | 36.49 | $ | 36.13 | $ | 37.98 | $ | 27.01 |
Total Return E | | | | 5.92% | | (.12)% | | 42.76% | | (3.40)% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | |
| Expenses before reductions | | .52% | | .75% | | .70% | | .65% | | .56% |
| Expenses net of fee waivers, if any | | | | .74% | | .70% | | .65% | | .56% |
| Expenses net of all reductions | | .52% | | .74% | | .70% | | .65% | | .54% |
| Net investment income (loss) | | 1.97% | | 1.47% | | 1.30% | | 1.30% | | 2.17% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 64,982 | $ | 17,672 | $ | 59,650 | $ | 87,856 | $ | 37,275 |
Portfolio turnover rate H | | | | 24% I | | 34% I | | 36% | | 70% I |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.84%.
DTotal distributions per share do not sum due to rounding.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
IPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
For the period ended July 31, 2024
1. Organization.
Fidelity Value Discovery Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Value Discovery and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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 July 31, 2024, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions 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 | $763,306,343 |
Gross unrealized depreciation | (64,876,511) |
Net unrealized appreciation (depreciation) | $698,429,832 |
Tax Cost | $2,445,164,742 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $31,470,560 |
Undistributed long-term capital gain | $90,993,801 |
| Net unrealized appreciation (depreciation) on securities and other investments | $698,442,169 |
| | |
The tax character of distributions paid was as follows:
| | July 31, 2024 | July 31, 2023 |
Ordinary Income | $46,367,591 | $ 35,995,440 |
Long-term Capital Gains | 101,240,214 | 97,723,783 |
Total | $147,607,805 | $ 133,719,223 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
Fidelity Value Discovery Fund | 977,923,818 | 927,384,619 |
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 ($) | Total Proceeds ($) |
| Fidelity Value Discovery Fund | 928,278 | 8,848,380 | 30,615,682 |
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.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Value Discovery | .65 |
| Class K | .56 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Value Discovery | .64 |
| Class K | .56 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .52%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Value Discovery Fund | Russell 3000 Value Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Value Discovery Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was (.03) %.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | | % of Class-Level Average Net Assets |
Value Discovery | | .1362 |
Class K | | .0420 |
| | | |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net Assets |
Value Discovery | 2,209,301 | .14 |
Class K | 4,128 | .04 |
| 2,213,429 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
Fidelity Value Discovery Fund | .0259 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
Fidelity Value Discovery Fund | .03 |
| |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Value Discovery Fund | 11,292 |
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 Discovery Fund | 79,332,972 | 88,963,633 | 4,491,618 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
Fidelity Value Discovery Fund | 4,796 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, 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 Discovery Fund | 27,161 | - | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3,268.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $178,469.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended July 31, 2024 | Year ended July 31, 2023 |
| Fidelity Value Discovery Fund | | |
| Distributions to shareholders | | |
Value Discovery | $146,729,501 | $131,037,906 |
Class K | 878,304 | 2,681,317 |
Total | $147,607,805 | $133,719,223 |
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 July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2024 | Year ended July 31, 2023 |
| Fidelity Value Discovery Fund | | | | |
| Value Discovery | | | | |
Shares sold | 21,038,331 | 18,888,345 | $741,432,712 | $639,957,332 |
| Reinvestment of distributions | 2,752,672 | 2,461,661 | 93,601,712 | 85,499,522 |
| Shares redeemed | (23,025,819) | (21,696,074) | (809,705,432) | (739,316,686) |
| Net increase (decrease) | 765,184 | (346,068) | $25,328,992 | $(13,859,832) |
| Class K | | | | |
Shares sold | 1,357,602 | 291,506 | $49,421,718 | $10,198,809 |
| Reinvestment of distributions | 25,815 | 77,184 | 878,304 | 2,681,317 |
| Shares redeemed | (160,797) | (1,535,242) | (5,753,347) | (51,792,734) |
| Net increase (decrease) | 1,222,620 | (1,166,552) | $44,546,675 | $(38,912,608) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Puritan Trust and the Shareholders of Fidelity Value Discovery Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Value Discovery Fund (the "Fund"), a fund of Fidelity Puritan Trust, including the schedule of investments, as of July 31, 2024, 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 July 31, 2024, 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 July 31, 2024, 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
September 16, 2024
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2024, $123,473,399, or, if subsequently determined to be different, the net capital gain of such year.
Value Discovery and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Value Discovery 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 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 65,110,731,692.91 | 94.24 |
| Withheld | 3,977,061,305.33 | 5.76 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 64,862,479,525.74 | 93.88 |
| Withheld | 4,225,313,472.50 | 6.12 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Vijay C. Advani |
| Affirmative | 64,817,783,404.76 | 93.82 |
| Withheld | 4,270,009,593.49 | 6.18 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 64,886,989,933.75 | 93.92 |
| Withheld | 4,200,803,064.49 | 6.08 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Donald F. Donahue |
| Affirmative | 64,848,204,109.00 | 93.86 |
| Withheld | 4,239,588,889.24 | 6.14 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 64,995,466,255.60 | 94.08 |
| Withheld | 4,092,326,742.65 | 5.92 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 65,085,124,704.84 | 94.21 |
| Withheld | 4,002,668,293.40 | 5.79 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 64,964,358,187.70 | 94.03 |
| Withheld | 4,123,434,810.54 | 5.97 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Oscar Munoz |
| Affirmative | 64,740,772,159.72 | 93.71 |
| Withheld | 4,347,020,838.53 | 6.29 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Karen B. Peetz |
| Affirmative | 64,944,559,251.25 | 94.00 |
| Withheld | 4,143,233,746.99 | 6.00 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| David M. Thomas |
| Affirmative | 64,792,568,989.40 | 93.78 |
| Withheld | 4,295,224,008.84 | 6.22 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Susan Tomasky |
| Affirmative | 64,843,909,948.98 | 93.86 |
| Withheld | 4,243,883,049.26 | 6.14 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Michael E. Wiley |
| Affirmative | 64,839,438,084.90 | 93.85 |
| Withheld | 4,248,354,913.34 | 6.15 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Value Discovery Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 29, 2024, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered a pro forma management fee rate for the retail class as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and above the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board considered that Fidelity believes that management fee comparisons are particularly unhelpful in the context of this fund and that total expense comparisons are more useful. The Board noted that the total expense ratio of the representative class ranked below the competitive median.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee 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 variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.788864.121
FVD-ANN-0924
Fidelity® Value Discovery K6 Fund
Annual Report
July 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Value Discovery K6 Fund
Schedule of Investments July 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 98.1% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 5.0% | | | |
| Entertainment - 2.3% | | | |
| The Walt Disney Co. | | 41,166 | 3,856,843 |
| Media - 2.7% | | | |
| Comcast Corp. Class A | | 112,358 | 4,637,015 |
TOTAL COMMUNICATION SERVICES | | | 8,493,858 |
| CONSUMER DISCRETIONARY - 4.6% | | | |
| Diversified Consumer Services - 1.8% | | | |
| H&R Block, Inc. | | 54,755 | 3,172,505 |
| Household Durables - 0.3% | | | |
| Berkeley Group Holdings PLC | | 7,500 | 489,618 |
| Specialty Retail - 2.2% | | | |
| Lowe's Companies, Inc. | | 6,119 | 1,502,276 |
| Murphy U.S.A., Inc. | | 1,123 | 567,025 |
| Ross Stores, Inc. | | 11,458 | 1,641,129 |
| | | | 3,710,430 |
| Textiles, Apparel & Luxury Goods - 0.3% | | | |
| Tapestry, Inc. | | 11,829 | 474,225 |
TOTAL CONSUMER DISCRETIONARY | | | 7,846,778 |
| CONSUMER STAPLES - 10.3% | | | |
| Beverages - 3.6% | | | |
| Coca-Cola Europacific Partners PLC | | 15,782 | 1,164,238 |
| Diageo PLC | | 32,396 | 1,008,001 |
| Keurig Dr. Pepper, Inc. | | 53,567 | 1,836,277 |
| The Coca-Cola Co. | | 31,466 | 2,100,041 |
| | | | 6,108,557 |
| Consumer Staples Distribution & Retail - 1.9% | | | |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 8,887 | 547,838 |
| BJ's Wholesale Club Holdings, Inc. (a) | | 13,061 | 1,148,846 |
| U.S. Foods Holding Corp. (a) | | 27,730 | 1,508,235 |
| | | | 3,204,919 |
| Food Products - 1.3% | | | |
| Mondelez International, Inc. | | 15,101 | 1,032,153 |
| Tyson Foods, Inc. Class A | | 18,948 | 1,153,933 |
| | | | 2,186,086 |
| Household Products - 1.1% | | | |
| Procter & Gamble Co. | | 10,990 | 1,766,752 |
| Personal Care Products - 2.4% | | | |
| Haleon PLC | | 307,039 | 1,377,194 |
| Kenvue, Inc. | | 149,614 | 2,766,363 |
| | | | 4,143,557 |
TOTAL CONSUMER STAPLES | | | 17,409,871 |
| ENERGY - 8.8% | | | |
| Oil, Gas & Consumable Fuels - 8.8% | | | |
| Antero Resources Corp. (a) | | 30,078 | 872,864 |
| Equinor ASA sponsored ADR | | 44,737 | 1,188,215 |
| Exxon Mobil Corp. | | 62,078 | 7,361,825 |
| Occidental Petroleum Corp. | | 17,956 | 1,092,084 |
| Ovintiv, Inc. | | 21,300 | 989,172 |
| Parex Resources, Inc. | | 78,595 | 1,178,939 |
| Parkland Corp. | | 8,800 | 246,858 |
| Shell PLC ADR | | 27,878 | 2,041,227 |
| | | | 14,971,184 |
| FINANCIALS - 24.5% | | | |
| Banks - 12.3% | | | |
| Bank of America Corp. | | 121,243 | 4,887,305 |
| Cullen/Frost Bankers, Inc. | | 4,026 | 471,284 |
| JPMorgan Chase & Co. | | 31,140 | 6,626,592 |
| M&T Bank Corp. | | 8,776 | 1,510,964 |
| PNC Financial Services Group, Inc. | | 12,388 | 2,243,467 |
| U.S. Bancorp | | 29,686 | 1,332,308 |
| Wells Fargo & Co. | | 64,827 | 3,846,834 |
| | | | 20,918,754 |
| Capital Markets - 2.6% | | | |
| BlackRock, Inc. | | 3,204 | 2,808,306 |
| Northern Trust Corp. | | 18,124 | 1,606,693 |
| | | | 4,414,999 |
| Financial Services - 3.0% | | | |
| Apollo Global Management, Inc. | | 9,667 | 1,211,372 |
| Berkshire Hathaway, Inc. Class B (a) | | 8,818 | 3,866,693 |
| | | | 5,078,065 |
| Insurance - 6.6% | | | |
| Chubb Ltd. | | 18,164 | 5,007,088 |
| The Travelers Companies, Inc. | | 19,841 | 4,294,386 |
| Willis Towers Watson PLC | | 6,739 | 1,902,285 |
| | | | 11,203,759 |
TOTAL FINANCIALS | | | 41,615,577 |
| HEALTH CARE - 17.0% | | | |
| Health Care Providers & Services - 10.2% | | | |
| Centene Corp. (a) | | 45,829 | 3,525,167 |
| Cigna Group | | 13,212 | 4,606,628 |
| CVS Health Corp. | | 33,574 | 2,025,519 |
| Elevance Health, Inc. | | 4,354 | 2,316,459 |
| UnitedHealth Group, Inc. | | 8,416 | 4,848,963 |
| | | | 17,322,736 |
| Pharmaceuticals - 6.8% | | | |
| AstraZeneca PLC sponsored ADR | | 39,799 | 3,150,091 |
| Bristol-Myers Squibb Co. | | 54,848 | 2,608,571 |
| Johnson & Johnson | | 17,193 | 2,713,915 |
| Roche Holding AG (participation certificate) | | 4,051 | 1,311,550 |
| Sanofi SA sponsored ADR | | 33,119 | 1,715,895 |
| | | | 11,500,022 |
TOTAL HEALTH CARE | | | 28,822,758 |
| INDUSTRIALS - 12.0% | | | |
| Aerospace & Defense - 3.5% | | | |
| Airbus Group NV | | 6,244 | 944,884 |
| L3Harris Technologies, Inc. | | 3,732 | 846,753 |
| Lockheed Martin Corp. | | 3,169 | 1,717,344 |
| Northrop Grumman Corp. | | 3,907 | 1,892,238 |
| The Boeing Co. (a) | | 2,415 | 460,299 |
| | | | 5,861,518 |
| Air Freight & Logistics - 1.5% | | | |
| C.H. Robinson Worldwide, Inc. | | 2,700 | 240,435 |
| DHL Group | | 19,262 | 859,192 |
| FedEx Corp. | | 4,763 | 1,439,617 |
| | | | 2,539,244 |
| Building Products - 0.6% | | | |
| Johnson Controls International PLC | | 14,869 | 1,063,728 |
| Electrical Equipment - 0.9% | | | |
| GE Vernova LLC | | 1,900 | 338,656 |
| Regal Rexnord Corp. | | 6,229 | 1,000,876 |
| Vestas Wind Systems A/S (a) | | 10,100 | 249,945 |
| | | | 1,589,477 |
| Industrial Conglomerates - 1.4% | | | |
| Siemens AG | | 13,027 | 2,385,206 |
| Machinery - 3.0% | | | |
| Allison Transmission Holdings, Inc. | | 3,000 | 265,770 |
| Cummins, Inc. | | 1,439 | 419,900 |
| Deere & Co. | | 7,283 | 2,709,130 |
| Oshkosh Corp. | | 1,803 | 195,896 |
| Pentair PLC | | 16,572 | 1,456,182 |
| | | | 5,046,878 |
| Professional Services - 1.1% | | | |
| Genpact Ltd. | | 19,700 | 682,999 |
| Maximus, Inc. | | 12,702 | 1,179,889 |
| | | | 1,862,888 |
TOTAL INDUSTRIALS | | | 20,348,939 |
| INFORMATION TECHNOLOGY - 6.2% | | | |
| Communications Equipment - 2.0% | | | |
| Cisco Systems, Inc. | | 70,541 | 3,417,711 |
| IT Services - 2.6% | | | |
| Amdocs Ltd. | | 25,419 | 2,223,400 |
| Capgemini SA | | 6,450 | 1,280,476 |
| Cognizant Technology Solutions Corp. Class A | | 11,296 | 854,881 |
| | | | 4,358,757 |
| Software - 1.6% | | | |
| Gen Digital, Inc. | | 85,179 | 2,213,802 |
| Open Text Corp. | | 14,988 | 472,572 |
| | | | 2,686,374 |
TOTAL INFORMATION TECHNOLOGY | | | 10,462,842 |
| MATERIALS - 2.2% | | | |
| Chemicals - 1.5% | | | |
| CF Industries Holdings, Inc. | | 18,020 | 1,376,548 |
| Nutrien Ltd. | | 23,918 | 1,224,602 |
| | | | 2,601,150 |
| Containers & Packaging - 0.7% | | | |
| Crown Holdings, Inc. | | 13,016 | 1,154,519 |
TOTAL MATERIALS | | | 3,755,669 |
| REAL ESTATE - 1.1% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.1% | | | |
| Crown Castle, Inc. | | 11,219 | 1,234,988 |
| Simon Property Group, Inc. | | 4,247 | 651,660 |
| | | | 1,886,648 |
| UTILITIES - 6.4% | | | |
| Electric Utilities - 4.4% | | | |
| Edison International | | 27,595 | 2,207,876 |
| NextEra Energy, Inc. | | 11,684 | 892,541 |
| PG&E Corp. | | 207,848 | 3,793,226 |
| Southern Co. | | 6,157 | 514,233 |
| | | | 7,407,876 |
| Independent Power and Renewable Electricity Producers - 0.4% | | | |
| The AES Corp. | | 42,948 | 764,045 |
| Multi-Utilities - 1.6% | | | |
| National Grid PLC | | 129,746 | 1,646,241 |
| Sempra | | 14,125 | 1,130,848 |
| | | | 2,777,089 |
TOTAL UTILITIES | | | 10,949,010 |
| TOTAL COMMON STOCKS (Cost $124,141,067) | | | 166,563,134 |
| | | | |
| Nonconvertible Preferred Stocks - 0.9% |
| | | Shares | Value ($) |
| INFORMATION TECHNOLOGY - 0.9% | | | |
| Technology Hardware, Storage & Peripherals - 0.9% | | | |
Samsung Electronics Co. Ltd. (Cost $1,272,058) | | 34,030 | 1,612,325 |
| | | | |
| Money Market Funds - 0.5% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 5.39% (b) (Cost $833,835) | | 833,668 | 833,835 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $126,246,960) | 169,009,294 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 840,267 |
| NET ASSETS - 100.0% | 169,849,561 |
| | |
Legend
| (b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 1,567,728 | 47,611,307 | 48,345,238 | 151,852 | 38 | - | 833,835 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 1,949,825 | 2,697,258 | 4,647,083 | 18,398 | - | - | - | 0.0% |
| Total | 3,517,553 | 50,308,565 | 52,992,321 | 170,250 | 38 | - | 833,835 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2024, 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 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 8,493,858 | 8,493,858 | - | - |
Consumer Discretionary | 7,846,778 | 7,357,160 | 489,618 | - |
Consumer Staples | 17,409,871 | 15,024,676 | 2,385,195 | - |
Energy | 14,971,184 | 14,971,184 | - | - |
Financials | 41,615,577 | 41,615,577 | - | - |
Health Care | 28,822,758 | 27,511,208 | 1,311,550 | - |
Industrials | 20,348,939 | 15,909,712 | 4,439,227 | - |
Information Technology | 12,075,167 | 10,794,691 | 1,280,476 | - |
Materials | 3,755,669 | 3,755,669 | - | - |
Real Estate | 1,886,648 | 1,886,648 | - | - |
Utilities | 10,949,010 | 9,302,769 | 1,646,241 | - |
|
| Money Market Funds | 833,835 | 833,835 | - | - |
| Total Investments in Securities: | 169,009,294 | 157,456,987 | 11,552,307 | - |
Financial Statements
| Statement of Assets and Liabilities |
As of July 31, 2024 |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $125,413,125) | $ | 168,175,459 | | |
Fidelity Central Funds (cost $833,835) | | 833,835 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $126,246,960) | | | $ | 169,009,294 |
| Foreign currency held at value (cost $92) | | | | 92 |
| Receivable for investments sold | | | | 765,757 |
| Receivable for fund shares sold | | | | 31,617 |
| Dividends receivable | | | | 116,347 |
| Reclaims receivable | | | | 88,634 |
| Distributions receivable from Fidelity Central Funds | | | | 7,259 |
| Other receivables | | | | 303 |
Total assets | | | | 170,019,303 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 86,690 | | |
| Payable for fund shares redeemed | | 10,310 | | |
| Accrued management fee | | 62,934 | | |
| Proxy fee payable | | 9,808 | | |
| Total liabilities | | | | 169,742 |
| Net Assets | | | $ | 169,849,561 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 115,775,252 |
| Total accumulated earnings (loss) | | | | 54,074,309 |
| Net Assets | | | $ | 169,849,561 |
Net Asset Value, offering price and redemption price per share ($169,849,561 ÷ 13,037,932 shares) | | | $ | 13.03 |
| Statement of Operations |
| Year ended July 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 4,297,941 |
| Income from Fidelity Central Funds (including $18,398 from security lending) | | | | 170,250 |
| Total income | | | | 4,468,191 |
| Expenses | | | | |
| Management fee | $ | 811,886 | | |
| Independent trustees' fees and expenses | | 905 | | |
| Interest | | 841 | | |
| Miscellaneous | | 9,808 | | |
| Total expenses before reductions | | 823,440 | | |
| Expense reductions | | (7,324) | | |
| Total expenses after reductions | | | | 816,116 |
| Net Investment income (loss) | | | | 3,652,075 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 10,074,308 | | |
| Fidelity Central Funds | | 38 | | |
| Foreign currency transactions | | (486) | | |
| Total net realized gain (loss) | | | | 10,073,860 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 3,147,595 | | |
| Assets and liabilities in foreign currencies | | (3,611) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 3,143,984 |
| Net gain (loss) | | | | 13,217,844 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 16,869,919 |
| Statement of Changes in Net Assets |
| |
| | Year ended July 31, 2024 | | Year ended July 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 3,652,075 | $ | 3,106,287 |
| Net realized gain (loss) | | 10,073,860 | | 4,336,755 |
| Change in net unrealized appreciation (depreciation) | | 3,143,984 | | 8,108,400 |
| Net increase (decrease) in net assets resulting from operations | | 16,869,919 | | 15,551,442 |
| Distributions to shareholders | | (8,769,141) | | (13,940,304) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 46,887,484 | | 115,401,725 |
| Reinvestment of distributions | | 8,769,141 | | 13,940,304 |
| Cost of shares redeemed | | (88,196,398) | | (74,114,191) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | (32,539,773) | | 55,227,838 |
| Total increase (decrease) in net assets | | (24,438,995) | | 56,838,976 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 194,288,556 | | 137,449,580 |
| End of period | $ | 169,849,561 | $ | 194,288,556 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 3,867,561 | | 10,110,184 |
| Issued in reinvestment of distributions | | 755,476 | | 1,185,215 |
| Redeemed | | (7,255,231) | | (6,205,102) |
| Net increase (decrease) | | (2,632,194) | | 5,090,297 |
| | | | | |
Financial Highlights
Fidelity® Value Discovery K6 Fund |
| |
| Years ended July 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.40 | $ | 12.99 | $ | 14.22 | $ | 10.15 | $ | 10.94 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .24 | | .21 | | .21 | | .19 | | .23 C |
| Net realized and unrealized gain (loss) | | .96 | | .51 | | (.12) | | 4.09 | | (.62) |
| Total from investment operations | | 1.20 | | .72 | | .09 | | 4.28 | | (.39) |
| Distributions from net investment income | | (.22) | | (.17) | | (.20) | | (.21) | | (.23) |
| Distributions from net realized gain | | (.35) | | (1.14) | | (1.12) | | - | | (.17) |
| Total distributions | | (.57) | | (1.31) | | (1.32) | | (.21) | | (.40) |
| Net asset value, end of period | $ | 13.03 | $ | 12.40 | $ | 12.99 | $ | 14.22 | $ | 10.15 |
Total Return D | | | | 6.14% | | .60% | | 42.84% | | (3.80)% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .46% | | .45% | | .45% | | .45% | | .45% |
| Expenses net of fee waivers, if any | | | | .45% | | .45% | | .45% | | .45% |
| Expenses net of all reductions | | .45% | | .45% | | .45% | | .45% | | .44% |
| Net investment income (loss) | | 2.02% | | 1.76% | | 1.52% | | 1.51% | | 2.27% C |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 169,850 | $ | 194,289 | $ | 137,450 | $ | 180,575 | $ | 164,392 |
Portfolio turnover rate G | | | | 43% H | | 37% H | | 55% | | 82% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet 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 1.93%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
HPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
For the period ended July 31, 2024
1. Organization.
Fidelity Value Discovery K6 Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2024, 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 determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $45,078,918 |
Gross unrealized depreciation | (2,618,375) |
Net unrealized appreciation (depreciation) | $42,460,543 |
Tax Cost | $126,548,751 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $2,584,246 |
Undistributed long-term capital gain | $9,028,024 |
| Net unrealized appreciation (depreciation) on securities and other investments | $42,462,040 |
| | |
The tax character of distributions paid was as follows:
| | July 31, 2024 | July 31, 2023 |
Ordinary Income | $4,167,818 | $ 2,061,356 |
Long-term Capital Gains | 4,601,323 | 11,878,948 |
Total | $8,769,141 | $ 13,940,304 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
Fidelity Value Discovery K6 Fund | 52,429,798 | 86,326,037 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds ($) |
| Fidelity Value Discovery K6 Fund | 2,730,382 | 30,615,682 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
Fidelity Value Discovery K6 Fund | 896 |
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 Discovery K6 Fund | Borrower | 5,437,000 | 5.57% | 841 |
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 Discovery K6 Fund | 3,270,085 | 23,141,355 | 2,002,278 |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The 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.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, 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 Discovery K6 Fund | 1,602 | - | - |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent proxy and shareholder meeting expenses exceeded .003% of average net assets. This reimbursement will remain in place through November 30, 2025. During the period this reimbursement reduced the Fund's expenses as follows:
| | Reimbursement ($) |
Fidelity Value Discovery K6 Fund | 4,393 |
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,931.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Puritan Trust and the Shareholders of Fidelity Value Discovery K6 Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Value Discovery K6 Fund (the "Fund"), a fund of Fidelity Puritan Trust, including the schedule of investments, as of July 31, 2024, 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 July 31, 2024, 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 July 31, 2024, 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
September 12, 2024
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2024, $10,216,241, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates $163,700 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 69% and 100% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 95.53% and 100% of the dividends distributed in September and December, respectively 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 0.03% of the dividends distributed during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 65,110,731,692.91 | 94.24 |
| Withheld | 3,977,061,305.33 | 5.76 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 64,862,479,525.74 | 93.88 |
| Withheld | 4,225,313,472.50 | 6.12 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Vijay C. Advani |
| Affirmative | 64,817,783,404.76 | 93.82 |
| Withheld | 4,270,009,593.49 | 6.18 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 64,886,989,933.75 | 93.92 |
| Withheld | 4,200,803,064.49 | 6.08 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Donald F. Donahue |
| Affirmative | 64,848,204,109.00 | 93.86 |
| Withheld | 4,239,588,889.24 | 6.14 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 64,995,466,255.60 | 94.08 |
| Withheld | 4,092,326,742.65 | 5.92 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 65,085,124,704.84 | 94.21 |
| Withheld | 4,002,668,293.40 | 5.79 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 64,964,358,187.70 | 94.03 |
| Withheld | 4,123,434,810.54 | 5.97 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Oscar Munoz |
| Affirmative | 64,740,772,159.72 | 93.71 |
| Withheld | 4,347,020,838.53 | 6.29 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Karen B. Peetz |
| Affirmative | 64,944,559,251.25 | 94.00 |
| Withheld | 4,143,233,746.99 | 6.00 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| David M. Thomas |
| Affirmative | 64,792,568,989.40 | 93.78 |
| Withheld | 4,295,224,008.84 | 6.22 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Susan Tomasky |
| Affirmative | 64,843,909,948.98 | 93.86 |
| Withheld | 4,243,883,049.26 | 6.14 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Michael E. Wiley |
| Affirmative | 64,839,438,084.90 | 93.85 |
| Withheld | 4,248,354,913.34 | 6.15 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Value Discovery K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a 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 concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.9884003.107
FVDK6-ANN-0924
Fidelity® Low-Priced Stock Fund
Annual Report
July 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Low-Priced Stock Fund
Schedule of Investments July 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 98.8% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 1.1% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| AT&T, Inc. | | 349,534 | 6,729 |
| Liberty Latin America Ltd. Class C (a) | | 1,725,887 | 18,294 |
| | | | 25,023 |
| Entertainment - 0.1% | | | |
| GungHo Online Entertainment, Inc. | | 485,276 | 9,485 |
| International Games Systems Co. Ltd. | | 630,706 | 14,493 |
| | | | 23,978 |
| Interactive Media & Services - 0.3% | | | |
| Cars.com, Inc. (a) | | 3,051,927 | 62,931 |
| JOYY, Inc. ADR | | 194,439 | 6,473 |
| New Work SE | | 26,819 | 1,916 |
| | | | 71,320 |
| Media - 0.6% | | | |
| Comcast Corp. Class A | | 1,873,283 | 77,310 |
| Nexstar Media Group, Inc. | | 131,955 | 24,384 |
| Pico Far East Holdings Ltd. | | 21,864,920 | 4,814 |
| Reach PLC | | 5,348,709 | 7,261 |
| RKB Mainichi Broadcasting Corp. | | 34,419 | 1,146 |
| Thryv Holdings, Inc. (a) | | 434,430 | 8,463 |
| Trenders, Inc. (b) | | 145,669 | 975 |
| WPP PLC | | 5,763,562 | 55,596 |
| | | | 179,949 |
TOTAL COMMUNICATION SERVICES | | | 300,270 |
| CONSUMER DISCRETIONARY - 14.5% | | | |
| Automobile Components - 2.0% | | | |
| Adient PLC (a) | | 4,151,983 | 106,955 |
| Amotiv Ltd. | | 96,688 | 684 |
| Aptiv PLC (a) | | 606,980 | 42,118 |
| Autoliv, Inc. | | 557,536 | 56,389 |
| Brembo N.V. | | 1,080,064 | 12,117 |
| Cie Automotive SA | | 1,330,035 | 38,865 |
| DaikyoNishikawa Corp. | | 485,264 | 2,268 |
| LCI Industries (b) | | 1,157,207 | 135,034 |
| Lear Corp. | | 757,875 | 92,491 |
| Motonic Corp. | | 1,278,553 | 8,046 |
| Patrick Industries, Inc. | | 247,756 | 31,728 |
| PT Selamat Sempurna Tbk | | 54,562,800 | 6,913 |
| SNT Holdings Co. Ltd. (c) | | 885,108 | 15,120 |
| Yutaka Giken Co. Ltd. | | 237,321 | 3,390 |
| | | | 552,118 |
| Automobiles - 0.8% | | | |
| General Motors Co. | | 1,641,965 | 72,772 |
| Harley-Davidson, Inc. | | 2,456,367 | 92,114 |
| Isuzu Motors Ltd. | | 1,185,029 | 16,030 |
| Kabe Husvagnar AB (B Shares) | | 239,361 | 8,225 |
| Mercedes-Benz Group AG (Germany) | | 227,344 | 15,028 |
| Stellantis NV (b) | | 907,994 | 15,154 |
| | | | 219,323 |
| Broadline Retail - 1.5% | | | |
| ASKUL Corp. | | 2,891,000 | 41,086 |
| B&M European Value Retail SA | | 8,395,122 | 50,519 |
| eBay, Inc. | | 677,305 | 37,665 |
| Europris ASA (d) | | 2,532,297 | 15,121 |
| Gwangju Shinsegae Co. Ltd. | | 239,200 | 5,117 |
| Kohl's Corp. (b) | | 2,724,333 | 59,009 |
| Macy's, Inc. | | 1,148,774 | 19,851 |
| Max Stock Ltd. | | 1,337,167 | 3,062 |
| Next PLC | | 1,383,892 | 161,432 |
| Rusta AB | | 3,064,278 | 21,246 |
| Vipshop Holdings Ltd. ADR | | 971,397 | 13,250 |
| | | | 427,358 |
| Distributors - 0.5% | | | |
| Arata Corp. | | 1,162,639 | 27,901 |
| Autohellas SA | | 181,173 | 2,325 |
| Central Automotive Products Ltd. | | 296,972 | 9,882 |
| Inchcape PLC | | 6,486,180 | 70,292 |
| PALTAC Corp. | | 1,167,483 | 36,107 |
| | | | 146,507 |
| Diversified Consumer Services - 0.5% | | | |
| Aucnet, Inc. | | 205,678 | 3,323 |
| Cross-Harbour Holdings Ltd. | | 2,065,292 | 1,903 |
| Frontdoor, Inc. (a) | | 486,262 | 19,188 |
| Gakkyusha Co. Ltd. | | 186,675 | 2,647 |
| H&R Block, Inc. | | 1,041,800 | 60,362 |
| JP-Holdings, Inc. | | 850,171 | 3,468 |
| Laureate Education, Inc. | | 1,611,210 | 24,974 |
| ME Group International PLC | | 7,163,859 | 17,793 |
| | | | 133,658 |
| Hotels, Restaurants & Leisure - 0.4% | | | |
| Betsson AB (B Shares) | | 3,012,439 | 35,848 |
| Hollywood Bowl Group PLC | | 3,476,916 | 14,862 |
| Ibersol SGPS SA | | 1,162,856 | 8,784 |
| J.D. Wetherspoon PLC (a) | | 1,546,603 | 14,842 |
| MTY Food Group, Inc. | | 843,656 | 27,840 |
| | | | 102,176 |
| Household Durables - 3.1% | | | |
| Ace Bed Co. Ltd. | | 23,039 | 438 |
| Barratt Developments PLC | | 18,471,525 | 125,047 |
| Bellway PLC | | 3,668,633 | 135,167 |
| Chervon Holdings Ltd. | | 12,049,362 | 27,575 |
| Cuckoo Holdings Co. Ltd. | | 508,128 | 8,198 |
| D.R. Horton, Inc. | | 236,933 | 42,631 |
| Emak SpA | | 3,104,322 | 3,407 |
| First Juken Co. Ltd. (b)(c) | | 1,311,262 | 9,585 |
| FJ Next Co. Ltd. | | 1,165,083 | 10,328 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 8,158,037 | 45,221 |
| Helen of Troy Ltd. (a)(c) | | 1,397,445 | 82,603 |
| JM AB (B Shares) | | 1,432,379 | 27,847 |
| Open House Group Co. Ltd. | | 533,832 | 19,100 |
| Pressance Corp. | | 2,458,444 | 33,593 |
| Tempur Sealy International, Inc. | | 1,504,011 | 78,735 |
| Token Corp. | | 233,107 | 18,486 |
| TopBuild Corp. (a) | | 108,374 | 51,861 |
| Vistry Group PLC (a) | | 8,077,472 | 143,714 |
| ZAGG, Inc. rights (a)(e) | | 448,847 | 0 |
| | | | 863,536 |
| Leisure Products - 0.3% | | | |
| BRP, Inc. | | 454,424 | 32,924 |
| Brunswick Corp. | | 664,763 | 54,145 |
| Roland Corp. | | 278,245 | 7,262 |
| | | | 94,331 |
| Specialty Retail - 3.2% | | | |
| Academy Sports & Outdoors, Inc. | | 1,553,325 | 83,988 |
| Advance Auto Parts, Inc. (b) | | 739,362 | 46,824 |
| Arcland Sakamoto Co. Ltd. | | 1,092,422 | 13,272 |
| AutoZone, Inc. (a) | | 19,312 | 60,518 |
| BHG Group AB (a) | | 4,282,075 | 6,314 |
| BMTC Group, Inc. (c) | | 3,170,918 | 30,064 |
| Dick's Sporting Goods, Inc. | | 441,308 | 95,477 |
| Dunelm Group PLC | | 795,458 | 12,609 |
| Formosa Optical Technology Co. Ltd. | | 1,002,000 | 2,937 |
| Fuji Corp. | | 487,670 | 6,882 |
| Goldlion Holdings Ltd. | | 22,261,555 | 2,821 |
| Hallenstein Glassons Holding Ltd. | | 522,509 | 1,841 |
| Hamee Corp. | | 607,355 | 4,622 |
| Handsman Co. Ltd. | | 137,858 | 757 |
| IA Group Corp. | | 73,787 | 1,749 |
| JD Sports Fashion PLC | | 50,811,311 | 85,962 |
| Jumbo SA (c) | | 6,907,972 | 185,110 |
| K's Holdings Corp. | | 543,924 | 5,887 |
| Kid ASA (d) | | 50,374 | 608 |
| Leon's Furniture Ltd. | | 300,934 | 5,972 |
| Maisons du Monde SA (d) | | 828,446 | 3,290 |
| Mr. Bricolage SA (a) | | 805,944 | 6,978 |
| Nafco Co. Ltd. (c) | | 1,816,936 | 36,386 |
| Pets At Home Group PLC | | 8,747,384 | 34,500 |
| Sally Beauty Holdings, Inc. (a)(b)(c) | | 7,860,779 | 90,006 |
| Sportsman's Warehouse Holdings, Inc. (a)(c) | | 2,773,381 | 7,072 |
| Syuppin Co. Ltd. | | 291,605 | 2,838 |
| The Hour Glass Ltd. | | 1,809,401 | 2,139 |
| Valvoline, Inc. (a) | | 9,800 | 456 |
| WH Smith PLC | | 1,915,078 | 32,497 |
| Williams-Sonoma, Inc. | | 116,603 | 18,036 |
| | | | 888,412 |
| Textiles, Apparel & Luxury Goods - 2.2% | | | |
| Best Pacific International Holdings Ltd. | | 33,968,317 | 9,869 |
| Crocs, Inc. (a) | | 47,126 | 6,332 |
| Deckers Outdoor Corp. (a) | | 3,844 | 3,547 |
| Dr. Martens Ltd. | | 12,280,659 | 11,209 |
| Embry Holdings Ltd. (a) | | 2,009,583 | 78 |
| Gildan Activewear, Inc. | | 2,935,563 | 119,536 |
| Handsome Co. Ltd. (c) | | 1,400,000 | 17,845 |
| Kontoor Brands, Inc. (b) | | 1,074,283 | 75,361 |
| Levi Strauss & Co. Class A | | 3,499,282 | 64,142 |
| Oxford Industries, Inc. (b) | | 353,101 | 37,192 |
| PVH Corp. | | 812,315 | 82,848 |
| Sun Hing Vision Group Holdings Ltd. (c) | | 17,186,619 | 1,386 |
| Texwinca Holdings Ltd. | | 33,072,664 | 3,979 |
| VF Corp. (b) | | 3,771,769 | 63,969 |
| Victory City International Holdings Ltd. (a)(e) | | 8,385,171 | 311 |
| Wolverine World Wide, Inc. (c) | | 5,501,360 | 81,805 |
| Youngone Corp. | | 250,000 | 7,091 |
| Youngone Holdings Co. Ltd. (c) | | 752,000 | 44,523 |
| | | | 631,023 |
TOTAL CONSUMER DISCRETIONARY | | | 4,058,442 |
| CONSUMER STAPLES - 6.9% | | | |
| Beverages - 0.8% | | | |
| A.G. Barr PLC | | 1,925,282 | 15,939 |
| Britvic PLC | | 2,433,512 | 39,699 |
| Primo Water Corp. | | 6,724,374 | 147,466 |
| Viva Wine Group AB | | 2,559,500 | 11,018 |
| | | | 214,122 |
| Consumer Staples Distribution & Retail - 4.5% | | | |
| Acomo NV | | 134,025 | 2,504 |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 2,456,126 | 151,408 |
| Atacadao SA | | 12,486,900 | 20,443 |
| Belc Co. Ltd. (c) | | 1,045,729 | 43,838 |
| BJ's Wholesale Club Holdings, Inc. (a) | | 928,376 | 81,660 |
| Corporativo Fragua S.A.B. de CV (b) | | 262,989 | 13,890 |
| Cosmos Pharmaceutical Corp. | | 912,350 | 81,701 |
| Create SD Holdings Co. Ltd. | | 3,075,698 | 69,191 |
| Eurocash SA (a) | | 2,382,800 | 7,034 |
| G-7 Holdings, Inc. | | 1,213,539 | 13,755 |
| Genky DrugStores Co. Ltd. (c) | | 1,941,092 | 44,638 |
| Halows Co. Ltd. (c) | | 1,432,241 | 43,836 |
| MARR SpA | | 113,187 | 1,411 |
| Metro, Inc. | | 7,063,619 | 420,650 |
| North West Co., Inc. | | 72,968 | 2,363 |
| Performance Food Group Co. (a) | | 711,934 | 49,123 |
| Sprouts Farmers Market LLC (a) | | 1,555,767 | 155,406 |
| YAKUODO Holdings Co. Ltd. | | 151,997 | 2,876 |
| Yaoko Co. Ltd. | | 703,623 | 43,076 |
| | | | 1,248,803 |
| Food Products - 1.2% | | | |
| Armanino Foods of Distinction | | 1,324,051 | 7,355 |
| Axyz Co. Ltd. | | 21,132 | 415 |
| Carr's Group PLC (b)(c) | | 5,848,641 | 10,526 |
| Century Pacific Food, Inc. | | 17,919,244 | 10,598 |
| Delfi Ltd. | | 2,940,556 | 1,848 |
| Food Empire Holdings Ltd. | | 16,204,267 | 12,244 |
| Gruma S.A.B. de CV Series B | | 467,239 | 8,735 |
| Inghams Group Ltd. | | 5,339,801 | 13,165 |
| Ingredion, Inc. | | 42,334 | 5,265 |
| Lamb Weston Holdings, Inc. | | 1,967,019 | 118,060 |
| Nomad Foods Ltd. | | 2,492,778 | 47,637 |
| Ottogi Corp. | | 77,998 | 24,827 |
| Pacific Andes International Holdings Ltd. (a)(e) | | 106,294,500 | 0 |
| Pacific Andes Resources Development Ltd. (a)(e) | | 205,371,360 | 2 |
| Pickles Holdings Co. Ltd. | | 346,165 | 2,618 |
| Rocky Mountain Chocolate Factory, Inc. (a)(c) | | 440,020 | 832 |
| S Foods, Inc. | | 781,332 | 15,637 |
| Sunjin Co. Ltd. (c) | | 1,747,572 | 8,765 |
| Sunjuice Holdings Co. Ltd. | | 240,000 | 1,311 |
| Tate & Lyle PLC | | 6,787,722 | 57,373 |
| | | | 347,213 |
| Household Products - 0.0% | | | |
| Transaction Co. Ltd. | | 387,305 | 4,654 |
| Personal Care Products - 0.3% | | | |
| Edgewell Personal Care Co. | | 132,079 | 5,171 |
| Hengan International Group Co. Ltd. | | 9,464,091 | 29,557 |
| Sarantis SA (c) | | 3,695,983 | 43,920 |
| TCI Co. Ltd. | | 400,000 | 1,754 |
| | | | 80,402 |
| Tobacco - 0.1% | | | |
| KT&G Corp. | | 453,780 | 30,908 |
| Scandinavian Tobacco Group A/S (d) | | 851,978 | 12,479 |
| | | | 43,387 |
TOTAL CONSUMER STAPLES | | | 1,938,581 |
| ENERGY - 8.3% | | | |
| Energy Equipment & Services - 0.6% | | | |
| Cactus, Inc. | | 1,308,572 | 82,597 |
| John Wood Group PLC (a) | | 17,343,676 | 45,484 |
| PHX Energy Services Corp. | | 1,164,995 | 8,919 |
| Total Energy Services, Inc. | | 1,670,028 | 11,854 |
| Vallourec SA (a) | | 343,821 | 5,574 |
| | | | 154,428 |
| Oil, Gas & Consumable Fuels - 7.7% | | | |
| Antero Resources Corp. (a) | | 4,497,517 | 130,518 |
| Cenovus Energy, Inc. (Canada) | | 9,721,462 | 195,887 |
| China Petroleum & Chemical Corp. (H Shares) | | 83,927,677 | 53,926 |
| Chord Energy Corp. | | 1,510,604 | 259,310 |
| Civitas Resources, Inc. | | 1,829,443 | 127,622 |
| CNX Resources Corp. (a)(b) | | 1,552,823 | 41,103 |
| Diamondback Energy, Inc. | | 479,012 | 96,909 |
| Energy Transfer LP | | 634,200 | 10,318 |
| Enterprise Products Partners LP | | 1,595,455 | 46,045 |
| INPEX Corp. | | 195,923 | 3,025 |
| Iwatani Corp. | | 95,779 | 6,126 |
| Mi Chang Oil Industrial Co. Ltd. (c) | | 173,900 | 10,855 |
| NACCO Industries, Inc. Class A | | 97,258 | 2,928 |
| Northern Oil & Gas, Inc. | | 2,331,434 | 100,695 |
| Oil & Natural Gas Corp. Ltd. | | 7,185,193 | 28,680 |
| Oil India Ltd. | | 6,627,350 | 45,715 |
| Ovintiv, Inc. | | 5,653,090 | 262,529 |
| Parkland Corp. | | 2,128,076 | 59,697 |
| Petronet LNG Ltd. | | 11,956,200 | 52,621 |
| Range Resources Corp. | | 4,789,852 | 149,587 |
| Scorpio Tankers, Inc. | | 73,300 | 5,621 |
| Shell PLC (London) | | 816,029 | 29,756 |
| Southwestern Energy Co. (a) | | 13,688,598 | 88,291 |
| TotalEnergies SE sponsored ADR (b) | | 5,095,633 | 345,382 |
| Unit Corp. | | 157,203 | 5,645 |
| | | | 2,158,791 |
TOTAL ENERGY | | | 2,313,219 |
| FINANCIALS - 17.8% | | | |
| Banks - 7.2% | | | |
| ACNB Corp. | | 334,984 | 13,895 |
| AIB Group PLC | | 7,349,320 | 42,155 |
| Associated Banc-Corp. | | 4,641,951 | 106,672 |
| Bank of Ireland Group PLC | | 3,306,373 | 37,483 |
| Bankinter SA | | 639,011 | 5,455 |
| Bar Harbor Bankshares | | 653,188 | 20,876 |
| Cadence Bank | | 4,075,198 | 133,952 |
| Camden National Corp. | | 330,249 | 13,765 |
| Central Pacific Financial Corp. | | 126,783 | 3,308 |
| Citigroup, Inc. | | 948,997 | 61,571 |
| Community Trust Bancorp, Inc. | | 68,072 | 3,453 |
| East West Bancorp, Inc. | | 821,942 | 72,240 |
| Eurobank Ergasias Services and Holdings SA | | 12,727,202 | 29,173 |
| First Bancorp, Puerto Rico | | 2,605,007 | 55,877 |
| First Foundation, Inc. | | 24,016 | 168 |
| FNB Corp., Pennsylvania | | 6,198,836 | 95,090 |
| Greene County Bancorp, Inc. | | 207,712 | 7,530 |
| Intercorp Financial Services, Inc. | | 608,877 | 13,858 |
| KeyCorp | | 4,862,559 | 78,433 |
| National Bank of Greece SA | | 2,982,956 | 26,182 |
| Nicolet Bankshares, Inc. | | 195,561 | 19,666 |
| Oak Valley Bancorp Oakdale California | | 115,868 | 3,299 |
| OFG Bancorp | | 98,957 | 4,495 |
| Plumas Bancorp | | 194,156 | 8,401 |
| QCR Holdings, Inc. | | 588,123 | 44,956 |
| Southern Missouri Bancorp, Inc. | | 216,010 | 12,356 |
| Spar Nord Bank A/S | | 477,280 | 9,732 |
| Sparebank 1 Oestlandet | | 2,006,928 | 27,676 |
| Sparebank 1 Sr Bank ASA (primary capital certificate) | | 1,101,985 | 14,160 |
| Sparebanken Nord-Norge | | 2,381,231 | 23,549 |
| Synovus Financial Corp. | | 3,284,069 | 153,530 |
| The First Bancorp, Inc. | | 167,474 | 4,714 |
| U.S. Bancorp | | 2,112,189 | 94,795 |
| Union Bankshares, Inc. | | 124,607 | 3,015 |
| United Community Bank, Inc. | | 3,278,240 | 101,462 |
| Unity Bancorp, Inc. | | 59,207 | 2,050 |
| Washington Trust Bancorp, Inc. | | 650,198 | 20,813 |
| Webster Financial Corp. | | 1,369,857 | 67,972 |
| Wells Fargo & Co. | | 7,952,440 | 471,898 |
| West Bancorp., Inc. | | 616,334 | 12,783 |
| Wintrust Financial Corp. | | 909,013 | 98,355 |
| | | | 2,020,813 |
| Capital Markets - 2.7% | | | |
| ABG Sundal Collier ASA | | 5,558,202 | 3,352 |
| Antin Infrastructure Partners SA | | 1,172,243 | 15,884 |
| Azimut Holding SpA | | 116,559 | 2,922 |
| Banca Generali SpA | | 383,996 | 16,706 |
| Bank of New York Mellon Corp. | | 106,853 | 6,953 |
| DWS Group GmbH & Co. KGaA (d) | | 149,471 | 5,662 |
| Federated Hermes, Inc. | | 2,517,768 | 86,435 |
| Korea Ratings Corp. | | 88,600 | 5,608 |
| Lazard, Inc. Class A | | 2,596,063 | 127,648 |
| LPL Financial | | 241,685 | 53,538 |
| Patria Investments Ltd. | | 238,122 | 3,098 |
| Rathbone Brothers PLC | | 2,739,759 | 67,765 |
| Raymond James Financial, Inc. | | 1,588,836 | 184,305 |
| SEI Investments Co. | | 1,063 | 72 |
| Stifel Financial Corp. | | 1,193,945 | 105,867 |
| Van Lanschot Kempen NV (Bearer) | | 994,665 | 43,005 |
| Vontobel Holdings AG | | 217,370 | 14,264 |
| | | | 743,084 |
| Consumer Finance - 0.9% | | | |
| Aeon Credit Service (Asia) Co. Ltd. | | 13,728,904 | 10,016 |
| Discover Financial Services | | 1,156,545 | 166,531 |
| OneMain Holdings, Inc. | | 1,200,343 | 62,730 |
| | | | 239,277 |
| Financial Services - 1.9% | | | |
| ASAX Co. Ltd. | | 106,640 | 548 |
| Corpay, Inc. (a) | | 601,456 | 175,517 |
| Enact Holdings, Inc. | | 209,461 | 7,128 |
| Essent Group Ltd. | | 1,655,289 | 104,018 |
| EVERTEC, Inc. | | 2,536,885 | 87,446 |
| Far East Horizon Ltd. | | 3,299,167 | 2,251 |
| Federal Agricultural Mortgage Corp.: | | | |
| Class A (multi-vtg.) (b) | | 4,787 | 788 |
| Class C (non-vtg.) | | 317,183 | 65,409 |
| Fuyo General Lease Co. Ltd. | | 126,256 | 10,400 |
| Nice Information & Telecom, Inc. | | 433,187 | 6,404 |
| Tokyo Century Corp. | | 586,622 | 6,320 |
| Zenkoku Hosho Co. Ltd. | | 1,508,596 | 62,729 |
| | | | 528,958 |
| Insurance - 5.1% | | | |
| American Financial Group, Inc. | | 732,907 | 95,982 |
| ASR Nederland NV | | 1,844,600 | 92,569 |
| Aub Group Ltd. | | 237,977 | 5,024 |
| Db Insurance Co. Ltd. | | 180,247 | 14,540 |
| Direct Line Insurance Group PLC | | 50,938,186 | 123,437 |
| First American Financial Corp. | | 713,879 | 43,247 |
| Grupo Catalana Occidente SA | | 393,249 | 17,024 |
| Hartford Financial Services Group, Inc. | | 580,394 | 64,377 |
| Hiscox Ltd. | | 296,151 | 4,839 |
| NN Group NV | | 1,072,390 | 53,782 |
| Primerica, Inc. | | 418,253 | 105,304 |
| Qualitas Controladora S.A.B. de CV | | 806,572 | 7,435 |
| Reinsurance Group of America, Inc. | | 1,343,206 | 302,799 |
| Selective Insurance Group, Inc. | | 1,391,155 | 125,649 |
| Stewart Information Services Corp. | | 525,547 | 37,156 |
| Talanx AG | | 230,351 | 17,513 |
| The Travelers Companies, Inc. | | 23,621 | 5,113 |
| Unum Group | | 5,599,947 | 322,165 |
| | | | 1,437,955 |
TOTAL FINANCIALS | | | 4,970,087 |
| HEALTH CARE - 11.3% | | | |
| Biotechnology - 0.4% | | | |
| Essex Bio-Technology Ltd. | | 9,996,376 | 3,186 |
| Gilead Sciences, Inc. | | 1,313,736 | 99,923 |
| Regeneron Pharmaceuticals, Inc. (a) | | 5,422 | 5,851 |
| United Therapeutics Corp. (a) | | 18,641 | 5,840 |
| | | | 114,800 |
| Health Care Equipment & Supplies - 0.8% | | | |
| Dentsply Sirona, Inc. (b) | | 2,823,305 | 76,624 |
| Embecta Corp. | | 1,692,880 | 26,527 |
| Fukuda Denshi Co. Ltd. | | 1,414,734 | 63,935 |
| InBody Co. Ltd. (c) | | 741,922 | 13,053 |
| Interojo Co. Ltd. (e) | | 120,700 | 2,194 |
| Nakanishi, Inc. | | 384,075 | 6,676 |
| Prim SA (c) | | 1,320,699 | 15,508 |
| Techno Medica Co. Ltd. | | 36,496 | 437 |
| Utah Medical Products, Inc. | | 153,386 | 10,676 |
| Value Added Technology Co. Ltd. | | 436,553 | 8,191 |
| Vieworks Co. Ltd. | | 394,258 | 7,599 |
| Zimmer Biomet Holdings, Inc. | | 29,362 | 3,269 |
| | | | 234,689 |
| Health Care Providers & Services - 8.4% | | | |
| Centene Corp. (a) | | 2,744,685 | 211,121 |
| Ci Medical Co. Ltd. | | 481,567 | 3,182 |
| Cigna Group | | 870,958 | 303,677 |
| CVS Health Corp. | | 2,015,594 | 121,601 |
| Elevance Health, Inc. | | 651,416 | 346,573 |
| Henry Schein, Inc. (a) | | 1,097,859 | 78,980 |
| Hi-Clearance, Inc. | | 1,660,459 | 7,062 |
| Humana, Inc. | | 361,944 | 130,883 |
| Labcorp Holdings, Inc. | | 608,686 | 131,135 |
| Medica Sur SA de CV | | 1,108,961 | 2,135 |
| Quest Diagnostics, Inc. | | 396,382 | 56,405 |
| Select Medical Holdings Corp. (b) | | 120,646 | 4,797 |
| Ship Healthcare Holdings, Inc. | | 1,788,395 | 27,458 |
| Sinopharm Group Co. Ltd. (H Shares) | | 41,999,920 | 98,699 |
| UnitedHealth Group, Inc. | | 837,650 | 482,610 |
| Universal Health Services, Inc. Class B | | 1,426,016 | 304,825 |
| WIN-Partners Co. Ltd. (c) | | 2,045,959 | 16,853 |
| | | | 2,327,996 |
| Health Care Technology - 0.0% | | | |
| Software Service, Inc. | | 48,506 | 4,543 |
| Life Sciences Tools & Services - 0.6% | | | |
| ICON PLC (a) | | 513,133 | 168,533 |
| Pharmaceuticals - 1.1% | | | |
| China Medical System Holdings Ltd. | | 9,705,496 | 8,050 |
| Consun Pharmaceutical Group Ltd. | | 3,882,339 | 2,783 |
| Daewon Pharmaceutical Co. Ltd. (c) | | 2,142,922 | 24,874 |
| Dai Han Pharmaceutical Co. Ltd. | | 297,037 | 6,115 |
| Dawnrays Pharmaceutical Holdings Ltd. | | 63,023,210 | 9,196 |
| DongKook Pharmaceutical Co. Ltd. | | 1,306,379 | 16,823 |
| Faes Farma SA | | 2,981,834 | 11,440 |
| Genomma Lab Internacional SA de CV | | 2,354,038 | 2,431 |
| Granules India Ltd. | | 591,564 | 4,452 |
| Huons Co. Ltd. (c) | | 853,834 | 20,352 |
| Hypera SA (a) | | 5,647,800 | 28,757 |
| Jazz Pharmaceuticals PLC (a) | | 18,191 | 2,006 |
| Korea United Pharm, Inc. | | 40,010 | 675 |
| Kwang Dong Pharmaceutical Co. Ltd. (c) | | 4,164,491 | 20,309 |
| Recordati SpA | | 609,632 | 33,220 |
| Sanofi SA | | 964,367 | 99,419 |
| Sanofi SA sponsored ADR | | 24,879 | 1,289 |
| Syngen Biotech Co. Ltd. | | 357,700 | 1,746 |
| Whanin Pharmaceutical Co. Ltd. (c) | | 1,016,010 | 10,666 |
| | | | 304,603 |
TOTAL HEALTH CARE | | | 3,155,164 |
| INDUSTRIALS - 16.6% | | | |
| Aerospace & Defense - 0.9% | | | |
| Cadre Holdings, Inc. | | 1,336,725 | 49,058 |
| Huntington Ingalls Industries, Inc. | | 538,144 | 150,670 |
| Leonardo DRS, Inc. (a) | | 423,149 | 11,933 |
| QinetiQ Group PLC | | 2,542,275 | 15,792 |
| Rheinmetall AG | | 26,660 | 14,536 |
| V2X, Inc. (a) | | 390,697 | 20,367 |
| | | | 262,356 |
| Air Freight & Logistics - 0.4% | | | |
| AIT Corp. | | 157,689 | 2,042 |
| AZ-Com Maruwa Holdings, Inc. | | 239,280 | 2,076 |
| Compania de Distribucion Integral Logista Holdings SA | | 1,023,568 | 30,264 |
| Hamakyorex Co. Ltd. (c) | | 1,210,504 | 38,585 |
| Radiant Logistics, Inc. (a) | | 111,105 | 691 |
| SENKO Co. Ltd. | | 485,519 | 3,734 |
| Sinotrans Ltd. (H Shares) | | 29,115,244 | 13,528 |
| Trancom Co. Ltd. (c) | | 523,459 | 23,342 |
| | | | 114,262 |
| Building Products - 1.0% | | | |
| Builders FirstSource, Inc. (a) | | 458,472 | 76,734 |
| Hayward Holdings, Inc. (a) | | 9,195,649 | 136,004 |
| Inwido AB | | 14,720 | 243 |
| Janus International Group, Inc. (a) | | 2,511,337 | 36,213 |
| Kondotec, Inc. (c) | | 1,555,738 | 14,415 |
| Nihon Dengi Co. Ltd. | | 300,903 | 11,851 |
| Nihon Flush Co. Ltd. | | 1,102,520 | 6,845 |
| Sekisui Jushi Corp. | | 126,844 | 2,146 |
| | | | 284,451 |
| Commercial Services & Supplies - 1.5% | | | |
| Aeon Delight Co. Ltd. | | 196,318 | 5,131 |
| AJIS Co. Ltd. (c) | | 829,034 | 13,293 |
| Brady Corp. Class A | | 827,555 | 59,261 |
| Civeo Corp. (c) | | 866,934 | 23,581 |
| CoreCivic, Inc. (a) | | 3,055,020 | 42,587 |
| CTS Co. Ltd. | | 229,026 | 1,274 |
| Fursys, Inc. (c) | | 900,000 | 28,877 |
| Lion Rock Group Ltd. | | 18,002,845 | 3,387 |
| Mitie Group PLC | | 40,187,701 | 62,616 |
| Pilot Corp. | | 4,854 | 147 |
| Prestige International, Inc. | | 2,537,443 | 12,094 |
| Prosegur Compania de Seguridad SA (Reg.) | | 291,089 | 541 |
| S1 Corp. | | 696,530 | 28,628 |
| Societe BIC SA | | 39,103 | 2,455 |
| Takkt AG | | 1,522,491 | 17,631 |
| The GEO Group, Inc. (a) | | 1,174,420 | 17,029 |
| VSE Corp. (c) | | 1,036,505 | 92,239 |
| | | | 410,771 |
| Construction & Engineering - 0.7% | | | |
| Boustead Singapore Ltd. | | 5,629,083 | 4,211 |
| Bowman Consulting Group Ltd. (a) | | 481,032 | 17,182 |
| Dai-Dan Co. Ltd. | | 194,221 | 4,026 |
| Daiichi Kensetsu Corp. | | 970,604 | 15,310 |
| EMCOR Group, Inc. | | 227,333 | 85,350 |
| Fuji Furukawa Engineering & Construction Co. Ltd. | | 14,729 | 626 |
| Geumhwa PSC Co. Ltd. | | 113,302 | 2,113 |
| Mirait One Corp. | | 315,066 | 4,501 |
| Nippon Rietec Co. Ltd. | | 273,949 | 2,306 |
| Norconsult A/S | | 1,120,488 | 3,379 |
| Raiznext Corp. (c) | | 3,057,164 | 37,877 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 95,223 | 61 |
| United Integrated Services Co. | | 300,800 | 3,165 |
| | | | 180,107 |
| Electrical Equipment - 1.3% | | | |
| Acuity Brands, Inc. | | 623,298 | 156,666 |
| Aichi Electric Co. Ltd. | | 303,679 | 8,838 |
| Allient, Inc. | | 152,662 | 4,418 |
| AQ Group AB | | 3,691,414 | 49,167 |
| Chiyoda Integre Co. Ltd. | | 263,165 | 5,955 |
| GrafTech International Ltd. (b)(c) | | 17,897,868 | 13,747 |
| Korea Electric Terminal Co. Ltd. | | 437,401 | 19,638 |
| nVent Electric PLC | | 439,056 | 31,889 |
| Sensata Technologies PLC | | 339,027 | 13,219 |
| TKH Group NV (bearer) (depositary receipt) | | 888,541 | 38,850 |
| Vitzrocell Co. Ltd. | | 140,000 | 2,049 |
| Volex PLC | | 1,187,675 | 5,413 |
| | | | 349,849 |
| Ground Transportation - 0.6% | | | |
| Proficient Auto Logistics, Inc. (c) | | 1,422,855 | 28,671 |
| Sakai Moving Service Co. Ltd. (c) | | 2,506,320 | 44,654 |
| Stef SA | | 272,928 | 39,640 |
| Universal Logistics Holdings, Inc. (c) | | 1,344,588 | 57,858 |
| | | | 170,823 |
| Industrial Conglomerates - 0.5% | | | |
| DCC PLC (United Kingdom) | | 1,713,495 | 118,069 |
| Metlen Energy & Metals SA | | 582,445 | 22,995 |
| | | | 141,064 |
| Machinery - 3.3% | | | |
| Aalberts Industries NV | | 5,103,031 | 194,953 |
| Allison Transmission Holdings, Inc. | | 71,303 | 6,317 |
| Beijer Alma AB (B Shares) | | 1,415,194 | 28,940 |
| Crane Co. | | 362,692 | 58,183 |
| Daiwa Industries Ltd. | | 825,757 | 8,737 |
| EnPro Industries, Inc. | | 436,030 | 74,535 |
| ESAB Corp. | | 692,604 | 70,369 |
| Estic Corp. | | 364,019 | 2,248 |
| Haitian International Holdings Ltd. | | 6,502,518 | 18,851 |
| Hillenbrand, Inc. | | 3,338,726 | 147,672 |
| Hosokawa Micron Corp. | | 106,813 | 2,916 |
| Hy-Lok Corp. | | 102,000 | 2,085 |
| IHI Corp. | | 152,198 | 5,552 |
| ITT, Inc. | | 317,035 | 44,848 |
| JOST Werke AG (d) | | 73,293 | 3,316 |
| Luxfer Holdings PLC sponsored | | 700,873 | 9,069 |
| Miller Industries, Inc. | | 299,349 | 20,338 |
| Mincon Group PLC | | 2,022,212 | 875 |
| Nadex Co. Ltd. (c) | | 706,770 | 5,275 |
| Precision Tsugami China Corp. Ltd. | | 908,862 | 1,120 |
| Semperit AG Holding | | 3,964 | 46 |
| Shinwa Co. Ltd. | | 85,185 | 1,522 |
| SIMPAC, Inc. | | 1,183,000 | 3,252 |
| Stabilus Se | | 69,409 | 3,399 |
| Takeuchi Manufacturing Co. Ltd. | | 436,766 | 14,228 |
| Teikoku Electric Manufacturing Co. Ltd. | | 37,459 | 675 |
| Terex Corp. | | 1,179,574 | 74,620 |
| Timken Co. | | 718,795 | 62,499 |
| TK Group Holdings Ltd. | | 7,799,498 | 1,857 |
| Tocalo Co. Ltd. | | 2,779,440 | 36,773 |
| Trinity Industrial Corp. | | 793,049 | 6,104 |
| Yamada Corp. | | 53,452 | 2,141 |
| | | | 913,315 |
| Marine Transportation - 0.1% | | | |
| Irish Continental Group PLC unit | | 4,494,266 | 26,168 |
| SITC International Holdings Co. Ltd. | | 5,668,820 | 12,625 |
| | | | 38,793 |
| Passenger Airlines - 0.1% | | | |
| Jet2 PLC | | 1,453,262 | 26,529 |
| Professional Services - 3.1% | | | |
| Altech Corp. | | 325,931 | 5,850 |
| Artner Co. Ltd. (b) | | 239,759 | 2,999 |
| Barrett Business Services, Inc. | | 720,853 | 26,268 |
| CACI International, Inc. (a) | | 159,787 | 73,739 |
| Careerlink Co. Ltd. | | 159,982 | 2,622 |
| Concentrix Corp. | | 1,726,050 | 121,687 |
| Creek & River Co. Ltd. (b) | | 9,744 | 95 |
| E-Credible Co. Ltd. | | 250,349 | 2,248 |
| Gakujo Co. Ltd. | | 267,361 | 3,393 |
| Genpact Ltd. | | 4,286,615 | 148,617 |
| Hito Communications Holdings, Inc. | | 176,036 | 1,121 |
| HRnetgroup Ltd. | | 4,472,293 | 2,275 |
| IFIS Japan Ltd. | | 172,257 | 685 |
| KBR, Inc. | | 2,235,015 | 148,830 |
| Leidos Holdings, Inc. | | 37,619 | 5,432 |
| Maximus, Inc. | | 1,440,064 | 133,768 |
| Multiconsult A/S (d) | | 209,207 | 3,202 |
| Open Up Group, Inc. | | 95,747 | 1,391 |
| Persol Holdings Co. Ltd. | | 9,950,853 | 17,171 |
| Quick Co. Ltd. (c) | | 1,021,894 | 14,823 |
| Science Applications International Corp. | | 455,334 | 56,644 |
| Synergie SA | | 129,343 | 4,549 |
| Verra Mobility Corp. (a) | | 2,122,961 | 63,965 |
| WDB Holdings Co. Ltd. | | 641,019 | 7,886 |
| Will Group, Inc. | | 1,081,959 | 7,526 |
| Wilmington PLC | | 2,344,820 | 11,907 |
| | | | 868,693 |
| Trading Companies & Distributors - 3.0% | | | |
| AerCap Holdings NV | | 211,416 | 19,863 |
| Alligo AB (B Shares) | | 236,091 | 3,104 |
| Beacon Roofing Supply, Inc. (a) | | 1,018,624 | 104,715 |
| Bergman & Beving AB (B Shares) | | 376,079 | 11,132 |
| Bossard Holding AG | | 59,930 | 15,260 |
| Chori Co. Ltd. | | 977,950 | 24,774 |
| Core & Main, Inc. (a)(b) | | 1,955,696 | 104,571 |
| Ferguson PLC | | 287,438 | 63,998 |
| Global Industrial Co. | | 1,204,314 | 42,006 |
| Goodfellow, Inc. (c) | | 664,436 | 6,824 |
| Green Cross Co. Ltd. (c) | | 478,710 | 4,138 |
| Horizon Construction Development Ltd. (a) | | 647,607 | 124 |
| Inaba Denki Sangyo Co. Ltd. | | 349,349 | 9,235 |
| Itochu Corp. | | 2,776,945 | 142,411 |
| Kamei Corp. | | 134,252 | 2,030 |
| KS Energy Services Ltd. (e) | | 12,767,454 | 0 |
| Lumax International Corp. Ltd. | | 2,201,510 | 7,990 |
| Mitani Shoji Co. Ltd. | | 2,727,127 | 30,147 |
| Momentum Group Komponenter & Tjanster AB | | 1,481,417 | 25,010 |
| Parker Corp. (c) | | 2,076,931 | 11,923 |
| Richelieu Hardware Ltd. | | 673,348 | 19,889 |
| RS GROUP PLC | | 9,241,516 | 97,182 |
| Rush Enterprises, Inc. Class A | | 82,613 | 4,214 |
| Sanyo Trading Co. Ltd. | | 128,547 | 1,300 |
| Senshu Electric Co. Ltd. (c) | | 1,037,614 | 35,602 |
| Thermador Groupe SA | | 29,976 | 2,475 |
| Totech Corp. (c) | | 2,203,276 | 37,784 |
| Yamazen Co. Ltd. | | 126,162 | 1,313 |
| Yuasa Trading Co. Ltd. | | 354,810 | 13,335 |
| | | | 842,349 |
| Transportation Infrastructure - 0.1% | | | |
| Athens International Airport SA | | 612,005 | 5,274 |
| Daito Koun Co. Ltd. | | 19,276 | 101 |
| Isewan Terminal Service Co. Ltd. | | 289,961 | 1,407 |
| Qingdao Port International Co. Ltd. (H Shares) (d) | | 16,014,155 | 11,950 |
| | | | 18,732 |
TOTAL INDUSTRIALS | | | 4,622,094 |
| INFORMATION TECHNOLOGY - 13.5% | | | |
| Electronic Equipment, Instruments & Components - 6.2% | | | |
| Advanced Energy Industries, Inc. | | 1,059,123 | 123,250 |
| Belden, Inc. | | 1,148,476 | 106,452 |
| CDW Corp. | | 303,388 | 66,172 |
| Crane NXT Co. | | 2,165,244 | 136,151 |
| Daiwabo Holdings Co. Ltd. | | 1,351,593 | 25,705 |
| Dexerials Corp. | | 485,080 | 23,732 |
| Flex Ltd. (a) | | 2,366,848 | 76,094 |
| FLEXium Interconnect, Inc. | | 600,000 | 1,631 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 6,409,012 | 39,491 |
| IDIS Holdings Co. Ltd. (c) | | 530,460 | 3,791 |
| Insight Enterprises, Inc. (a) | | 532,637 | 119,577 |
| Jabil, Inc. | | 709,000 | 79,883 |
| Kingboard Chemical Holdings Ltd. (c) | | 63,136,732 | 128,813 |
| Makus, Inc. | | 686,027 | 4,863 |
| Maruwa Ceramic Co. Ltd. | | 65,064 | 17,634 |
| Methode Electronics, Inc. (c) | | 2,074,400 | 26,262 |
| Nippo Ltd. (c) | | 621,146 | 7,065 |
| PAX Global Technology Ltd. | | 43,770,343 | 24,538 |
| Redington (India) Ltd. | | 29,256,820 | 74,194 |
| Riken Keiki Co. Ltd. | | 245,017 | 7,262 |
| SAMT Co. Ltd. | | 100,000 | 258 |
| Sesa SpA | | 266,548 | 29,280 |
| Shibaura Electronics Co. Ltd. | | 727,678 | 14,621 |
| Simplo Technology Co. Ltd. | | 5,766,000 | 63,646 |
| Strix Group PLC | | 2,645,066 | 2,826 |
| TD SYNNEX Corp. | | 1,972,471 | 235,059 |
| Test Research, Inc. | | 150,000 | 677 |
| Thinking Electronic Industries Co. Ltd. | | 4,124,000 | 20,980 |
| Tripod Technology Corp. | | 3,548,000 | 21,869 |
| Vontier Corp. | | 3,984,641 | 156,317 |
| VSTECS Holdings Ltd. (c) | | 107,945,578 | 59,411 |
| Yageo Corp. | | 1,266,000 | 31,007 |
| | | | 1,728,511 |
| IT Services - 2.5% | | | |
| Alten SA | | 116,534 | 12,839 |
| Amdocs Ltd. | | 2,696,528 | 235,865 |
| Argo Graphics, Inc. | | 714,240 | 24,411 |
| Asahi Intelligence Service Co. | | 38,114 | 402 |
| Avant Group Corp. | | 222,518 | 2,035 |
| CDS Co. Ltd. | | 73,376 | 885 |
| Cognizant Technology Solutions Corp. Class A | | 2,120,342 | 160,467 |
| Densan System Holdings Co. Ltd. | | 139,178 | 2,669 |
| Dimerco Data System Corp. | | 994,799 | 3,590 |
| DTS Corp. | | 573,775 | 16,585 |
| Econocom Group SA | | 4,699,308 | 10,070 |
| Exclusive Networks SA (a) | | 456,172 | 11,478 |
| Future Corp. | | 370,857 | 4,243 |
| Gabia, Inc. (c) | | 900,000 | 9,251 |
| Himacs Ltd. | | 27,163 | 260 |
| Indra Sistemas SA (b) | | 3,457,281 | 69,370 |
| Information Planning Co. | | 121,648 | 3,650 |
| Know IT AB | | 364,423 | 5,554 |
| Neurones | | 69,736 | 3,177 |
| Proact IT Group AB | | 610,349 | 9,119 |
| Sopra Steria Group | | 397,844 | 73,885 |
| TDC Soft, Inc. | | 1,020,321 | 8,793 |
| TIS, Inc. | | 859,339 | 18,529 |
| | | | 687,127 |
| Semiconductors & Semiconductor Equipment - 2.7% | | | |
| ASMPT Ltd. | | 1,789,163 | 18,664 |
| Diodes, Inc. (a) | | 991,814 | 77,560 |
| Japan Material Co. Ltd. | | 95,799 | 1,278 |
| Machvision, Inc. | | 209,000 | 2,072 |
| Melexis NV | | 96,206 | 8,387 |
| Micron Technology, Inc. | | 418,160 | 45,922 |
| MKS Instruments, Inc. | | 1,326,115 | 166,958 |
| Novatek Microelectronics Corp. | | 100,000 | 1,620 |
| Parade Technologies Ltd. | | 478,000 | 10,896 |
| Powertech Technology, Inc. | | 6,000,000 | 30,302 |
| Renesas Electronics Corp. | | 4,305,664 | 74,160 |
| Skyworks Solutions, Inc. | | 1,023,889 | 116,334 |
| Sumco Corp. | | 1,888,883 | 31,054 |
| Systems Technology, Inc. | | 150,100 | 3,118 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 3,701,000 | 108,435 |
| Topco Scientific Co. Ltd. | | 5,738,593 | 47,407 |
| | | | 744,167 |
| Software - 0.4% | | | |
| Cresco Ltd. | | 1,311,380 | 11,704 |
| Focus Systems Corp. | | 160,597 | 1,380 |
| Fukui Computer Holdings, Inc. | | 194,105 | 3,344 |
| Hecto Innovation Co. Ltd. | | 500,074 | 4,779 |
| Justsystems Corp. | | 401,166 | 8,476 |
| KSK Co., Ltd. (c) | | 527,035 | 11,715 |
| Linedata Services | | 19,259 | 1,505 |
| NetGem SA | | 329,283 | 280 |
| NSW, Inc. | | 169,868 | 3,697 |
| Open Text Corp. | | 1,292,310 | 40,735 |
| Pinewood Technologies Group PLC (c) | | 4,882,623 | 22,314 |
| Pro-Ship, Inc. | | 584,297 | 5,796 |
| System Research Co. Ltd. | | 266,578 | 2,730 |
| | | | 118,455 |
| Technology Hardware, Storage & Peripherals - 1.7% | | | |
| Dell Technologies, Inc. | | 384,890 | 43,754 |
| Elecom Co. Ltd. | | 533,945 | 5,877 |
| MCJ Co. Ltd. | | 2,611,802 | 23,868 |
| Samsung Electronics Co. Ltd. | | 1,884,000 | 115,395 |
| Seagate Technology Holdings PLC | | 2,688,988 | 274,734 |
| TSC Auto ID Technology Corp. (c) | | 2,544,911 | 15,020 |
| | | | 478,648 |
TOTAL INFORMATION TECHNOLOGY | | | 3,756,908 |
| MATERIALS - 5.2% | | | |
| Chemicals - 2.4% | | | |
| Axalta Coating Systems Ltd. (a) | | 3,874,032 | 138,109 |
| C. Uyemura & Co. Ltd. | | 727,932 | 52,819 |
| Celanese Corp. | | 743,670 | 104,969 |
| EcoGreen International Group Ltd. (c)(e) | | 51,434,282 | 0 |
| Element Solutions, Inc. | | 3,349,580 | 90,271 |
| Jcu Corp. | | 339,750 | 8,550 |
| LyondellBasell Industries NV Class A | | 1,948,014 | 193,749 |
| Miwon Commercial Co. Ltd. | | 28,100 | 4,175 |
| Muto Seiko Co. Ltd. | | 194,078 | 2,252 |
| Scientex Bhd | | 100,000 | 92 |
| Soulbrain Co. Ltd. | | 81,000 | 15,582 |
| Tronox Holdings PLC | | 4,220,234 | 68,199 |
| Yip's Chemical Holdings Ltd. | | 5,765,814 | 1,122 |
| | | | 679,889 |
| Construction Materials - 0.9% | | | |
| Buzzi SpA | | 388,449 | 15,244 |
| Eagle Materials, Inc. | | 376,081 | 102,407 |
| GCC S.A.B. de CV | | 195,567 | 1,660 |
| Mitani Sekisan Co. Ltd. | | 907,444 | 34,104 |
| RHI Magnesita NV | | 195,795 | 9,238 |
| SigmaRoc PLC (a) | | 27,920,628 | 26,023 |
| Vertex Corp. | | 29,275 | 400 |
| Wienerberger AG | | 1,761,249 | 62,444 |
| | | | 251,520 |
| Containers & Packaging - 1.0% | | | |
| Chuoh Pack Industry Co. Ltd. (c) | | 397,022 | 3,742 |
| Corticeira Amorim SGPS SA | | 1,453,847 | 14,318 |
| Groupe Guillin SA | | 360,473 | 11,684 |
| International Paper Co. | | 130,300 | 6,056 |
| Kohsoku Corp. (c) | | 1,601,746 | 26,731 |
| Mayr-Melnhof Karton AG | | 224,334 | 25,590 |
| Packaging Corp. of America | | 498,166 | 99,568 |
| Silgan Holdings, Inc. | | 1,052,572 | 54,134 |
| The Pack Corp. (c) | | 1,247,163 | 32,677 |
| | | | 274,500 |
| Metals & Mining - 0.5% | | | |
| Boliden AB | | 145,658 | 4,442 |
| CK-SAN-ETSU Co. Ltd. | | 28,101 | 703 |
| Hill & Smith Holdings PLC | | 506,288 | 14,970 |
| PRL Global Ltd. | | 187,455 | 131 |
| Warrior Metropolitan Coal, Inc. | | 1,526,270 | 105,481 |
| | | | 125,727 |
| Paper & Forest Products - 0.4% | | | |
| Miquel y Costas & Miquel SA | | 462,354 | 6,380 |
| Stella-Jones, Inc. | | 1,420,903 | 95,598 |
| Sylvamo Corp. | | 53,044 | 3,910 |
| Western Forest Products, Inc. (b) | | 3,649,854 | 1,097 |
| | | | 106,985 |
TOTAL MATERIALS | | | 1,438,621 |
| REAL ESTATE - 1.7% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.5% | | | |
| Camden Property Trust (SBI) | | 372,556 | 41,261 |
| Mapletree Industrial (REIT) | | 4,660,493 | 8,054 |
| Mid-America Apartment Communities, Inc. | | 485,847 | 67,907 |
| STAG Industrial, Inc. | | 706,895 | 28,848 |
| | | | 146,070 |
| Real Estate Management & Development - 1.2% | | | |
| Branicks Group AG (a)(b) | | 1,148,066 | 2,665 |
| Instone Real Estate Group BV (d) | | 1,081,832 | 11,052 |
| Jones Lang LaSalle, Inc. (a) | | 742,688 | 186,340 |
| LandBridge Co. LLC | | 396,767 | 13,081 |
| LSL Property Services PLC | | 1,232,641 | 5,419 |
| Real Matters, Inc. (a) | | 3,434,797 | 18,957 |
| Robinsons Land Corp. | | 30,631,019 | 7,761 |
| Savills PLC | | 3,655,063 | 59,956 |
| Selvaag Bolig ASA | | 498,551 | 1,723 |
| Servcorp Ltd. | | 891,043 | 2,546 |
| Tejon Ranch Co. (a) | | 404,565 | 7,687 |
| | | | 317,187 |
TOTAL REAL ESTATE | | | 463,257 |
| UTILITIES - 1.9% | | | |
| Electric Utilities - 1.7% | | | |
| Kansai Electric Power Co., Inc. | | 2,626,388 | 44,953 |
| PG&E Corp. | | 23,451,738 | 427,994 |
| Power Grid Corp. of India Ltd. | | 66,666 | 277 |
| Southern Co. | | 99,520 | 8,312 |
| | | | 481,536 |
| Gas Utilities - 0.1% | | | |
| China Resource Gas Group Ltd. | | 3,166,990 | 10,742 |
| Independent Power and Renewable Electricity Producers - 0.1% | | | |
| Mega First Corp. Bhd | | 32,943,659 | 34,704 |
TOTAL UTILITIES | | | 526,982 |
| TOTAL COMMON STOCKS (Cost $18,857,005) | | | 27,543,625 |
| | | | |
| Nonconvertible Bonds - 0.0% |
| | | Principal Amount (f) (000s) | Value ($) (000s) |
| ENERGY - 0.0% | | | |
| Energy Equipment & Services - 0.0% | | | |
Bristow Group, Inc. 6.25% (e)(g) (Cost $0) | | 9,933 | 0 |
| | | | |
| Money Market Funds - 2.0% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 5.39% (h) | | 332,345,531 | 332,412 |
| Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | | 221,830,376 | 221,853 |
| TOTAL MONEY MARKET FUNDS (Cost $554,239) | | | 554,265 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.8% (Cost $19,411,244) | 28,097,890 |
NET OTHER ASSETS (LIABILITIES) - (0.8)% | (214,708) |
| NET ASSETS - 100.0% | 27,883,182 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (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 $66,680,000 or 0.2% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Non-income producing - Security is in default. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 620,316 | 5,889,210 | 6,177,107 | 24,526 | (1) | (6) | 332,412 | 0.7% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 341,398 | 2,472,390 | 2,591,935 | 655 | - | - | 221,853 | 1.0% |
| Total | 961,714 | 8,361,600 | 8,769,042 | 25,181 | (1) | (6) | 554,265 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
| AJIS Co. Ltd. | 14,379 | - | 419 | 427 | 138 | (805) | 13,293 |
| ASL Marine Holdings Ltd. | 1,762 | - | 1,643 | - | (14,400) | 14,281 | - |
| ASTI Corp. | 5,785 | - | 5,881 | 126 | 2,686 | (2,590) | - |
| Adams Resources & Energy, Inc. | 5,248 | - | 4,355 | 53 | 2,490 | (3,383) | - |
| Aichi Electric Co. Ltd. | 12,622 | - | 4,649 | 388 | 851 | 14 | - |
| Alconix Corp. | 23,775 | - | 21,774 | 545 | 4,884 | (6,885) | - |
| Alps Logistics Co. Ltd. | 25,224 | - | 73,177 | 598 | 62,547 | (14,594) | - |
| BMTC Group, Inc. | 40,069 | - | 1,167 | 730 | 1,121 | (9,959) | 30,064 |
| Belc Co. Ltd. | 76,992 | - | 25,080 | 925 | 17,441 | (25,515) | 43,838 |
| Belluna Co. Ltd. | 30,642 | - | 25,777 | 363 | 3,474 | (8,339) | - |
| Berry Corp. | 34,552 | 124 | 32,740 | 2,861 | (3,252) | 1,316 | - |
| CDS Co. Ltd. | 4,836 | - | 3,653 | 86 | (595) | 297 | - |
| CSE Global Ltd. | 14,462 | - | 12,658 | 368 | (15,590) | 13,786 | - |
| Carr's Group PLC | 11,074 | 85 | 203 | 476 | 1 | (431) | 10,526 |
| Cell Biotech Co. Ltd. | 4,598 | - | 4,670 | 138 | (1,735) | 1,807 | - |
| Chase Corp. | 78,351 | - | 78,403 | - | 59,138 | (59,086) | - |
| Chori Co. Ltd. | 29,117 | - | 8,576 | 847 | 2,190 | 2,043 | - |
| Chuoh Pack Industry Co. Ltd. | 3,714 | - | 85 | 145 | 28 | 85 | 3,742 |
| Civeo Corp. | 15,279 | 2,329 | 465 | 694 | 76 | 6,362 | 23,581 |
| Create SD Holdings Co. Ltd. | 120,041 | - | 38,152 | 1,322 | 25,634 | (38,332) | - |
| Daewon Pharmaceutical Co. Ltd. | 25,677 | - | - | 417 | - | (803) | 24,874 |
| Daito Pharmaceutical Co. Ltd. | 16,812 | - | 14,852 | 101 | (12,538) | 10,578 | - |
| DongKook Pharmaceutical Co. Ltd. | 26,400 | - | 13,180 | 165 | 9,188 | (5,585) | - |
| EcoGreen International Group Ltd. | 10,249 | - | 119 | - | (81) | (10,049) | - |
| First Juken Co. Ltd. | 10,494 | - | 223 | 336 | 2 | (688) | 9,585 |
| First of Long Island Corp. | 17,154 | - | 15,097 | 215 | (10,510) | 8,453 | - |
| Food Empire Holdings Ltd. | 24,699 | - | 11,613 | 1,544 | 7,812 | (8,654) | - |
| Fresh Del Monte Produce, Inc. | 64,093 | - | 60,350 | 461 | 3,477 | (7,220) | - |
| Fujikura Kasei Co., Ltd. | 5,840 | - | 5,480 | 83 | (4,139) | 3,779 | - |
| Fursys, Inc. | 21,272 | - | - | 695 | - | 7,605 | 28,877 |
| Gabia, Inc. | 8,502 | - | - | 46 | - | 749 | 9,251 |
| Genky DrugStores Co. Ltd. | 35,102 | - | 870 | 146 | 734 | 9,672 | 44,638 |
| Geumhwa PSC Co. Ltd. | 8,467 | - | 4,903 | 277 | (2,620) | 1,169 | - |
| Goodfellow, Inc. | 7,222 | - | 174 | 422 | 121 | (345) | 6,824 |
| GrafTech International Ltd. | 94,145 | 3,844 | 2,539 | - | (4,199) | (77,504) | 13,747 |
| Green Cross Co. Ltd. | 3,542 | - | 88 | 96 | 13 | 671 | 4,138 |
| Halows Co. Ltd. | 38,104 | - | 960 | 406 | 752 | 5,940 | 43,836 |
| Hamakyorex Co. Ltd. | 34,161 | 2 | 742 | 882 | 357 | 4,807 | 38,585 |
| Handsome Co. Ltd. | 22,736 | - | - | 678 | - | (4,891) | 17,845 |
| Helen of Troy Ltd. | 139,035 | 49,650 | 3,212 | - | 3,075 | (105,945) | 82,603 |
| Hoshi Iryo-Sanki Co. Ltd. | 6,033 | - | 5,717 | 43 | 1,459 | (1,775) | - |
| Huons Co. Ltd. | 21,618 | - | - | 341 | - | (1,266) | 20,352 |
| Hyster-Yale Materials Handling, Inc. Class A | 9,475 | 601 | 25,297 | 176 | 10,985 | (2,977) | - |
| Hyster-Yale Materials Handling, Inc. Class B | 14,806 | - | - | 101 | - | (7,593) | - |
| IA Group Corp. | 3,243 | - | 1,240 | 99 | (561) | 307 | - |
| IDIS Holdings Co. Ltd. | 7,513 | - | 2,175 | 124 | (2,700) | 1,153 | 3,791 |
| InBody Co. Ltd. | 16,288 | - | - | 167 | - | (3,235) | 13,053 |
| JLM Couture, Inc. | 165 | - | 5 | - | (864) | 704 | - |
| Jumbo SA | 279,752 | - | 71,784 | 25,290 | 45,586 | (68,444) | 185,110 |
| KSK Co., Ltd. | 9,417 | - | 271 | 717 | 208 | 2,361 | 11,715 |
| Kingboard Chemical Holdings Ltd. | 187,900 | - | 11,130 | 8,637 | 1,155 | (49,112) | 128,813 |
| Kohsoku Corp. | 24,624 | - | 539 | 506 | 344 | 2,302 | 26,731 |
| Kondotec, Inc. | 13,513 | - | 296 | 379 | 220 | 978 | 14,415 |
| Kwang Dong Pharmaceutical Co. Ltd. | 20,990 | - | - | 269 | - | (681) | 20,309 |
| Maruzen Co. Ltd. | 21,492 | - | 21,919 | 293 | 14,160 | (13,733) | - |
| Methode Electronics, Inc. | 53,335 | 11,798 | 863 | 1,102 | (682) | (37,326) | 26,262 |
| Mi Chang Oil Industrial Co. Ltd. | 8,969 | - | - | 313 | - | 1,886 | 10,855 |
| Motonic Corp. | 14,377 | - | 4,894 | 561 | 28 | (1,465) | - |
| Murakami Corp. | 16,590 | - | 17,051 | 248 | 9,636 | (9,175) | - |
| Nadex Co. Ltd. | 5,837 | - | 396 | 153 | 92 | (258) | 5,275 |
| Nafco Co. Ltd. | 24,640 | - | 681 | 642 | 158 | 12,269 | 36,386 |
| Nippo Ltd. | 4,873 | - | 151 | 277 | 101 | 2,242 | 7,065 |
| Parker Corp. | 11,036 | - | 281 | 278 | 205 | 963 | 11,923 |
| Pinewood Technologies Group PLC | - | 44,257 | 609 | 29,934 | (54) | (21,280) | 22,314 |
| Prim SA | 16,340 | - | 341 | 555 | 72 | (563) | 15,508 |
| Proficient Auto Logistics, Inc. | - | 23,071 | 86 | - | 11 | 5,675 | 28,671 |
| Quick Co. Ltd. | 17,892 | - | 360 | 583 | 111 | (2,820) | 14,823 |
| Raiznext Corp. | 32,006 | - | 862 | 2,496 | 328 | 6,405 | 37,877 |
| Rocky Mountain Chocolate Factory, Inc. | 2,665 | - | 37 | - | (10) | (1,786) | 832 |
| SJM Co. Ltd. | 4,178 | - | 3,596 | 25 | (1,073) | 491 | - |
| SNT Holdings Co. Ltd. | 10,959 | - | - | 444 | - | 4,161 | 15,120 |
| Sakai Moving Service Co. Ltd. | 48,117 | - | 1,005 | 805 | 744 | (3,202) | 44,654 |
| Sally Beauty Holdings, Inc. | 99,191 | 1,956 | 6,800 | - | (4,119) | (222) | 90,006 |
| Sanei Architecture Planning Co. Ltd. | 18,021 | - | 23,152 | - | 6,700 | (1,569) | - |
| Sarantis SA | 33,067 | - | 2,306 | 876 | 1,094 | 12,065 | 43,920 |
| Senshu Electric Co. Ltd. | 38,862 | - | 10,720 | 933 | 8,072 | (612) | 35,602 |
| Societe Pour L'Informatique Industrielle SA | 88,564 | - | 117,505 | 796 | 108,084 | (79,143) | - |
| Sportsman's Warehouse Holdings, Inc. | 2,616 | 11,057 | 229 | - | 21 | (6,393) | 7,072 |
| Step Co. Ltd. | 11,518 | - | 11,565 | 293 | 6,635 | (6,588) | - |
| Sun Hing Vision Group Holdings Ltd. | 1,732 | - | 96 | 69 | (356) | 106 | 1,386 |
| Sunjin Co. Ltd. | 14,707 | - | 2,996 | 113 | (2,953) | 7 | 8,765 |
| TSC Auto ID Technology Corp. | 20,945 | - | - | 786 | - | (5,925) | 15,020 |
| The Pack Corp. | 29,772 | - | 689 | 805 | 274 | 3,320 | 32,677 |
| Tohoku Steel Co. Ltd. | 7,604 | - | 7,184 | 36 | (201) | (219) | - |
| Tokyo Kisen Co. Ltd. | 2,375 | - | 2,313 | - | 137 | (199) | - |
| Tokyo Tekko Co. Ltd. | 17,974 | - | 20,857 | 736 | 8,472 | (5,589) | - |
| Tomen Devices Corp. | 14,861 | - | 14,662 | - | 3,818 | (4,017) | - |
| Totech Corp. | 33,307 | - | 8,291 | 1,085 | 6,620 | 6,148 | 37,784 |
| Trancom Co. Ltd. | 40,598 | - | 11,493 | 663 | 6,753 | (12,516) | 23,342 |
| Universal Logistics Holdings, Inc. | 39,325 | 5,393 | 3,339 | 567 | 385 | 16,094 | 57,858 |
| Utah Medical Products, Inc. | 21,109 | 43 | 4,383 | 255 | 3,821 | (9,914) | - |
| VSE Corp. | 62,187 | - | 9,816 | 448 | 6,169 | 33,699 | 92,239 |
| VSTECS Holdings Ltd. | 56,564 | - | 2,036 | 3,576 | 1,273 | 3,610 | 59,411 |
| WIN-Partners Co. Ltd. | 16,006 | - | 374 | 616 | 237 | 984 | 16,853 |
| Whanin Pharmaceutical Co. Ltd. | 16,151 | - | 5,600 | 197 | 3,255 | (3,140) | 10,666 |
| Wolverine World Wide, Inc. | 48,342 | 16,993 | 1,433 | 1,979 | (3) | 17,906 | 81,805 |
| World Holdings Co. Ltd. | 18,967 | - | 16,598 | - | (3,155) | 786 | - |
| Youngone Holdings Co. Ltd. | 45,318 | - | - | 1,844 | - | (795) | 44,523 |
| Yutaka Giken Co. Ltd. | 16,837 | - | 15,061 | 482 | (5,003) | 6,617 | - |
| Total | 2,891,391 | 171,203 | 949,013 | 110,775 | 374,260 | (518,482) | 1,810,630 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 300,270 | 230,181 | 70,089 | - |
Consumer Discretionary | 4,058,442 | 4,024,136 | 33,995 | 311 |
Consumer Staples | 1,938,581 | 1,935,514 | 3,065 | 2 |
Energy | 2,313,219 | 2,280,438 | 32,781 | - |
Financials | 4,970,087 | 4,970,087 | - | - |
Health Care | 3,155,164 | 3,044,743 | 108,227 | 2,194 |
Industrials | 4,622,094 | 4,462,976 | 159,118 | - |
Information Technology | 3,756,908 | 3,253,051 | 503,857 | - |
Materials | 1,438,621 | 1,438,621 | - | - |
Real Estate | 463,257 | 463,257 | - | - |
Utilities | 526,982 | 482,029 | 44,953 | - |
|
| Corporate Bonds | - | - | - | - |
|
| Money Market Funds | 554,265 | 554,265 | - | - |
| Total Investments in Securities: | 28,097,890 | 27,139,298 | 956,085 | 2,507 |
Financial Statements
| Statement of Assets and Liabilities |
As of July 31, 2024 Amounts in thousands (except per-share amounts) |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $214,099) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $17,513,888) | $ | 25,732,995 | | |
Fidelity Central Funds (cost $554,239) | | 554,265 | | |
Other affiliated issuers (cost $1,343,117) | | 1,810,630 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $19,411,244) | | | $ | 28,097,890 |
| Foreign currency held at value (cost $5,921) | | | | 5,930 |
| Receivable for investments sold | | | | 33,060 |
| Receivable for fund shares sold | | | | 17,639 |
| Dividends receivable | | | | 39,561 |
| Distributions receivable from Fidelity Central Funds | | | | 1,211 |
| Prepaid expenses | | | | 5 |
| Other receivables | | | | 1,599 |
Total assets | | | | 28,196,895 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 9,761 | | |
| Payable for fund shares redeemed | | 43,978 | | |
| Accrued management fee | | 19,726 | | |
| Deferred taxes | | 15,838 | | |
| Other payables and accrued expenses | | 2,614 | | |
| Collateral on securities loaned | | 221,796 | | |
| Total liabilities | | | | 313,713 |
| Net Assets | | | $ | 27,883,182 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 16,912,904 |
| Total accumulated earnings (loss) | | | | 10,970,278 |
| Net Assets | | | $ | 27,883,182 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Low-Priced Stock : | | | | |
Net Asset Value, offering price and redemption price per share ($24,853,382 ÷ 504,913 shares) | | | $ | 49.22 |
| Class K : | | | | |
Net Asset Value, offering price and redemption price per share ($3,029,800 ÷ 61,633 shares) | | | $ | 49.16 |
| Statement of Operations |
| Year ended July 31, 2024 Amounts in thousands |
| Investment Income | | | | |
| Dividends (including $110,775 earned from affiliated issuers) | | | $ | 656,313 |
| Interest | | | | 33 |
| Income from Fidelity Central Funds (including $655 from security lending) | | | | 25,181 |
| Total income | | | | 681,527 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 164,404 | | |
| Performance adjustment | | 58,651 | | |
| Transfer agent fees | | 17,816 | | |
| Accounting fees | | 1,040 | | |
| Custodian fees and expenses | | 1,643 | | |
| Independent trustees' fees and expenses | | 133 | | |
| Registration fees | | 143 | | |
| Audit fees | | 397 | | |
| Legal | | 36 | | |
| Miscellaneous | | 318 | | |
| Total expenses before reductions | | 244,581 | | |
| Expense reductions | | (1,698) | | |
| Total expenses after reductions | | | | 242,883 |
| Net Investment income (loss) | | | | 438,644 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $14,111) | | 3,371,534 | | |
| Redemptions in-kind | | 1,120,660 | | |
| Fidelity Central Funds | | (1) | | |
| Other affiliated issuers | | 374,260 | | |
| Foreign currency transactions | | (3,623) | | |
| Total net realized gain (loss) | | | | 4,862,830 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $6,666) | | (274,904) | | |
| Fidelity Central Funds | | (6) | | |
| Other affiliated issuers | | (518,482) | | |
| Assets and liabilities in foreign currencies | | 1,197 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (792,195) |
| Net gain (loss) | | | | 4,070,635 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 4,509,279 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Year ended July 31, 2024 | | Year ended July 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 438,644 | $ | 446,838 |
| Net realized gain (loss) | | 4,862,830 | | 5,156,289 |
| Change in net unrealized appreciation (depreciation) | | (792,195) | | (2,788,534) |
| Net increase (decrease) in net assets resulting from operations | | 4,509,279 | | 2,814,593 |
| Distributions to shareholders | | (4,564,405) | | (2,504,391) |
| | | | | |
| Share transactions - net increase (decrease) | | (188,036) | | (543,038) |
| Total increase (decrease) in net assets | | (243,162) | | (232,836) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 28,126,344 | | 28,359,180 |
| End of period | $ | 27,883,182 | $ | 28,126,344 |
| | | | | |
| | | | | |
Financial Highlights
Fidelity® Low-Priced Stock Fund |
| |
| Years ended July 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 49.91 | $ | 49.42 | $ | 58.05 | $ | 44.78 | $ | 49.03 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .73 | | .75 | | .74 | | .58 | | .73 |
| Net realized and unrealized gain (loss) | | 6.64 | | 4.11 | | (2.86) | | 18.11 | | (.91) |
| Total from investment operations | | 7.37 | | 4.86 | | (2.12) | | 18.69 | | (.18) |
| Distributions from net investment income | | (.89) | | (.55) | | (.83) | | (.86) | | (.89) |
| Distributions from net realized gain | | (7.17) | | (3.81) | | (5.68) | | (4.56) | | (3.19) |
| Total distributions | | (8.06) | | (4.37) C | | (6.51) | | (5.42) | | (4.07) C |
| Net asset value, end of period | $ | 49.22 | $ | 49.91 | $ | 49.42 | $ | 58.05 | $ | 44.78 |
Total Return D | | | | 10.78% | | (4.16)% | | 45.83% | | (.48)% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .92% | | .92% | | .82% | | .65% | | .78% |
| Expenses net of fee waivers, if any | | | | .92% | | .82% | | .64% | | .78% |
| Expenses net of all reductions | | .91% | | .92% | | .82% | | .64% | | .78% |
| Net investment income (loss) | | 1.61% | | 1.61% | | 1.41% | | 1.12% | | 1.64% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 24,853 | $ | 24,755 | $ | 24,633 | $ | 28,251 | $ | 19,517 |
Portfolio turnover rate G,H | | | | 39% | | 14% | | 21% | | 9% I |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GPortfolio turnover rate excludes securities received or delivered in-kind.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
IThe portfolio turnover rate does not include the assets acquired in the merger.
Fidelity® Low-Priced Stock Fund Class K |
| |
| Years ended July 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 49.86 | $ | 49.38 | $ | 58.00 | $ | 44.75 | $ | 49.01 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .77 | | .79 | | .79 | | .62 | | .77 |
| Net realized and unrealized gain (loss) | | 6.63 | | 4.09 | | (2.85) | | 18.09 | | (.91) |
| Total from investment operations | | 7.40 | | 4.88 | | (2.06) | | 18.71 | | (.14) |
| Distributions from net investment income | | (.93) | | (.59) | | (.88) | | (.90) | | (.93) |
| Distributions from net realized gain | | (7.17) | | (3.81) | | (5.68) | | (4.56) | | (3.19) |
| Total distributions | | (8.10) | | (4.40) | | (6.56) | | (5.46) | | (4.12) |
| Net asset value, end of period | $ | 49.16 | $ | 49.86 | $ | 49.38 | $ | 58.00 | $ | 44.75 |
Total Return C | | | | 10.86% | | (4.07)% | | 45.94% | | (.41)% |
Ratios to Average Net Assets B,D,E | | | | | | | | | | |
| Expenses before reductions | | .83% | | .84% | | .74% | | .56% | | .69% |
| Expenses net of fee waivers, if any | | | | .84% | | .74% | | .56% | | .69% |
| Expenses net of all reductions | | .82% | | .84% | | .74% | | .56% | | .69% |
| Net investment income (loss) | | 1.70% | | 1.69% | | 1.49% | | 1.20% | | 1.72% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 3,030 | $ | 3,371 | $ | 3,726 | $ | 5,426 | $ | 4,294 |
Portfolio turnover rate F,G | | | | 39% | | 14% | | 21% | | 9% H |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
DFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
FPortfolio turnover rate excludes securities received or delivered in-kind.
GAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
HThe portfolio turnover rate does not include the assets acquired in the merger.
Notes to Financial Statements
For the period ended July 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Low-Priced Stock Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Low-Priced Stock 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. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Low-Priced Stock Fund | $1,576 |
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 July 31, 2024, 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, deferred foreign income corporations, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, deferred trustee compensation, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $9,453,549 |
| Gross unrealized depreciation | (1,095,432) |
| Net unrealized appreciation (depreciation) | $8,358,117 |
| Tax Cost | $19,739,773 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $354,967 |
| Undistributed long-term capital gain | $2,350,881 |
| Net unrealized appreciation (depreciation) on securities and other investments | $8,348,587 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| Short-term | $(41,501) |
| Long-term | (26,231) |
| Total capital loss carryforward | $(67,732) |
Due to a merger in a prior period, approximately $67,732 of the Fund's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $680 of those capital losses per year to offset capital gains. These realized capital losses were acquired from Fidelity Event Driven Opportunities Fund when it merged into the Fund on June 19, 2020.
The tax character of distributions paid was as follows:
| | July 31, 2024 | July 31, 2023 |
| Ordinary Income | $523,761 | $322,518 |
| Long-term Capital Gains | 4,040,644 | 2,181,873 |
| Total | $4,564,405 | $2,504,391 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Low-Priced Stock Fund | 6,183,921 | 8,735,461 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Low-Priced Stock Fund | 34,766 | 1,120,660 | 1,519,524 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Low-Priced Stock Fund | 23,440 | 906,841 | 1,086,158 |
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.
Effective March 1, 2024, the Fund's management contract was amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| | Maximum Management Fee Rate % |
| Low-Priced Stock | .67 |
| Class K | .59 |
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the portion of the reporting period on or after March 1, 2024, the total annualized management fee rates were as follows:
| | Total Management Fee Rate % |
| Low-Priced Stock | .67 |
| Class K | .59 |
Prior to March 1, 2024, the management fee was the sum of an individual fund fee rate that was based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate was 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 decreased as assets under management increased and increased as assets under management decreased. For the portion of the reporting period prior to March 1, 2024, the total annualized management fee rate was .57%.
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| | Performance Adjustment Index |
| Fidelity Low-Priced Stock Fund | Russell 2000 Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Low-Priced Stock. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the entire reporting period, the total annual performance adjustment was .22%.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
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. Effective March 1, 2024, the Fund's management contract was amended to incorporate transfer agent services and associated fees previously covered under a separate services agreement. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
During the period December 1, 2023 through February 29, 2024, the transfer agent fees for each class were a fixed annual rate of class-level average net assets as follows:
| | | % of Class-Level Average Net Assets |
| Low-Priced Stock | | .1239 |
| Class K | | .0420 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | Amount ($) | % of Class-Level Average Net Assets |
| Low-Priced Stock | 17,051 | .12 |
| Class K | 765 | .04 |
| 17,816 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. Effective March 1, 2024, the Fund's management contract was amended to incorporate accounting services and associated fees previously covered under a separate services agreement.
During the period December 1, 2023 through February 29, 2024, the accounting fees were a fixed annual rate of average net assets as follows:
| | % of Average Net Assets |
| Fidelity Low-Priced Stock Fund | .0065 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the portion of the reporting period prior to March 1, 2024, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Low-Priced Stock 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 ($) |
| Fidelity Low-Priced Stock Fund | 85 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss)($) |
| Fidelity Low-Priced Stock Fund | 638,208 | 456,987 | 188,385 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| | Amount ($) |
| Fidelity Low-Priced Stock Fund | 45 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, 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 Low-Priced Stock Fund | 69 | -A | 16 |
A Amount is less than five-hundred dollars.
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,698.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Year ended July 31, 2024 | Year ended July 31, 2023 |
| Fidelity Low-Priced Stock Fund | | |
| Distributions to shareholders | | |
| Low-Priced Stock | $4,020,428 | $2,185,254 |
| Class K | 543,977 | 319,137 |
Total | $4,564,405 | $2,504,391 |
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 July 31, 2024 | Year ended July 31, 2023 | Year ended July 31, 2024 | Year ended July 31, 2023 |
| Fidelity Low-Priced Stock Fund | | | | |
| Low-Priced Stock | | | | |
| Shares sold | 46,655 | 45,379 | $2,044,180 | $2,113,858 |
| Reinvestment of distributions | 88,323 | 44,186 | 3,700,353 | 2,022,615 |
| Shares redeemed | (126,027) | (92,009) | (5,619,955) | (4,306,161) |
| Net increase (decrease) | 8,951 | (2,444) | $124,578 | $(169,688) |
| Class K | | | | |
| Shares sold | 8,888 | 11,247 | $398,211 | $527,756 |
| Reinvestment of distributions | 13,006 | 6,981 | 543,960 | 319,132 |
| Shares redeemed | (27,871) | (26,083) | (1,254,785) | (1,220,239) |
| Net increase (decrease) | (5,977) | (7,855) | $(312,614) | $(373,351) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Puritan Trust and Shareholders of Fidelity Low-Priced Stock Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Low-Priced Stock Fund (one of the funds constituting Fidelity Puritan Trust, referred to hereafter as the "Fund") as of July 31, 2024, the related statement of operations for the year ended July 31, 2024, the statement of changes in net assets for each of the two years in the period ended July 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2024 (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 July 31, 2024, 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 July 31, 2024 and the financial highlights for each of the five years in the period ended July 31, 2024 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 July 31, 2024 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
September 16, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2024, $3,385,017,295, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates 100% of the short-term capital gain dividend distributed in December, during the fiscal year as qualifying to be taxed as short-term capital gain dividend for nonresident alien shareholders.
The fund designates $21,174,499 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
Low-Priced Stock designates 43%, and 56%; and Class K designates 41%, and 54%; of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
Low-Priced Stock, 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 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 65,110,731,692.91 | 94.24 |
| Withheld | 3,977,061,305.33 | 5.76 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 64,862,479,525.74 | 93.88 |
| Withheld | 4,225,313,472.50 | 6.12 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Vijay C. Advani |
| Affirmative | 64,817,783,404.76 | 93.82 |
| Withheld | 4,270,009,593.49 | 6.18 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 64,886,989,933.75 | 93.92 |
| Withheld | 4,200,803,064.49 | 6.08 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Donald F. Donahue |
| Affirmative | 64,848,204,109.00 | 93.86 |
| Withheld | 4,239,588,889.24 | 6.14 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 64,995,466,255.60 | 94.08 |
| Withheld | 4,092,326,742.65 | 5.92 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 65,085,124,704.84 | 94.21 |
| Withheld | 4,002,668,293.40 | 5.79 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 64,964,358,187.70 | 94.03 |
| Withheld | 4,123,434,810.54 | 5.97 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Oscar Munoz |
| Affirmative | 64,740,772,159.72 | 93.71 |
| Withheld | 4,347,020,838.53 | 6.29 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Karen B. Peetz |
| Affirmative | 64,944,559,251.25 | 94.00 |
| Withheld | 4,143,233,746.99 | 6.00 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| David M. Thomas |
| Affirmative | 64,792,568,989.40 | 93.78 |
| Withheld | 4,295,224,008.84 | 6.22 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Susan Tomasky |
| Affirmative | 64,843,909,948.98 | 93.86 |
| Withheld | 4,243,883,049.26 | 6.14 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Michael E. Wiley |
| Affirmative | 64,839,438,084.90 | 93.85 |
| Withheld | 4,248,354,913.34 | 6.15 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Low-Priced Stock Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, an amended Advisory Contract with FMR went into effect with class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered a pro forma management fee rate for the retail class as if it had been in effect for the 12-month period ended September 30, 2023, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the retail class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the retail class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the retail class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and above the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023. The Board considered that Fidelity believes that management fee comparisons are particularly unhelpful in the context of this fund and that total expense comparisons are more useful. The Board noted that the total expense ratio of the representative class ranked below the competitive median.
The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.
In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee 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 variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount factor, regardless of whether Fidelity achieves any such economies of scale.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.536378.127
LPS-ANN-0924
Fidelity® Low-Priced Stock K6 Fund
Annual Report
July 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Low-Priced Stock K6 Fund
Schedule of Investments July 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 95.8% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 1.0% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| AT&T, Inc. | | 49,363 | 950,238 |
| Liberty Latin America Ltd. Class C (a) | | 284,988 | 3,020,873 |
| | | | 3,971,111 |
| Entertainment - 0.1% | | | |
| GungHo Online Entertainment, Inc. | | 63,297 | 1,237,166 |
| International Games Systems Co. Ltd. | | 113,400 | 2,605,809 |
| | | | 3,842,975 |
| Interactive Media & Services - 0.2% | | | |
| Cars.com, Inc. (a) | | 387,276 | 7,985,631 |
| JOYY, Inc. ADR | | 26,482 | 881,586 |
| New Work SE | | 3,755 | 268,214 |
| | | | 9,135,431 |
| Media - 0.6% | | | |
| Comcast Corp. Class A | | 271,530 | 11,206,043 |
| Nexstar Media Group, Inc. | | 19,674 | 3,635,558 |
| Pico Far East Holdings Ltd. | | 2,672,308 | 588,309 |
| Reach PLC | | 715,600 | 971,456 |
| RKB Mainichi Broadcasting Corp. | | 3,620 | 120,582 |
| Thryv Holdings, Inc. (a) | | 75,034 | 1,461,662 |
| Trenders, Inc. (b) | | 19,009 | 127,272 |
| WPP PLC | | 845,473 | 8,155,503 |
| | | | 26,266,385 |
TOTAL COMMUNICATION SERVICES | | | 43,215,902 |
| CONSUMER DISCRETIONARY - 14.2% | | | |
| Automobile Components - 1.9% | | | |
| Adient PLC (a) | | 563,284 | 14,510,196 |
| Amotiv Ltd. | | 12,088 | 85,452 |
| Aptiv PLC (a) | | 88,305 | 6,127,484 |
| Autoliv, Inc. | | 81,146 | 8,207,106 |
| Brembo N.V. | | 160,436 | 1,799,868 |
| Cie Automotive SA | | 208,261 | 6,085,543 |
| DaikyoNishikawa Corp. | | 62,693 | 292,948 |
| LCI Industries | | 168,656 | 19,680,469 |
| Lear Corp. | | 110,843 | 13,527,280 |
| Motonic Corp. | | 106,204 | 668,335 |
| Patrick Industries, Inc. | | 37,079 | 4,748,337 |
| PT Selamat Sempurna Tbk | | 7,185,000 | 910,277 |
| SNT Holdings Co. Ltd. | | 126,832 | 2,166,660 |
| Yutaka Giken Co. Ltd. | | 19,924 | 284,619 |
| | | | 79,094,574 |
| Automobiles - 0.8% | | | |
| General Motors Co. | | 237,297 | 10,517,003 |
| Harley-Davidson, Inc. | | 356,482 | 13,368,075 |
| Isuzu Motors Ltd. | | 177,429 | 2,400,105 |
| Kabe Husvagnar AB (B Shares) | | 41,268 | 1,418,091 |
| Mercedes-Benz Group AG (Germany) | | 32,277 | 2,133,654 |
| Stellantis NV (b) | | 129,497 | 2,161,305 |
| | | | 31,998,233 |
| Broadline Retail - 1.6% | | | |
| ASKUL Corp. | | 427,221 | 6,071,583 |
| B&M European Value Retail SA | | 1,224,667 | 7,369,629 |
| eBay, Inc. | | 102,385 | 5,693,630 |
| Europris ASA (c) | | 384,434 | 2,295,554 |
| Gwangju Shinsegae Co. Ltd. | | 40,797 | 872,654 |
| Kohl's Corp. | | 392,917 | 8,510,582 |
| Macy's, Inc. | | 176,013 | 3,041,505 |
| Max Stock Ltd. | | 184,216 | 421,898 |
| Next PLC | | 220,067 | 25,670,993 |
| Rusta AB | | 448,734 | 3,111,203 |
| Vipshop Holdings Ltd. ADR | | 148,860 | 2,030,450 |
| | | | 65,089,681 |
| Distributors - 0.5% | | | |
| Arata Corp. | | 138,196 | 3,316,409 |
| Autohellas SA | | 24,106 | 309,412 |
| Central Automotive Products Ltd. | | 34,354 | 1,143,184 |
| Inchcape PLC | | 931,394 | 10,093,691 |
| PALTAC Corp. | | 182,448 | 5,642,546 |
| | | | 20,505,242 |
| Diversified Consumer Services - 0.5% | | | |
| Aucnet, Inc. | | 28,143 | 454,631 |
| Cross-Harbour Holdings Ltd. | | 258,777 | 238,478 |
| Frontdoor, Inc. (a) | | 76,371 | 3,013,600 |
| Gakkyusha Co. Ltd. | | 25,289 | 358,558 |
| H&R Block, Inc. | | 158,590 | 9,188,705 |
| JP-Holdings, Inc. | | 117,217 | 478,085 |
| Laureate Education, Inc. | | 235,380 | 3,648,390 |
| ME Group International PLC | | 996,818 | 2,475,780 |
| | | | 19,856,227 |
| Hotels, Restaurants & Leisure - 0.4% | | | |
| Betsson AB (B Shares) | | 476,364 | 5,668,755 |
| Hollywood Bowl Group PLC | | 484,753 | 2,072,054 |
| Ibersol SGPS SA | | 177,130 | 1,338,059 |
| J.D. Wetherspoon PLC (a) | | 240,142 | 2,304,554 |
| MTY Food Group, Inc. | | 118,858 | 3,922,189 |
| | | | 15,305,611 |
| Household Durables - 3.0% | | | |
| Barratt Developments PLC | | 2,706,176 | 18,320,017 |
| Bellway PLC | | 537,599 | 19,807,224 |
| Chervon Holdings Ltd. | | 1,655,191 | 3,787,967 |
| Cuckoo Holdings Co. Ltd. | | 76,940 | 1,241,339 |
| D.R. Horton, Inc. | | 34,573 | 6,220,720 |
| Emak SpA | | 491,073 | 538,904 |
| First Juken Co. Ltd. | | 156,408 | 1,143,265 |
| FJ Next Co. Ltd. | | 152,266 | 1,349,816 |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | | 1,165,646 | 6,461,325 |
| Helen of Troy Ltd. (a) | | 192,280 | 11,365,671 |
| JM AB (B Shares) | | 205,401 | 3,993,248 |
| Open House Group Co. Ltd. | | 81,579 | 2,918,884 |
| Pressance Corp. (b) | | 399,681 | 5,461,413 |
| Tempur Sealy International, Inc. | | 218,856 | 11,457,112 |
| Token Corp. | | 35,970 | 2,852,532 |
| TopBuild Corp. (a) | | 15,724 | 7,524,563 |
| Vistry Group PLC (a) | | 1,163,785 | 20,706,077 |
| ZAGG, Inc. rights (a)(d) | | 384 | 0 |
| | | | 125,150,077 |
| Leisure Products - 0.3% | | | |
| BRP, Inc. | | 63,839 | 4,625,224 |
| Brunswick Corp. | | 95,115 | 7,747,117 |
| Roland Corp. | | 49,925 | 1,303,072 |
| | | | 13,675,413 |
| Specialty Retail - 3.0% | | | |
| Academy Sports & Outdoors, Inc. | | 222,854 | 12,049,716 |
| Advance Auto Parts, Inc. | | 110,610 | 7,004,931 |
| Arcland Sakamoto Co. Ltd. | | 143,693 | 1,745,745 |
| AutoZone, Inc. (a) | | 3,221 | 10,093,615 |
| BHG Group AB (a) | | 572,936 | 844,756 |
| BMTC Group, Inc. | | 330,899 | 3,137,267 |
| Dick's Sporting Goods, Inc. | | 60,068 | 12,995,712 |
| Dunelm Group PLC | | 114,066 | 1,808,041 |
| Formosa Optical Technology Co. Ltd. | | 161,000 | 471,902 |
| Fuji Corp. | | 63,812 | 900,494 |
| Goldlion Holdings Ltd. | | 3,198,047 | 405,238 |
| Hallenstein Glassons Holding Ltd. | | 70,293 | 247,662 |
| Hamee Corp. | | 79,195 | 602,665 |
| Handsman Co. Ltd. | | 27,594 | 151,596 |
| IA Group Corp. | | 8,321 | 197,187 |
| JD Sports Fashion PLC | | 7,380,229 | 12,485,752 |
| Jumbo SA | | 1,003,418 | 26,888,101 |
| K's Holdings Corp. | | 72,806 | 788,057 |
| Kid ASA (c) | | 8,347 | 100,679 |
| Leon's Furniture Ltd. | | 39,394 | 781,802 |
| Maisons du Monde SA (c) | | 112,084 | 445,182 |
| Mr. Bricolage SA (a) | | 78,419 | 678,952 |
| Nafco Co. Ltd. | | 256,639 | 5,139,461 |
| Pets At Home Group PLC | | 1,312,564 | 5,176,841 |
| Sally Beauty Holdings, Inc. (a) | | 1,051,291 | 12,037,282 |
| Sportsman's Warehouse Holdings, Inc. (a) | | 363,396 | 926,660 |
| Syuppin Co. Ltd. | | 38,046 | 370,289 |
| The Hour Glass Ltd. | | 241,024 | 284,894 |
| Valvoline, Inc. (a) | | 1,291 | 60,032 |
| WH Smith PLC | | 276,109 | 4,685,365 |
| Williams-Sonoma, Inc. | | 16,937 | 2,619,815 |
| | | | 126,125,691 |
| Textiles, Apparel & Luxury Goods - 2.2% | | | |
| Best Pacific International Holdings Ltd. | | 5,151,533 | 1,496,762 |
| Crocs, Inc. (a) | | 6,570 | 882,811 |
| Deckers Outdoor Corp. (a) | | 563 | 519,441 |
| Dr. Martens Ltd. | | 1,714,760 | 1,565,131 |
| Embry Holdings Ltd. (a) | | 217,516 | 8,491 |
| Gildan Activewear, Inc. | | 429,716 | 17,498,014 |
| Handsome Co. Ltd. | | 217,100 | 2,767,261 |
| Kontoor Brands, Inc. | | 162,261 | 11,382,609 |
| Levi Strauss & Co. Class A | | 509,796 | 9,344,561 |
| Oxford Industries, Inc. | | 50,056 | 5,272,398 |
| PVH Corp. | | 116,896 | 11,922,223 |
| Sun Hing Vision Group Holdings Ltd. | | 1,788,449 | 144,214 |
| Texwinca Holdings Ltd. | | 3,746,181 | 450,720 |
| VF Corp. (b) | | 554,202 | 9,399,266 |
| Victory City International Holdings Ltd. (a)(d) | | 4,590,144 | 170,379 |
| Wolverine World Wide, Inc. | | 797,027 | 11,851,791 |
| Youngone Corp. | | 39,664 | 1,124,951 |
| Youngone Holdings Co. Ltd. | | 109,795 | 6,500,540 |
| | | | 92,301,563 |
TOTAL CONSUMER DISCRETIONARY | | | 589,102,312 |
| CONSUMER STAPLES - 6.8% | | | |
| Beverages - 0.8% | | | |
| A.G. Barr PLC | | 308,667 | 2,555,436 |
| Britvic PLC | | 398,787 | 6,505,663 |
| Primo Water Corp. | | 972,914 | 21,336,004 |
| Viva Wine Group AB | | 342,900 | 1,476,085 |
| | | | 31,873,188 |
| Consumer Staples Distribution & Retail - 4.4% | | | |
| Acomo NV | | 17,292 | 323,008 |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 357,065 | 22,011,228 |
| Atacadao SA | | 1,749,300 | 2,863,877 |
| Belc Co. Ltd. | | 152,688 | 6,400,859 |
| BJ's Wholesale Club Holdings, Inc. (a) | | 143,299 | 12,604,580 |
| Corporativo Fragua S.A.B. de CV (b) | | 42,293 | 2,233,713 |
| Cosmos Pharmaceutical Corp. | | 130,754 | 11,708,988 |
| Create SD Holdings Co. Ltd. | | 440,884 | 9,918,087 |
| Eurocash SA (a) | | 329,600 | 972,909 |
| G-7 Holdings, Inc. | | 196,469 | 2,226,924 |
| Genky DrugStores Co. Ltd. | | 305,983 | 7,036,557 |
| Halows Co. Ltd. | | 179,288 | 5,487,370 |
| MARR SpA | | 9,186 | 114,527 |
| MARR SpA | | 1,869 | 23,302 |
| Metro, Inc. | | 1,019,466 | 60,710,893 |
| North West Co., Inc. | | 9,554 | 309,390 |
| Performance Food Group Co. (a) | | 103,768 | 7,159,992 |
| Sprouts Farmers Market LLC (a) | | 236,540 | 23,627,981 |
| YAKUODO Holdings Co. Ltd. | | 19,831 | 375,294 |
| Yaoko Co. Ltd. | | 109,248 | 6,688,117 |
| | | | 182,797,596 |
| Food Products - 1.2% | | | |
| Armanino Foods of Distinction | | 175,009 | 972,175 |
| Axyz Co. Ltd. | | 2,538 | 49,877 |
| Carr's Group PLC | | 706,751 | 1,271,989 |
| Century Pacific Food, Inc. | | 2,839,946 | 1,679,577 |
| Delfi Ltd. | | 391,362 | 245,937 |
| Food Empire Holdings Ltd. | | 2,227,850 | 1,683,346 |
| Gruma S.A.B. de CV Series B | | 62,532 | 1,169,081 |
| Inghams Group Ltd. | | 731,779 | 1,804,122 |
| Ingredion, Inc. | | 6,081 | 756,294 |
| Lamb Weston Holdings, Inc. | | 286,446 | 17,192,489 |
| Nomad Foods Ltd. | | 348,780 | 6,665,186 |
| Ottogi Corp. | | 10,773 | 3,429,013 |
| Pacific Andes International Holdings Ltd. (a)(d) | | 3,104,000 | 4 |
| Pacific Andes Resources Development Ltd. (a)(d) | | 1,379,862 | 10 |
| Pickles Holdings Co. Ltd. | | 44,955 | 340,002 |
| Rocky Mountain Chocolate Factory, Inc. (a) | | 70,042 | 132,379 |
| S Foods, Inc. | | 118,797 | 2,377,447 |
| Sunjin Co. Ltd. | | 241,400 | 1,210,710 |
| Sunjuice Holdings Co. Ltd. | | 22,000 | 120,132 |
| Tate & Lyle PLC | | 986,685 | 8,339,946 |
| | | | 49,439,716 |
| Household Products - 0.0% | | | |
| Transaction Co. Ltd. (b) | | 68,005 | 817,122 |
| Personal Care Products - 0.3% | | | |
| Edgewell Personal Care Co. | | 18,822 | 736,881 |
| Hengan International Group Co. Ltd. | | 1,510,785 | 4,718,272 |
| Sarantis SA | | 478,010 | 5,680,243 |
| TCI Co. Ltd. | | 41,000 | 179,808 |
| | | | 11,315,204 |
| Tobacco - 0.1% | | | |
| KT&G Corp. | | 62,680 | 4,269,300 |
| Scandinavian Tobacco Group A/S (c) | | 133,490 | 1,955,288 |
| | | | 6,224,588 |
TOTAL CONSUMER STAPLES | | | 282,467,414 |
| ENERGY - 8.0% | | | |
| Energy Equipment & Services - 0.5% | | | |
| Cactus, Inc. | | 189,826 | 11,981,817 |
| John Wood Group PLC (a) | | 2,557,257 | 6,706,463 |
| PHX Energy Services Corp. | | 152,032 | 1,163,929 |
| Total Energy Services, Inc. | | 163,618 | 1,161,378 |
| Vallourec SA (a) | | 47,890 | 776,398 |
| | | | 21,789,985 |
| Oil, Gas & Consumable Fuels - 7.5% | | | |
| Antero Resources Corp. (a) | | 650,450 | 18,876,059 |
| Cenovus Energy, Inc. (Canada) | | 1,415,542 | 28,523,071 |
| China Petroleum & Chemical Corp. (H Shares) | | 12,380,830 | 7,955,070 |
| Chord Energy Corp. | | 218,869 | 37,571,053 |
| Civitas Resources, Inc. | | 262,857 | 18,336,904 |
| CNX Resources Corp. (a) | | 220,502 | 5,836,688 |
| Diamondback Energy, Inc. | | 69,309 | 14,021,904 |
| Energy Transfer LP | | 97,481 | 1,586,016 |
| Enterprise Products Partners LP | | 249,345 | 7,196,097 |
| INPEX Corp. | | 27,129 | 418,912 |
| Iwatani Corp. | | 12,454 | 796,597 |
| NACCO Industries, Inc. Class A | | 2,795 | 84,157 |
| Northern Oil & Gas, Inc. | | 333,628 | 14,409,393 |
| Oil & Natural Gas Corp. Ltd. | | 988,169 | 3,944,282 |
| Oil India Ltd. | | 954,700 | 6,585,471 |
| Ovintiv, Inc. | | 817,275 | 37,954,251 |
| Parkland Corp. | | 308,374 | 8,650,509 |
| Petronet LNG Ltd. | | 1,685,100 | 7,416,406 |
| Range Resources Corp. | | 692,538 | 21,627,962 |
| Scorpio Tankers, Inc. | | 11,000 | 843,480 |
| Shell PLC (London) | | 117,973 | 4,301,754 |
| Southwestern Energy Co. (a) | | 1,962,026 | 12,655,068 |
| TotalEnergies SE sponsored ADR (b) | | 737,580 | 49,993,172 |
| Unit Corp. | | 21,716 | 779,822 |
| | | | 310,364,098 |
TOTAL ENERGY | | | 332,154,083 |
| FINANCIALS - 17.4% | | | |
| Banks - 7.1% | | | |
| ACNB Corp. (b) | | 54,384 | 2,255,848 |
| AIB Group PLC | | 1,038,699 | 5,957,900 |
| Associated Banc-Corp. | | 652,645 | 14,997,782 |
| Bank of Ireland Group PLC | | 500,822 | 5,677,603 |
| Bankinter SA | | 93,342 | 796,841 |
| Bar Harbor Bankshares | | 84,537 | 2,701,803 |
| Cadence Bank | | 597,680 | 19,645,742 |
| Camden National Corp. | | 43,193 | 1,800,284 |
| Central Pacific Financial Corp. | | 18,652 | 486,631 |
| Citigroup, Inc. | | 139,413 | 9,045,115 |
| Community Trust Bancorp, Inc. | | 9,391 | 476,312 |
| East West Bancorp, Inc. | | 122,257 | 10,745,168 |
| Eurobank Ergasias Services and Holdings SA | | 1,785,157 | 4,091,947 |
| First Bancorp, Puerto Rico | | 375,744 | 8,059,709 |
| First Foundation, Inc. | | 2,988 | 20,916 |
| FNB Corp., Pennsylvania | | 896,266 | 13,748,720 |
| Greene County Bancorp, Inc. | | 29,325 | 1,063,031 |
| Intercorp Financial Services, Inc. | | 80,150 | 1,824,214 |
| KeyCorp | | 706,961 | 11,403,281 |
| National Bank of Greece SA | | 423,045 | 3,713,086 |
| Nicolet Bankshares, Inc. | | 30,593 | 3,076,432 |
| Oak Valley Bancorp Oakdale California | | 16,201 | 461,242 |
| OFG Bancorp | | 13,786 | 626,160 |
| Plumas Bancorp | | 24,688 | 1,068,250 |
| QCR Holdings, Inc. | | 79,970 | 6,112,907 |
| Southern Missouri Bancorp, Inc. | | 39,197 | 2,242,068 |
| Spar Nord Bank A/S | | 67,666 | 1,379,737 |
| Sparebank 1 Oestlandet | | 301,127 | 4,152,619 |
| Sparebank 1 Sr Bank ASA (primary capital certificate) | | 175,332 | 2,252,997 |
| Sparebanken Nord-Norge | | 320,909 | 3,173,618 |
| Synovus Financial Corp. | | 479,771 | 22,429,294 |
| The First Bancorp, Inc. | | 23,060 | 649,139 |
| U.S. Bancorp | | 310,942 | 13,955,077 |
| Union Bankshares, Inc. (b) | | 16,960 | 410,432 |
| United Community Bank, Inc. | | 471,500 | 14,592,925 |
| Unity Bancorp, Inc. | | 8,386 | 290,323 |
| Washington Trust Bancorp, Inc. | | 99,208 | 3,175,648 |
| Webster Financial Corp. | | 200,279 | 9,937,844 |
| Wells Fargo & Co. | | 1,149,025 | 68,183,144 |
| West Bancorp., Inc. | | 102,932 | 2,134,810 |
| Wintrust Financial Corp. | | 133,241 | 14,416,676 |
| | | | 293,233,275 |
| Capital Markets - 2.6% | | | |
| ABG Sundal Collier ASA | | 730,434 | 440,513 |
| Antin Infrastructure Partners SA | | 163,452 | 2,214,737 |
| Azimut Holding SpA | | 15,181 | 380,510 |
| Banca Generali SpA | | 54,023 | 2,350,349 |
| Bank of New York Mellon Corp. | | 14,910 | 970,194 |
| DWS Group GmbH & Co. KGaA (c) | | 19,961 | 756,098 |
| Federated Hermes, Inc. | | 370,447 | 12,717,446 |
| Korea Ratings Corp. | | 10,600 | 670,920 |
| Lazard, Inc. Class A | | 380,912 | 18,729,443 |
| LPL Financial | | 36,535 | 8,093,233 |
| Patria Investments Ltd. | | 34,851 | 453,412 |
| Rathbone Brothers PLC | | 404,810 | 10,012,563 |
| Raymond James Financial, Inc. | | 230,320 | 26,717,120 |
| SEI Investments Co. | | 1,010 | 68,518 |
| Stifel Financial Corp. | | 171,220 | 15,182,077 |
| Van Lanschot Kempen NV (Bearer) | | 120,530 | 5,211,222 |
| Vontobel Holdings AG | | 35,330 | 2,318,437 |
| | | | 107,286,792 |
| Consumer Finance - 0.9% | | | |
| Aeon Credit Service (Asia) Co. Ltd. | | 2,012,873 | 1,468,526 |
| Discover Financial Services | | 177,476 | 25,554,769 |
| OneMain Holdings, Inc. | | 176,493 | 9,223,524 |
| | | | 36,246,819 |
| Financial Services - 1.8% | | | |
| ASAX Co. Ltd. | | 2,253 | 11,580 |
| Corpay, Inc. (a) | | 88,034 | 25,690,082 |
| Enact Holdings, Inc. | | 28,911 | 983,841 |
| Essent Group Ltd. | | 234,623 | 14,743,709 |
| EVERTEC, Inc. | | 373,712 | 12,881,853 |
| Far East Horizon Ltd. | | 455,216 | 310,553 |
| Federal Agricultural Mortgage Corp.: | | | |
| Class A (multi-vtg.) (b) | | 645 | 106,148 |
| Class C (non-vtg.) | | 45,490 | 9,380,948 |
| Fuyo General Lease Co. Ltd. | | 16,443 | 1,354,472 |
| Nice Information & Telecom, Inc. | | 46,280 | 684,171 |
| Tokyo Century Corp. | | 77,156 | 831,279 |
| Zenkoku Hosho Co. Ltd. | | 224,494 | 9,334,623 |
| | | | 76,313,259 |
| Insurance - 5.0% | | | |
| American Financial Group, Inc. | | 106,981 | 14,010,232 |
| ASR Nederland NV | | 265,757 | 13,336,731 |
| Aub Group Ltd. | | 34,039 | 718,546 |
| Db Insurance Co. Ltd. | | 24,290 | 1,959,457 |
| Direct Line Insurance Group PLC | | 6,995,387 | 16,951,654 |
| First American Financial Corp. | | 102,340 | 6,199,757 |
| Grupo Catalana Occidente SA | | 61,763 | 2,673,720 |
| Hartford Financial Services Group, Inc. | | 84,497 | 9,372,407 |
| Hiscox Ltd. | | 42,447 | 693,556 |
| NN Group NV | | 158,943 | 7,971,224 |
| Primerica, Inc. | | 57,303 | 14,427,176 |
| Qualitas Controladora S.A.B. de CV | | 116,537 | 1,074,235 |
| Reinsurance Group of America, Inc. | | 193,879 | 43,706,143 |
| Selective Insurance Group, Inc. | | 200,239 | 18,085,586 |
| Stewart Information Services Corp. | | 72,264 | 5,109,065 |
| Talanx AG | | 34,922 | 2,655,052 |
| The Travelers Companies, Inc. | | 3,486 | 754,510 |
| Unum Group | | 808,408 | 46,507,712 |
| | | | 206,206,763 |
TOTAL FINANCIALS | | | 719,286,908 |
| HEALTH CARE - 10.9% | | | |
| Biotechnology - 0.4% | | | |
| Essex Bio-Technology Ltd. | | 1,230,042 | 392,021 |
| Gilead Sciences, Inc. | | 188,898 | 14,367,582 |
| Regeneron Pharmaceuticals, Inc. (a) | | 768 | 828,818 |
| United Therapeutics Corp. (a) | | 4,938 | 1,547,026 |
| | | | 17,135,447 |
| Health Care Equipment & Supplies - 0.8% | | | |
| Dentsply Sirona, Inc. | | 402,303 | 10,918,503 |
| Embecta Corp. | | 275,281 | 4,313,653 |
| Fukuda Denshi Co. Ltd. | | 202,991 | 9,173,586 |
| InBody Co. Ltd. | | 85,500 | 1,504,282 |
| Interojo Co. Ltd. (d) | | 15,800 | 287,212 |
| Nakanishi, Inc. | | 50,238 | 873,267 |
| Prim SA | | 128,489 | 1,508,771 |
| Techno Medica Co. Ltd. | | 3,243 | 38,837 |
| Utah Medical Products, Inc. | | 24,059 | 1,674,506 |
| Value Added Technology Co. Ltd. | | 63,387 | 1,189,267 |
| Vieworks Co. Ltd. | | 43,800 | 844,159 |
| Zimmer Biomet Holdings, Inc. | | 3,926 | 437,160 |
| | | | 32,763,203 |
| Health Care Providers & Services - 8.2% | | | |
| Centene Corp. (a) | | 398,559 | 30,657,158 |
| Ci Medical Co. Ltd. | | 70,328 | 464,769 |
| Cigna Group | | 126,016 | 43,937,999 |
| CVS Health Corp. | | 291,932 | 17,612,258 |
| Elevance Health, Inc. | | 94,312 | 50,176,813 |
| Henry Schein, Inc. (a) | | 161,328 | 11,605,936 |
| Hi-Clearance, Inc. | | 263,882 | 1,122,327 |
| Humana, Inc. | | 58,104 | 21,010,987 |
| Labcorp Holdings, Inc. | | 88,149 | 18,990,821 |
| Medica Sur SA de CV | | 148,363 | 285,641 |
| Quest Diagnostics, Inc. | | 57,233 | 8,144,256 |
| Select Medical Holdings Corp. | | 16,362 | 650,553 |
| Ship Healthcare Holdings, Inc. | | 250,290 | 3,842,776 |
| Sinopharm Group Co. Ltd. (H Shares) | | 5,484,788 | 12,889,113 |
| UnitedHealth Group, Inc. | | 121,094 | 69,769,525 |
| Universal Health Services, Inc. Class B | | 207,089 | 44,267,345 |
| WIN-Partners Co. Ltd. | | 313,422 | 2,581,775 |
| | | | 338,010,052 |
| Health Care Technology - 0.0% | | | |
| Software Service, Inc. | | 6,159 | 576,822 |
| Life Sciences Tools & Services - 0.6% | | | |
| ICON PLC (a) | | 74,325 | 24,411,303 |
| Pharmaceuticals - 0.9% | | | |
| China Medical System Holdings Ltd. | | 1,504,706 | 1,248,007 |
| Consun Pharmaceutical Group Ltd. | | 504,521 | 361,624 |
| Dai Han Pharmaceutical Co. Ltd. | | 50,300 | 1,035,531 |
| Dawnrays Pharmaceutical Holdings Ltd. | | 9,506,458 | 1,387,120 |
| DongKook Pharmaceutical Co. Ltd. | | 180,280 | 2,321,625 |
| Faes Farma SA | | 491,182 | 1,884,457 |
| Genomma Lab Internacional SA de CV | | 284,651 | 293,956 |
| Granules India Ltd. | | 73,527 | 553,333 |
| Huons Co. Ltd. | | 78,866 | 1,879,832 |
| Hypera SA (a) | | 799,200 | 4,069,369 |
| Jazz Pharmaceuticals PLC (a) | | 2,809 | 309,692 |
| Korea United Pharm, Inc. | | 4,980 | 83,982 |
| Kwang Dong Pharmaceutical Co. Ltd. | | 450,892 | 2,198,847 |
| Recordati SpA | | 79,987 | 4,358,595 |
| Sanofi SA | | 141,516 | 14,589,243 |
| Sanofi SA sponsored ADR | | 4,071 | 210,919 |
| Syngen Biotech Co. Ltd. | | 35,000 | 170,815 |
| | | | 36,956,947 |
TOTAL HEALTH CARE | | | 449,853,774 |
| INDUSTRIALS - 15.9% | | | |
| Aerospace & Defense - 0.9% | | | |
| Cadre Holdings, Inc. | | 200,557 | 7,360,442 |
| Huntington Ingalls Industries, Inc. | | 78,733 | 22,043,665 |
| Leonardo DRS, Inc. (a) | | 56,137 | 1,583,063 |
| QinetiQ Group PLC | | 361,867 | 2,247,837 |
| Rheinmetall AG | | 3,462 | 1,887,612 |
| V2X, Inc. (a) | | 59,535 | 3,103,560 |
| | | | 38,226,179 |
| Air Freight & Logistics - 0.4% | | | |
| AIT Corp. | | 20,856 | 270,089 |
| AZ-Com Maruwa Holdings, Inc. | | 36,817 | 319,496 |
| Compania de Distribucion Integral Logista Holdings SA | | 163,759 | 4,841,874 |
| Hamakyorex Co. Ltd. | | 158,491 | 5,051,864 |
| Radiant Logistics, Inc. (a) | | 31,402 | 195,320 |
| SENKO Co. Ltd. | | 63,487 | 488,215 |
| Sinotrans Ltd. (H Shares) | | 4,557,269 | 2,117,395 |
| Trancom Co. Ltd. | | 50,662 | 2,259,085 |
| | | | 15,543,338 |
| Building Products - 1.0% | | | |
| Builders FirstSource, Inc. (a) | | 65,727 | 11,000,728 |
| Hayward Holdings, Inc. (a) | | 1,374,482 | 20,328,589 |
| Inwido AB | | 2,444 | 40,371 |
| Janus International Group, Inc. (a) | | 381,515 | 5,501,446 |
| Kondotec, Inc. | | 203,625 | 1,886,663 |
| Nihon Dengi Co. Ltd. | | 39,355 | 1,549,978 |
| Nihon Flush Co. Ltd. | | 143,122 | 888,511 |
| Sekisui Jushi Corp. | | 16,842 | 284,888 |
| | | | 41,481,174 |
| Commercial Services & Supplies - 1.4% | | | |
| Aeon Delight Co. Ltd. | | 25,318 | 661,660 |
| AJIS Co. Ltd. | | 91,126 | 1,461,130 |
| Brady Corp. Class A | | 122,082 | 8,742,292 |
| Civeo Corp. | | 140,998 | 3,835,146 |
| CoreCivic, Inc. (a) | | 442,780 | 6,172,353 |
| CTS Co. Ltd. | | 41,732 | 232,053 |
| Fursys, Inc. | | 30,878 | 990,727 |
| Lion Rock Group Ltd. | | 1,926,506 | 362,475 |
| Mitie Group PLC | | 6,017,222 | 9,375,353 |
| Pilot Corp. | | 593 | 17,924 |
| Prestige International, Inc. | | 353,401 | 1,684,378 |
| Prosegur Compania de Seguridad SA (Reg.) | | 36,900 | 68,529 |
| S1 Corp. | | 98,710 | 4,057,099 |
| Societe BIC SA | | 5,261 | 330,236 |
| Takkt AG | | 230,310 | 2,667,007 |
| The GEO Group, Inc. (a) | | 179,216 | 2,598,632 |
| VSE Corp. | | 150,317 | 13,376,710 |
| | | | 56,633,704 |
| Construction & Engineering - 0.6% | | | |
| Boustead Singapore Ltd. | | 735,764 | 550,433 |
| Bowman Consulting Group Ltd. (a) | | 76,011 | 2,715,113 |
| Dai-Dan Co. Ltd. | | 25,225 | 522,837 |
| Daiichi Kensetsu Corp. | | 138,352 | 2,182,342 |
| EMCOR Group, Inc. | | 34,980 | 13,132,891 |
| Fuji Furukawa Engineering & Construction Co. Ltd. | | 1,810 | 76,965 |
| Geumhwa PSC Co. Ltd. | | 6,177 | 115,216 |
| Mirait One Corp. | | 40,876 | 583,923 |
| Nippon Rietec Co. Ltd. | | 19,117 | 160,919 |
| Norconsult A/S | | 159,078 | 479,686 |
| Raiznext Corp. | | 459,834 | 5,697,086 |
| Sinopec Engineering Group Co. Ltd. (H Shares) | | 10,542 | 6,720 |
| United Integrated Services Co. | | 32,200 | 338,810 |
| | | | 26,562,941 |
| Electrical Equipment - 1.2% | | | |
| Acuity Brands, Inc. | | 90,060 | 22,636,581 |
| Aichi Electric Co. Ltd. | | 46,555 | 1,354,960 |
| Allient, Inc. | | 27,043 | 782,624 |
| AQ Group AB | | 544,942 | 7,258,294 |
| Chiyoda Integre Co. Ltd. | | 42,246 | 956,002 |
| GrafTech International Ltd. | | 2,421,227 | 1,859,744 |
| Korea Electric Terminal Co. Ltd. | | 59,986 | 2,693,215 |
| nVent Electric PLC | | 62,968 | 4,573,366 |
| Sensata Technologies PLC | | 51,901 | 2,023,620 |
| TKH Group NV (bearer) (depositary receipt) | | 126,810 | 5,544,501 |
| Vitzrocell Co. Ltd. | | 12,100 | 177,111 |
| Volex PLC | | 177,729 | 809,960 |
| | | | 50,669,978 |
| Ground Transportation - 0.6% | | | |
| Proficient Auto Logistics, Inc. | | 208,468 | 4,200,630 |
| Sakai Moving Service Co. Ltd. | | 327,527 | 5,835,383 |
| Stef SA | | 36,147 | 5,249,916 |
| Universal Logistics Holdings, Inc. | | 192,784 | 8,295,496 |
| | | | 23,581,425 |
| Industrial Conglomerates - 0.5% | | | |
| DCC PLC (United Kingdom) | | 247,566 | 17,058,654 |
| Metlen Energy & Metals SA | | 85,567 | 3,378,226 |
| | | | 20,436,880 |
| Machinery - 3.0% | | | |
| Aalberts Industries NV | | 613,579 | 23,440,819 |
| Allison Transmission Holdings, Inc. | | 9,907 | 877,661 |
| Beijer Alma AB (B Shares) | | 206,033 | 4,213,314 |
| Crane Co. | | 52,707 | 8,455,257 |
| Daiwa Industries Ltd. | | 107,816 | 1,140,739 |
| EnPro Industries, Inc. | | 63,780 | 10,902,553 |
| ESAB Corp. | | 98,699 | 10,027,818 |
| Estic Corp. | | 47,401 | 292,687 |
| Haitian International Holdings Ltd. | | 979,096 | 2,838,468 |
| Hillenbrand, Inc. | | 486,751 | 21,528,997 |
| Hosokawa Micron Corp. | | 13,902 | 379,555 |
| Hy-Lok Corp. | | 11,000 | 224,852 |
| IHI Corp. | | 22,281 | 812,825 |
| ITT, Inc. | | 48,059 | 6,798,426 |
| JOST Werke AG (c) | | 9,635 | 435,869 |
| Luxfer Holdings PLC sponsored | | 92,263 | 1,193,883 |
| Miller Industries, Inc. | | 46,729 | 3,174,768 |
| Mincon Group PLC | | 214,648 | 92,921 |
| Nadex Co. Ltd. | | 86,207 | 643,366 |
| Precision Tsugami China Corp. Ltd. | | 131,167 | 161,674 |
| Semperit AG Holding | | 173 | 2,007 |
| Shinwa Co. Ltd. | | 12,305 | 219,889 |
| SIMPAC, Inc. | | 127,420 | 350,226 |
| Stabilus Se | | 9,059 | 443,636 |
| Takeuchi Manufacturing Co. Ltd. | | 67,016 | 2,183,092 |
| Teikoku Electric Manufacturing Co. Ltd. | | 7,217 | 130,075 |
| Terex Corp. | | 168,829 | 10,680,123 |
| Timken Co. | | 104,438 | 9,080,884 |
| TK Group Holdings Ltd. | | 955,332 | 227,435 |
| Tocalo Co. Ltd. | | 300,840 | 3,980,274 |
| Trinity Industrial Corp. | | 141,565 | 1,089,579 |
| Yamada Corp. | | 7,840 | 314,008 |
| | | | 126,337,680 |
| Marine Transportation - 0.1% | | | |
| Irish Continental Group PLC unit | | 636,620 | 3,706,723 |
| SITC International Holdings Co. Ltd. | | 981,236 | 2,185,311 |
| | | | 5,892,034 |
| Passenger Airlines - 0.1% | | | |
| Jet2 PLC | | 209,014 | 3,815,511 |
| Professional Services - 3.0% | | | |
| Altech Corp. | | 42,152 | 756,628 |
| Artner Co. Ltd. (b) | | 29,213 | 365,443 |
| Barrett Business Services, Inc. | | 98,440 | 3,587,154 |
| CACI International, Inc. (a) | | 27,313 | 12,604,403 |
| Careerlink Co. Ltd. | | 22,058 | 361,486 |
| Concentrix Corp. | | 249,853 | 17,614,637 |
| Creek & River Co. Ltd. | | 1,839 | 17,923 |
| E-Credible Co. Ltd. | | 27,075 | 243,119 |
| Gakujo Co. Ltd. | | 34,773 | 441,263 |
| Genpact Ltd. | | 613,457 | 21,268,554 |
| Hito Communications Holdings, Inc. | | 22,330 | 142,204 |
| HRnetgroup Ltd. | | 563,973 | 286,902 |
| IFIS Japan Ltd. | | 22,923 | 91,199 |
| KBR, Inc. | | 311,066 | 20,713,885 |
| Leidos Holdings, Inc. | | 5,335 | 770,374 |
| Maximus, Inc. | | 206,130 | 19,147,416 |
| Multiconsult A/S (c) | | 29,552 | 452,329 |
| Open Up Group, Inc. | | 12,485 | 181,351 |
| Persol Holdings Co. Ltd. | | 1,367,704 | 2,360,078 |
| Quick Co. Ltd. | | 132,113 | 1,916,368 |
| Science Applications International Corp. | | 67,337 | 8,376,723 |
| Synergie SA | | 15,328 | 539,134 |
| Verra Mobility Corp. (a) | | 305,124 | 9,193,386 |
| WDB Holdings Co. Ltd. | | 106,152 | 1,305,952 |
| Will Group, Inc. | | 132,026 | 918,334 |
| Wilmington PLC | | 330,292 | 1,677,197 |
| | | | 125,333,442 |
| Trading Companies & Distributors - 3.0% | | | |
| AerCap Holdings NV | | 32,454 | 3,049,053 |
| Alligo AB (B Shares) | | 29,510 | 387,985 |
| Beacon Roofing Supply, Inc. (a) | | 149,137 | 15,331,284 |
| Bergman & Beving AB (B Shares) | | 50,225 | 1,486,696 |
| Bossard Holding AG (b) | | 9,440 | 2,403,691 |
| Chori Co. Ltd. | | 152,234 | 3,856,534 |
| Core & Main, Inc. (a) | | 283,075 | 15,136,020 |
| Ferguson PLC | | 48,104 | 10,710,356 |
| Global Industrial Co. | | 172,938 | 6,032,077 |
| Goodfellow, Inc. | | 128,159 | 1,316,260 |
| Green Cross Co. Ltd. | | 59,623 | 515,415 |
| Horizon Construction Development Ltd. (a) | | 88,101 | 16,802 |
| Inaba Denki Sangyo Co. Ltd. | | 46,654 | 1,233,269 |
| Itochu Corp. | | 401,458 | 20,588,154 |
| Kamei Corp. | | 20,649 | 312,206 |
| KS Energy Services Ltd. (d) | | 921,857 | 7 |
| Lumax International Corp. Ltd. | | 148,200 | 537,877 |
| Mitani Shoji Co. Ltd. | | 383,793 | 4,242,590 |
| Momentum Group Komponenter & Tjanster AB | | 226,416 | 3,822,509 |
| Parker Corp. | | 207,246 | 1,189,757 |
| Richelieu Hardware Ltd. | | 87,894 | 2,596,109 |
| RS GROUP PLC | | 1,323,492 | 13,917,576 |
| Rush Enterprises, Inc. Class A | | 12,263 | 625,536 |
| Sanyo Trading Co. Ltd. | | 15,939 | 161,193 |
| Senshu Electric Co. Ltd. | | 158,571 | 5,440,773 |
| Thermador Groupe SA | | 3,953 | 326,422 |
| Totech Corp. | | 303,811 | 5,210,043 |
| Yamazen Co. Ltd. | | 16,566 | 172,400 |
| Yuasa Trading Co. Ltd. | | 57,364 | 2,155,865 |
| | | | 122,774,459 |
| Transportation Infrastructure - 0.1% | | | |
| Athens International Airport SA | | 85,569 | 737,337 |
| Daito Koun Co. Ltd. | | 2,374 | 12,488 |
| Isewan Terminal Service Co. Ltd. | | 37,749 | 183,195 |
| Qingdao Port International Co. Ltd. (H Shares) (c) | | 2,389,229 | 1,782,858 |
| | | | 2,715,878 |
TOTAL INDUSTRIALS | | | 660,004,623 |
| INFORMATION TECHNOLOGY - 13.0% | | | |
| Electronic Equipment, Instruments & Components - 5.9% | | | |
| Advanced Energy Industries, Inc. | | 155,079 | 18,046,543 |
| Belden, Inc. | | 165,422 | 15,332,965 |
| CDW Corp. | | 45,048 | 9,825,419 |
| Crane NXT Co. | | 316,395 | 19,894,918 |
| Daiwabo Holdings Co. Ltd. | | 208,637 | 3,967,870 |
| Dexerials Corp. | | 69,886 | 3,419,075 |
| Flex Ltd. (a) | | 283,557 | 9,116,358 |
| FLEXium Interconnect, Inc. | | 64,700 | 175,838 |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | | 1,004,900 | 6,191,919 |
| IDIS Holdings Co. Ltd. | | 58,549 | 418,454 |
| Insight Enterprises, Inc. (a) | | 84,552 | 18,981,924 |
| Jabil, Inc. | | 101,848 | 11,475,214 |
| Kingboard Chemical Holdings Ltd. | | 8,073,912 | 16,472,626 |
| Makus, Inc. | | 69,400 | 491,954 |
| Maruwa Ceramic Co. Ltd. | | 10,382 | 2,813,719 |
| Methode Electronics, Inc. | | 304,424 | 3,854,008 |
| Nippo Ltd. | | 80,895 | 920,163 |
| PAX Global Technology Ltd. | | 7,018,836 | 3,934,864 |
| Redington (India) Ltd. | | 4,188,922 | 10,622,921 |
| Riken Keiki Co. Ltd. | | 33,110 | 981,332 |
| SAMT Co. Ltd. | | 8,500 | 21,936 |
| Sesa SpA | | 38,274 | 4,204,337 |
| Shibaura Electronics Co. Ltd. | | 113,048 | 2,271,449 |
| Simplo Technology Co. Ltd. | | 827,000 | 9,128,594 |
| Strix Group PLC | | 378,631 | 404,488 |
| TD SYNNEX Corp. | | 286,785 | 34,176,168 |
| Test Research, Inc. | | 16,000 | 72,215 |
| Thinking Electronic Industries Co. Ltd. | | 569,900 | 2,899,207 |
| Tripod Technology Corp. | | 504,000 | 3,106,586 |
| Vontier Corp. | | 572,690 | 22,466,629 |
| VSTECS Holdings Ltd. | | 11,943,375 | 6,573,339 |
| Yageo Corp. | | 175,000 | 4,286,149 |
| | | | 246,549,181 |
| IT Services - 2.4% | | | |
| Alten SA | | 15,185 | 1,672,978 |
| Amdocs Ltd. | | 391,556 | 34,249,403 |
| Argo Graphics, Inc. | | 106,457 | 3,638,462 |
| Asahi Intelligence Service Co. | | 4,373 | 46,122 |
| Avant Group Corp. | | 29,026 | 265,449 |
| CDS Co. Ltd. | | 9,614 | 115,903 |
| Cognizant Technology Solutions Corp. Class A | | 306,665 | 23,208,407 |
| Densan System Holdings Co. Ltd. | | 19,093 | 366,171 |
| Dimerco Data System Corp. | | 177,318 | 639,887 |
| DTS Corp. | | 88,223 | 2,550,019 |
| Econocom Group SA | | 595,778 | 1,276,666 |
| Exclusive Networks SA (a) | | 60,251 | 1,516,055 |
| Future Corp. | | 46,949 | 537,169 |
| Gabia, Inc. | | 97,100 | 998,086 |
| Himacs Ltd. | | 3,437 | 32,923 |
| Indra Sistemas SA (b) | | 499,814 | 10,028,725 |
| Information Planning Co. | | 15,143 | 454,376 |
| Know IT AB (b) | | 47,656 | 726,241 |
| Neurones | | 8,893 | 405,189 |
| Proact IT Group AB | | 86,317 | 1,289,613 |
| Sopra Steria Group | | 57,599 | 10,696,946 |
| TDC Soft, Inc. | | 137,588 | 1,185,715 |
| TIS, Inc. | | 117,890 | 2,541,869 |
| | | | 98,442,374 |
| Semiconductors & Semiconductor Equipment - 2.6% | | | |
| ASMPT Ltd. | | 270,823 | 2,825,099 |
| Diodes, Inc. (a) | | 142,947 | 11,178,455 |
| Japan Material Co. Ltd. | | 11,451 | 152,726 |
| Machvision, Inc. | | 22,000 | 218,057 |
| Melexis NV | | 12,562 | 1,095,095 |
| Micron Technology, Inc. | | 60,893 | 6,687,269 |
| MKS Instruments, Inc. | | 191,782 | 24,145,354 |
| Novatek Microelectronics Corp. | | 10,000 | 161,980 |
| Parade Technologies Ltd. | | 69,000 | 1,572,805 |
| Powertech Technology, Inc. | | 864,000 | 4,363,540 |
| Renesas Electronics Corp. | | 632,934 | 10,901,575 |
| Skyworks Solutions, Inc. | | 147,907 | 16,805,193 |
| Sumco Corp. | | 278,799 | 4,583,565 |
| Systems Technology, Inc. | | 24,400 | 506,778 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | | 526,000 | 15,411,157 |
| Topco Scientific Co. Ltd. | | 841,031 | 6,947,845 |
| | | | 107,556,493 |
| Software - 0.4% | | | |
| Cresco Ltd. | | 160,374 | 1,431,328 |
| Focus Systems Corp. | | 34,489 | 296,301 |
| Fukui Computer Holdings, Inc. | | 25,241 | 434,879 |
| Hecto Innovation Co. Ltd. | | 71,300 | 681,358 |
| Justsystems Corp. | | 56,016 | 1,183,476 |
| KSK Co., Ltd. | | 82,507 | 1,834,040 |
| Linedata Services | | 2,941 | 229,805 |
| NetGem SA | | 52,090 | 44,310 |
| NSW, Inc. | | 22,287 | 485,001 |
| Open Text Corp. | | 195,598 | 6,165,520 |
| Pinewood Technologies Group PLC | | 699,857 | 3,198,438 |
| Pro-Ship, Inc. | | 71,944 | 713,653 |
| System Research Co. Ltd. | | 33,039 | 338,319 |
| | | | 17,036,428 |
| Technology Hardware, Storage & Peripherals - 1.7% | | | |
| Dell Technologies, Inc. | | 56,588 | 6,432,924 |
| Elecom Co. Ltd. | | 69,785 | 768,168 |
| MCJ Co. Ltd. | | 339,884 | 3,106,046 |
| Samsung Electronics Co. Ltd. | | 267,490 | 16,383,833 |
| Seagate Technology Holdings PLC | | 388,434 | 39,686,302 |
| TSC Auto ID Technology Corp. | | 360,046 | 2,125,045 |
| | | | 68,502,318 |
TOTAL INFORMATION TECHNOLOGY | | | 538,086,794 |
| MATERIALS - 5.1% | | | |
| Chemicals - 2.4% | | | |
| Axalta Coating Systems Ltd. (a) | | 566,631 | 20,200,395 |
| C. Uyemura & Co. Ltd. | | 108,879 | 7,900,369 |
| Celanese Corp. | | 106,931 | 15,093,311 |
| EcoGreen International Group Ltd. (d) | | 6,170,931 | 8 |
| Element Solutions, Inc. | | 511,489 | 13,784,629 |
| Jcu Corp. | | 45,064 | 1,134,083 |
| LyondellBasell Industries NV Class A | | 281,743 | 28,022,159 |
| Miwon Commercial Co. Ltd. | | 5,490 | 815,610 |
| Muto Seiko Co. Ltd. | | 25,357 | 294,186 |
| Scientex Bhd | | 9,800 | 9,044 |
| Soulbrain Co. Ltd. | | 11,200 | 2,154,491 |
| Tronox Holdings PLC | | 610,103 | 9,859,264 |
| Yip's Chemical Holdings Ltd. | | 785,273 | 152,776 |
| | | | 99,420,325 |
| Construction Materials - 0.9% | | | |
| Buzzi SpA | | 59,955 | 2,352,777 |
| Eagle Materials, Inc. | | 55,575 | 15,133,073 |
| GCC S.A.B. de CV | | 20,197 | 171,486 |
| Mitani Sekisan Co. Ltd. | | 130,084 | 4,888,842 |
| RHI Magnesita NV | | 34,416 | 1,623,736 |
| SigmaRoc PLC (a) | | 3,890,628 | 3,626,158 |
| Vertex Corp. | | 3,603 | 49,257 |
| Wienerberger AG | | 255,941 | 9,074,263 |
| | | | 36,919,592 |
| Containers & Packaging - 1.0% | | | |
| Chuoh Pack Industry Co. Ltd. | | 48,166 | 453,993 |
| Corticeira Amorim SGPS SA | | 220,697 | 2,173,529 |
| Groupe Guillin SA | | 48,884 | 1,584,496 |
| International Paper Co. | | 19,400 | 901,712 |
| Kohsoku Corp. | | 212,325 | 3,543,356 |
| Mayr-Melnhof Karton AG | | 33,734 | 3,848,009 |
| Packaging Corp. of America | | 72,058 | 14,402,232 |
| Silgan Holdings, Inc. | | 150,802 | 7,755,747 |
| The Pack Corp. (b) | | 178,723 | 4,682,673 |
| | | | 39,345,747 |
| Metals & Mining - 0.4% | | | |
| Boliden AB | | 19,067 | 581,489 |
| CK-SAN-ETSU Co. Ltd. | | 4,474 | 111,996 |
| Hill & Smith Holdings PLC | | 81,578 | 2,412,070 |
| PRL Global Ltd. | | 20,327 | 14,157 |
| Warrior Metropolitan Coal, Inc. | | 221,167 | 15,284,851 |
| | | | 18,404,563 |
| Paper & Forest Products - 0.4% | | | |
| Miquel y Costas & Miquel SA | | 60,792 | 838,850 |
| Stella-Jones, Inc. | | 217,105 | 14,606,804 |
| Sylvamo Corp. | | 7,349 | 541,695 |
| Western Forest Products, Inc. (b) | | 448,073 | 134,683 |
| | | | 16,122,032 |
TOTAL MATERIALS | | | 210,212,259 |
| REAL ESTATE - 1.6% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.5% | | | |
| Camden Property Trust (SBI) | | 53,598 | 5,935,979 |
| Mapletree Industrial (REIT) | | 623,595 | 1,077,657 |
| Mid-America Apartment Communities, Inc. | | 71,457 | 9,987,545 |
| STAG Industrial, Inc. | | 103,905 | 4,240,363 |
| | | | 21,241,544 |
| Real Estate Management & Development - 1.1% | | | |
| Branicks Group AG (a)(b) | | 152,540 | 354,110 |
| Instone Real Estate Group BV (c) | | 144,497 | 1,476,245 |
| Jones Lang LaSalle, Inc. (a) | | 108,360 | 27,187,524 |
| LandBridge Co. LLC | | 57,797 | 1,905,567 |
| LSL Property Services PLC | | 198,002 | 870,532 |
| Real Matters, Inc. (a) | | 529,398 | 2,921,821 |
| Robinsons Land Corp. | | 3,914,815 | 991,874 |
| Savills PLC | | 534,371 | 8,765,618 |
| Selvaag Bolig ASA | | 63,288 | 218,683 |
| Servcorp Ltd. | | 108,550 | 310,210 |
| Tejon Ranch Co. (a) | | 60,011 | 1,140,209 |
| | | | 46,142,393 |
TOTAL REAL ESTATE | | | 67,383,937 |
| UTILITIES - 1.9% | | | |
| Electric Utilities - 1.7% | | | |
| Kansai Electric Power Co., Inc. | | 385,430 | 6,596,941 |
| PG&E Corp. | | 3,390,486 | 61,876,370 |
| Power Grid Corp. of India Ltd. | | 5,733 | 23,842 |
| Southern Co. | | 13,780 | 1,150,906 |
| | | | 69,648,059 |
| Gas Utilities - 0.1% | | | |
| China Resource Gas Group Ltd. | | 622,515 | 2,111,476 |
| Independent Power and Renewable Electricity Producers - 0.1% | | | |
| Mega First Corp. Bhd | | 4,891,000 | 5,152,343 |
TOTAL UTILITIES | | | 76,911,878 |
| TOTAL COMMON STOCKS (Cost $3,163,791,293) | | | 3,968,679,884 |
| | | | |
| Nonconvertible Bonds - 0.0% |
| | | Principal Amount (e) | Value ($) |
| ENERGY - 0.0% | | | |
| Energy Equipment & Services - 0.0% | | | |
Bristow Group, Inc. 6.25% (d)(f) (Cost $0) | | 388,666 | 0 |
| | | | |
| Money Market Funds - 4.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (g) | | 165,709,010 | 165,742,152 |
| Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | | 31,292,228 | 31,295,357 |
| TOTAL MONEY MARKET FUNDS (Cost $197,037,508) | | | 197,037,509 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $3,360,828,801) | 4,165,717,393 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (23,540,020) |
| NET ASSETS - 100.0% | 4,142,177,373 |
| | |
Legend
| (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 $9,700,102 or 0.2% of net assets. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Non-income producing - Security is in default. |
| (g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (h) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 109,033,357 | 1,005,340,290 | 948,627,497 | 5,673,207 | (3,998) | - | 165,742,152 | 0.3% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 33,475,452 | 524,987,937 | 527,168,032 | 125,932 | - | - | 31,295,357 | 0.1% |
| Total | 142,508,809 | 1,530,328,227 | 1,475,795,529 | 5,799,139 | (3,998) | - | 197,037,509 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2024, 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 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 43,215,902 | 32,454,590 | 10,761,312 | - |
Consumer Discretionary | 589,102,312 | 583,926,272 | 5,005,661 | 170,379 |
Consumer Staples | 282,467,414 | 282,167,460 | 299,940 | 14 |
Energy | 332,154,083 | 327,433,417 | 4,720,666 | - |
Financials | 719,286,908 | 719,286,908 | - | - |
Health Care | 449,853,774 | 433,684,177 | 15,882,385 | 287,212 |
Industrials | 660,004,623 | 637,726,950 | 22,277,666 | 7 |
Information Technology | 538,086,794 | 465,300,830 | 72,785,964 | - |
Materials | 210,212,259 | 210,212,251 | - | 8 |
Real Estate | 67,383,937 | 67,383,937 | - | - |
Utilities | 76,911,878 | 70,314,937 | 6,596,941 | - |
|
| Corporate Bonds | - | - | - | - |
|
| Money Market Funds | 197,037,509 | 197,037,509 | - | - |
| Total Investments in Securities: | 4,165,717,393 | 4,026,929,238 | 138,330,535 | 457,620 |
Financial Statements
| Statement of Assets and Liabilities |
As of July 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $30,146,911) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $3,163,791,293) | $ | 3,968,679,884 | | |
Fidelity Central Funds (cost $197,037,508) | | 197,037,509 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $3,360,828,801) | | | $ | 4,165,717,393 |
| Foreign currency held at value (cost $312,332) | | | | 312,448 |
| Receivable for investments sold | | | | 4,773,605 |
| Receivable for fund shares sold | | | | 2,535,187 |
| Dividends receivable | | | | 6,007,368 |
| Distributions receivable from Fidelity Central Funds | | | | 671,717 |
| Other receivables | | | | 189,124 |
Total assets | | | | 4,180,206,842 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 1,316,033 | | |
| Payable for fund shares redeemed | | 1,255,051 | | |
| Accrued management fee | | 1,672,224 | | |
| Deferred taxes | | 2,265,666 | | |
| Other payables and accrued expenses | | 226,547 | | |
| Collateral on securities loaned | | 31,293,948 | | |
| Total liabilities | | | | 38,029,469 |
| Net Assets | | | $ | 4,142,177,373 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 3,057,466,689 |
| Total accumulated earnings (loss) | | | | 1,084,710,684 |
| Net Assets | | | $ | 4,142,177,373 |
Net Asset Value, offering price and redemption price per share ($4,142,177,373 ÷ 246,197,892 shares) | | | $ | 16.82 |
| Statement of Operations |
| Year ended July 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 85,544,700 |
| Interest | | | | 1,239 |
| Income from Fidelity Central Funds (including $125,932 from security lending) | | | | 5,799,139 |
| Total income | | | | 91,345,078 |
| Expenses | | | | |
| Management fee | $ | 17,777,582 | | |
| Independent trustees' fees and expenses | | 16,782 | | |
| Miscellaneous | | 43,482 | | |
| Total expenses before reductions | | 17,837,846 | | |
| Expense reductions | | (4,447) | | |
| Total expenses after reductions | | | | 17,833,399 |
| Net Investment income (loss) | | | | 73,511,679 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $2,052,647) | | 310,857,578 | | |
| Redemptions in-kind | | 22,380,026 | | |
| Fidelity Central Funds | | (3,998) | | |
| Foreign currency transactions | | (398,473) | | |
| Total net realized gain (loss) | | | | 332,835,133 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $780,874) | | 221,126,025 | | |
| Assets and liabilities in foreign currencies | | 17,325 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 221,143,350 |
| Net gain (loss) | | | | 553,978,483 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 627,490,162 |
| Statement of Changes in Net Assets |
| |
| | Year ended July 31, 2024 | | Year ended July 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 73,511,679 | $ | 62,247,544 |
| Net realized gain (loss) | | 332,835,133 | | 93,234,683 |
| Change in net unrealized appreciation (depreciation) | | 221,143,350 | | 182,503,935 |
| Net increase (decrease) in net assets resulting from operations | | 627,490,162 | | 337,986,162 |
| Distributions to shareholders | | (224,506,444) | | (100,231,371) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 1,122,888,527 | | 845,051,056 |
| Reinvestment of distributions | | 224,505,132 | | 100,231,371 |
| Cost of shares redeemed | | (939,183,681) | | (707,363,698) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 408,209,978 | | 237,918,729 |
| Total increase (decrease) in net assets | | 811,193,696 | | 475,673,520 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 3,330,983,677 | | 2,855,310,157 |
| End of period | $ | 4,142,177,373 | $ | 3,330,983,677 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 73,201,915 | | 60,030,634 |
| Issued in reinvestment of distributions | | 15,807,532 | | 7,285,754 |
| Redeemed | | (61,541,724) | | (49,989,301) |
| Net increase (decrease) | | 27,467,723 | | 17,327,087 |
| | | | | |
Financial Highlights
Fidelity® Low-Priced Stock K6 Fund |
| |
| Years ended July 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.23 | $ | 14.18 | $ | 15.52 | $ | 10.82 | $ | 11.19 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .31 | | .29 | | .24 | | .17 | | .20 |
| Net realized and unrealized gain (loss) | | 2.29 | | 1.25 | | (.76) | | 4.72 | | (.27) |
| Total from investment operations | | 2.60 | | 1.54 | | (.52) | | 4.89 | | (.07) |
| Distributions from net investment income | | (.29) | | (.22) | | (.20) | | (.19) | | (.22) |
| Distributions from net realized gain | | (.72) | | (.27) | | (.63) | | - | | (.08) |
| Total distributions | | (1.01) | | (.49) | | (.82) C | | (.19) | | (.30) |
| Net asset value, end of period | $ | 16.82 | $ | 15.23 | $ | 14.18 | $ | 15.52 | $ | 10.82 |
Total Return D | | | | 11.23% | | (3.56)% | | 45.81% | | (.74)% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | .50% | | .50% | | .50% | | .50% | | .50% |
| Expenses net of fee waivers, if any | | | | .50% | | .50% | | .50% | | .50% |
| Expenses net of all reductions | | .50% | | .50% | | .50% | | .50% | | .50% |
| Net investment income (loss) | | 2.07% | | 2.06% | | 1.63% | | 1.23% | | 1.86% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 4,142,177 | $ | 3,330,984 | $ | 2,855,310 | $ | 2,937,045 | $ | 1,861,492 |
Portfolio turnover rate G,H | | | | 48% | | 25% | | 27% | | 21% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GPortfolio turnover rate excludes securities received or delivered in-kind.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
For the period ended July 31, 2024
1. Organization.
Fidelity Low-Priced Stock K6 Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2024, 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $958,558,811 |
| Gross unrealized depreciation | (167,137,237) |
| Net unrealized appreciation (depreciation) | $791,421,574 |
| Tax Cost | $3,374,295,819 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $86,335,732 |
| Undistributed long-term capital gain | $209,217,170 |
| Net unrealized appreciation (depreciation) on securities and other investments | $791,423,448 |
The tax character of distributions paid was as follows:
| | July 31, 2024 | July 31, 2023 |
| Ordinary Income | $67,847,698 | $45,420,285 |
| Long-term Capital Gains | 156,658,746 | 54,811,086 |
| Total | $224,506,444 | $100,231,371 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Low-Priced Stock K6 Fund | 1,171,658,400 | 1,263,728,180 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Low-Priced Stock K6 Fund | 3,747,615 | 22,380,026 | 58,088,029 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds ($) |
| Fidelity Low-Priced Stock K6 Fund | 23,077,570 | 354,982,117 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds ($) |
| Fidelity Low-Priced Stock K6 Fund | 13,633,983 | 189,662,629 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .50% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Low-Priced Stock K6 Fund | 15,554 |
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 Low-Priced Stock K6 Fund | 110,609,345 | 72,526,659 | 19,845,946 |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The 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.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, 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 Low-Priced Stock K6 Fund | 13,487 | 12 | - |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $4,447.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Puritan Trust and Shareholders of Fidelity Low-Priced Stock K6 Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Low-Priced Stock K6 Fund (one of the funds constituting Fidelity Puritan Trust, referred to hereafter as the "Fund") as of July 31, 2024, the related statement of operations for the year ended July 31, 2024, the statement of changes in net assets for each of the two years in the period ended July 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2024 (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 July 31, 2024, 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 July 31, 2024 and the financial highlights for each of the five years in the period ended July 31, 2024 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 July 31, 2024 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
September 16, 2024
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended July, 31 2024 $278,782,919, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates $4,593,176 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 34% and 61% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 89.91% and 92.86% of the dividends distributed in September or December, respectively 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 0.01% and 0.03% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.
The fund will notify shareholders in January 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 65,110,731,692.91 | 94.24 |
| Withheld | 3,977,061,305.33 | 5.76 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 64,862,479,525.74 | 93.88 |
| Withheld | 4,225,313,472.50 | 6.12 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Vijay C. Advani |
| Affirmative | 64,817,783,404.76 | 93.82 |
| Withheld | 4,270,009,593.49 | 6.18 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 64,886,989,933.75 | 93.92 |
| Withheld | 4,200,803,064.49 | 6.08 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Donald F. Donahue |
| Affirmative | 64,848,204,109.00 | 93.86 |
| Withheld | 4,239,588,889.24 | 6.14 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 64,995,466,255.60 | 94.08 |
| Withheld | 4,092,326,742.65 | 5.92 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 65,085,124,704.84 | 94.21 |
| Withheld | 4,002,668,293.40 | 5.79 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 64,964,358,187.70 | 94.03 |
| Withheld | 4,123,434,810.54 | 5.97 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Oscar Munoz |
| Affirmative | 64,740,772,159.72 | 93.71 |
| Withheld | 4,347,020,838.53 | 6.29 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Karen B. Peetz |
| Affirmative | 64,944,559,251.25 | 94.00 |
| Withheld | 4,143,233,746.99 | 6.00 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| David M. Thomas |
| Affirmative | 64,792,568,989.40 | 93.78 |
| Withheld | 4,295,224,008.84 | 6.22 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Susan Tomasky |
| Affirmative | 64,843,909,948.98 | 93.86 |
| Withheld | 4,243,883,049.26 | 6.14 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Michael E. Wiley |
| Affirmative | 64,839,438,084.90 | 93.85 |
| Withheld | 4,248,354,913.34 | 6.15 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Low-Priced Stock K6 Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Morningstar) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the mapped group that have a similar sales load structure to the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2023 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2023. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2023 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2023.
Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a 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 concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.9883999.107
LPSK6-ANN-0924
Fidelity® Series Intrinsic Opportunities Fund
Annual Report
July 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)
Fidelity® Series Intrinsic Opportunities Fund
Schedule of Investments July 31, 2024
Showing Percentage of Net Assets
| Common Stocks - 97.8% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 1.4% | | | |
| Interactive Media & Services - 0.4% | | | |
| Cars.com, Inc. (a) | | 639,400 | 13,184,428 |
| Media - 1.0% | | | |
| Comcast Corp. Class A | | 317,500 | 13,103,225 |
| Nexstar Media Group, Inc. | | 25,057 | 4,630,283 |
| Pico Far East Holdings Ltd. | | 10,600,000 | 2,333,591 |
| Thryv Holdings, Inc. (a) | | 366,200 | 7,133,576 |
| WPP PLC | | 327,600 | 3,160,057 |
| | | | 30,360,732 |
TOTAL COMMUNICATION SERVICES | | | 43,545,160 |
| CONSUMER DISCRETIONARY - 13.0% | | | |
| Automobile Components - 2.5% | | | |
| Adient PLC (a) | | 728,300 | 18,761,008 |
| Aptiv PLC (a) | | 72,500 | 5,030,775 |
| Brembo N.V. | | 25,000 | 280,465 |
| Cie Automotive SA | | 274,100 | 8,009,408 |
| DaikyoNishikawa Corp. | | 8,053 | 37,630 |
| Lear Corp. | | 116,200 | 14,181,048 |
| Patrick Industries, Inc. | | 231,300 | 29,620,278 |
| | | | 75,920,612 |
| Automobiles - 0.9% | | | |
| General Motors Co. | | 230,300 | 10,206,896 |
| Harley-Davidson, Inc. | | 398,000 | 14,925,000 |
| Mercedes-Benz Group AG (Germany) | | 33,100 | 2,188,058 |
| Stellantis NV (b) | | 108,100 | 1,804,189 |
| | | | 29,124,143 |
| Broadline Retail - 1.3% | | | |
| B&M European Value Retail SA | | 1,040,400 | 6,260,773 |
| eBay, Inc. | | 170,100 | 9,459,261 |
| Europris ASA (c) | | 616,426 | 3,680,838 |
| Kohl's Corp. (b) | | 359,900 | 7,795,434 |
| Macy's, Inc. | | 275,700 | 4,764,096 |
| Next PLC | | 70,600 | 8,235,547 |
| | | | 40,195,949 |
| Distributors - 0.1% | | | |
| Autohellas SA | | 237,000 | 3,042,010 |
| Diversified Consumer Services - 0.6% | | | |
| H&R Block, Inc. | | 238,600 | 13,824,484 |
| Laureate Education, Inc. | | 176,696 | 2,738,788 |
| ME Group International PLC | | 357,100 | 886,923 |
| | | | 17,450,195 |
| Household Durables - 1.4% | | | |
| Ace Bed Co. Ltd. | | 31,662 | 602,133 |
| D.R. Horton, Inc. | | 36,000 | 6,477,480 |
| Helen of Troy Ltd. (a)(b) | | 202,400 | 11,963,864 |
| Tempur Sealy International, Inc. | | 246,600 | 12,909,510 |
| TopBuild Corp. (a) | | 21,500 | 10,288,610 |
| | | | 42,241,597 |
| Leisure Products - 0.4% | | | |
| BRP, Inc. | | 49,000 | 3,550,118 |
| Brunswick Corp. | | 99,000 | 8,063,550 |
| | | | 11,613,668 |
| Specialty Retail - 3.4% | | | |
| Academy Sports & Outdoors, Inc. | | 240,900 | 13,025,463 |
| Advance Auto Parts, Inc. (b) | | 148,000 | 9,372,840 |
| Arcland Sakamoto Co. Ltd. | | 525,000 | 6,378,292 |
| AutoZone, Inc. (a) | | 2,600 | 8,147,594 |
| Dick's Sporting Goods, Inc. | | 117,300 | 25,377,855 |
| JD Sports Fashion PLC | | 5,006,300 | 8,469,577 |
| Jumbo SA | | 184,600 | 4,946,636 |
| Maisons du Monde SA (c) | | 240,700 | 956,026 |
| Mr. Bricolage SA (a) | | 144,948 | 1,254,960 |
| Sally Beauty Holdings, Inc. (a) | | 696,600 | 7,976,070 |
| Sportsman's Warehouse Holdings, Inc. (a) | | 365,900 | 933,045 |
| The Hour Glass Ltd. | | 1,753,400 | 2,072,546 |
| Valvoline, Inc. (a) | | 220,100 | 10,234,650 |
| Williams-Sonoma, Inc. | | 20,200 | 3,124,536 |
| | | | 102,270,090 |
| Textiles, Apparel & Luxury Goods - 2.4% | | | |
| Crocs, Inc. (a) | | 23,400 | 3,144,258 |
| Kontoor Brands, Inc. (b) | | 262,000 | 18,379,300 |
| Levi Strauss & Co. Class A | | 624,400 | 11,445,252 |
| Oxford Industries, Inc. (b) | | 46,600 | 4,908,378 |
| PVH Corp. | | 122,300 | 12,473,377 |
| VF Corp. (b) | | 494,900 | 8,393,504 |
| Wolverine World Wide, Inc. (b) | | 1,022,400 | 15,203,088 |
| | | | 73,947,157 |
TOTAL CONSUMER DISCRETIONARY | | | 395,805,421 |
| CONSUMER STAPLES - 4.0% | | | |
| Beverages - 0.6% | | | |
| Primo Water Corp. | | 881,800 | 19,337,874 |
| Consumer Staples Distribution & Retail - 2.4% | | | |
| Acomo NV | | 207,900 | 3,883,496 |
| Alimentation Couche-Tard, Inc. (multi-vtg.) | | 239,200 | 14,745,455 |
| BJ's Wholesale Club Holdings, Inc. (a) | | 200,400 | 17,627,184 |
| MARR SpA | | 377,200 | 4,702,749 |
| Performance Food Group Co. (a) | | 93,700 | 6,465,300 |
| Sprouts Farmers Market LLC (a) | | 236,800 | 23,653,952 |
| | | | 71,078,136 |
| Food Products - 0.7% | | | |
| Armanino Foods of Distinction | | 136,328 | 757,302 |
| Lamb Weston Holdings, Inc. | | 296,200 | 17,777,924 |
| S Foods, Inc. | | 68,100 | 1,362,864 |
| Societe LDC SA | | 8,650 | 1,352,731 |
| | | | 21,250,821 |
| Household Products - 0.0% | | | |
| Transaction Co. Ltd. | | 32,500 | 390,508 |
| Personal Care Products - 0.3% | | | |
| Sarantis SA | | 790,584 | 9,394,593 |
TOTAL CONSUMER STAPLES | | | 121,451,932 |
| ENERGY - 7.3% | | | |
| Energy Equipment & Services - 0.4% | | | |
| Cactus, Inc. Class A | | 176,600 | 11,146,992 |
| Vallourec SA (a) | | 37,400 | 606,333 |
| | | | 11,753,325 |
| Oil, Gas & Consumable Fuels - 6.9% | | | |
| Antero Resources Corp. (a) | | 938,500 | 27,235,270 |
| Chord Energy Corp. | | 173,300 | 29,748,678 |
| Civitas Resources, Inc. | | 139,908 | 9,759,982 |
| Diamondback Energy, Inc. | | 156,500 | 31,661,515 |
| Enterprise Products Partners LP | | 334,000 | 9,639,240 |
| Northern Oil & Gas, Inc. | | 325,700 | 14,066,983 |
| Ovintiv, Inc. | | 675,300 | 31,360,932 |
| Range Resources Corp. | | 804,200 | 25,115,166 |
| Southwestern Energy Co. (a) | | 2,880,300 | 18,577,935 |
| TotalEnergies SE sponsored ADR | | 201,083 | 13,629,406 |
| Unit Corp. | | 9,900 | 355,509 |
| | | | 211,150,616 |
TOTAL ENERGY | | | 222,903,941 |
| FINANCIALS - 20.8% | | | |
| Banks - 10.1% | | | |
| ACNB Corp. | | 17,500 | 725,900 |
| Associated Banc-Corp. | | 987,800 | 22,699,644 |
| Bar Harbor Bankshares | | 183,272 | 5,857,373 |
| Cadence Bank | | 616,200 | 20,254,494 |
| Camden National Corp. (b) | | 44,343 | 1,848,216 |
| Citigroup, Inc. | | 192,400 | 12,482,912 |
| East West Bancorp, Inc. | | 113,100 | 9,940,359 |
| First Bancorp, Puerto Rico | | 444,600 | 9,536,670 |
| First Foundation, Inc. | | 98,200 | 687,400 |
| FNB Corp., Pennsylvania | | 1,021,900 | 15,675,946 |
| Greene County Bancorp, Inc. (b) | | 180,400 | 6,539,500 |
| KeyCorp | | 855,900 | 13,805,667 |
| Nicolet Bankshares, Inc. (b) | | 79,800 | 8,024,688 |
| Plumas Bancorp | | 133,092 | 5,758,891 |
| QCR Holdings, Inc. | | 215,100 | 16,442,244 |
| Southern Missouri Bancorp, Inc. | | 119,200 | 6,818,240 |
| Sparebank 1 Oestlandet | | 24,500 | 337,861 |
| Synovus Financial Corp. | | 415,900 | 19,443,325 |
| U.S. Bancorp | | 323,700 | 14,527,656 |
| United Community Bank, Inc. | | 599,700 | 18,560,715 |
| Washington Trust Bancorp, Inc. | | 149,200 | 4,775,892 |
| Webster Financial Corp. | | 388,700 | 19,287,294 |
| Wells Fargo & Co. | | 921,100 | 54,658,070 |
| West Bancorp., Inc. | | 222,557 | 4,615,832 |
| Wintrust Financial Corp. | | 134,000 | 14,498,800 |
| | | | 307,803,589 |
| Capital Markets - 3.3% | | | |
| AllianceBernstein Holding LP | | 319,000 | 11,257,510 |
| Federated Hermes, Inc. (b) | | 380,500 | 13,062,565 |
| Lazard, Inc. Class A | | 402,100 | 19,771,257 |
| LPL Financial | | 39,700 | 8,794,344 |
| Raymond James Financial, Inc. | | 232,100 | 26,923,600 |
| Stifel Financial Corp. | | 217,900 | 19,321,193 |
| Van Lanschot Kempen NV (Bearer) | | 24,700 | 1,067,926 |
| | | | 100,198,395 |
| Consumer Finance - 1.4% | | | |
| Aeon Credit Service (Asia) Co. Ltd. | | 4,561,940 | 3,328,242 |
| Discover Financial Services | | 163,332 | 23,518,175 |
| OneMain Holdings, Inc. | | 305,000 | 15,939,300 |
| | | | 42,785,717 |
| Financial Services - 1.5% | | | |
| Corpay, Inc. (a) | | 84,000 | 24,512,880 |
| EVERTEC, Inc. | | 332,600 | 11,464,722 |
| Federal Agricultural Mortgage Corp. Class C (non-vtg.) | | 39,100 | 8,063,202 |
| Zenkoku Hosho Co. Ltd. | | 42,500 | 1,767,181 |
| | | | 45,807,985 |
| Insurance - 4.5% | | | |
| American Financial Group, Inc. | | 109,800 | 14,379,408 |
| ASR Nederland NV | | 106,100 | 5,324,515 |
| First American Financial Corp. | | 102,400 | 6,203,392 |
| Hartford Financial Services Group, Inc. | | 98,000 | 10,870,160 |
| NN Group NV | | 141,002 | 7,071,457 |
| Primerica, Inc. | | 47,100 | 11,858,367 |
| Reinsurance Group of America, Inc. | | 153,000 | 34,490,790 |
| Selective Insurance Group, Inc. | | 192,300 | 17,368,536 |
| Stewart Information Services Corp. | | 88,900 | 6,285,230 |
| Unum Group | | 377,300 | 21,706,069 |
| | | | 135,557,924 |
TOTAL FINANCIALS | | | 632,153,610 |
| HEALTH CARE - 10.7% | | | |
| Biotechnology - 0.8% | | | |
| Gilead Sciences, Inc. | | 279,900 | 21,289,194 |
| United Therapeutics Corp. (a) | | 9,100 | 2,850,939 |
| | | | 24,140,133 |
| Health Care Equipment & Supplies - 0.5% | | | |
| Dentsply Sirona, Inc. (b) | | 566,000 | 15,361,240 |
| InBody Co. Ltd. | | 27,900 | 490,871 |
| Value Added Technology Co. Ltd. | | 55,500 | 1,041,291 |
| | | | 16,893,402 |
| Health Care Providers & Services - 8.6% | | | |
| Centene Corp. (a) | | 433,600 | 33,352,512 |
| Cigna Group | | 94,400 | 32,914,448 |
| CVS Health Corp. | | 250,700 | 15,124,731 |
| Elevance Health, Inc. | | 60,400 | 32,134,612 |
| Henry Schein, Inc. (a) | | 204,400 | 14,704,536 |
| Humana, Inc. | | 54,500 | 19,707,745 |
| Labcorp Holdings, Inc. | | 90,400 | 19,475,776 |
| Quest Diagnostics, Inc. | | 82,600 | 11,753,980 |
| Sinopharm Group Co. Ltd. (H Shares) | | 3,877,437 | 9,111,879 |
| UnitedHealth Group, Inc. | | 74,700 | 43,039,152 |
| Universal Health Services, Inc. Class B | | 138,900 | 29,691,264 |
| | | | 261,010,635 |
| Life Sciences Tools & Services - 0.7% | | | |
| ICON PLC (a) | | 65,500 | 21,512,820 |
| Pharmaceuticals - 0.1% | | | |
| Genomma Lab Internacional SA de CV | | 1,947,600 | 2,011,262 |
TOTAL HEALTH CARE | | | 325,568,252 |
| INDUSTRIALS - 18.3% | | | |
| Aerospace & Defense - 1.3% | | | |
| Cadre Holdings, Inc. (b) | | 354,910 | 13,025,197 |
| Huntington Ingalls Industries, Inc. | | 87,600 | 24,526,248 |
| Leonardo DRS, Inc. (a) | | 88,400 | 2,492,880 |
| | | | 40,044,325 |
| Air Freight & Logistics - 0.2% | | | |
| Compania de Distribucion Integral Logista Holdings SA | | 124,500 | 3,681,100 |
| Hamakyorex Co. Ltd. | | 95,200 | 3,034,478 |
| Radiant Logistics, Inc. (a) | | 17,500 | 108,850 |
| | | | 6,824,428 |
| Building Products - 1.4% | | | |
| Builders FirstSource, Inc. (a) | | 87,400 | 14,628,138 |
| Euro Ceramics Ltd. (a)(d) | | 5,000 | 63 |
| Hayward Holdings, Inc. (a) | | 1,353,752 | 20,021,992 |
| Janus International Group, Inc. (a)(b) | | 638,200 | 9,202,844 |
| | | | 43,853,037 |
| Commercial Services & Supplies - 1.1% | | | |
| Brady Corp. Class A | | 95,006 | 6,803,380 |
| Civeo Corp. | | 192,958 | 5,248,458 |
| CoreCivic, Inc. (a) | | 278,700 | 3,885,078 |
| VSE Corp. (b) | | 184,400 | 16,409,756 |
| | | | 32,346,672 |
| Construction & Engineering - 0.5% | | | |
| Boustead Singapore Ltd. | | 1,438,300 | 1,076,008 |
| Bowman Consulting Group Ltd. (a) | | 79,500 | 2,839,740 |
| EMCOR Group, Inc. | | 34,300 | 12,877,592 |
| | | | 16,793,340 |
| Electrical Equipment - 1.5% | | | |
| Acuity Brands, Inc. | | 71,000 | 17,845,850 |
| Allient, Inc. | | 21,539 | 623,339 |
| AQ Group AB | | 936,520 | 12,473,874 |
| GrafTech International Ltd. (b) | | 1,824,800 | 1,401,629 |
| nVent Electric PLC | | 117,900 | 8,563,077 |
| Sensata Technologies PLC | | 133,600 | 5,209,064 |
| | | | 46,116,833 |
| Ground Transportation - 0.5% | | | |
| Proficient Auto Logistics, Inc. (b) | | 159,385 | 3,211,608 |
| Stef SA | | 65,760 | 9,550,848 |
| Universal Logistics Holdings, Inc. | | 57,929 | 2,492,685 |
| | | | 15,255,141 |
| Machinery - 3.6% | | | |
| Crane Co. | | 62,700 | 10,058,334 |
| Daiwa Industries Ltd. | | 598,600 | 6,333,440 |
| EnPro Industries, Inc. | | 53,800 | 9,196,572 |
| ESAB Corp. | | 99,600 | 10,119,360 |
| Hillenbrand, Inc. | | 504,300 | 22,305,189 |
| ITT, Inc. | | 76,100 | 10,765,106 |
| JOST Werke AG (c) | | 113,400 | 5,129,995 |
| Miller Industries, Inc. | | 50,500 | 3,430,970 |
| Terex Corp. | | 190,800 | 12,070,008 |
| Timken Co. | | 190,000 | 16,520,500 |
| Tocalo Co. Ltd. | | 149,700 | 1,980,611 |
| | | | 107,910,085 |
| Passenger Airlines - 0.3% | | | |
| Jet2 PLC | | 424,575 | 7,750,536 |
| Professional Services - 4.2% | | | |
| Altech Corp. | | 35,953 | 645,356 |
| Barrett Business Services, Inc. | | 169,200 | 6,165,648 |
| CACI International, Inc. (a) | | 40,500 | 18,689,940 |
| Concentrix Corp. | | 194,500 | 13,712,250 |
| Genpact Ltd. | | 616,600 | 21,377,522 |
| KBR, Inc. | | 382,000 | 25,437,380 |
| Maximus, Inc. | | 159,200 | 14,788,088 |
| Quick Co. Ltd. | | 93,627 | 1,358,109 |
| Science Applications International Corp. | | 84,500 | 10,511,800 |
| Verra Mobility Corp. (a) | | 445,100 | 13,410,863 |
| Will Group, Inc. | | 102,800 | 715,047 |
| | | | 126,812,003 |
| Trading Companies & Distributors - 3.7% | | | |
| AerCap Holdings NV | | 70,400 | 6,614,080 |
| Alligo AB (B Shares) | | 357,987 | 4,706,661 |
| Beacon Roofing Supply, Inc. (a) | | 187,600 | 19,285,280 |
| Core & Main, Inc. (a)(b) | | 247,100 | 13,212,437 |
| Ferguson PLC | | 47,500 | 10,575,875 |
| Global Industrial Co. | | 155,309 | 5,417,178 |
| Itochu Corp. | | 224,100 | 11,492,623 |
| Mitani Shoji Co. Ltd. | | 836,200 | 9,243,665 |
| Momentum Group Komponenter & Tjanster AB | | 424,933 | 7,174,008 |
| RS GROUP PLC | | 643,149 | 6,763,226 |
| Rush Enterprises, Inc. Class A | | 307,050 | 15,662,621 |
| Totech Corp. | | 65,643 | 1,125,709 |
| | | | 111,273,363 |
TOTAL INDUSTRIALS | | | 554,979,763 |
| INFORMATION TECHNOLOGY - 11.8% | | | |
| Electronic Equipment, Instruments & Components - 6.1% | | | |
| Advanced Energy Industries, Inc. | | 214,500 | 24,961,365 |
| Belden, Inc. | | 180,200 | 16,702,738 |
| CDW Corp. | | 57,000 | 12,432,270 |
| Crane NXT Co. (b) | | 367,500 | 23,108,400 |
| Flex Ltd. (a) | | 470,400 | 15,123,360 |
| Insight Enterprises, Inc. (a) | | 83,100 | 18,655,950 |
| Jabil, Inc. | | 107,100 | 12,066,957 |
| Kingboard Chemical Holdings Ltd. | | 1,955,000 | 3,988,647 |
| Methode Electronics, Inc. | | 438,700 | 5,553,942 |
| Redington (India) Ltd. | | 739,442 | 1,875,192 |
| Riken Keiki Co. Ltd. | | 50,800 | 1,505,637 |
| TD SYNNEX Corp. | | 213,250 | 25,413,003 |
| Vontier Corp. | | 550,200 | 21,584,346 |
| VSTECS Holdings Ltd. | | 5,267,600 | 2,899,157 |
| | | | 185,870,964 |
| IT Services - 1.9% | | | |
| Amdocs Ltd. | | 261,600 | 22,882,152 |
| Cognizant Technology Solutions Corp. Class A | | 333,600 | 25,246,848 |
| Sopra Steria Group | | 36,600 | 6,797,136 |
| TDC Soft, Inc. | | 293,414 | 2,528,604 |
| | | | 57,454,740 |
| Semiconductors & Semiconductor Equipment - 2.2% | | | |
| Diodes, Inc. (a) | | 147,800 | 11,557,960 |
| Micron Technology, Inc. | | 76,700 | 8,423,194 |
| MKS Instruments, Inc. | | 178,700 | 22,498,330 |
| Renesas Electronics Corp. | | 515,400 | 8,877,184 |
| Skyworks Solutions, Inc. | | 130,300 | 14,804,686 |
| | | | 66,161,354 |
| Software - 0.1% | | | |
| Cresco Ltd. | | 211,200 | 1,884,946 |
| System Research Co. Ltd. | | 187,600 | 1,921,020 |
| | | | 3,805,966 |
| Technology Hardware, Storage & Peripherals - 1.5% | | | |
| Dell Technologies, Inc. | | 70,300 | 7,991,704 |
| MCJ Co. Ltd. | | 366,800 | 3,352,019 |
| Seagate Technology Holdings PLC | | 316,200 | 32,306,154 |
| | | | 43,649,877 |
TOTAL INFORMATION TECHNOLOGY | | | 356,942,901 |
| MATERIALS - 6.8% | | | |
| Chemicals - 3.9% | | | |
| Axalta Coating Systems Ltd. (a) | | 639,100 | 22,783,915 |
| C. Uyemura & Co. Ltd. | | 86,800 | 6,298,294 |
| Celanese Corp. (b) | | 129,100 | 18,222,465 |
| EcoGreen International Group Ltd. (d) | | 1,000,000 | 1 |
| Element Solutions, Inc. | | 544,700 | 14,679,665 |
| LyondellBasell Industries NV Class A | | 315,000 | 31,329,900 |
| Soulbrain Co. Ltd. | | 29,800 | 5,732,485 |
| Tronox Holdings PLC | | 1,220,900 | 19,729,744 |
| | | | 118,776,469 |
| Construction Materials - 1.4% | | | |
| Eagle Materials, Inc. | | 87,800 | 23,907,940 |
| RHI Magnesita NV | | 139,500 | 6,581,566 |
| Wienerberger AG | | 308,400 | 10,934,171 |
| | | | 41,423,677 |
| Containers & Packaging - 1.1% | | | |
| International Paper Co. | | 14,528 | 675,261 |
| Mayr-Melnhof Karton AG | | 47,300 | 5,395,471 |
| Packaging Corp. of America | | 69,200 | 13,831,004 |
| Silgan Holdings, Inc. (b) | | 231,700 | 11,916,331 |
| | | | 31,818,067 |
| Metals & Mining - 0.4% | | | |
| Warrior Metropolitan Coal, Inc. | | 184,200 | 12,730,062 |
TOTAL MATERIALS | | | 204,748,275 |
| REAL ESTATE - 2.1% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.7% | | | |
| Camden Property Trust (SBI) | | 71,500 | 7,918,625 |
| Mid-America Apartment Communities, Inc. | | 62,800 | 8,777,556 |
| STAG Industrial, Inc. | | 120,700 | 4,925,767 |
| | | | 21,621,948 |
| Real Estate Management & Development - 1.4% | | | |
| Jones Lang LaSalle, Inc. (a) | | 151,200 | 37,936,080 |
| LandBridge Co. LLC | | 74,100 | 2,443,077 |
| | | | 40,379,157 |
TOTAL REAL ESTATE | | | 62,001,105 |
| UTILITIES - 1.6% | | | |
| Electric Utilities - 1.6% | | | |
| PG&E Corp. | | 2,627,900 | 47,959,175 |
| TOTAL COMMON STOCKS (Cost $2,142,796,301) | | | 2,968,059,535 |
| | | | |
| Money Market Funds - 7.5% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 5.39% (e) | | 161,914,847 | 161,947,230 |
| Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | | 67,557,190 | 67,563,946 |
| TOTAL MONEY MARKET FUNDS (Cost $229,511,176) | | | 229,511,176 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 105.3% (Cost $2,372,307,477) | 3,197,570,711 |
NET OTHER ASSETS (LIABILITIES) - (5.3)% | (161,625,748) |
| NET ASSETS - 100.0% | 3,035,944,963 |
| | |
Legend
| (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 $9,766,859 or 0.3% of net assets. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 34,456,604 | 637,507,233 | 510,016,405 | 2,581,623 | (202) | - | 161,947,230 | 0.3% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 108,612,743 | 841,411,930 | 882,460,727 | 98,353 | - | - | 67,563,946 | 0.3% |
| Total | 143,069,347 | 1,478,919,163 | 1,392,477,132 | 2,679,976 | (202) | - | 229,511,176 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of July 31, 2024, 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 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 43,545,160 | 40,385,103 | 3,160,057 | - |
Consumer Discretionary | 395,805,421 | 393,617,363 | 2,188,058 | - |
Consumer Staples | 121,451,932 | 121,451,932 | - | - |
Energy | 222,903,941 | 222,903,941 | - | - |
Financials | 632,153,610 | 632,153,610 | - | - |
Health Care | 325,568,252 | 325,568,252 | - | - |
Industrials | 554,979,763 | 543,487,077 | 11,492,623 | 63 |
Information Technology | 356,942,901 | 348,065,717 | 8,877,184 | - |
Materials | 204,748,275 | 204,748,274 | - | 1 |
Real Estate | 62,001,105 | 62,001,105 | - | - |
Utilities | 47,959,175 | 47,959,175 | - | - |
|
| Money Market Funds | 229,511,176 | 229,511,176 | - | - |
| Total Investments in Securities: | 3,197,570,711 | 3,171,852,725 | 25,717,922 | 64 |
Financial Statements
| Statement of Assets and Liabilities |
As of July 31, 2024 |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $66,570,466) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $2,142,796,301) | $ | 2,968,059,535 | | |
Fidelity Central Funds (cost $229,511,176) | | 229,511,176 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $2,372,307,477) | | | $ | 3,197,570,711 |
| Foreign currency held at value (cost $35,437) | | | | 35,384 |
| Receivable for investments sold | | | | 4,077,970 |
| Receivable for fund shares sold | | | | 3,841 |
| Dividends receivable | | | | 1,918,069 |
| Reclaims receivable | | | | 2,153,974 |
| Distributions receivable from Fidelity Central Funds | | | | 409,702 |
| Other receivables | | | | 470,269 |
Total assets | | | | 3,206,639,920 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 2,963,155 | | |
| Payable for fund shares redeemed | | 99,926,978 | | |
| Other payables and accrued expenses | | 268,454 | | |
| Collateral on securities loaned | | 67,536,370 | | |
| Total liabilities | | | | 170,694,957 |
| Net Assets | | | $ | 3,035,944,963 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,998,472,882 |
| Total accumulated earnings (loss) | | | | 1,037,472,081 |
| Net Assets | | | $ | 3,035,944,963 |
Net Asset Value, offering price and redemption price per share ($3,035,944,963 ÷ 248,714,289 shares) | | | $ | 12.21 |
| Statement of Operations |
| Year ended July 31, 2024 |
| Investment Income | | | | |
| Dividends | | | $ | 54,928,895 |
| Interest | | | | 4,251 |
| Income from Fidelity Central Funds (including $98,353 from security lending) | | | | 2,679,976 |
| Total income | | | | 57,613,122 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 106,429 | | |
| Independent trustees' fees and expenses | | 13,701 | | |
| Miscellaneous | | 36 | | |
| Total expenses before reductions | | 120,166 | | |
| Expense reductions | | (23,487) | | |
| Total expenses after reductions | | | | 96,679 |
| Net Investment income (loss) | | | | 57,516,443 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 236,483,200 | | |
| Fidelity Central Funds | | (202) | | |
| Foreign currency transactions | | (495,605) | | |
| Total net realized gain (loss) | | | | 235,987,393 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $30,387) | | 249,139,221 | | |
| Assets and liabilities in foreign currencies | | 652,502 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 249,791,723 |
| Net gain (loss) | | | | 485,779,116 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 543,295,559 |
| Statement of Changes in Net Assets |
| |
| | Year ended July 31, 2024 | | Year ended July 31, 2023 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 57,516,443 | $ | 89,543,971 |
| Net realized gain (loss) | | 235,987,393 | | 1,963,949,684 |
| Change in net unrealized appreciation (depreciation) | | 249,791,723 | | (1,711,411,416) |
| Net increase (decrease) in net assets resulting from operations | | 543,295,559 | | 342,082,239 |
| Distributions to shareholders | | (581,084,973) | | (2,290,889,691) |
| | | | | |
| Share transactions | | | | |
| Proceeds from sales of shares | | 376,430,644 | | 367,791,224 |
| Reinvestment of distributions | | 581,084,973 | | 2,290,889,691 |
| Cost of shares redeemed | | (655,531,817) | | (5,559,972,706) |
| | | | | |
Net increase (decrease) in net assets resulting from share transactions | | 301,983,800 | | (2,901,291,791) |
| Total increase (decrease) in net assets | | 264,194,386 | | (4,850,099,243) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 2,771,750,577 | | 7,621,849,820 |
| End of period | $ | 3,035,944,963 | $ | 2,771,750,577 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 34,570,712 | | 28,466,662 |
| Issued in reinvestment of distributions | | 58,411,695 | | 172,732,746 |
| Redeemed | | (58,642,547) | | (391,811,728) |
| Net increase (decrease) | | 34,339,860 | | (190,612,320) |
| | | | | |
Financial Highlights
Fidelity® Series Intrinsic Opportunities Fund |
| |
| Years ended July 31, | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.93 | $ | 18.82 | $ | 22.41 | $ | 15.29 | $ | 16.42 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) A,B | | .22 | | .31 | | .40 | | .40 | | .38 |
| Net realized and unrealized gain (loss) | | 1.72 | | 1.30 | | (.31) | | 7.49 | | (.65) |
| Total from investment operations | | 1.94 | | 1.61 | | .09 | | 7.89 | | (.27) |
| Distributions from net investment income | | (.26) | | (.35) | | (.51) | | (.44) | | (.45) |
| Distributions from net realized gain | | (2.40) | | (7.15) | | (3.17) | | (.33) | | (.40) |
| Total distributions | | (2.66) | | (7.50) | | (3.68) | | (.77) | | (.86) C |
| Net asset value, end of period | $ | 12.21 | $ | 12.93 | $ | 18.82 | $ | 22.41 | $ | 15.29 |
Total Return D | | | | 13.61% | | .18% | | 53.18% | | (1.89)% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | |
| Expenses before reductions | | -% G | | .01% | | .01% | | .01% | | .01% |
| Expenses net of fee waivers, if any | | | | -% G | | -% G | | -% G | | .01% |
| Expenses net of all reductions | | -% G | | -% G | | -% G | | -% G | | .01% |
| Net investment income (loss) | | 2.03% | | 2.29% | | 1.99% | | 2.08% | | 2.46% |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 3,035,945 | $ | 2,771,751 | $ | 7,621,850 | $ | 13,891,352 | $ | 11,787,708 |
Portfolio turnover rate H | | | | 35% | | 18% | | 10% | | 19% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount represents less than .005%.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements
For the period ended July 31, 2024
1. Organization.
Fidelity Series Intrinsic Opportunities Fund (the Fund) is a fund of Fidelity Puritan Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2024 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. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2024, 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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 | $917,511,499 |
| Gross unrealized depreciation | (97,243,914) |
| Net unrealized appreciation (depreciation) | $820,267,585 |
| Tax Cost | $2,377,303,126 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $33,494,818 |
| Undistributed long-term capital gain | $184,013,339 |
| Net unrealized appreciation (depreciation) on securities and other investments | $820,188,196 |
The tax character of distributions paid was as follows:
| | July 31, 2024 | July 31, 2023 |
| Ordinary Income | $65,909,994 | $ 105,696,997 |
| Long-term Capital Gains | 515,174,979 | 2,185,192,694 |
| Total | $581,084,973 | $2,290,889,691 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Series Intrinsic Opportunities Fund | 599,634,095 | 850,123,520 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount ($) |
| Fidelity Series Intrinsic Opportunities Fund | 13,673 |
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 Series Intrinsic Opportunities Fund | 56,249,007 | 100,651,416 | 36,984,497 |
Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited were amended to provide that the investment adviser pays each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The 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.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, 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 Series Intrinsic Opportunities Fund | 9,944 | 133 | 14,500 |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through November 30, 2027. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $21,404.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,083.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Puritan Trust and the Shareholders of Fidelity Series Intrinsic Opportunities Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Intrinsic Opportunities Fund (the "Fund"), a fund of Fidelity Puritan Trust, including the schedule of investments, as of July 31, 2024, 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 July 31, 2024, 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 July 31, 2024, 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
September 16, 2024
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Distributions
(Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.
The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2024, $219,303,629, or, if subsequently determined to be different, the net capital gain of such year.
The fund designates $6,203,721 of distributions paid during the fiscal year ended 2024 as qualifying to be taxed as section 163(j) interest dividends.
The fund designates 44% and 52% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.
The fund designates 64.40% and 69.08% of the dividends distributed in September and December, respectively 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 2025 of amounts for use in preparing 2024 income tax returns.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
| A special meeting of shareholders was held on July 16, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| Proposal 1 |
| To elect a Board of Trustees. |
| | # of Votes | % of Votes |
| Bettina Doulton |
| Affirmative | 65,110,731,692.91 | 94.24 |
| Withheld | 3,977,061,305.33 | 5.76 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Robert A. Lawrence |
| Affirmative | 64,862,479,525.74 | 93.88 |
| Withheld | 4,225,313,472.50 | 6.12 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Vijay C. Advani |
| Affirmative | 64,817,783,404.76 | 93.82 |
| Withheld | 4,270,009,593.49 | 6.18 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Thomas P. Bostick |
| Affirmative | 64,886,989,933.75 | 93.92 |
| Withheld | 4,200,803,064.49 | 6.08 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Donald F. Donahue |
| Affirmative | 64,848,204,109.00 | 93.86 |
| Withheld | 4,239,588,889.24 | 6.14 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Vicki L. Fuller |
| Affirmative | 64,995,466,255.60 | 94.08 |
| Withheld | 4,092,326,742.65 | 5.92 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Patricia L. Kampling |
| Affirmative | 65,085,124,704.84 | 94.21 |
| Withheld | 4,002,668,293.40 | 5.79 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Thomas A. Kennedy |
| Affirmative | 64,964,358,187.70 | 94.03 |
| Withheld | 4,123,434,810.54 | 5.97 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Oscar Munoz |
| Affirmative | 64,740,772,159.72 | 93.71 |
| Withheld | 4,347,020,838.53 | 6.29 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Karen B. Peetz |
| Affirmative | 64,944,559,251.25 | 94.00 |
| Withheld | 4,143,233,746.99 | 6.00 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| David M. Thomas |
| Affirmative | 64,792,568,989.40 | 93.78 |
| Withheld | 4,295,224,008.84 | 6.22 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Susan Tomasky |
| Affirmative | 64,843,909,948.98 | 93.86 |
| Withheld | 4,243,883,049.26 | 6.14 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| Michael E. Wiley |
| Affirmative | 64,839,438,084.90 | 93.85 |
| Withheld | 4,248,354,913.34 | 6.15 |
| TOTAL | 69,087,792,998.24 | 100.00 |
| | | |
| Proposal 1 reflects trust-wide proposal and voting results. |
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Intrinsic Opportunities Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2024 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
Investment Performance. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts. 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 that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.
The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through November 30, 2026.
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.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board 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 bears all expenses of the fund with certain exceptions.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) the variable management fee implemented for certain funds effective March 1, 2024; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2025.
1.951012.111
O2T-ANN-0924
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
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 16.
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 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Puritan Trust
|
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |
|
|
Date: | September 20, 2024 |
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.
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By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |
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Date: | September 20, 2024 |
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By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer (Principal Financial Officer) |
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Date: | September 20, 2024 |
