UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02841
Fidelity Capital Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
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
Date of fiscal year end: | October 31 |
Date of reporting period: | October 31, 2023 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended October 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Value Fund | 0.97% | 9.79% | 8.03% |
Class K | 0.99% | 9.90% | 8.13% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Value Fund, a class of the fund, on October 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Constellation Energy Corp. | 1.5 | |
Antero Resources Corp. | 1.5 | |
PG&E Corp. | 1.3 | |
Global Payments, Inc. | 1.2 | |
Celanese Corp. Class A | 1.1 | |
Welltower, Inc. | 1.1 | |
Flex Ltd. | 1.0 | |
Apollo Global Management, Inc. | 0.9 | |
Constellium NV | 0.9 | |
Westlake Corp. | 0.8 | |
11.3 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 19.1 | |
Industrials | 17.3 | |
Consumer Discretionary | 12.7 | |
Materials | 10.9 | |
Energy | 10.3 | |
Utilities | 7.7 | |
Real Estate | 6.3 | |
Health Care | 6.2 | |
Information Technology | 3.6 | |
Consumer Staples | 3.4 | |
Communication Services | 2.1 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 99.6% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 2.1% | |||
Diversified Telecommunication Services - 0.3% | |||
Cellnex Telecom SA (a) | 861,100 | 25,313 | |
Media - 1.8% | |||
DISH Network Corp. Class A (b)(c) | 644,768 | 3,159 | |
Interpublic Group of Companies, Inc. | 501,100 | 14,231 | |
News Corp. Class A | 1,241,800 | 25,680 | |
Nexstar Broadcasting Group, Inc. Class A | 175,800 | 24,626 | |
Scholastic Corp. | 416,097 | 15,354 | |
Thryv Holdings, Inc. (b) | 1,569,424 | 27,355 | |
WPP PLC | 1,779,000 | 15,319 | |
125,724 | |||
TOTAL COMMUNICATION SERVICES | 151,037 | ||
CONSUMER DISCRETIONARY - 12.7% | |||
Automobile Components - 1.4% | |||
Adient PLC (b) | 1,116,900 | 37,628 | |
Atmus Filtration Technologies, Inc. (c) | 900,300 | 16,890 | |
Autoliv, Inc. | 373,200 | 34,204 | |
Cie Automotive SA | 524,700 | 13,358 | |
102,080 | |||
Automobiles - 0.6% | |||
Harley-Davidson, Inc. | 1,565,868 | 42,044 | |
Broadline Retail - 0.5% | |||
Kohl's Corp. (c) | 1,706,100 | 38,473 | |
Diversified Consumer Services - 0.3% | |||
H&R Block, Inc. | 463,322 | 19,019 | |
Hotels, Restaurants & Leisure - 1.4% | |||
Brinker International, Inc. (b) | 690,236 | 23,413 | |
Hilton Grand Vacations, Inc. (b)(c) | 805,500 | 28,958 | |
Light & Wonder, Inc. Class A (b) | 313,200 | 22,898 | |
Red Rock Resorts, Inc. | 700,822 | 27,718 | |
102,987 | |||
Household Durables - 1.3% | |||
Mohawk Industries, Inc. (b) | 261,000 | 20,979 | |
Newell Brands, Inc. | 3,845,100 | 25,839 | |
Tempur Sealy International, Inc. | 1,081,400 | 43,180 | |
89,998 | |||
Leisure Products - 1.8% | |||
BRP, Inc. | 458,200 | 30,970 | |
Brunswick Corp. | 412,900 | 28,684 | |
Mattel, Inc. (b) | 1,832,492 | 34,964 | |
Topgolf Callaway Brands Corp. (b)(c) | 2,576,800 | 31,488 | |
126,106 | |||
Specialty Retail - 4.2% | |||
Academy Sports & Outdoors, Inc. | 423,479 | 18,989 | |
American Eagle Outfitters, Inc. | 2,637,500 | 46,077 | |
Aritzia, Inc. (b) | 988,500 | 15,375 | |
Camping World Holdings, Inc. (c) | 1,257,300 | 21,060 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 181,100 | 43,864 | |
Sally Beauty Holdings, Inc. (b) | 2,459,190 | 20,903 | |
Signet Jewelers Ltd. (c) | 634,377 | 44,299 | |
Upbound Group, Inc. | 1,473,774 | 38,407 | |
Victoria's Secret & Co. (b) | 1,754,133 | 31,364 | |
Williams-Sonoma, Inc. | 137,000 | 20,583 | |
300,921 | |||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Gildan Activewear, Inc. | 1,555,800 | 44,192 | |
PVH Corp. | 233,100 | 17,331 | |
Samsonite International SA (a)(b) | 5,301,000 | 16,418 | |
Wolverine World Wide, Inc. | 1,215,598 | 9,786 | |
87,727 | |||
TOTAL CONSUMER DISCRETIONARY | 909,355 | ||
CONSUMER STAPLES - 3.4% | |||
Consumer Staples Distribution & Retail - 0.7% | |||
U.S. Foods Holding Corp. (b) | 1,327,400 | 51,689 | |
Food Products - 2.0% | |||
Bunge Ltd. | 469,400 | 49,747 | |
Darling Ingredients, Inc. (b) | 1,346,394 | 59,632 | |
Tyson Foods, Inc. Class A | 748,400 | 34,688 | |
144,067 | |||
Household Products - 0.5% | |||
Energizer Holdings, Inc. | 1,088,995 | 34,390 | |
Personal Care Products - 0.2% | |||
Kenvue, Inc. | 619,400 | 11,521 | |
TOTAL CONSUMER STAPLES | 241,667 | ||
ENERGY - 10.3% | |||
Energy Equipment & Services - 2.7% | |||
Championx Corp. | 1,092,209 | 33,640 | |
Expro Group Holdings NV (b) | 3,030,294 | 47,727 | |
Liberty Oilfield Services, Inc. Class A | 848,385 | 16,713 | |
Tenaris SA | 1,784,500 | 28,021 | |
Valaris Ltd. (b) | 602,700 | 39,802 | |
Vallourec SA (b) | 2,092,300 | 25,072 | |
190,975 | |||
Oil, Gas & Consumable Fuels - 7.6% | |||
Advantage Energy Ltd. (b) | 1,329,900 | 9,657 | |
Antero Resources Corp. (b) | 3,639,900 | 107,159 | |
APA Corp. | 257,240 | 10,218 | |
Canadian Natural Resources Ltd. | 615,100 | 39,059 | |
Cenovus Energy, Inc. (Canada) | 1,940,581 | 36,971 | |
Delek U.S. Holdings, Inc. | 926,500 | 24,413 | |
Denbury, Inc. (b) | 32,348 | 2,875 | |
Diamondback Energy, Inc. | 146,874 | 23,547 | |
Energy Transfer LP | 2,385,797 | 31,373 | |
EQT Corp. (c) | 402,063 | 17,039 | |
Hess Corp. | 194,850 | 28,136 | |
Imperial Oil Ltd. | 752,300 | 42,873 | |
Kosmos Energy Ltd. (b) | 3,965,058 | 28,707 | |
Parkland Corp. | 883,100 | 26,727 | |
Range Resources Corp. | 494,700 | 17,730 | |
Talos Energy, Inc. (b) | 545,700 | 8,458 | |
Targa Resources Corp. | 622,780 | 52,071 | |
Tourmaline Oil Corp. (c) | 529,700 | 28,010 | |
Valero Energy Corp. | 82,600 | 10,490 | |
545,513 | |||
TOTAL ENERGY | 736,488 | ||
FINANCIALS - 19.1% | |||
Banks - 4.1% | |||
Axos Financial, Inc. (b) | 752,269 | 27,104 | |
East West Bancorp, Inc. | 665,766 | 35,698 | |
First Citizens Bancshares, Inc. | 35,192 | 48,591 | |
First Citizens Bancshares, Inc. Class B | 5,400 | 6,692 | |
KeyCorp | 2,895,900 | 29,596 | |
Kyoto Financial Group, Inc. | 340,700 | 19,316 | |
Popular, Inc. | 450,309 | 29,288 | |
U.S. Bancorp | 1,435,200 | 45,754 | |
Webster Financial Corp. | 1,114,100 | 42,302 | |
Wintrust Financial Corp. | 194,400 | 14,520 | |
298,861 | |||
Capital Markets - 3.3% | |||
Ameriprise Financial, Inc. | 103,400 | 32,527 | |
BGC Group, Inc. Class A | 5,622,400 | 33,003 | |
Carlyle Group LP | 1,182,200 | 32,558 | |
LPL Financial | 191,100 | 42,906 | |
Onex Corp. (sub. vtg.) | 275,000 | 15,412 | |
Petershill Partners PLC (a) | 7,472,300 | 13,405 | |
Raymond James Financial, Inc. | 469,000 | 44,761 | |
UBS Group AG | 873,370 | 20,374 | |
234,946 | |||
Consumer Finance - 2.0% | |||
Ally Financial, Inc. (c) | 960,900 | 23,244 | |
Discover Financial Services | 123,200 | 10,112 | |
OneMain Holdings, Inc. | 1,314,080 | 47,215 | |
PROG Holdings, Inc. (b) | 1,055,289 | 28,904 | |
SLM Corp. | 2,453,442 | 31,895 | |
141,370 | |||
Financial Services - 4.6% | |||
Apollo Global Management, Inc. | 847,802 | 65,654 | |
Corebridge Financial, Inc. (c) | 1,379,400 | 27,588 | |
ECN Capital Corp. | 6,375,057 | 8,826 | |
Essent Group Ltd. | 932,900 | 44,070 | |
Global Payments, Inc. | 797,800 | 84,742 | |
NCR Atleos Corp. | 957,650 | 21,126 | |
Voya Financial, Inc. | 672,000 | 44,869 | |
Walker & Dunlop, Inc. | 514,900 | 33,366 | |
330,241 | |||
Insurance - 5.1% | |||
AMBAC Financial Group, Inc. (b) | 1,971,059 | 23,909 | |
American Financial Group, Inc. | 500,600 | 54,746 | |
Assurant, Inc. | 364,279 | 54,241 | |
First American Financial Corp. | 798,536 | 41,077 | |
Globe Life, Inc. | 197,000 | 22,923 | |
Hartford Financial Services Group, Inc. | 541,100 | 39,744 | |
Primerica, Inc. | 66,843 | 12,778 | |
Reinsurance Group of America, Inc. | 314,049 | 46,941 | |
The Travelers Companies, Inc. | 301,600 | 50,500 | |
Willis Towers Watson PLC | 89,100 | 21,018 | |
367,877 | |||
TOTAL FINANCIALS | 1,373,295 | ||
HEALTH CARE - 6.2% | |||
Biotechnology - 0.6% | |||
Biogen, Inc. (b) | 50,965 | 12,106 | |
BioMarin Pharmaceutical, Inc. (b) | 47,465 | 3,866 | |
Exact Sciences Corp. (b) | 34,198 | 2,106 | |
Galapagos NV (b) | 697,700 | 23,213 | |
United Therapeutics Corp. (b) | 13,677 | 3,048 | |
44,339 | |||
Health Care Equipment & Supplies - 1.0% | |||
Baxter International, Inc. | 947,298 | 30,721 | |
Dentsply Sirona, Inc. | 51,203 | 1,557 | |
Envista Holdings Corp. (b) | 84,366 | 1,963 | |
Globus Medical, Inc. (b) | 29,300 | 1,339 | |
Hologic, Inc. (b) | 70,732 | 4,680 | |
ICU Medical, Inc. (b) | 2,600 | 255 | |
Masimo Corp. (b) | 16,620 | 1,348 | |
STERIS PLC | 26,775 | 5,622 | |
Teleflex, Inc. | 15,110 | 2,792 | |
The Cooper Companies, Inc. | 25,560 | 7,968 | |
Zimmer Biomet Holdings, Inc. | 149,113 | 15,569 | |
73,814 | |||
Health Care Providers & Services - 3.4% | |||
Acadia Healthcare Co., Inc. (b) | 62,054 | 4,562 | |
AdaptHealth Corp. (b) | 2,505,896 | 18,368 | |
Cencora, Inc. | 61,041 | 11,302 | |
Centene Corp. (b) | 885,100 | 61,054 | |
Chemed Corp. | 6,300 | 3,545 | |
Cigna Group | 177,249 | 54,805 | |
CVS Health Corp. | 510,800 | 35,250 | |
Encompass Health Corp. | 57,752 | 3,613 | |
Henry Schein, Inc. (b) | 47,342 | 3,076 | |
Molina Healthcare, Inc. (b) | 28,768 | 9,578 | |
Owens & Minor, Inc. (b) | 1,799,364 | 25,785 | |
Quest Diagnostics, Inc. | 71,414 | 9,291 | |
R1 RCM, Inc. (b) | 29,000 | 342 | |
Tenet Healthcare Corp. (b) | 31,100 | 1,670 | |
242,241 | |||
Life Sciences Tools & Services - 0.5% | |||
Agilent Technologies, Inc. | 62,711 | 6,482 | |
Avantor, Inc. (b) | 124,900 | 2,177 | |
Bio-Rad Laboratories, Inc. Class A (b) | 21,106 | 5,810 | |
Charles River Laboratories International, Inc. (b) | 40,326 | 6,789 | |
ICON PLC (b) | 42,003 | 10,247 | |
Illumina, Inc. (b) | 28,510 | 3,120 | |
34,625 | |||
Pharmaceuticals - 0.7% | |||
Catalent, Inc. (b) | 44,176 | 1,519 | |
Jazz Pharmaceuticals PLC (b) | 294,167 | 37,365 | |
Royalty Pharma PLC | 337,124 | 9,059 | |
47,943 | |||
TOTAL HEALTH CARE | 442,962 | ||
INDUSTRIALS - 17.3% | |||
Air Freight & Logistics - 0.8% | |||
DHL Group | 238,900 | 9,292 | |
FedEx Corp. | 187,400 | 44,995 | |
54,287 | |||
Building Products - 2.2% | |||
Armstrong World Industries, Inc. | 351,300 | 26,660 | |
Builders FirstSource, Inc. (b) | 324,150 | 35,177 | |
Carlisle Companies, Inc. | 138,000 | 35,064 | |
Johnson Controls International PLC | 324,900 | 15,927 | |
Tecnoglass, Inc. | 316,000 | 10,327 | |
UFP Industries, Inc. | 337,300 | 32,101 | |
155,256 | |||
Commercial Services & Supplies - 1.1% | |||
HNI Corp. | 639,061 | 22,169 | |
The Brink's Co. | 659,600 | 44,101 | |
The GEO Group, Inc. (b)(c) | 1,854,600 | 16,209 | |
82,479 | |||
Construction & Engineering - 2.1% | |||
Fluor Corp. (b) | 1,031,200 | 34,329 | |
Granite Construction, Inc. | 916,500 | 37,100 | |
MDU Resources Group, Inc. | 1,932,300 | 35,960 | |
Willscot Mobile Mini Holdings (b) | 1,117,000 | 44,021 | |
151,410 | |||
Electrical Equipment - 1.3% | |||
Acuity Brands, Inc. | 201,200 | 32,588 | |
GrafTech International Ltd. | 4,838,609 | 16,693 | |
Regal Rexnord Corp. | 377,556 | 44,706 | |
93,987 | |||
Ground Transportation - 3.4% | |||
ArcBest Corp. | 242,500 | 26,403 | |
Knight-Swift Transportation Holdings, Inc. Class A | 669,100 | 32,712 | |
RXO, Inc. | 736,700 | 12,900 | |
Ryder System, Inc. | 497,770 | 48,552 | |
TFI International, Inc. (Canada) | 277,900 | 30,743 | |
U-Haul Holding Co. (non-vtg.) | 816,425 | 38,543 | |
XPO, Inc. (b) | 736,000 | 55,796 | |
245,649 | |||
Machinery - 2.8% | |||
Allison Transmission Holdings, Inc. | 817,129 | 41,200 | |
Barnes Group, Inc. | 979,832 | 20,371 | |
Chart Industries, Inc. (b) | 190,500 | 22,142 | |
Gates Industrial Corp. PLC (b) | 2,072,100 | 22,627 | |
Kennametal, Inc. (c) | 971,097 | 22,442 | |
Mueller Water Products, Inc. Class A | 1,295,400 | 16,024 | |
Terex Corp. | 340,000 | 15,572 | |
Timken Co. | 591,036 | 40,852 | |
201,230 | |||
Professional Services - 1.4% | |||
Concentrix Corp. | 528,100 | 40,247 | |
Leidos Holdings, Inc. | 154,800 | 15,344 | |
Manpower, Inc. | 399,200 | 27,932 | |
TransUnion Holding Co., Inc. | 46,000 | 2,018 | |
WNS Holdings Ltd. sponsored ADR (b) | 221,600 | 12,037 | |
97,578 | |||
Trading Companies & Distributors - 2.2% | |||
Beacon Roofing Supply, Inc. (b) | 308,600 | 21,963 | |
Core & Main, Inc. (b) | 907,700 | 27,304 | |
Custom Truck One Source, Inc. Class A (b) | 1,734,499 | 10,008 | |
Herc Holdings, Inc. | 302,800 | 32,336 | |
McGrath RentCorp. | 214,980 | 21,627 | |
WESCO International, Inc. | 346,800 | 44,460 | |
157,698 | |||
TOTAL INDUSTRIALS | 1,239,574 | ||
INFORMATION TECHNOLOGY - 3.6% | |||
Communications Equipment - 0.6% | |||
Lumentum Holdings, Inc. (b) | 1,111,994 | 43,601 | |
Electronic Equipment, Instruments & Components - 1.7% | |||
Coherent Corp. (b) | 646,100 | 19,125 | |
Crane Nxt Co. | 334,800 | 17,410 | |
Flex Ltd. (b) | 2,778,472 | 71,462 | |
Vontier Corp. | 616,008 | 18,209 | |
126,206 | |||
Semiconductors & Semiconductor Equipment - 0.2% | |||
Skyworks Solutions, Inc. | 165,900 | 14,390 | |
Software - 0.5% | |||
NCR Corp. (b) | 2,180,700 | 33,343 | |
Technology Hardware, Storage & Peripherals - 0.6% | |||
Seagate Technology Holdings PLC | 619,600 | 42,288 | |
TOTAL INFORMATION TECHNOLOGY | 259,828 | ||
MATERIALS - 10.9% | |||
Chemicals - 5.2% | |||
Axalta Coating Systems Ltd. (b) | 1,026,937 | 26,937 | |
Cabot Corp. | 447,800 | 29,770 | |
Celanese Corp. Class A (c) | 698,988 | 80,041 | |
Corteva, Inc. | 399,012 | 19,208 | |
Methanex Corp. | 1,088,019 | 44,881 | |
Olin Corp. | 958,400 | 40,943 | |
The Chemours Co. LLC | 1,904,145 | 45,909 | |
Tronox Holdings PLC | 2,397,255 | 25,627 | |
Westlake Corp. | 532,349 | 61,412 | |
374,728 | |||
Construction Materials - 1.0% | |||
Eagle Materials, Inc. | 143,900 | 22,148 | |
GCC S.A.B. de CV | 2,942,500 | 26,200 | |
Martin Marietta Materials, Inc. | 59,368 | 24,278 | |
72,626 | |||
Containers & Packaging - 1.7% | |||
Crown Holdings, Inc. | 445,876 | 35,938 | |
Graphic Packaging Holding Co. | 1,541,400 | 33,156 | |
O-I Glass, Inc. (b) | 1,569,684 | 24,252 | |
WestRock Co. | 697,400 | 25,058 | |
118,404 | |||
Metals & Mining - 2.2% | |||
ATI, Inc. (b)(c) | 604,000 | 22,813 | |
Carpenter Technology Corp. | 386,300 | 24,229 | |
Constellium NV (b) | 3,899,214 | 61,608 | |
First Quantum Minerals Ltd. | 958,163 | 11,103 | |
Schnitzer Steel Industries, Inc. Class A | 626,000 | 14,216 | |
Steel Dynamics, Inc. | 231,711 | 24,680 | |
158,649 | |||
Paper & Forest Products - 0.8% | |||
Interfor Corp. (b) | 1,278,000 | 15,768 | |
Louisiana-Pacific Corp. | 829,497 | 42,537 | |
58,305 | |||
TOTAL MATERIALS | 782,712 | ||
REAL ESTATE - 6.3% | |||
Equity Real Estate Investment Trusts (REITs) - 5.2% | |||
Camden Property Trust (SBI) | 181,200 | 15,380 | |
CubeSmart | 666,437 | 22,719 | |
Digital Realty Trust, Inc. | 386,300 | 48,040 | |
Douglas Emmett, Inc. | 1,524,500 | 17,090 | |
Essex Property Trust, Inc. | 177,500 | 37,971 | |
Lamar Advertising Co. Class A | 271,100 | 22,303 | |
Outfront Media, Inc. | 3,739,500 | 36,498 | |
Prologis (REIT), Inc. | 347,502 | 35,011 | |
Ventas, Inc. | 1,351,900 | 57,402 | |
Welltower, Inc. | 925,300 | 77,364 | |
369,778 | |||
Real Estate Management & Development - 1.1% | |||
Colliers International Group, Inc. | 282,300 | 25,591 | |
Compass, Inc. (b) | 6,100,900 | 12,080 | |
Jones Lang LaSalle, Inc. (b) | 285,600 | 36,534 | |
Marcus & Millichap, Inc. (c) | 223,600 | 6,417 | |
80,622 | |||
TOTAL REAL ESTATE | 450,400 | ||
UTILITIES - 7.7% | |||
Electric Utilities - 5.6% | |||
Constellation Energy Corp. | 977,969 | 110,433 | |
Edison International | 926,684 | 58,437 | |
Entergy Corp. | 375,500 | 35,894 | |
FirstEnergy Corp. | 1,600,300 | 56,971 | |
NextEra Energy, Inc. | 847,800 | 49,427 | |
PG&E Corp. (b) | 5,663,600 | 92,317 | |
403,479 | |||
Gas Utilities - 0.0% | |||
Southwest Gas Holdings, Inc. | 35,000 | 2,051 | |
Independent Power and Renewable Electricity Producers - 1.5% | |||
The AES Corp. | 4,104,700 | 61,160 | |
Vistra Corp. | 1,375,200 | 44,997 | |
106,157 | |||
Multi-Utilities - 0.6% | |||
Sempra | 634,500 | 44,434 | |
TOTAL UTILITIES | 556,121 | ||
TOTAL COMMON STOCKS (Cost $6,372,395) | 7,143,439 | ||
U.S. Treasury Obligations - 0.1% | |||
Principal Amount (d) (000s) | Value ($) (000s) | ||
U.S. Treasury Bills, yield at date of purchase 5.37% to 5.39% 12/14/23 to 12/21/23 (Cost $3,872) | 3,900 | 3,872 | |
Money Market Funds - 2.9% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.40% (e) | 32,990,296 | 32,997 | |
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f) | 174,284,011 | 174,301 | |
TOTAL MONEY MARKET FUNDS (Cost $207,298) | 207,298 | ||
TOTAL INVESTMENT IN SECURITIES - 102.6% (Cost $6,583,565) | 7,354,609 |
NET OTHER ASSETS (LIABILITIES) - (2.6)% | (185,963) |
NET ASSETS - 100.0% | 7,168,646 |
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $55,136,000 or 0.8% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Amount is stated in United States dollars unless otherwise noted. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 16,305 | 2,240,363 | 2,223,670 | 3,413 | - | (1) | 32,997 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.40% | 192,987 | 1,613,020 | 1,631,706 | 1,037 | - | - | 174,301 | 0.7% |
Total | 209,292 | 3,853,383 | 3,855,376 | 4,450 | - | (1) | 207,298 | |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Unisys Corp. | 28,904 | - | 13,238 | - | (39,486) | 23,820 | - |
Total | 28,904 | - | 13,238 | - | (39,486) | 23,820 | - |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 151,037 | 110,405 | 40,632 | - |
Consumer Discretionary | 909,355 | 892,937 | 16,418 | - |
Consumer Staples | 241,667 | 241,667 | - | - |
Energy | 736,488 | 736,488 | - | - |
Financials | 1,373,295 | 1,353,979 | 19,316 | - |
Health Care | 442,962 | 419,749 | 23,213 | - |
Industrials | 1,239,574 | 1,239,574 | - | - |
Information Technology | 259,828 | 259,828 | - | - |
Materials | 782,712 | 782,712 | - | - |
Real Estate | 450,400 | 450,400 | - | - |
Utilities | 556,121 | 556,121 | - | - |
U.S. Government and Government Agency Obligations | 3,872 | - | 3,872 | - |
Money Market Funds | 207,298 | 207,298 | - | - |
Total Investments in Securities: | 7,354,609 | 7,251,158 | 103,451 | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | October 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $171,764) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $6,376,267) | $ | 7,147,311 | ||
Fidelity Central Funds (cost $207,298) | 207,298 | |||
Total Investment in Securities (cost $6,583,565) | $ | 7,354,609 | ||
Foreign currency held at value (cost $3,286) | 3,285 | |||
Receivable for investments sold | 33,902 | |||
Receivable for fund shares sold | 687 | |||
Dividends receivable | 5,476 | |||
Distributions receivable from Fidelity Central Funds | 286 | |||
Prepaid expenses | 10 | |||
Other receivables | 410 | |||
Total assets | 7,398,665 | |||
Liabilities | ||||
Payable to custodian bank | $ | 223 | ||
Payable for investments purchased | 46,322 | |||
Payable for fund shares redeemed | 3,229 | |||
Accrued management fee | 4,603 | |||
Other affiliated payables | 866 | |||
Other payables and accrued expenses | 493 | |||
Collateral on securities loaned | 174,283 | |||
Total Liabilities | 230,019 | |||
Net Assets | $ | 7,168,646 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 6,153,402 | ||
Total accumulated earnings (loss) | 1,015,244 | |||
Net Assets | $ | 7,168,646 | ||
Net Asset Value and Maximum Offering Price | ||||
Value : | ||||
Net Asset Value, offering price and redemption price per share ($6,539,068 ÷ 522,436 shares) | $ | 12.52 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($629,578 ÷ 50,203 shares) | $ | 12.54 |
Statement of Operations | ||||
Amounts in thousands | Year ended October 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 144,489 | ||
Interest | 224 | |||
Income from Fidelity Central Funds (including $1,037 from security lending) | 4,450 | |||
Total Income | 149,163 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 42,267 | ||
Performance adjustment | 16,109 | |||
Transfer agent fees | 9,598 | |||
Accounting fees | 1,084 | |||
Custodian fees and expenses | 82 | |||
Independent trustees' fees and expenses | 47 | |||
Registration fees | 96 | |||
Audit | 74 | |||
Legal | 23 | |||
Interest | 56 | |||
Miscellaneous | 39 | |||
Total expenses before reductions | 69,475 | |||
Expense reductions | (482) | |||
Total expenses after reductions | 68,993 | |||
Net Investment income (loss) | 80,170 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 306,339 | |||
Affiliated issuers | (39,486) | |||
Foreign currency transactions | (17) | |||
Futures contracts | 2,472 | |||
Total net realized gain (loss) | 269,308 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (282,791) | |||
Fidelity Central Funds | (1) | |||
Other affiliated issuers | 23,820 | |||
Assets and liabilities in foreign currencies | 29 | |||
Total change in net unrealized appreciation (depreciation) | (258,943) | |||
Net gain (loss) | 10,365 | |||
Net increase (decrease) in net assets resulting from operations | $ | 90,535 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended October 31, 2023 | Year ended October 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 80,170 | $ | 108,810 |
Net realized gain (loss) | 269,308 | 539,231 | ||
Change in net unrealized appreciation (depreciation) | (258,943) | (1,303,273) | ||
Net increase (decrease) in net assets resulting from operations | 90,535 | (655,232) | ||
Distributions to shareholders | (550,862) | (871,432) | ||
Share transactions - net increase (decrease) | (720,277) | 346,721 | ||
Total increase (decrease) in net assets | (1,180,604) | (1,179,943) | ||
Net Assets | ||||
Beginning of period | 8,349,250 | 9,529,193 | ||
End of period | $ | 7,168,646 | $ | 8,349,250 |
Fidelity® Value Fund |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.27 | $ | 15.72 | $ | 9.57 | $ | 10.59 | $ | 11.15 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .13 | .17 | .12 | .12 | .14 | |||||
Net realized and unrealized gain (loss) | - C | (1.18) | 6.15 | (.77) | .71 | |||||
Total from investment operations | .13 | (1.01) | 6.27 | (.65) | .85 | |||||
Distributions from net investment income | (.09) | (.20) | (.12) | (.14) D | (.12) | |||||
Distributions from net realized gain | (.80) | (1.24) | - | (.23) D | (1.29) | |||||
Total distributions | (.88) E | (1.44) | (.12) | (.37) | (1.41) | |||||
Net asset value, end of period | $ | 12.52 | $ | 13.27 | $ | 15.72 | $ | 9.57 | $ | 10.59 |
Total Return F | .97% | (6.80)% | 65.91% | (6.52)% | 9.31% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .87% | .83% | .79% | .57% | .58% | |||||
Expenses net of fee waivers, if any | .87% | .83% | .79% | .57% | .58% | |||||
Expenses net of all reductions | .87% | .83% | .79% | .55% | .58% | |||||
Net investment income (loss) | .99% | 1.18% | .82% | 1.30% | 1.38% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 6,539 | $ | 7,190 | $ | 8,361 | $ | 4,760 | $ | 6,112 |
Portfolio turnover rate I | 69% | 74% | 77% | 90% | 75% |
Fidelity® Value Fund Class K |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.30 | $ | 15.74 | $ | 9.59 | $ | 10.60 | $ | 11.16 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .14 | .18 | .13 | .13 | .15 | |||||
Net realized and unrealized gain (loss) | - C | (1.17) | 6.15 | (.76) | .72 | |||||
Total from investment operations | .14 | (.99) | 6.28 | (.63) | .87 | |||||
Distributions from net investment income | (.10) | (.21) | (.13) | (.15) D | (.13) | |||||
Distributions from net realized gain | (.80) | (1.24) | - | (.23) D | (1.29) | |||||
Total distributions | (.90) | (1.45) | (.13) | (.38) | (1.43) E | |||||
Net asset value, end of period | $ | 12.54 | $ | 13.30 | $ | 15.74 | $ | 9.59 | $ | 10.60 |
Total Return F | .99% | (6.63)% | 65.90% | (6.33)% | 9.43% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .79% | .75% | .71% | .47% | .49% | |||||
Expenses net of fee waivers, if any | .78% | .74% | .71% | .47% | .49% | |||||
Expenses net of all reductions | .78% | .74% | .71% | .45% | .48% | |||||
Net investment income (loss) | 1.07% | 1.27% | .91% | 1.40% | 1.48% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 630 | $ | 1,160 | $ | 1,168 | $ | 493 | $ | 740 |
Portfolio turnover rate I | 69% | 74% | 77% | 90% | 75% |
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% |
Fidelity Value Fund | $402 |
Gross unrealized appreciation | $1,339,899 |
Gross unrealized depreciation | (616,040) |
Net unrealized appreciation (depreciation) | $723,859 |
Tax Cost | $6,630,750 |
Undistributed ordinary income | $64,417 |
Undistributed long-term capital gain | $227,015 |
Net unrealized appreciation (depreciation) on securities and other investments | $723,812 |
October 31, 2023 | October 31, 2022 | |
Ordinary Income | $55,150 | $ 358,482 |
Long-term Capital Gains | 495,712 | 512,950 |
Total | $550,862 | $ 871,432 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Value Fund | 5,501,573 | 6,662,176 |
Amount | % of Class-Level Average Net Assets | |
Value | $9,225 | .13 |
Class K | 373 | .04 |
$9,598 |
% of Class-Level Average Net Assets | |
Value | 0.1269% |
% of Average Net Assets | |
Fidelity Value Fund | .01 |
% of Average Net Assets | |
Fidelity Value Fund | 0.0134% |
Amount | |
Fidelity Value Fund | $ 215 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Value Fund | Borrower | $ 65,776 | 5.07% | $56 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Value Fund | 365,019 | 495,540 | 27,053 |
Amount | |
Fidelity Value Fund | $15 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Value Fund | $109 | $71 | $- |
Year ended October 31, 2023 | Year ended October 31, 2022 | |
Fidelity Value Fund | ||
Distributions to shareholders | ||
Value | $473,295 | $764,386 |
Class K | 77,567 | 107,046 |
Total | $550,862 | $871,432 |
Shares | Shares | Dollars | Dollars | |
Year ended October 31, 2023 | Year ended October 31, 2022 | Year ended October 31, 2023 | Year ended October 31, 2022 | |
Fidelity Value Fund | ||||
Value | ||||
Shares sold | 25,663 | 66,565 | $340,386 | $955,112 |
Reinvestment of distributions | 34,449 | 50,898 | 434,054 | 704,841 |
Shares redeemed | (79,290) | (107,837) | (1,032,323) | (1,496,833) |
Net increase (decrease) | (19,178) | 9,626 | $(257,883) | $163,120 |
Class K | ||||
Shares sold | 11,753 | 27,089 | $155,225 | $383,456 |
Reinvestment of distributions | 6,151 | 7,724 | 77,567 | 107,046 |
Shares redeemed | (54,898) | (21,814) | (695,186) | (306,902) |
Net increase (decrease) | (36,994) | 12,999 | $(462,394) | $183,600 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Value Fund | ||||||||||
Fidelity® Value Fund | .88% | |||||||||
Actual | $ 1,000 | $ 988.20 | $ 4.41 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.77 | $ 4.48 | |||||||
Class K | .79% | |||||||||
Actual | $ 1,000 | $ 988.20 | $ 3.96 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.22 | $ 4.02 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended October 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | -8.34% | 6.39% | 6.74% |
Class M (incl. 3.50% sales charge) | -6.40% | 6.59% | 6.66% |
Class C (incl. contingent deferred sales charge) | -4.48% | 6.80% | 6.68% |
Fidelity® Stock Selector Small Cap Fund | -2.48% | 7.97% | 7.68% |
Class I | -2.50% | 7.96% | 7.68% |
Class Z | -2.34% | 8.11% | 7.78% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Stock Selector Small Cap Fund, a class of the fund, on October 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Fabrinet | 1.5 | |
Murphy U.S.A., Inc. | 1.4 | |
Northern Oil & Gas, Inc. | 1.3 | |
SPX Technologies, Inc. | 1.3 | |
Championx Corp. | 1.3 | |
Insight Enterprises, Inc. | 1.2 | |
Academy Sports & Outdoors, Inc. | 1.2 | |
TechnipFMC PLC | 1.2 | |
EMCOR Group, Inc. | 1.2 | |
Liberty Oilfield Services, Inc. Class A | 1.2 | |
12.8 | ||
Market Sectors (% of Fund's net assets) | ||
Industrials | 19.9 | |
Financials | 14.6 | |
Information Technology | 14.2 | |
Health Care | 13.8 | |
Consumer Discretionary | 11.6 | |
Energy | 7.8 | |
Materials | 5.5 | |
Real Estate | 3.8 | |
Consumer Staples | 3.6 | |
Utilities | 1.7 | |
Communication Services | 1.3 | |
Asset Allocation (% of Fund's net assets) |
Futures - 0.4% |
Common Stocks - 97.7% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 1.3% | |||
Diversified Telecommunication Services - 0.2% | |||
Cogent Communications Group, Inc. | 78,300 | 5,088 | |
Entertainment - 0.3% | |||
Vivid Seats, Inc. Class A (a)(b) | 1,010,667 | 5,943 | |
Interactive Media & Services - 0.3% | |||
Ziff Davis, Inc. (a) | 91,500 | 5,532 | |
Media - 0.4% | |||
TechTarget, Inc. (a) | 155,398 | 3,913 | |
Thryv Holdings, Inc. (a) | 274,100 | 4,778 | |
8,691 | |||
Wireless Telecommunication Services - 0.1% | |||
Gogo, Inc. (a) | 257,900 | 2,708 | |
TOTAL COMMUNICATION SERVICES | 27,962 | ||
CONSUMER DISCRETIONARY - 11.6% | |||
Automobile Components - 2.1% | |||
Adient PLC (a) | 314,100 | 10,582 | |
Fox Factory Holding Corp. (a) | 172,967 | 14,092 | |
LCI Industries (b) | 106,400 | 11,543 | |
Patrick Industries, Inc. | 124,500 | 9,356 | |
45,573 | |||
Diversified Consumer Services - 0.5% | |||
Laureate Education, Inc. Class A | 816,000 | 11,538 | |
Hotels, Restaurants & Leisure - 1.2% | |||
Bloomin' Brands, Inc. | 132,199 | 3,086 | |
Brinker International, Inc. (a) | 150,200 | 5,095 | |
Churchill Downs, Inc. | 102,700 | 11,281 | |
Hilton Grand Vacations, Inc. (a) | 186,200 | 6,694 | |
26,156 | |||
Household Durables - 2.2% | |||
Green Brick Partners, Inc. (a) | 181,806 | 7,036 | |
M.D.C. Holdings, Inc. | 175,004 | 6,641 | |
SharkNinja Hong Kong Co. Ltd. (b) | 256,800 | 10,724 | |
Skyline Champion Corp. (a) | 308,000 | 18,058 | |
Tempur Sealy International, Inc. | 165,300 | 6,600 | |
49,059 | |||
Leisure Products - 0.5% | |||
Acushnet Holdings Corp. (b) | 137,400 | 7,002 | |
Clarus Corp. | 603,561 | 3,495 | |
Games Workshop Group PLC | 9,486 | 1,139 | |
11,636 | |||
Specialty Retail - 3.3% | |||
Academy Sports & Outdoors, Inc. | 613,600 | 27,514 | |
Dick's Sporting Goods, Inc. | 93,800 | 10,032 | |
Murphy U.S.A., Inc. | 83,450 | 30,266 | |
Upbound Group, Inc. | 176,400 | 4,597 | |
72,409 | |||
Textiles, Apparel & Luxury Goods - 1.8% | |||
Crocs, Inc. (a) | 107,600 | 9,611 | |
Deckers Outdoor Corp. (a) | 25,100 | 14,986 | |
Kontoor Brands, Inc. | 325,400 | 15,115 | |
39,712 | |||
TOTAL CONSUMER DISCRETIONARY | 256,083 | ||
CONSUMER STAPLES - 3.6% | |||
Beverages - 0.5% | |||
Primo Water Corp. | 872,400 | 11,394 | |
Consumer Staples Distribution & Retail - 1.5% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 183,500 | 12,500 | |
Performance Food Group Co. (a) | 180,500 | 10,426 | |
Sprouts Farmers Market LLC (a) | 227,700 | 9,568 | |
32,494 | |||
Food Products - 1.0% | |||
Nomad Foods Ltd. (a) | 1,053,377 | 14,558 | |
The Simply Good Foods Co. (a) | 225,300 | 8,401 | |
22,959 | |||
Personal Care Products - 0.6% | |||
BellRing Brands, Inc. (a) | 278,300 | 12,170 | |
TOTAL CONSUMER STAPLES | 79,017 | ||
ENERGY - 7.8% | |||
Energy Equipment & Services - 4.8% | |||
Cactus, Inc. | 246,900 | 11,589 | |
Championx Corp. | 908,213 | 27,973 | |
Liberty Oilfield Services, Inc. Class A | 1,286,378 | 25,342 | |
TechnipFMC PLC | 1,264,900 | 27,221 | |
Valaris Ltd. (a) | 205,800 | 13,591 | |
105,716 | |||
Oil, Gas & Consumable Fuels - 3.0% | |||
Antero Resources Corp. (a) | 682,988 | 20,107 | |
Chord Energy Corp. | 64,200 | 10,614 | |
HF Sinclair Corp. | 127,100 | 7,039 | |
Northern Oil & Gas, Inc. (b) | 771,722 | 29,588 | |
67,348 | |||
TOTAL ENERGY | 173,064 | ||
FINANCIALS - 14.6% | |||
Banks - 6.9% | |||
ConnectOne Bancorp, Inc. | 252,424 | 4,112 | |
East West Bancorp, Inc. | 132,600 | 7,110 | |
First Bancorp, Puerto Rico (b) | 1,769,100 | 23,617 | |
First Interstate Bancsystem, Inc. | 201,800 | 4,656 | |
Glacier Bancorp, Inc. (b) | 227,700 | 6,874 | |
Independent Bank Group, Inc. | 291,600 | 10,308 | |
Metropolitan Bank Holding Corp. (a) | 117,434 | 3,806 | |
Pathward Financial, Inc. | 264,200 | 11,966 | |
Pinnacle Financial Partners, Inc. | 165,100 | 10,296 | |
Synovus Financial Corp. | 809,900 | 21,114 | |
Trico Bancshares | 368,826 | 11,932 | |
United Community Bank, Inc. | 797,200 | 17,610 | |
Webster Financial Corp. | 213,764 | 8,117 | |
Western Alliance Bancorp. | 234,900 | 9,654 | |
151,172 | |||
Capital Markets - 2.7% | |||
Houlihan Lokey | 237,982 | 23,922 | |
Lazard Ltd. Class A | 422,400 | 11,730 | |
LPL Financial | 23,600 | 5,299 | |
TMX Group Ltd. | 935,600 | 19,484 | |
60,435 | |||
Consumer Finance - 0.8% | |||
FirstCash Holdings, Inc. | 153,300 | 16,697 | |
Financial Services - 1.4% | |||
Essent Group Ltd. | 510,300 | 24,107 | |
Walker & Dunlop, Inc. | 106,100 | 6,875 | |
30,982 | |||
Insurance - 2.8% | |||
Assurant, Inc. | 31,300 | 4,661 | |
First American Financial Corp. | 189,100 | 9,727 | |
Genworth Financial, Inc. Class A (a) | 1,688,500 | 10,114 | |
Primerica, Inc. | 119,000 | 22,748 | |
Selective Insurance Group, Inc. | 143,570 | 14,947 | |
62,197 | |||
TOTAL FINANCIALS | 321,483 | ||
HEALTH CARE - 13.7% | |||
Biotechnology - 6.7% | |||
Acelyrin, Inc. (b) | 331,500 | 3,376 | |
Acelyrin, Inc. | 89,619 | 904 | |
Acelyrin, Inc. rights (a)(c) | 10,889 | 104 | |
Allogene Therapeutics, Inc. (a) | 715,105 | 2,017 | |
ALX Oncology Holdings, Inc. (a) | 416,500 | 2,999 | |
Arcellx, Inc. (a) | 157,900 | 5,566 | |
Argenx SE ADR (a) | 22,631 | 10,627 | |
Arrowhead Pharmaceuticals, Inc. (a) | 244,400 | 6,010 | |
Ascendis Pharma A/S sponsored ADR (a) | 32,406 | 2,894 | |
Astria Therapeutics, Inc. (a) | 522,411 | 2,607 | |
Astria Therapeutics, Inc. warrants (a)(c) | 95,634 | 0 | |
Celldex Therapeutics, Inc. (a) | 142,100 | 3,342 | |
Cerevel Therapeutics Holdings (a) | 197,100 | 4,661 | |
Cogent Biosciences, Inc. (a) | 500,200 | 4,082 | |
Crinetics Pharmaceuticals, Inc. (a) | 156,500 | 4,584 | |
Cytokinetics, Inc. (a) | 303,055 | 10,564 | |
Dianthus Therapeutics, Inc. (a) | 92,121 | 1,105 | |
Dianthus Therapeutics, Inc. (d) | 55,800 | 636 | |
Icosavax, Inc. (a) | 640,820 | 3,941 | |
Janux Therapeutics, Inc. (a)(b) | 246,228 | 1,581 | |
Karuna Therapeutics, Inc. (a) | 33,623 | 5,602 | |
Keros Therapeutics, Inc. (a) | 187,700 | 5,357 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 38,200 | 5,019 | |
Moonlake Immunotherapeutics (a)(b) | 100,900 | 5,228 | |
Morphic Holding, Inc. (a) | 143,038 | 2,854 | |
Nuvalent, Inc. Class A (a) | 74,200 | 3,865 | |
ORIC Pharmaceuticals, Inc. (a)(b) | 413,000 | 2,767 | |
PepGen, Inc. (a) | 202,863 | 1,039 | |
PTC Therapeutics, Inc. (a) | 122,975 | 2,306 | |
Scholar Rock Holding Corp. warrants 12/31/25 (a)(d) | 7,350 | 43 | |
Tango Therapeutics, Inc. (a)(b) | 85,524 | 718 | |
Tango Therapeutics, Inc. (d) | 387,835 | 3,258 | |
Tyra Biosciences, Inc. (a)(b) | 411,843 | 4,777 | |
Vaxcyte, Inc. (a) | 201,871 | 9,710 | |
Verve Therapeutics, Inc. (a)(b) | 290,530 | 3,498 | |
Viking Therapeutics, Inc. (a) | 327,200 | 3,210 | |
Viridian Therapeutics, Inc. (d) | 273,827 | 3,081 | |
Xenon Pharmaceuticals, Inc. (a) | 242,071 | 7,504 | |
Zentalis Pharmaceuticals, Inc. (a)(b) | 385,805 | 6,312 | |
147,748 | |||
Health Care Equipment & Supplies - 2.8% | |||
Axonics Modulation Technologies, Inc. (a) | 128,000 | 6,555 | |
Haemonetics Corp. (a) | 177,864 | 15,159 | |
Inspire Medical Systems, Inc. (a) | 35,628 | 5,243 | |
Integer Holdings Corp. (a) | 142,000 | 11,526 | |
Lantheus Holdings, Inc. (a) | 139,800 | 9,031 | |
Shockwave Medical, Inc. (a) | 36,100 | 7,446 | |
TransMedics Group, Inc. (a) | 208,507 | 7,815 | |
62,775 | |||
Health Care Providers & Services - 2.5% | |||
Acadia Healthcare Co., Inc. (a) | 162,851 | 11,971 | |
agilon health, Inc. (a) | 489,901 | 8,818 | |
Molina Healthcare, Inc. (a) | 36,249 | 12,069 | |
Privia Health Group, Inc. (a) | 295,600 | 6,214 | |
R1 RCM, Inc. (a)(b) | 405,956 | 4,786 | |
Surgery Partners, Inc. (a) | 282,054 | 6,524 | |
Tenet Healthcare Corp. (a) | 68,960 | 3,703 | |
54,085 | |||
Health Care Technology - 0.2% | |||
Evolent Health, Inc. (a) | 200,977 | 4,910 | |
Life Sciences Tools & Services - 0.2% | |||
10X Genomics, Inc. (a) | 116,090 | 4,096 | |
Pharmaceuticals - 1.3% | |||
Amylyx Pharmaceuticals, Inc. (a) | 188,600 | 3,076 | |
Axsome Therapeutics, Inc. (a)(b) | 88,752 | 5,527 | |
CymaBay Therapeutics, Inc. (a) | 223,400 | 3,659 | |
Edgewise Therapeutics, Inc. (a) | 673,845 | 4,313 | |
Enliven Therapeutics, Inc. (a)(b) | 203,608 | 2,523 | |
Ikena Oncology, Inc. (a) | 313,000 | 1,261 | |
Structure Therapeutics, Inc. ADR | 64,600 | 4,800 | |
Ventyx Biosciences, Inc. (a) | 296,460 | 4,275 | |
29,434 | |||
TOTAL HEALTH CARE | 303,048 | ||
INDUSTRIALS - 19.9% | |||
Aerospace & Defense - 0.3% | |||
V2X, Inc. (a) | 136,200 | 6,956 | |
Building Products - 1.4% | |||
Masonite International Corp. (a) | 74,400 | 5,888 | |
Simpson Manufacturing Co. Ltd. | 184,610 | 24,586 | |
30,474 | |||
Commercial Services & Supplies - 0.7% | |||
The Brink's Co. | 137,900 | 9,220 | |
Vestis Corp. | 349,300 | 5,341 | |
14,561 | |||
Construction & Engineering - 4.9% | |||
Comfort Systems U.S.A., Inc. | 101,876 | 18,526 | |
Construction Partners, Inc. Class A (a) | 267,900 | 10,301 | |
Dycom Industries, Inc. (a) | 92,000 | 7,837 | |
EMCOR Group, Inc. | 131,540 | 27,183 | |
Granite Construction, Inc. | 455,400 | 18,435 | |
IES Holdings, Inc. (a) | 297,115 | 18,489 | |
Sterling Construction Co., Inc. (a) | 108,500 | 7,904 | |
108,675 | |||
Electrical Equipment - 1.8% | |||
Atkore, Inc. (a) | 193,370 | 24,032 | |
Fluence Energy, Inc. (a)(b) | 195,100 | 3,379 | |
Thermon Group Holdings, Inc. (a) | 452,855 | 12,087 | |
39,498 | |||
Machinery - 4.6% | |||
Astec Industries, Inc. | 161,000 | 6,446 | |
Federal Signal Corp. | 416,500 | 24,174 | |
ITT, Inc. | 58,520 | 5,463 | |
Kadant, Inc. | 43,300 | 9,526 | |
SPX Technologies, Inc. (a) | 358,600 | 28,731 | |
Terex Corp. | 402,000 | 18,412 | |
Timken Co. | 139,600 | 9,649 | |
102,401 | |||
Professional Services - 3.3% | |||
ASGN, Inc. (a) | 125,400 | 10,466 | |
CACI International, Inc. Class A (a) | 24,600 | 7,989 | |
CRA International, Inc. | 78,200 | 7,594 | |
ExlService Holdings, Inc. (a) | 676,555 | 17,665 | |
FTI Consulting, Inc. (a) | 25,800 | 5,476 | |
KBR, Inc. | 166,300 | 9,670 | |
NV5 Global, Inc. (a) | 62,200 | 5,869 | |
WNS Holdings Ltd. sponsored ADR (a) | 144,550 | 7,852 | |
72,581 | |||
Trading Companies & Distributors - 2.9% | |||
Applied Industrial Technologies, Inc. | 71,500 | 10,976 | |
Beacon Roofing Supply, Inc. (a) | 151,800 | 10,804 | |
Finning International, Inc. | 189,000 | 5,065 | |
FTAI Aviation Ltd. | 238,600 | 8,974 | |
GMS, Inc. (a) | 125,200 | 7,322 | |
Rush Enterprises, Inc. Class A | 601,932 | 21,417 | |
64,558 | |||
TOTAL INDUSTRIALS | 439,704 | ||
INFORMATION TECHNOLOGY - 14.2% | |||
Communications Equipment - 0.4% | |||
Extreme Networks, Inc. (a) | 447,000 | 9,217 | |
Electronic Equipment, Instruments & Components - 5.1% | |||
Advanced Energy Industries, Inc. | 278,300 | 24,284 | |
Fabrinet (a) | 210,240 | 32,581 | |
Insight Enterprises, Inc. (a) | 193,185 | 27,683 | |
Napco Security Technologies, Inc. | 138,300 | 2,541 | |
Sanmina Corp. (a) | 164,900 | 8,388 | |
TD SYNNEX Corp. | 183,100 | 16,787 | |
112,264 | |||
IT Services - 1.2% | |||
Endava PLC ADR (a) | 199,400 | 10,002 | |
Fastly, Inc. Class A (a) | 664,700 | 9,751 | |
Perficient, Inc. (a) | 110,700 | 6,442 | |
26,195 | |||
Semiconductors & Semiconductor Equipment - 2.6% | |||
Allegro MicroSystems LLC (a) | 166,600 | 4,325 | |
Axcelis Technologies, Inc. (a) | 27,900 | 3,557 | |
Diodes, Inc. (a) | 98,000 | 6,378 | |
MACOM Technology Solutions Holdings, Inc. (a) | 275,200 | 19,413 | |
Onto Innovation, Inc. (a) | 141,250 | 15,872 | |
Synaptics, Inc. (a) | 88,800 | 7,429 | |
56,974 | |||
Software - 4.6% | |||
Five9, Inc. (a) | 59,800 | 3,461 | |
Intapp, Inc. (a) | 296,948 | 10,156 | |
Manhattan Associates, Inc. (a) | 53,000 | 10,334 | |
Progress Software Corp. | 124,900 | 6,417 | |
PROS Holdings, Inc. (a) | 523,700 | 16,313 | |
Qualys, Inc. (a) | 48,300 | 7,387 | |
Rapid7, Inc. (a) | 90,300 | 4,198 | |
SPS Commerce, Inc. (a) | 129,700 | 20,796 | |
Tenable Holdings, Inc. (a) | 523,300 | 22,036 | |
101,098 | |||
Technology Hardware, Storage & Peripherals - 0.3% | |||
Avid Technology, Inc. (a) | 270,569 | 7,311 | |
TOTAL INFORMATION TECHNOLOGY | 313,059 | ||
MATERIALS - 5.5% | |||
Chemicals - 1.1% | |||
Element Solutions, Inc. | 760,800 | 13,869 | |
The Chemours Co. LLC | 228,000 | 5,497 | |
Tronox Holdings PLC | 517,029 | 5,527 | |
24,893 | |||
Construction Materials - 1.0% | |||
Eagle Materials, Inc. | 141,000 | 21,701 | |
Containers & Packaging - 0.4% | |||
O-I Glass, Inc. (a) | 616,000 | 9,517 | |
Metals & Mining - 2.4% | |||
Commercial Metals Co. | 563,700 | 23,839 | |
Constellium NV (a) | 1,296,700 | 20,488 | |
Lundin Mining Corp. | 1,457,900 | 9,104 | |
53,431 | |||
Paper & Forest Products - 0.6% | |||
Louisiana-Pacific Corp. | 124,100 | 6,364 | |
Sylvamo Corp. | 133,900 | 5,932 | |
12,296 | |||
TOTAL MATERIALS | 121,838 | ||
REAL ESTATE - 3.8% | |||
Equity Real Estate Investment Trusts (REITs) - 2.6% | |||
EastGroup Properties, Inc. | 59,400 | 9,697 | |
Elme Communities (SBI) | 772,200 | 9,853 | |
Essential Properties Realty Trust, Inc. | 942,900 | 20,697 | |
Lamar Advertising Co. Class A | 134,100 | 11,032 | |
Terreno Realty Corp. | 123,410 | 6,575 | |
57,854 | |||
Real Estate Management & Development - 1.2% | |||
Colliers International Group, Inc. | 128,700 | 11,667 | |
Jones Lang LaSalle, Inc. (a) | 74,200 | 9,492 | |
Marcus & Millichap, Inc. | 188,238 | 5,402 | |
26,561 | |||
TOTAL REAL ESTATE | 84,415 | ||
UTILITIES - 1.7% | |||
Gas Utilities - 1.7% | |||
Brookfield Infrastructure Corp. A Shares | 727,400 | 18,738 | |
ONE Gas, Inc. (b) | 176,178 | 10,641 | |
Southwest Gas Holdings, Inc. (b) | 122,600 | 7,186 | |
36,565 | |||
TOTAL COMMON STOCKS (Cost $1,935,757) | 2,156,238 | ||
Convertible Preferred Stocks - 0.1% | |||
Shares | Value ($) (000s) | ||
HEALTH CARE - 0.1% | |||
Health Care Providers & Services - 0.1% | |||
Boundless Bio, Inc. Series C (c)(d) (Cost $1,561) | 2,229,367 | 1,405 | |
Money Market Funds - 5.5% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.40% (e) | 47,818,059 | 47,828 | |
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f) | 73,100,373 | 73,108 | |
TOTAL MONEY MARKET FUNDS (Cost $120,935) | 120,936 | ||
TOTAL INVESTMENT IN SECURITIES - 103.3% (Cost $2,058,253) | 2,278,579 |
NET OTHER ASSETS (LIABILITIES) - (3.3)% | (72,026) |
NET ASSETS - 100.0% | 2,206,553 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) (000s) | Value ($) (000s) | Unrealized Appreciation/ (Depreciation) ($) (000s) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 115 | Dec 2023 | 9,593 | (759) | (759) |
The notional amount of futures purchased as a percentage of Net Assets is 0.4% |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Level 3 security |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,423,000 or 0.4% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Boundless Bio, Inc. Series C | 4/05/23 | 1,561 |
Dianthus Therapeutics, Inc. | 5/03/23 | 1,303 |
Scholar Rock Holding Corp. warrants 12/31/25 | 6/17/22 | 0 |
Tango Therapeutics, Inc. | 8/09/23 | 1,997 |
Viridian Therapeutics, Inc. | 10/30/23 | 3,390 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 34,195 | 1,165,438 | 1,151,806 | 2,332 | - | 1 | 47,828 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.40% | 57,129 | 849,683 | 833,704 | 245 | - | - | 73,108 | 0.3% |
Total | 91,324 | 2,015,121 | 1,985,510 | 2,577 | - | 1 | 120,936 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 27,962 | 27,962 | - | - |
Consumer Discretionary | 256,083 | 256,083 | - | - |
Consumer Staples | 79,017 | 79,017 | - | - |
Energy | 173,064 | 173,064 | - | - |
Financials | 321,483 | 321,483 | - | - |
Health Care | 304,453 | 298,280 | 4,664 | 1,509 |
Industrials | 439,704 | 439,704 | - | - |
Information Technology | 313,059 | 313,059 | - | - |
Materials | 121,838 | 121,838 | - | - |
Real Estate | 84,415 | 84,415 | - | - |
Utilities | 36,565 | 36,565 | - | - |
Money Market Funds | 120,936 | 120,936 | - | - |
Total Investments in Securities: | 2,278,579 | 2,272,406 | 4,664 | 1,509 |
Derivative Instruments: Liabilities | ||||
Futures Contracts | (759) | (759) | - | - |
Total Liabilities | (759) | (759) | - | - |
Total Derivative Instruments: | (759) | (759) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
(Amounts in thousands) | Asset ($) | Liability ($) |
Equity Risk | ||
Futures Contracts (a) | 0 | (759) |
Total Equity Risk | 0 | (759) |
Total Value of Derivatives | 0 | (759) |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | October 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $73,183) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,937,318) | $ | 2,157,643 | ||
Fidelity Central Funds (cost $120,935) | 120,936 | |||
Total Investment in Securities (cost $2,058,253) | $ | 2,278,579 | ||
Segregated cash with brokers for derivative instruments | 713 | |||
Receivable for investments sold | 8,321 | |||
Receivable for fund shares sold | 2,605 | |||
Dividends receivable | 179 | |||
Distributions receivable from Fidelity Central Funds | 219 | |||
Receivable for daily variation margin on futures contracts | 85 | |||
Prepaid expenses | 3 | |||
Total assets | 2,290,704 | |||
Liabilities | ||||
Payable for investments purchased | $ | 7,006 | ||
Payable for fund shares redeemed | 2,146 | |||
Accrued management fee | 1,427 | |||
Distribution and service plan fees payable | 45 | |||
Other affiliated payables | 368 | |||
Other payables and accrued expenses | 57 | |||
Collateral on securities loaned | 73,102 | |||
Total Liabilities | 84,151 | |||
Net Assets | $ | 2,206,553 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,020,194 | ||
Total accumulated earnings (loss) | 186,359 | |||
Net Assets | $ | 2,206,553 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($109,397 ÷ 4,092 shares)(a) | $ | 26.73 | ||
Maximum offering price per share (100/94.25 of $26.73) | $ | 28.36 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($14,476 ÷ 568 shares)(a)(b) | $ | 25.48 | ||
Maximum offering price per share (100/96.50 of $25.48) | $ | 26.40 | ||
Class C : | ||||
Net Asset Value and offering price per share ($18,420 ÷ 798 shares)(a)(b) | $ | 23.07 | ||
Stock Selector Small Cap : | ||||
Net Asset Value, offering price and redemption price per share ($1,283,486 ÷ 46,265 shares) | $ | 27.74 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($471,072 ÷ 16,870 shares) | $ | 27.92 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($309,702 ÷ 11,101 shares) | $ | 27.90 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | ||||
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
Statement of Operations | ||||
Amounts in thousands | Year ended October 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 23,228 | ||
Interest | 21 | |||
Income from Fidelity Central Funds (including $245 from security lending) | 2,577 | |||
Total Income | 25,826 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 12,597 | ||
Performance adjustment | 3,756 | |||
Transfer agent fees | 3,503 | |||
Distribution and service plan fees | 530 | |||
Accounting fees | 583 | |||
Custodian fees and expenses | 45 | |||
Independent trustees' fees and expenses | 12 | |||
Registration fees | 200 | |||
Audit | 56 | |||
Legal | 5 | |||
Miscellaneous | 9 | |||
Total expenses before reductions | 21,296 | |||
Expense reductions | (135) | |||
Total expenses after reductions | 21,161 | |||
Net Investment income (loss) | 4,665 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (11,819) | |||
Foreign currency transactions | (5) | |||
Futures contracts | (58) | |||
Total net realized gain (loss) | (11,882) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (62,654) | |||
Fidelity Central Funds | 1 | |||
Assets and liabilities in foreign currencies | 1 | |||
Futures contracts | (1,091) | |||
Total change in net unrealized appreciation (depreciation) | (63,743) | |||
Net gain (loss) | (75,625) | |||
Net increase (decrease) in net assets resulting from operations | $ | (70,960) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended October 31, 2023 | Year ended October 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,665 | $ | 3,431 |
Net realized gain (loss) | (11,882) | (20,104) | ||
Change in net unrealized appreciation (depreciation) | (63,743) | (379,385) | ||
Net increase (decrease) in net assets resulting from operations | (70,960) | (396,058) | ||
Distributions to shareholders | (2,386) | (226,161) | ||
Share transactions - net increase (decrease) | 289,717 | 339,216 | ||
Total increase (decrease) in net assets | 216,371 | (283,003) | ||
Net Assets | ||||
Beginning of period | 1,990,182 | 2,273,185 | ||
End of period | $ | 2,206,553 | $ | 1,990,182 |
Fidelity Advisor® Stock Selector Small Cap Fund Class A |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 27.51 | $ | 36.93 | $ | 24.09 | $ | 23.82 | $ | 25.94 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.01) | (.03) C | (.15) | (.07) | .01 | |||||
Net realized and unrealized gain (loss) | (.75) | (5.76) | 13.42 | .83 | 2.30 | |||||
Total from investment operations | (.76) | (5.79) | 13.27 | .76 | 2.31 | |||||
Distributions from net investment income | (.02) | - | - | (.02) D | (.01) | |||||
Distributions from net realized gain | - | (3.63) | (.43) | (.47) D | (4.42) | |||||
Total distributions | (.02) | (3.63) | (.43) | (.49) | (4.43) | |||||
Net asset value, end of period | $ | 26.73 | $ | 27.51 | $ | 36.93 | $ | 24.09 | $ | 23.82 |
Total Return E,F | (2.75)% | (16.94)% | 55.62% | 3.15% | 11.55% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.23% | 1.21% | 1.19% | 1.32% | 1.04% | |||||
Expenses net of fee waivers, if any | 1.23% | 1.21% | 1.19% | 1.32% | 1.04% | |||||
Expenses net of all reductions | 1.23% | 1.21% | 1.19% | 1.31% | 1.04% | |||||
Net investment income (loss) | (.05)% | (.10)% C | (.45)% | (.29)% | .06% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 109 | $ | 99 | $ | 108 | $ | 52 | $ | 37 |
Portfolio turnover rate I | 38% | 38% | 59% | 70% | 56% J |
Fidelity Advisor® Stock Selector Small Cap Fund Class M |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 26.28 | $ | 35.46 | $ | 23.20 | $ | 23.00 | $ | 25.21 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.09) | (.10) C | (.23) | (.13) | (.05) | |||||
Net realized and unrealized gain (loss) | (.70) | (5.53) | 12.92 | .80 | 2.21 | |||||
Total from investment operations | (.79) | (5.63) | 12.69 | .67 | 2.16 | |||||
Distributions from net investment income | (.01) | - | - | - | - | |||||
Distributions from net realized gain | - | (3.55) | (.43) | (.46) D | (4.37) | |||||
Total distributions | (.01) | (3.55) | (.43) | (.46) | (4.37) | |||||
Net asset value, end of period | $ | 25.48 | $ | 26.28 | $ | 35.46 | $ | 23.20 | $ | 23.00 |
Total Return E,F | (3.01)% | (17.19)% | 55.24% | 2.83% | 11.20% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.51% | 1.48% | 1.46% | 1.61% | 1.35% | |||||
Expenses net of fee waivers, if any | 1.51% | 1.48% | 1.45% | 1.60% | 1.35% | |||||
Expenses net of all reductions | 1.50% | 1.48% | 1.45% | 1.60% | 1.35% | |||||
Net investment income (loss) | (.33)% | (.37)% C | (.71)% | (.58)% | (.24)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 14 | $ | 14 | $ | 17 | $ | 8 | $ | 7 |
Portfolio turnover rate I | 38% | 38% | 59% | 70% | 56% J |
Fidelity Advisor® Stock Selector Small Cap Fund Class C |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.91 | $ | 32.61 | $ | 21.48 | $ | 21.43 | $ | 23.79 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.20) | (.23) C | (.36) | (.23) | (.16) | |||||
Net realized and unrealized gain (loss) | (.64) | (5.05) | 11.92 | .75 | 2.06 | |||||
Total from investment operations | (.84) | (5.28) | 11.56 | .52 | 1.90 | |||||
Distributions from net realized gain | - | (3.42) | (.43) | (.46) D | (4.26) | |||||
Total distributions | - | (3.42) | (.43) | (.46) | (4.26) | |||||
Net asset value, end of period | $ | 23.07 | $ | 23.91 | $ | 32.61 | $ | 21.48 | $ | 21.43 |
Total Return E,F | (3.51)% | (17.61)% | 54.40% | 2.33% | 10.64% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 2.01% | 2.00% | 1.98% | 2.13% | 1.86% | |||||
Expenses net of fee waivers, if any | 2.00% | 1.99% | 1.97% | 2.13% | 1.86% | |||||
Expenses net of all reductions | 2.00% | 1.99% | 1.97% | 2.12% | 1.86% | |||||
Net investment income (loss) | (.83)% | (.88)% C | (1.23)% | (1.10)% | (.76)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 18 | $ | 16 | $ | 19 | $ | 8 | $ | 8 |
Portfolio turnover rate I | 38% | 38% | 59% | 70% | 56% J |
Fidelity® Stock Selector Small Cap Fund |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 28.48 | $ | 38.11 | $ | 24.77 | $ | 24.47 | $ | 26.50 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .07 | .06 C | (.05) | - D | .08 | |||||
Net realized and unrealized gain (loss) | (.77) | (5.96) | 13.82 | .84 | 2.36 | |||||
Total from investment operations | (.70) | (5.90) | 13.77 | .84 | 2.44 | |||||
Distributions from net investment income | (.04) | (.06) | - | (.07) E | (.06) | |||||
Distributions from net realized gain | - | (3.67) | (.43) | (.47) E | (4.42) | |||||
Total distributions | (.04) | (3.73) | (.43) | (.54) | (4.47) F | |||||
Net asset value, end of period | $ | 27.74 | $ | 28.48 | $ | 38.11 | $ | 24.77 | $ | 24.47 |
Total Return G | (2.48)% | (16.73)% | 56.11% | 3.42% | 11.90% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | .96% | .93% | .90% | 1.02% | .75% | |||||
Expenses net of fee waivers, if any | .95% | .93% | .90% | 1.02% | .75% | |||||
Expenses net of all reductions | .95% | .93% | .90% | 1.01% | .75% | |||||
Net investment income (loss) | .23% | .18% C | (.16)% | -% J | .36% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 1,283 | $ | 1,340 | $ | 1,654 | $ | 960 | $ | 938 |
Portfolio turnover rate K | 38% | 38% | 59% | 70% | 56% L |
Fidelity Advisor® Stock Selector Small Cap Fund Class I |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 28.67 | $ | 38.34 | $ | 24.93 | $ | 24.54 | $ | 26.57 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .06 | .05 C | (.06) | - D | .08 | |||||
Net realized and unrealized gain (loss) | (.78) | (5.99) | 13.90 | .86 | 2.37 | |||||
Total from investment operations | (.72) | (5.94) | 13.84 | .86 | 2.45 | |||||
Distributions from net investment income | (.03) | (.06) | - | - D,E | (.06) | |||||
Distributions from net realized gain | - | (3.67) | (.43) | (.47) E | (4.42) | |||||
Total distributions | (.03) | (3.73) | (.43) | (.47) | (4.48) | |||||
Net asset value, end of period | $ | 27.92 | $ | 28.67 | $ | 38.34 | $ | 24.93 | $ | 24.54 |
Total Return F | (2.50)% | (16.72)% | 56.03% | 3.49% | 11.87% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .98% | .94% | .92% | 1.01% | .76% | |||||
Expenses net of fee waivers, if any | .97% | .94% | .91% | 1.00% | .76% | |||||
Expenses net of all reductions | .97% | .94% | .91% | 1.00% | .75% | |||||
Net investment income (loss) | .21% | .17% C | (.17)% | .02% | .35% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 471 | $ | 296 | $ | 308 | $ | 79 | $ | 9 |
Portfolio turnover rate I | 38% | 38% | 59% | 70% | 56% J |
Fidelity Advisor® Stock Selector Small Cap Fund Class Z |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 28.61 | $ | 38.27 | $ | 24.85 | $ | 24.55 | $ | 26.59 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .11 | .09 C | (.02) | .03 | .12 | |||||
Net realized and unrealized gain (loss) | (.78) | (5.98) | 13.87 | .86 | 2.36 | |||||
Total from investment operations | (.67) | (5.89) | 13.85 | .89 | 2.48 | |||||
Distributions from net investment income | (.04) | (.11) | - | (.12) D | (.10) | |||||
Distributions from net realized gain | - | (3.67) | (.43) | (.47) D | (4.42) | |||||
Total distributions | (.04) | (3.77) E | (.43) | (.59) | (4.52) | |||||
Net asset value, end of period | $ | 27.90 | $ | 28.61 | $ | 38.27 | $ | 24.85 | $ | 24.55 |
Total Return F | (2.34)% | (16.62)% | 56.26% | 3.58% | 12.05% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .83% | .81% | .79% | .89% | .61% | |||||
Expenses net of fee waivers, if any | .82% | .81% | .79% | .88% | .61% | |||||
Expenses net of all reductions | .82% | .81% | .79% | .88% | .61% | |||||
Net investment income (loss) | .35% | .30% C | (.04)% | .14% | .49% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 310 | $ | 225 | $ | 167 | $ | 53 | $ | 30 |
Portfolio turnover rate I | 38% | 38% | 59% | 70% | 56% J |
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% |
Gross unrealized appreciation | $466,563 |
Gross unrealized depreciation | (252,140) |
Net unrealized appreciation (depreciation) | $214,423 |
Tax Cost | $2,064,156 |
Undistributed ordinary income | $1,603 |
Capital loss carryforward | $(29,667) |
Net unrealized appreciation (depreciation) on securities and other investments | $214,424 |
Short-term | $(29,667) |
October 31, 2023 | October 31, 2022 | |
Ordinary Income | $2,386 | $ 43,104 |
Long-term Capital Gains | - | 183,057 |
Total | $2,386 | $ 226,161 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Stock Selector Small Cap Fund | 1,107,675 | 827,842 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $273 | $14 |
Class M | .25% | .25% | 75 | - A |
Class C | .75% | .25% | 182 | 47 |
$530 | $61 |
Retained by FDC | |
Class A | $70 |
Class M | 3 |
Class CA | -B |
$73 |
Amount | % of Class-Level Average Net Assets | |
Class A | $212 | .19 |
Class M | 33 | .22 |
Class C | 41 | .22 |
Stock Selector Small Cap | 2,343 | .17 |
Class I | 762 | .19 |
Class Z | 112 | .04 |
$3,503 |
% of Class-Level Average Net Assets | |
Class A | 0.1897% |
Class M | 0.2000% |
Class C | 0.2000% |
Stock Selector Small Cap | 0.1658% |
Class I | 0.1859% |
% of Average Net Assets | |
Fidelity Stock Selector Small Cap Fund | .03 |
% of Average Net Assets | |
Fidelity Stock Selector Small Cap Fund | 0.0263% |
Amount | |
Fidelity Stock Selector Small Cap Fund | $28 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Stock Selector Small Cap Fund | 81,007 | 62,508 | 1,875 |
Amount | |
Fidelity Stock Selector Small Cap Fund | $4 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Stock Selector Small Cap Fund | $26 | $19 | $- |
Expense Reduction | |
Class M | -A |
Year ended October 31, 2023 | Year ended October 31, 2022 | |
Fidelity Stock Selector Small Cap Fund | ||
Distributions to shareholders | ||
Class A | $ 84 | $10,910 |
Class M | 5 | 1,718 |
Class C | - | 2,017 |
Stock Selector Small Cap | 1,630 | 163,524 |
Class I | 342 | 30,970 |
Class Z | 325 | 17,022 |
Total | $2,386 | $226,161 |
Shares | Shares | Dollars | Dollars | |
Year ended October 31, 2023 | Year ended October 31, 2022 | Year ended October 31, 2023 | Year ended October 31, 2022 | |
Fidelity Stock Selector Small Cap Fund | ||||
Class A | ||||
Shares sold | 1,193 | 1,133 | $34,158 | $34,122 |
Reinvestment of distributions | 3 | 335 | 84 | 10,563 |
Shares redeemed | (700) | (787) | (19,837) | (22,689) |
Net increase (decrease) | 496 | 681 | $14,405 | $21,996 |
Class M | ||||
Shares sold | 110 | 105 | $3,004 | $3,024 |
Reinvestment of distributions | - | 57 | 5 | 1,718 |
Shares redeemed | (83) | (101) | (2,280) | (2,857) |
Net increase (decrease) | 27 | 61 | $729 | $1,885 |
Class C | ||||
Shares sold | 299 | 188 | $7,405 | $4,875 |
Reinvestment of distributions | - | 73 | - | 2,015 |
Shares redeemed | (156) | (186) | (3,844) | (4,677) |
Net increase (decrease) | 143 | 75 | $3,561 | $2,213 |
Stock Selector Small Cap | ||||
Shares sold | 7,397 | 8,023 | $219,149 | $252,902 |
Reinvestment of distributions | 54 | 4,730 | 1,526 | 154,140 |
Shares redeemed | (8,227) | (9,125) | (242,949) | (276,721) |
Net increase (decrease) | (776) | 3,628 | $(22,274) | $130,321 |
Class I | ||||
Shares sold | 14,720 | 5,918 | $443,431 | $182,536 |
Reinvestment of distributions | 12 | 921 | 336 | 30,204 |
Shares redeemed | (8,200) | (4,531) | (245,687) | (138,056) |
Net increase (decrease) | 6,532 | 2,308 | $198,080 | $74,684 |
Class Z | ||||
Shares sold | 6,735 | 5,266 | $199,337 | $158,315 |
Reinvestment of distributions | 11 | 462 | 302 | 15,122 |
Shares redeemed | (3,524) | (2,223) | (104,423) | (65,320) |
Net increase (decrease) | 3,222 | 3,505 | $95,216 | $108,117 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Stock Selector Small Cap Fund | ||||||||||
Class A | 1.22% | |||||||||
Actual | $ 1,000 | $ 955.00 | $ 6.01 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.06 | $ 6.21 | |||||||
Class M | 1.49% | |||||||||
Actual | $ 1,000 | $ 953.60 | $ 7.34 | |||||||
Hypothetical-B | $ 1,000 | $ 1,017.69 | $ 7.58 | |||||||
Class C | 1.99% | |||||||||
Actual | $ 1,000 | $ 950.90 | $ 9.79 | |||||||
Hypothetical-B | $ 1,000 | $ 1,015.17 | $ 10.11 | |||||||
Fidelity® Stock Selector Small Cap Fund | .94% | |||||||||
Actual | $ 1,000 | $ 956.20 | $ 4.63 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.47 | $ 4.79 | |||||||
Class I | .97% | |||||||||
Actual | $ 1,000 | $ 956.20 | $ 4.78 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.32 | $ 4.94 | |||||||
Class Z | .82% | |||||||||
Actual | $ 1,000 | $ 956.80 | $ 4.04 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.07 | $ 4.18 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended October 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Focused Stock Fund | 11.64% | 11.99% | 11.65% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Focused Stock Fund on October 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 9.3 | |
NVIDIA Corp. | 8.1 | |
Meta Platforms, Inc. Class A | 8.0 | |
Eli Lilly & Co. | 6.7 | |
Amazon.com, Inc. | 5.6 | |
Eaton Corp. PLC | 5.2 | |
Alphabet, Inc. Class A | 5.1 | |
Fiserv, Inc. | 5.0 | |
Oracle Corp. | 4.3 | |
Exxon Mobil Corp. | 3.7 | |
61.0 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 32.6 | |
Industrials | 15.8 | |
Communication Services | 13.6 | |
Financials | 10.8 | |
Health Care | 10.1 | |
Consumer Discretionary | 9.2 | |
Energy | 6.9 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 99.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 13.6% | |||
Entertainment - 0.5% | |||
Netflix, Inc. (a) | 34,000 | 13,997,460 | |
Interactive Media & Services - 13.1% | |||
Alphabet, Inc. Class A (a) | 1,076,000 | 133,510,080 | |
Meta Platforms, Inc. Class A (a) | 685,000 | 206,369,950 | |
339,880,030 | |||
TOTAL COMMUNICATION SERVICES | 353,877,490 | ||
CONSUMER DISCRETIONARY - 9.2% | |||
Automobiles - 1.6% | |||
Tesla, Inc. (a) | 212,000 | 42,578,080 | |
Broadline Retail - 5.6% | |||
Amazon.com, Inc. (a) | 1,088,000 | 144,801,920 | |
Specialty Retail - 0.3% | |||
TJX Companies, Inc. | 88,000 | 7,750,160 | |
Textiles, Apparel & Luxury Goods - 1.7% | |||
Deckers Outdoor Corp. (a) | 65,727 | 39,242,963 | |
lululemon athletica, Inc. (a) | 10,900 | 4,288,932 | |
43,531,895 | |||
TOTAL CONSUMER DISCRETIONARY | 238,662,055 | ||
ENERGY - 6.9% | |||
Energy Equipment & Services - 0.4% | |||
Schlumberger Ltd. | 180,000 | 10,018,800 | |
Oil, Gas & Consumable Fuels - 6.5% | |||
Exxon Mobil Corp. | 895,000 | 94,735,750 | |
PrairieSky Royalty Ltd. (b) | 4,200,000 | 73,747,972 | |
168,483,722 | |||
TOTAL ENERGY | 178,502,522 | ||
FINANCIALS - 10.8% | |||
Capital Markets - 3.3% | |||
S&P Global, Inc. | 246,294 | 86,032,957 | |
Financial Services - 6.1% | |||
Fiserv, Inc. (a) | 1,143,971 | 130,126,701 | |
Visa, Inc. Class A | 120,000 | 28,212,000 | |
158,338,701 | |||
Insurance - 1.4% | |||
Arthur J. Gallagher & Co. | 150,000 | 35,323,500 | |
TOTAL FINANCIALS | 279,695,158 | ||
HEALTH CARE - 10.1% | |||
Health Care Providers & Services - 3.4% | |||
HealthEquity, Inc. (a) | 202,000 | 14,479,360 | |
UnitedHealth Group, Inc. | 136,000 | 72,836,160 | |
87,315,520 | |||
Pharmaceuticals - 6.7% | |||
Eli Lilly & Co. | 313,000 | 173,380,090 | |
TOTAL HEALTH CARE | 260,695,610 | ||
INDUSTRIALS - 15.8% | |||
Electrical Equipment - 7.2% | |||
Eaton Corp. PLC | 644,000 | 133,894,040 | |
Vertiv Holdings Co. | 1,354,000 | 53,171,580 | |
187,065,620 | |||
Ground Transportation - 1.1% | |||
CSX Corp. | 739,000 | 22,059,150 | |
J.B. Hunt Transport Services, Inc. | 39,000 | 6,702,930 | |
28,762,080 | |||
Machinery - 3.4% | |||
Chart Industries, Inc. (a)(b) | 187,000 | 21,735,010 | |
Parker Hannifin Corp. | 182,000 | 67,141,620 | |
88,876,630 | |||
Professional Services - 2.3% | |||
KBR, Inc. | 998,000 | 58,033,700 | |
Trading Companies & Distributors - 1.8% | |||
United Rentals, Inc. | 117,000 | 47,533,590 | |
TOTAL INDUSTRIALS | 410,271,620 | ||
INFORMATION TECHNOLOGY - 32.6% | |||
Electronic Equipment, Instruments & Components - 3.1% | |||
Jabil, Inc. | 654,000 | 80,311,200 | |
Semiconductors & Semiconductor Equipment - 10.5% | |||
Advanced Micro Devices, Inc. (a) | 1,000 | 98,500 | |
Lattice Semiconductor Corp. (a) | 71,952 | 4,001,251 | |
Micron Technology, Inc. | 881,000 | 58,912,470 | |
NVIDIA Corp. | 513,000 | 209,201,400 | |
Teradyne, Inc. | 1,000 | 83,270 | |
272,296,891 | |||
Software - 16.1% | |||
Adobe, Inc. (a) | 122,000 | 64,911,320 | |
Microsoft Corp. | 714,000 | 241,410,540 | |
Oracle Corp. | 1,083,000 | 111,982,200 | |
418,304,060 | |||
Technology Hardware, Storage & Peripherals - 2.9% | |||
Apple, Inc. | 436,000 | 74,455,720 | |
TOTAL INFORMATION TECHNOLOGY | 845,367,871 | ||
TOTAL COMMON STOCKS (Cost $1,860,434,638) | 2,567,072,326 | ||
Money Market Funds - 0.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (c) | 8,984,390 | 8,986,187 | |
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d) | 4,045,030 | 4,045,434 | |
TOTAL MONEY MARKET FUNDS (Cost $13,031,621) | 13,031,621 | ||
TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $1,873,466,259) | 2,580,103,947 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 13,336,767 |
NET ASSETS - 100.0% | 2,593,440,714 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 6,946,087 | 1,005,661,383 | 1,003,621,283 | 2,179,360 | - | - | 8,986,187 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 2,265,950 | 80,738,501 | 78,959,017 | 12,492 | - | - | 4,045,434 | 0.0% |
Total | 9,212,037 | 1,086,399,884 | 1,082,580,300 | 2,191,852 | - | - | 13,031,621 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 353,877,490 | 353,877,490 | - | - |
Consumer Discretionary | 238,662,055 | 238,662,055 | - | - |
Energy | 178,502,522 | 178,502,522 | - | - |
Financials | 279,695,158 | 279,695,158 | - | - |
Health Care | 260,695,610 | 260,695,610 | - | - |
Industrials | 410,271,620 | 410,271,620 | - | - |
Information Technology | 845,367,871 | 845,367,871 | - | - |
Money Market Funds | 13,031,621 | 13,031,621 | - | - |
Total Investments in Securities: | 2,580,103,947 | 2,580,103,947 | - | - |
Statement of Assets and Liabilities | ||||
October 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $3,828,163) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,860,434,638) | $ | 2,567,072,326 | ||
Fidelity Central Funds (cost $13,031,621) | 13,031,621 | |||
Total Investment in Securities (cost $1,873,466,259) | $ | 2,580,103,947 | ||
Foreign currency held at value (cost $136) | 134 | |||
Receivable for investments sold | 45,929,566 | |||
Receivable for fund shares sold | 266,731 | |||
Dividends receivable | 100,921 | |||
Distributions receivable from Fidelity Central Funds | 43,469 | |||
Prepaid expenses | 3,770 | |||
Other receivables | 1,521 | |||
Total assets | 2,626,450,059 | |||
Liabilities | ||||
Payable for investments purchased | $ | 26,555,624 | ||
Payable for fund shares redeemed | 1,342,340 | |||
Accrued management fee | 646,924 | |||
Other affiliated payables | 374,334 | |||
Other payables and accrued expenses | 47,433 | |||
Collateral on securities loaned | 4,042,690 | |||
Total Liabilities | 33,009,345 | |||
Net Assets | $ | 2,593,440,714 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,920,567,664 | ||
Total accumulated earnings (loss) | 672,873,050 | |||
Net Assets | $ | 2,593,440,714 | ||
Net Asset Value, offering price and redemption price per share ($2,593,440,714 ÷ 96,184,951 shares) | $ | 26.96 |
Statement of Operations | ||||
Year ended October 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 23,897,159 | ||
Interest | 59 | |||
Income from Fidelity Central Funds (including $12,492 from security lending) | 2,191,852 | |||
Total Income | 26,089,070 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 13,803,890 | ||
Performance adjustment | (4,862,720) | |||
Transfer agent fees | 3,675,808 | |||
Accounting fees | 688,306 | |||
Custodian fees and expenses | 53,061 | |||
Independent trustees' fees and expenses | 15,303 | |||
Registration fees | 31,677 | |||
Audit | 77,643 | |||
Legal | 6,680 | |||
Miscellaneous | 13,061 | |||
Total expenses before reductions | 13,502,709 | |||
Expense reductions | (165,271) | |||
Total expenses after reductions | 13,337,438 | |||
Net Investment income (loss) | 12,751,632 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (26,606,767) | |||
Foreign currency transactions | 111,508 | |||
Total net realized gain (loss) | (26,495,259) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 300,178,817 | |||
Assets and liabilities in foreign currencies | 26,507 | |||
Total change in net unrealized appreciation (depreciation) | 300,205,324 | |||
Net gain (loss) | 273,710,065 | |||
Net increase (decrease) in net assets resulting from operations | $ | 286,461,697 |
Statement of Changes in Net Assets | ||||
Year ended October 31, 2023 | Year ended October 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 12,751,632 | $ | 5,560,128 |
Net realized gain (loss) | (26,495,259) | 232,180,802 | ||
Change in net unrealized appreciation (depreciation) | 300,205,324 | (1,170,350,014) | ||
Net increase (decrease) in net assets resulting from operations | 286,461,697 | (932,609,084) | ||
Distributions to shareholders | (183,691,014) | (473,470,909) | ||
Share transactions | ||||
Proceeds from sales of shares | 120,824,499 | 318,891,655 | ||
Reinvestment of distributions | 170,864,087 | 444,595,520 | ||
Cost of shares redeemed | (375,011,087) | (736,064,445) | ||
Net increase (decrease) in net assets resulting from share transactions | (83,322,501) | 27,422,730 | ||
Total increase (decrease) in net assets | 19,448,182 | (1,378,657,263) | ||
Net Assets | ||||
Beginning of period | 2,573,992,532 | 3,952,649,795 | ||
End of period | $ | 2,593,440,714 | $ | 2,573,992,532 |
Other Information | ||||
Shares | ||||
Sold | 4,640,288 | 10,448,913 | ||
Issued in reinvestment of distributions | 7,072,189 | 13,184,921 | ||
Redeemed | (14,407,298) | (25,861,227) | ||
Net increase (decrease) | (2,694,821) | (2,227,393) | ||
Fidelity® Focused Stock Fund |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 26.03 | $ | 39.09 | $ | 30.56 | $ | 25.42 | $ | 25.23 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .13 | .05 | (.10) | .01 | .03 | |||||
Net realized and unrealized gain (loss) | 2.68 | (8.41) | 12.18 | 6.45 | 3.23 | |||||
Total from investment operations | 2.81 | (8.36) | 12.08 | 6.46 | 3.26 | |||||
Distributions from net investment income | (.20) | - | (.01) | (.02) | (.03) | |||||
Distributions from net realized gain | (1.68) | (4.70) | (3.54) | (1.30) | (3.04) | |||||
Total distributions | (1.88) | (4.70) | (3.55) | (1.32) | (3.07) | |||||
Net asset value, end of period | $ | 26.96 | $ | 26.03 | $ | 39.09 | $ | 30.56 | $ | 25.42 |
Total Return C | 11.64% | (24.13)% | 42.82% | 26.56% | 15.05% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .51% | .80% | .86% | .88% | .89% | |||||
Expenses net of fee waivers, if any | .51% | .79% | .86% | .88% | .89% | |||||
Expenses net of all reductions | .51% | .79% | .86% | .87% | .89% | |||||
Net investment income (loss) | .48% | .17% | (.29)% | .05% | .12% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,593,441 | $ | 2,573,993 | $ | 3,952,650 | $ | 3,190,557 | $ | 2,953,108 |
Portfolio turnover rate F | 130% | 142% | 107% | 140% | 152% |
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% |
Gross unrealized appreciation | $729,825,367 |
Gross unrealized depreciation | (40,149,913) |
Net unrealized appreciation (depreciation) | $689,675,454 |
Tax Cost | $1,890,428,493 |
Undistributed ordinary income | $14,246,209 |
Capital loss carryforward | $(31,042,303) |
Net unrealized appreciation (depreciation) on securities and other investments | $689,669,143 |
Short-term | $(31,042,303) |
Total capital loss carryforward | $(31,042,303) |
October 31, 2023 | October 31, 2022 | |
Ordinary Income | $19,618,435 | $ 112,899,173 |
Long-term Capital Gains | 164,072,579 | 360,571,736 |
Total | $183,691,014 | $ 473,470,909 |
Purchases ($) | Sales ($) | |
Fidelity Focused Stock Fund | 3,379,745,326 | 3,633,018,612 |
% of Average Net Assets | |
Fidelity Focused Stock Fund | .03 |
% of Average Net Assets | |
Fidelity Focused Stock Fund | 0.0259% |
Amount | |
Fidelity Focused Stock Fund | $ 57,963 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Focused Stock Fund | 208,162,955 | 231,365,203 | (6,760,858) |
Amount | |
Fidelity Focused Stock Fund | $4,740 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Focused Stock Fund | $1,350 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Focused Stock Fund | .45% | |||||||||
Actual | $ 1,000 | $ 1,065.60 | $ 2.34 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.94 | $ 2.29 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended October 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Capital Appreciation Fund | 11.03% | 11.69% | 10.72% |
Class K | 11.13% | 11.78% | 10.82% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Capital Appreciation Fund, a class of the fund, on October 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 10.6 | |
NVIDIA Corp. | 4.8 | |
Boston Scientific Corp. | 2.6 | |
MasterCard, Inc. Class A | 2.6 | |
Uber Technologies, Inc. | 2.5 | |
TJX Companies, Inc. | 2.3 | |
UnitedHealth Group, Inc. | 2.2 | |
Apple, Inc. | 2.0 | |
Oracle Corp. | 2.0 | |
Alphabet, Inc. Class A | 1.9 | |
33.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 32.9 | |
Health Care | 15.9 | |
Industrials | 14.2 | |
Consumer Discretionary | 9.8 | |
Financials | 9.6 | |
Communication Services | 8.1 | |
Energy | 4.9 | |
Consumer Staples | 3.2 | |
Materials | 1.4 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.6% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 8.1% | |||
Entertainment - 4.5% | |||
Netflix, Inc. (a) | 208,900 | 86,002 | |
Universal Music Group NV | 3,669,151 | 89,853 | |
Warner Music Group Corp. Class A | 1,831,300 | 57,320 | |
233,175 | |||
Interactive Media & Services - 3.6% | |||
Alphabet, Inc.: | |||
Class A (a) | 771,740 | 95,757 | |
Class C (a) | 708,920 | 88,828 | |
Epic Games, Inc. (a)(b)(c) | 4,584 | 2,913 | |
187,498 | |||
TOTAL COMMUNICATION SERVICES | 420,673 | ||
CONSUMER DISCRETIONARY - 9.8% | |||
Automobiles - 0.5% | |||
BYD Co. Ltd. (H Shares) | 762,000 | 23,173 | |
Broadline Retail - 3.0% | |||
Amazon.com, Inc. (a) | 637,460 | 84,840 | |
Dollarama, Inc. | 291,500 | 19,906 | |
MercadoLibre, Inc. (a) | 39,800 | 49,381 | |
Savers Value Village, Inc. | 63,236 | 947 | |
155,074 | |||
Diversified Consumer Services - 0.2% | |||
Service Corp. International | 194,000 | 10,557 | |
Hotels, Restaurants & Leisure - 1.8% | |||
Airbnb, Inc. Class A (a) | 259,400 | 30,684 | |
Booking Holdings, Inc. (a) | 10,700 | 29,848 | |
Flutter Entertainment PLC (a) | 160,400 | 25,159 | |
Kura Sushi U.S.A., Inc. Class A (a)(d) | 96,500 | 5,514 | |
91,205 | |||
Specialty Retail - 2.7% | |||
Five Below, Inc. (a) | 125,600 | 21,852 | |
TJX Companies, Inc. | 1,339,900 | 118,005 | |
139,857 | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
LVMH Moet Hennessy Louis Vuitton SE | 48,204 | 34,511 | |
LVMH Moet Hennessy Louis Vuitton SE | 23,738 | 17,029 | |
Samsonite International SA (a)(e) | 10,588,200 | 32,793 | |
84,333 | |||
TOTAL CONSUMER DISCRETIONARY | 504,199 | ||
CONSUMER STAPLES - 3.2% | |||
Beverages - 1.3% | |||
Boston Beer Co., Inc. Class A (a) | 45,683 | 15,256 | |
Monster Beverage Corp. | 1,026,976 | 52,478 | |
67,734 | |||
Personal Care Products - 1.9% | |||
Estee Lauder Companies, Inc. Class A | 143,800 | 18,532 | |
Kenvue, Inc. | 4,142,400 | 77,049 | |
95,581 | |||
TOTAL CONSUMER STAPLES | 163,315 | ||
ENERGY - 4.9% | |||
Energy Equipment & Services - 1.3% | |||
Baker Hughes Co. Class A | 1,490,600 | 51,306 | |
Schlumberger Ltd. | 305,800 | 17,021 | |
68,327 | |||
Oil, Gas & Consumable Fuels - 3.6% | |||
Antero Resources Corp. (a) | 474,200 | 13,960 | |
Canadian Natural Resources Ltd. | 563,600 | 35,806 | |
Cheniere Energy, Inc. | 490,700 | 81,662 | |
New Fortress Energy, Inc. (d) | 411,300 | 12,462 | |
Range Resources Corp. | 795,200 | 28,500 | |
Southwestern Energy Co. (a) | 1,413,100 | 10,075 | |
182,465 | |||
TOTAL ENERGY | 250,792 | ||
FINANCIALS - 9.6% | |||
Banks - 0.5% | |||
JPMorgan Chase & Co. | 199,200 | 27,701 | |
Capital Markets - 3.1% | |||
CME Group, Inc. | 418,738 | 89,384 | |
Moody's Corp. | 90,800 | 27,966 | |
Morgan Stanley | 588,200 | 41,656 | |
159,006 | |||
Financial Services - 3.4% | |||
Apollo Global Management, Inc. | 59,800 | 4,631 | |
Fiserv, Inc. (a) | 224,900 | 25,582 | |
MasterCard, Inc. Class A | 359,900 | 135,448 | |
Rocket Companies, Inc. (a)(d) | 1,086,351 | 8,028 | |
173,689 | |||
Insurance - 2.6% | |||
Arthur J. Gallagher & Co. | 290,141 | 68,325 | |
BRP Group, Inc. (a) | 698,800 | 14,626 | |
Marsh & McLennan Companies, Inc. | 285,300 | 54,107 | |
137,058 | |||
TOTAL FINANCIALS | 497,454 | ||
HEALTH CARE - 15.9% | |||
Biotechnology - 4.5% | |||
Adamas Pharmaceuticals, Inc.: | |||
rights (a)(c) | 1,379,600 | 345 | |
rights (a)(c) | 1,379,600 | 152 | |
Alnylam Pharmaceuticals, Inc. (a) | 197,100 | 29,920 | |
Arcellx, Inc. (a) | 63,800 | 2,249 | |
Arrowhead Pharmaceuticals, Inc. (a) | 60,200 | 1,480 | |
Beam Therapeutics, Inc. (a)(d) | 82,900 | 1,753 | |
BioMarin Pharmaceutical, Inc. (a) | 119,200 | 9,709 | |
Blueprint Medicines Corp. (a) | 31,800 | 1,872 | |
Cerevel Therapeutics Holdings (a) | 70,400 | 1,665 | |
Cytokinetics, Inc. (a) | 226,300 | 7,889 | |
Galapagos NV sponsored ADR (a)(d) | 354,700 | 11,861 | |
Gamida Cell Ltd. (a)(d) | 2,169,053 | 1,594 | |
Gamida Cell Ltd. warrants 4/21/28 (a) | 317,400 | 67 | |
Hookipa Pharma, Inc. (a) | 916,200 | 396 | |
Immunocore Holdings PLC ADR (a) | 158,900 | 7,055 | |
Legend Biotech Corp. ADR (a) | 156,900 | 10,366 | |
Regeneron Pharmaceuticals, Inc. (a) | 63,822 | 49,774 | |
Repligen Corp. (a) | 127,400 | 17,143 | |
Sarepta Therapeutics, Inc. (a) | 42,900 | 2,888 | |
Seres Therapeutics, Inc. (a) | 330,500 | 506 | |
Synlogic, Inc. (a) | 61,286 | 116 | |
Vertex Pharmaceuticals, Inc. (a) | 186,200 | 67,425 | |
Vor Biopharma, Inc. (a) | 610,405 | 1,117 | |
XOMA Corp. (a)(d) | 296,000 | 5,580 | |
232,922 | |||
Health Care Equipment & Supplies - 3.9% | |||
Axonics Modulation Technologies, Inc. (a) | 108,300 | 5,546 | |
Baxter International, Inc. | 859,500 | 27,874 | |
Boston Scientific Corp. (a) | 2,661,900 | 136,263 | |
Inspire Medical Systems, Inc. (a) | 50,200 | 7,387 | |
Lantheus Holdings, Inc. (a) | 40,200 | 2,597 | |
Masimo Corp. (a) | 96,500 | 7,829 | |
Penumbra, Inc. (a) | 74,461 | 14,233 | |
201,729 | |||
Health Care Providers & Services - 3.3% | |||
HealthEquity, Inc. (a) | 806,200 | 57,788 | |
UnitedHealth Group, Inc. | 212,692 | 113,909 | |
171,697 | |||
Health Care Technology - 0.2% | |||
Evolent Health, Inc. (e) | 277,900 | 6,789 | |
Simulations Plus, Inc. (d) | 31,400 | 1,107 | |
7,896 | |||
Life Sciences Tools & Services - 3.3% | |||
Agilent Technologies, Inc. | 46,000 | 4,755 | |
Bio-Techne Corp. | 217,800 | 11,898 | |
Bruker Corp. | 441,248 | 25,151 | |
Charles River Laboratories International, Inc. (a) | 120,300 | 20,254 | |
Codexis, Inc. (a) | 970,508 | 1,611 | |
Danaher Corp. | 103,939 | 19,958 | |
Sartorius Stedim Biotech | 75,300 | 14,067 | |
Thermo Fisher Scientific, Inc. | 162,600 | 72,320 | |
170,014 | |||
Pharmaceuticals - 0.7% | |||
Aclaris Therapeutics, Inc. (a) | 218,000 | 1,086 | |
AstraZeneca PLC sponsored ADR | 555,200 | 35,105 | |
36,191 | |||
TOTAL HEALTH CARE | 820,449 | ||
INDUSTRIALS - 14.2% | |||
Commercial Services & Supplies - 0.6% | |||
Republic Services, Inc. | 210,600 | 31,272 | |
Veralto Corp. | 34,646 | 2,391 | |
33,663 | |||
Electrical Equipment - 1.6% | |||
Eaton Corp. PLC | 282,300 | 58,693 | |
HD Hyundai Electric Co. Ltd. | 75,510 | 4,196 | |
Hubbell, Inc. Class B | 68,200 | 18,421 | |
81,310 | |||
Ground Transportation - 2.5% | |||
Uber Technologies, Inc. (a) | 3,027,200 | 131,017 | |
Industrial Conglomerates - 1.5% | |||
General Electric Co. | 695,100 | 75,509 | |
Machinery - 3.4% | |||
Energy Recovery, Inc. (a) | 240,200 | 3,651 | |
Ingersoll Rand, Inc. | 1,479,945 | 89,803 | |
Parker Hannifin Corp. | 125,900 | 46,446 | |
Westinghouse Air Brake Tech Co. | 330,400 | 35,029 | |
174,929 | |||
Passenger Airlines - 0.5% | |||
Ryanair Holdings PLC sponsored ADR (a) | 273,600 | 23,995 | |
Professional Services - 3.1% | |||
Equifax, Inc. | 377,500 | 64,013 | |
KBR, Inc. | 1,371,500 | 79,753 | |
TransUnion Holding Co., Inc. | 339,700 | 14,906 | |
158,672 | |||
Trading Companies & Distributors - 1.0% | |||
Ferguson PLC | 345,800 | 51,823 | |
TOTAL INDUSTRIALS | 730,918 | ||
INFORMATION TECHNOLOGY - 32.7% | |||
Electronic Equipment, Instruments & Components - 1.7% | |||
Flex Ltd. (a) | 1,769,097 | 45,501 | |
Jabil, Inc. | 331,100 | 40,659 | |
86,160 | |||
IT Services - 1.5% | |||
Gartner, Inc. (a) | 64,700 | 21,483 | |
MongoDB, Inc. Class A (a) | 123,419 | 42,529 | |
Snowflake, Inc. (a) | 103,800 | 15,064 | |
79,076 | |||
Semiconductors & Semiconductor Equipment - 10.8% | |||
Aixtron AG | 594,500 | 16,644 | |
Allegro MicroSystems LLC (a) | 404,357 | 10,497 | |
Analog Devices, Inc. | 227,800 | 35,840 | |
Arm Holdings Ltd. ADR (d) | 49,100 | 2,420 | |
ASML Holding NV (depository receipt) | 41,299 | 24,730 | |
BE Semiconductor Industries NV | 317,500 | 32,688 | |
KLA Corp. | 51,900 | 24,377 | |
Marvell Technology, Inc. | 246,000 | 11,616 | |
Monolithic Power Systems, Inc. | 37,500 | 16,565 | |
NVIDIA Corp. | 608,736 | 248,243 | |
NXP Semiconductors NV | 196,500 | 33,882 | |
SiTime Corp. (a) | 199,900 | 19,950 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 598,700 | 51,674 | |
Universal Display Corp. | 200,528 | 27,909 | |
557,035 | |||
Software - 16.7% | |||
ASAPP, Inc. warrants 8/28/28 (a)(b)(c) | 1,620,156 | 3,645 | |
Confluent, Inc. (a)(d) | 1,011,200 | 29,234 | |
DocuSign, Inc. (a) | 267,200 | 10,389 | |
HubSpot, Inc. (a) | 52,300 | 22,163 | |
Intuit, Inc. | 77,100 | 38,161 | |
Manhattan Associates, Inc. (a) | 169,548 | 33,058 | |
Microsoft Corp. | 1,613,010 | 545,379 | |
NICE Ltd. sponsored ADR (a) | 96,900 | 14,957 | |
Oracle Corp. | 980,700 | 101,404 | |
ServiceNow, Inc. (a) | 18,800 | 10,939 | |
Synopsys, Inc. (a) | 104,300 | 48,963 | |
Volue A/S (a) | 1,407,500 | 2,361 | |
860,653 | |||
Technology Hardware, Storage & Peripherals - 2.0% | |||
Apple, Inc. | 600,508 | 102,549 | |
TOTAL INFORMATION TECHNOLOGY | 1,685,473 | ||
MATERIALS - 1.2% | |||
Chemicals - 1.2% | |||
Aspen Aerogels, Inc. (a)(d) | 519,300 | 4,009 | |
Linde PLC | 117,600 | 44,942 | |
Sherwin-Williams Co. | 53,900 | 12,840 | |
61,791 | |||
TOTAL COMMON STOCKS (Cost $3,932,761) | 5,135,064 | ||
Convertible Preferred Stocks - 0.4% | |||
Shares | Value ($) (000s) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Textiles, Apparel & Luxury Goods - 0.0% | |||
Canva, Inc.: | |||
Series A (b)(c) | 677 | 722 | |
Series A2 (b)(c) | 123 | 131 | |
853 | |||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(b)(c) | 153,900 | 512 | |
INFORMATION TECHNOLOGY - 0.2% | |||
Software - 0.2% | |||
ASAPP, Inc.: | |||
Series C (a)(b)(c) | 513,013 | 1,483 | |
Series D (b)(c) | 2,823,822 | 7,257 | |
8,740 | |||
MATERIALS - 0.2% | |||
Metals & Mining - 0.2% | |||
Illuminated Holdings, Inc.: | |||
Series C2 (a)(b)(c) | 110,923 | 2,703 | |
Series C3 (a)(b)(c) | 138,654 | 3,379 | |
Series C4 (a)(b)(c) | 37,518 | 914 | |
Series C5 (a)(b)(c) | 75,216 | 1,833 | |
8,829 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $27,320) | 18,934 | ||
Convertible Bonds - 0.0% | |||
Principal Amount (f) (000s) | Value ($) (000s) | ||
MATERIALS - 0.0% | |||
Metals & Mining - 0.0% | |||
Illuminated Holdings, Inc. 6% (b)(c)(g) (Cost $1,334) | 1,334 | 1,351 | |
Preferred Securities - 0.0% | |||
Principal Amount (f) (000s) | Value ($) (000s) | ||
MATERIALS - 0.0% | |||
Metals & Mining - 0.0% | |||
Illuminated Holdings, Inc. 6% (b)(c)(g) (Cost $1,724) | 1,724 | 1,754 | |
Money Market Funds - 1.2% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.40% (h) | 6,667,248 | 6,669 | |
Fidelity Securities Lending Cash Central Fund 5.40% (h)(i) | 56,257,821 | 56,263 | |
TOTAL MONEY MARKET FUNDS (Cost $62,932) | 62,932 | ||
TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $4,026,071) | 5,220,035 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (62,898) |
NET ASSETS - 100.0% | 5,157,137 |
(a) | Non-income producing |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $28,597,000 or 0.6% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security is on loan at period end. |
(e) | 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 $39,582,000 or 0.8% of net assets. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security is perpetual in nature with no stated maturity date. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
ASAPP, Inc. warrants 8/28/28 | 8/29/23 | 0 |
ASAPP, Inc. Series C | 4/30/21 | 3,384 |
ASAPP, Inc. Series D | 8/29/23 | 10,904 |
Canva, Inc. Series A | 9/22/23 | 722 |
Canva, Inc. Series A2 | 9/22/23 | 131 |
ElevateBio LLC Series C | 3/09/21 | 646 |
Epic Games, Inc. | 3/29/21 | 4,057 |
Illuminated Holdings, Inc. Series C2 | 7/07/20 | 2,773 |
Illuminated Holdings, Inc. Series C3 | 7/07/20 | 4,160 |
Illuminated Holdings, Inc. Series C4 | 1/08/21 | 1,351 |
Illuminated Holdings, Inc. Series C5 | 6/16/21 | 3,249 |
Illuminated Holdings, Inc. 6% | 6/14/23 - 9/27/23 | 3,058 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 62,129 | 858,095 | 913,555 | 679 | - | - | 6,669 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | 76,251 | 501,806 | 521,794 | 1,317 | - | - | 56,263 | 0.2% |
Total | 138,380 | 1,359,901 | 1,435,349 | 1,996 | - | - | 62,932 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 420,673 | 327,907 | 89,853 | 2,913 |
Consumer Discretionary | 505,052 | 413,722 | 90,477 | 853 |
Consumer Staples | 163,315 | 163,315 | - | - |
Energy | 250,792 | 250,792 | - | - |
Financials | 497,454 | 497,454 | - | - |
Health Care | 820,961 | 819,885 | 67 | 1,009 |
Industrials | 730,918 | 726,722 | 4,196 | - |
Information Technology | 1,694,213 | 1,681,828 | - | 12,385 |
Materials | 70,620 | 61,791 | - | 8,829 |
Corporate Bonds | 1,351 | - | - | 1,351 |
Preferred Securities | 1,754 | - | - | 1,754 |
Money Market Funds | 62,932 | 62,932 | - | - |
Total Investments in Securities: | 5,220,035 | 5,006,348 | 184,593 | 29,094 |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | October 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $55,429) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $3,963,139) | $ | 5,157,103 | ||
Fidelity Central Funds (cost $62,932) | 62,932 | |||
Total Investment in Securities (cost $4,026,071) | $ | 5,220,035 | ||
Receivable for investments sold | 41,422 | |||
Receivable for fund shares sold | 202 | |||
Dividends receivable | 1,736 | |||
Interest receivable | 30 | |||
Distributions receivable from Fidelity Central Funds | 45 | |||
Prepaid expenses | 8 | |||
Other receivables | 28 | |||
Total assets | 5,263,506 | |||
Liabilities | ||||
Payable for investments purchased | $ | 46,724 | ||
Payable for fund shares redeemed | 1,343 | |||
Accrued management fee | 1,313 | |||
Other affiliated payables | 610 | |||
Other payables and accrued expenses | 104 | |||
Collateral on securities loaned | 56,275 | |||
Total Liabilities | 106,369 | |||
Net Assets | $ | 5,157,137 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,778,570 | ||
Total accumulated earnings (loss) | 1,378,567 | |||
Net Assets | $ | 5,157,137 | ||
Net Asset Value and Maximum Offering Price | ||||
Capital Appreciation : | ||||
Net Asset Value, offering price and redemption price per share ($4,920,535 ÷ 139,309 shares) | $ | 35.32 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($236,602 ÷ 6,669 shares) | $ | 35.48 |
Statement of Operations | ||||
Amounts in thousands | Year ended October 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 52,885 | ||
Interest | 31 | |||
Income from Fidelity Central Funds (including $1,317 from security lending) | 1,996 | |||
Total Income | 54,912 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 27,978 | ||
Performance adjustment | (1,294) | |||
Transfer agent fees | 6,239 | |||
Accounting fees | 972 | |||
Custodian fees and expenses | 90 | |||
Independent trustees' fees and expenses | 31 | |||
Registration fees | 72 | |||
Audit | 76 | |||
Legal | 14 | |||
Interest | 107 | |||
Miscellaneous | 24 | |||
Total expenses before reductions | 34,309 | |||
Expense reductions | (323) | |||
Total expenses after reductions | 33,986 | |||
Net Investment income (loss) | 20,926 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 188,489 | |||
Foreign currency transactions | 227 | |||
Total net realized gain (loss) | 188,716 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 345,608 | |||
Assets and liabilities in foreign currencies | 11 | |||
Total change in net unrealized appreciation (depreciation) | 345,619 | |||
Net gain (loss) | 534,335 | |||
Net increase (decrease) in net assets resulting from operations | $ | 555,261 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended October 31, 2023 | Year ended October 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 20,926 | $ | 36,359 |
Net realized gain (loss) | 188,716 | 471,989 | ||
Change in net unrealized appreciation (depreciation) | 345,619 | (1,859,572) | ||
Net increase (decrease) in net assets resulting from operations | 555,261 | (1,351,224) | ||
Distributions to shareholders | (434,233) | (1,022,382) | ||
Share transactions - net increase (decrease) | (99,223) | 416,815 | ||
Total increase (decrease) in net assets | 21,805 | (1,956,791) | ||
Net Assets | ||||
Beginning of period | 5,135,332 | 7,092,123 | ||
End of period | $ | 5,157,137 | $ | 5,135,332 |
Fidelity® Capital Appreciation Fund |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 34.71 | $ | 51.06 | $ | 39.58 | $ | 36.16 | $ | 36.33 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .14 | .23 C | (.01) | .04 | .24 | |||||
Net realized and unrealized gain (loss) | 3.44 | (9.18) | 14.99 | 7.95 | 3.53 | |||||
Total from investment operations | 3.58 | (8.95) | 14.98 | 7.99 | 3.77 | |||||
Distributions from net investment income | (.14) | (.17) | (.01) | (.24) | (.27) | |||||
Distributions from net realized gain | (2.84) | (7.23) | (3.49) | (4.34) | (3.67) | |||||
Total distributions | (2.97) D | (7.40) | (3.50) | (4.57) D | (3.94) | |||||
Net asset value, end of period | $ | 35.32 | $ | 34.71 | $ | 51.06 | $ | 39.58 | $ | 36.16 |
Total Return E | 11.03% | (20.14)% | 40.02% | 24.73% | 12.24% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .65% | .83% | .84% | .82% | .62% | |||||
Expenses net of fee waivers, if any | .64% | .82% | .84% | .82% | .62% | |||||
Expenses net of all reductions | .64% | .82% | .84% | .82% | .61% | |||||
Net investment income (loss) | .39% | .59% C | (.02)% | .12% | .69% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 4,921 | $ | 4,809 | $ | 6,549 | $ | 5,023 | $ | 4,668 |
Portfolio turnover rate H | 49% | 69% | 51% | 61% I | 122% |
Fidelity® Capital Appreciation Fund Class K |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 34.85 | $ | 51.24 | $ | 39.70 | $ | 36.25 | $ | 36.42 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .16 | .26 C | .02 | .07 | .27 | |||||
Net realized and unrealized gain (loss) | 3.47 | (9.21) | 15.04 | 7.98 | 3.54 | |||||
Total from investment operations | 3.63 | (8.95) | 15.06 | 8.05 | 3.81 | |||||
Distributions from net investment income | (.16) | (.21) | (.03) | (.26) | (.31) | |||||
Distributions from net realized gain | (2.84) | (7.23) | (3.49) | (4.34) | (3.67) | |||||
Total distributions | (3.00) | (7.44) | (3.52) | (4.60) | (3.98) | |||||
Net asset value, end of period | $ | 35.48 | $ | 34.85 | $ | 51.24 | $ | 39.70 | $ | 36.25 |
Total Return D | 11.13% | (20.08)% | 40.12% | 24.85% | 12.33% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .57% | .75% | .76% | .74% | .52% | |||||
Expenses net of fee waivers, if any | .56% | .75% | .76% | .74% | .52% | |||||
Expenses net of all reductions | .56% | .75% | .76% | .73% | .52% | |||||
Net investment income (loss) | .47% | .67% C | .05% | .21% | .79% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 237 | $ | 326 | $ | 543 | $ | 500 | $ | 864 |
Portfolio turnover rate G | 49% | 69% | 51% | 61% H | 122% |
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% |
Fidelity Capital Appreciation Fund | $28 |
Gross unrealized appreciation | $1,457,952 |
Gross unrealized depreciation | (264,389) |
Net unrealized appreciation (depreciation) | $1,193,563 |
Tax Cost | $4,026,472 |
Undistributed ordinary income | $14,726 |
Undistributed long-term capital gain | $170,287 |
Net unrealized appreciation (depreciation) on securities and other investments | $1,193,554 |
October 31, 2023 | October 31, 2022 | |
Ordinary Income | $20,109 | $198,377 |
Long-term Capital Gains | 414,124 | 824,005 |
Total | $434,233 | $1,022,382 |
Purchases ($) | Sales ($) | |
Fidelity Capital Appreciation Fund | 2,611,947 | 3,107,569 |
Amount | % of Class-Level Average Net Assets | |
Capital Appreciation | $6,118 | .12 |
Class K | 121 | .04 |
$6,239 |
% of Class-Level Average Net Assets | |
Capital Appreciation | 0.1186% |
% of Average Net Assets | |
Fidelity Capital Appreciation Fund | .02 |
% of Average Net Assets | |
Fidelity Capital Appreciation Fund | 0.0173% |
Amount | |
Fidelity Capital Appreciation Fund | $41 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Capital Appreciation Fund | Borrower | $7,892 | 5.10% | $105 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Capital Appreciation Fund | 134,504 | 266,218 | 35,827 |
Amount | |
Fidelity Capital Appreciation Fund | $10 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Capital Appreciation Fund | $132 | $50 | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Capital Appreciation Fund | $4,379 | 4.33% | $2 |
Year ended October 31, 2023 | Year ended October 31, 2022 | |
Fidelity Capital Appreciation Fund | ||
Distributions to shareholders | ||
Capital Appreciation | $406,264 | $943,863 |
Class K | 27,969 | 78,519 |
Total | $434,233 | $1,022,382 |
Shares | Shares | Dollars | Dollars | |
Year ended October 31, 2023 | Year ended October 31, 2022 | Year ended October 31, 2023 | Year ended October 31, 2022 | |
Fidelity Capital Appreciation Fund | ||||
Capital Appreciation | ||||
Shares sold | 4,890 | 4,490 | $170,292 | $178,854 |
Reinvestment of distributions | 11,738 | 21,042 | 382,791 | 890,712 |
Shares redeemed | (15,889) | (15,220) | (556,464) | (597,446) |
Net increase (decrease) | 739 | 10,312 | $(3,381) | $472,120 |
Class K | ||||
Shares sold | 895 | 9,368 | $31,370 | $337,499 |
Reinvestment of distributions | 855 | 1,849 | 27,969 | 78,519 |
Shares redeemed | (4,438) | (12,465) | (155,181) | (471,323) |
Net increase (decrease) | (2,688) | (1,248) | $(95,842) | $(55,305) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Capital Appreciation Fund | ||||||||||
Fidelity® Capital Appreciation Fund | .54% | |||||||||
Actual | $ 1,000 | $ 1,027.90 | $ 2.76 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.48 | $ 2.75 | |||||||
Class K | .43% | |||||||||
Actual | $ 1,000 | $ 1,028.40 | $ 2.20 | |||||||
Hypothetical-B | $ 1,000 | $ 1,023.04 | $ 2.19 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended October 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Disciplined Equity Fund | 14.44% | 10.72% | 9.74% |
Class K | 14.55% | 10.82% | 9.85% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Disciplined Equity Fund, a class of the fund, on October 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 9.3 | |
Apple, Inc. | 5.5 | |
Amazon.com, Inc. | 4.3 | |
NVIDIA Corp. | 4.2 | |
UnitedHealth Group, Inc. | 3.2 | |
Meta Platforms, Inc. Class A | 3.2 | |
Alphabet, Inc. Class A | 2.7 | |
Eli Lilly & Co. | 2.5 | |
Alphabet, Inc. Class C | 2.5 | |
Visa, Inc. Class A | 2.4 | |
39.8 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 33.2 | |
Health Care | 15.0 | |
Financials | 11.0 | |
Consumer Discretionary | 10.3 | |
Industrials | 10.2 | |
Communication Services | 9.9 | |
Consumer Staples | 4.0 | |
Energy | 2.6 | |
Materials | 2.0 | |
Real Estate | 0.8 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 99.0% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 9.9% | |||
Entertainment - 1.5% | |||
Netflix, Inc. (a) | 54,734 | 22,533 | |
Interactive Media & Services - 8.4% | |||
Alphabet, Inc.: | |||
Class A (a) | 338,800 | 42,038 | |
Class C (a) | 308,800 | 38,693 | |
Meta Platforms, Inc. Class A (a) | 166,577 | 50,185 | |
130,916 | |||
TOTAL COMMUNICATION SERVICES | 153,449 | ||
CONSUMER DISCRETIONARY - 10.3% | |||
Automobiles - 0.1% | |||
Tesla, Inc. (a) | 6,300 | 1,265 | |
Broadline Retail - 4.3% | |||
Amazon.com, Inc. (a) | 503,760 | 67,045 | |
Distributors - 0.1% | |||
Pool Corp. | 5,800 | 1,831 | |
Hotels, Restaurants & Leisure - 2.3% | |||
Airbnb, Inc. Class A (a) | 36,600 | 4,329 | |
Booking Holdings, Inc. (a) | 2,900 | 8,090 | |
Domino's Pizza, Inc. | 10,000 | 3,390 | |
Hilton Worldwide Holdings, Inc. | 50,066 | 7,587 | |
Marriott International, Inc. Class A | 53,500 | 10,088 | |
Royal Caribbean Cruises Ltd. (a) | 19,300 | 1,635 | |
35,119 | |||
Household Durables - 0.5% | |||
NVR, Inc. (a) | 1,555 | 8,417 | |
Specialty Retail - 1.9% | |||
The Home Depot, Inc. | 64,444 | 18,347 | |
TJX Companies, Inc. | 117,200 | 10,322 | |
28,669 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
lululemon athletica, Inc. (a) | 13,300 | 5,233 | |
NIKE, Inc. Class B | 116,810 | 12,005 | |
17,238 | |||
TOTAL CONSUMER DISCRETIONARY | 159,584 | ||
CONSUMER STAPLES - 4.0% | |||
Beverages - 1.5% | |||
Monster Beverage Corp. | 162,000 | 8,278 | |
The Coca-Cola Co. | 258,500 | 14,603 | |
22,881 | |||
Consumer Staples Distribution & Retail - 1.5% | |||
Costco Wholesale Corp. | 41,315 | 22,824 | |
Food Products - 0.8% | |||
Lamb Weston Holdings, Inc. | 67,900 | 6,097 | |
Mondelez International, Inc. | 106,200 | 7,032 | |
13,129 | |||
Personal Care Products - 0.2% | |||
Estee Lauder Companies, Inc. Class A | 27,619 | 3,559 | |
TOTAL CONSUMER STAPLES | 62,393 | ||
ENERGY - 2.6% | |||
Oil, Gas & Consumable Fuels - 2.6% | |||
ConocoPhillips Co. | 79,100 | 9,397 | |
EOG Resources, Inc. | 64,567 | 8,152 | |
Exxon Mobil Corp. | 69,700 | 7,378 | |
Hess Corp. | 17,100 | 2,469 | |
Occidental Petroleum Corp. | 81,100 | 5,013 | |
Ovintiv, Inc. | 73,000 | 3,504 | |
Valero Energy Corp. | 42,600 | 5,410 | |
41,323 | |||
FINANCIALS - 11.0% | |||
Banks - 2.6% | |||
Bank of America Corp. | 541,683 | 14,268 | |
JPMorgan Chase & Co. | 189,014 | 26,284 | |
40,552 | |||
Capital Markets - 2.8% | |||
KKR & Co. LP | 13,900 | 770 | |
LPL Financial | 31,900 | 7,162 | |
Moody's Corp. | 38,139 | 11,747 | |
MSCI, Inc. | 27,844 | 13,130 | |
S&P Global, Inc. | 27,458 | 9,591 | |
42,400 | |||
Financial Services - 4.4% | |||
MasterCard, Inc. Class A | 82,711 | 31,128 | |
Visa, Inc. Class A | 159,934 | 37,600 | |
68,728 | |||
Insurance - 1.2% | |||
Arthur J. Gallagher & Co. | 53,000 | 12,481 | |
The Travelers Companies, Inc. | 36,300 | 6,078 | |
18,559 | |||
TOTAL FINANCIALS | 170,239 | ||
HEALTH CARE - 15.0% | |||
Biotechnology - 0.9% | |||
Vertex Pharmaceuticals, Inc. (a) | 40,400 | 14,629 | |
Health Care Equipment & Supplies - 2.9% | |||
Axonics Modulation Technologies, Inc. (a) | 29,300 | 1,500 | |
Boston Scientific Corp. (a) | 257,829 | 13,198 | |
DexCom, Inc. (a) | 87,400 | 7,764 | |
IDEXX Laboratories, Inc. (a) | 12,693 | 5,070 | |
Intuitive Surgical, Inc. (a) | 24,314 | 6,376 | |
Stryker Corp. | 38,500 | 10,403 | |
44,311 | |||
Health Care Providers & Services - 5.0% | |||
Cigna Group | 43,500 | 13,450 | |
Elevance Health, Inc. | 29,600 | 13,323 | |
Guardant Health, Inc. (a) | 19,000 | 492 | |
UnitedHealth Group, Inc. | 94,175 | 50,436 | |
77,701 | |||
Health Care Technology - 0.4% | |||
Veeva Systems, Inc. Class A (a) | 28,385 | 5,470 | |
Life Sciences Tools & Services - 2.5% | |||
Danaher Corp. | 91,145 | 17,502 | |
Mettler-Toledo International, Inc. (a) | 3,264 | 3,216 | |
Thermo Fisher Scientific, Inc. | 24,700 | 10,986 | |
West Pharmaceutical Services, Inc. | 22,836 | 7,268 | |
38,972 | |||
Pharmaceuticals - 3.3% | |||
Eli Lilly & Co. | 71,800 | 39,772 | |
Zoetis, Inc. Class A | 75,444 | 11,845 | |
51,617 | |||
TOTAL HEALTH CARE | 232,700 | ||
INDUSTRIALS - 10.2% | |||
Aerospace & Defense - 2.6% | |||
HEICO Corp. Class A | 78,247 | 9,948 | |
Lockheed Martin Corp. | 26,137 | 11,883 | |
The Boeing Co. (a) | 40,800 | 7,622 | |
TransDigm Group, Inc. (a) | 12,700 | 10,517 | |
39,970 | |||
Building Products - 0.0% | |||
Hayward Holdings, Inc. (a) | 37,900 | 398 | |
Commercial Services & Supplies - 1.3% | |||
Cintas Corp. | 16,563 | 8,399 | |
Copart, Inc. | 260,552 | 11,339 | |
19,738 | |||
Electrical Equipment - 2.2% | |||
AMETEK, Inc. | 68,538 | 9,648 | |
Eaton Corp. PLC | 75,400 | 15,676 | |
Generac Holdings, Inc. (a) | 9,506 | 799 | |
Vertiv Holdings Co. | 220,700 | 8,667 | |
34,790 | |||
Ground Transportation - 0.4% | |||
Old Dominion Freight Lines, Inc. | 16,450 | 6,196 | |
Industrial Conglomerates - 0.8% | |||
General Electric Co. | 119,900 | 13,025 | |
Machinery - 2.7% | |||
Fortive Corp. | 86,900 | 5,673 | |
IDEX Corp. | 18,700 | 3,579 | |
ITT, Inc. | 44,539 | 4,158 | |
Parker Hannifin Corp. | 33,000 | 12,174 | |
Snap-On, Inc. | 32,700 | 8,435 | |
Westinghouse Air Brake Tech Co. | 71,700 | 7,602 | |
41,621 | |||
Professional Services - 0.2% | |||
Ceridian HCM Holding, Inc. (a) | 14,800 | 947 | |
Paycom Software, Inc. | 6,296 | 1,542 | |
Paylocity Holding Corp. (a) | 2,000 | 359 | |
2,848 | |||
TOTAL INDUSTRIALS | 158,586 | ||
INFORMATION TECHNOLOGY - 33.2% | |||
Electronic Equipment, Instruments & Components - 1.2% | |||
Amphenol Corp. Class A | 156,640 | 12,617 | |
CDW Corp. | 28,273 | 5,666 | |
18,283 | |||
IT Services - 1.2% | |||
Accenture PLC Class A | 54,808 | 16,283 | |
EPAM Systems, Inc. (a) | 4,100 | 892 | |
Okta, Inc. (a) | 9,200 | 620 | |
Twilio, Inc. Class A (a) | 12,900 | 661 | |
18,456 | |||
Semiconductors & Semiconductor Equipment - 6.3% | |||
Enphase Energy, Inc. (a) | 12,200 | 971 | |
Lam Research Corp. | 19,267 | 11,333 | |
Lattice Semiconductor Corp. (a) | 82,300 | 4,577 | |
Monolithic Power Systems, Inc. | 14,300 | 6,317 | |
NVIDIA Corp. | 161,698 | 65,940 | |
NXP Semiconductors NV | 15,700 | 2,707 | |
ON Semiconductor Corp. (a) | 87,700 | 5,494 | |
Universal Display Corp. | 5,200 | 724 | |
98,063 | |||
Software - 19.0% | |||
Adobe, Inc. (a) | 45,459 | 24,187 | |
ANSYS, Inc. (a) | 42,900 | 11,937 | |
Atlassian Corp. PLC (a) | 13,141 | 2,374 | |
Autodesk, Inc. (a) | 13,100 | 2,589 | |
Bill Holdings, Inc. (a) | 19,800 | 1,808 | |
Cadence Design Systems, Inc. (a) | 72,047 | 17,280 | |
Crowdstrike Holdings, Inc. (a) | 4,400 | 778 | |
Dynatrace, Inc. (a) | 124,803 | 5,580 | |
Elastic NV (a) | 11,100 | 833 | |
Fortinet, Inc. (a) | 194,060 | 11,094 | |
Guidewire Software, Inc. (a) | 7,200 | 649 | |
HubSpot, Inc. (a) | 11,662 | 4,942 | |
Intuit, Inc. | 34,226 | 16,940 | |
Microsoft Corp. | 426,338 | 144,152 | |
Roper Technologies, Inc. | 14,975 | 7,316 | |
Salesforce, Inc. (a) | 103,594 | 20,805 | |
ServiceNow, Inc. (a) | 17,852 | 10,387 | |
Synopsys, Inc. (a) | 23,400 | 10,985 | |
Zscaler, Inc. (a) | 2,900 | 460 | |
295,096 | |||
Technology Hardware, Storage & Peripherals - 5.5% | |||
Apple, Inc. | 498,207 | 85,079 | |
TOTAL INFORMATION TECHNOLOGY | 514,977 | ||
MATERIALS - 2.0% | |||
Chemicals - 1.0% | |||
CF Industries Holdings, Inc. | 70,900 | 5,656 | |
Sherwin-Williams Co. | 35,583 | 8,476 | |
Westlake Corp. | 9,500 | 1,096 | |
15,228 | |||
Construction Materials - 1.0% | |||
Martin Marietta Materials, Inc. | 19,700 | 8,056 | |
Vulcan Materials Co. | 40,300 | 7,919 | |
15,975 | |||
TOTAL MATERIALS | 31,203 | ||
REAL ESTATE - 0.8% | |||
Equity Real Estate Investment Trusts (REITs) - 0.8% | |||
American Tower Corp. | 51,900 | 9,248 | |
SBA Communications Corp. Class A | 16,100 | 3,359 | |
12,607 | |||
TOTAL COMMON STOCKS (Cost $904,640) | 1,537,061 | ||
Money Market Funds - 0.4% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.40% (b) (Cost $7,011) | 7,010,027 | 7,011 | |
TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $911,651) | 1,544,072 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 8,692 |
NET ASSETS - 100.0% | 1,552,764 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 17,319 | 341,466 | 351,774 | 581 | - | - | 7,011 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.40% | - | 41,103 | 41,103 | - | - | - | - | 0.0% |
Total | 17,319 | 382,569 | 392,877 | 581 | - | - | 7,011 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 153,449 | 153,449 | - | - |
Consumer Discretionary | 159,584 | 159,584 | - | - |
Consumer Staples | 62,393 | 62,393 | - | - |
Energy | 41,323 | 41,323 | - | - |
Financials | 170,239 | 170,239 | - | - |
Health Care | 232,700 | 232,700 | - | - |
Industrials | 158,586 | 158,586 | - | - |
Information Technology | 514,977 | 514,977 | - | - |
Materials | 31,203 | 31,203 | - | - |
Real Estate | 12,607 | 12,607 | - | - |
Money Market Funds | 7,011 | 7,011 | - | - |
Total Investments in Securities: | 1,544,072 | 1,544,072 | - | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | October 31, 2023 | |||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $904,640) | $ | 1,537,061 | ||
Fidelity Central Funds (cost $7,011) | 7,011 | |||
Total Investment in Securities (cost $911,651) | $ | 1,544,072 | ||
Cash | 74 | |||
Receivable for investments sold | 13,179 | |||
Receivable for fund shares sold | 30 | |||
Dividends receivable | 151 | |||
Distributions receivable from Fidelity Central Funds | 22 | |||
Prepaid expenses | 2 | |||
Total assets | 1,557,530 | |||
Liabilities | ||||
Payable for investments purchased | $ | 3,579 | ||
Payable for fund shares redeemed | 529 | |||
Accrued management fee | 399 | |||
Other affiliated payables | 205 | |||
Other payables and accrued expenses | 54 | |||
Total Liabilities | 4,766 | |||
Net Assets | $ | 1,552,764 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 849,546 | ||
Total accumulated earnings (loss) | 703,218 | |||
Net Assets | $ | 1,552,764 | ||
Net Asset Value and Maximum Offering Price | ||||
Disciplined Equity : | ||||
Net Asset Value, offering price and redemption price per share ($1,503,508 ÷ 28,316 shares) | $ | 53.10 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($49,256 ÷ 928 shares)(a) | $ | 53.11 | ||
(a)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
Statement of Operations | ||||
Amounts in thousands | Year ended October 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 13,601 | ||
Income from Fidelity Central Funds | 581 | |||
Total Income | 14,182 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 8,129 | ||
Performance adjustment | (3,162) | |||
Transfer agent fees | 1,948 | |||
Accounting fees | 429 | |||
Custodian fees and expenses | 22 | |||
Independent trustees' fees and expenses | 9 | |||
Registration fees | 43 | |||
Audit | 55 | |||
Legal | 11 | |||
Interest | 2 | |||
Miscellaneous | 7 | |||
Total expenses before reductions | 7,493 | |||
Expense reductions | (95) | |||
Total expenses after reductions | 7,398 | |||
Net Investment income (loss) | 6,784 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 76,312 | |||
Total net realized gain (loss) | 76,312 | |||
Change in net unrealized appreciation (depreciation) on investment securities | 122,255 | |||
Net gain (loss) | 198,567 | |||
Net increase (decrease) in net assets resulting from operations | $ | 205,351 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended October 31, 2023 | Year ended October 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 6,784 | $ | 3,633 |
Net realized gain (loss) | 76,312 | 34,685 | ||
Change in net unrealized appreciation (depreciation) | 122,255 | (583,180) | ||
Net increase (decrease) in net assets resulting from operations | 205,351 | (544,862) | ||
Distributions to shareholders | (40,439) | (31,288) | ||
Share transactions - net increase (decrease) | (87,151) | (152,553) | ||
Total increase (decrease) in net assets | 77,761 | (728,703) | ||
Net Assets | ||||
Beginning of period | 1,475,003 | 2,203,706 | ||
End of period | $ | 1,552,764 | $ | 1,475,003 |
Fidelity® Disciplined Equity Fund |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 47.71 | $ | 65.18 | $ | 45.48 | $ | 37.51 | $ | 38.32 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .22 | .11 | (.06) | .03 | .32 | |||||
Net realized and unrealized gain (loss) | 6.49 | (16.65) | 19.77 | 8.16 | 3.53 | |||||
Total from investment operations | 6.71 | (16.54) | 19.71 | 8.19 | 3.85 | |||||
Distributions from net investment income | (.12) | - | (.01) | (.22) | (.53) | |||||
Distributions from net realized gain | (1.20) | (.93) | - | - | (4.13) | |||||
Total distributions | (1.32) | (.93) | (.01) | (.22) | (4.66) | |||||
Net asset value, end of period | $ | 53.10 | $ | 47.71 | $ | 65.18 | $ | 45.48 | $ | 37.51 |
Total Return C | 14.44% | (25.71)% | 43.35% | 21.92% | 12.01% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .49% | .71% | .79% | .71% | .51% | |||||
Expenses net of fee waivers, if any | .48% | .70% | .78% | .71% | .51% | |||||
Expenses net of all reductions | .48% | .70% | .78% | .71% | .51% | |||||
Net investment income (loss) | .44% | .20% | (.10)% | .07% | .90% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 1,504 | $ | 1,422 | $ | 2,091 | $ | 1,469 | $ | 1,190 |
Portfolio turnover rate F | 36% | 28% | 19% | 35% | 108% |
Fidelity® Disciplined Equity Fund Class K |
Years ended October 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 47.72 | $ | 65.14 | $ | 45.42 | $ | 37.47 | $ | 38.29 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .27 | .16 | (.01) | .06 | .35 | |||||
Net realized and unrealized gain (loss) | 6.49 | (16.65) | 19.75 | 8.14 | 3.53 | |||||
Total from investment operations | 6.76 | (16.49) | 19.74 | 8.20 | 3.88 | |||||
Distributions from net investment income | (.17) | - | (.02) | (.25) | (.57) | |||||
Distributions from net realized gain | (1.20) | (.93) | - | - | (4.13) | |||||
Total distributions | (1.37) | (.93) | (.02) | (.25) | (4.70) | |||||
Net asset value, end of period | $ | 53.11 | $ | 47.72 | $ | 65.14 | $ | 45.42 | $ | 37.47 |
Total Return C | 14.55% | (25.65)% | 43.47% | 21.99% | 12.12% | |||||
Ratios to Average Net Assets A,D,E | ||||||||||
Expenses before reductions | .40% | .62% | .70% | .62% | .42% | |||||
Expenses net of fee waivers, if any | .39% | .62% | .70% | .62% | .42% | |||||
Expenses net of all reductions | .39% | .62% | .70% | .62% | .42% | |||||
Net investment income (loss) | .52% | .28% | (.01)% | .16% | .99% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 49 | $ | 53 | $ | 113 | $ | 95 | $ | 91 |
Portfolio turnover rate F | 36% | 28% | 19% | 35% | 108% |
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% |
Gross unrealized appreciation | $647,575 |
Gross unrealized depreciation | (19,908) |
Net unrealized appreciation (depreciation) | $627,667 |
Tax Cost | $916,405 |
Undistributed ordinary income | $4,349 |
Undistributed long-term capital gain | $71,202 |
Net unrealized appreciation (depreciation) on securities and other investments | $627,667 |
October 31, 2023 | October 31, 2022 | |
Ordinary Income | $3,685 | $- |
Long-term Capital Gains | 36,754 | 31,288 |
Total | $40,439 | $31,288 |
Purchases ($) | Sales ($) | |
Fidelity Disciplined Equity Fund | 554,632 | 657,322 |
Amount | % of Class-Level Average Net Assets | |
Disciplined Equity | $1,927 | .13 |
Class K | 21 | .04 |
$1,948 |
% of Class-Level Average Net Assets | |
Disciplined Equity | 0.1251% |
% of Average Net Assets | |
Fidelity Disciplined Equity Fund | .03 |
% of Average Net Assets | |
Fidelity Disciplined Equity Fund | 0.0274% |
Amount | |
Fidelity Disciplined Equity Fund | $8 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Disciplined Equity Fund | Borrower | $11,223 | 5.44% | $2 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Disciplined Equity Fund | 41,483 | 34,272 | 3,150 |
Amount | |
Fidelity Disciplined Equity Fund | $3 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Disciplined Equity Fund | $-A | $- | $- |
Year ended October 31, 2023 | Year ended October 31, 2022 | |
Fidelity Disciplined Equity Fund | ||
Distributions to shareholders | ||
Disciplined Equity | $39,004 | $29,805 |
Class K | 1,435 | 1,483 |
Total | $40,439 | $31,288 |
Shares | Shares | Dollars | Dollars | |
Year ended October 31, 2023 | Year ended October 31, 2022 | Year ended October 31, 2023 | Year ended October 31, 2022 | |
Fidelity Disciplined Equity Fund | ||||
Disciplined Equity | ||||
Shares sold | 567 | 884 | $29,350 | $49,965 |
Reinvestment of distributions | 760 | 441 | 35,580 | 27,553 |
Shares redeemed | (2,818) | (3,600) | (142,970) | (197,919) |
Net increase (decrease) | (1,491) | (2,275) | $(78,040) | $(120,401) |
Class K | ||||
Shares sold | 48 | 125 | $2,440 | $7,128 |
Reinvestment of distributions | 31 | 24 | 1,435 | 1,483 |
Shares redeemed | (260) | (768) | (12,986) | (40,763) |
Net increase (decrease) | (181) | (619) | $(9,111) | $(32,152) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2023 to October 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value May 1, 2023 | Ending Account Value October 31, 2023 | Expenses Paid During Period- C May 1, 2023 to October 31, 2023 | |||||||
Fidelity® Disciplined Equity Fund | ||||||||||
Fidelity® Disciplined Equity Fund | .46% | |||||||||
Actual | $ 1,000 | $ 1,048.00 | $ 2.37 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.89 | $ 2.35 | |||||||
Class K | .38% | |||||||||
Actual | $ 1,000 | $ 1,048.40 | $ 1.96 | |||||||
Hypothetical-B | $ 1,000 | $ 1,023.29 | $ 1.94 | |||||||
Item 2.
Code of Ethics
As of the end of the period, October 31, 2023, Fidelity Capital Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Stock Selector Small Cap Fund (the “Fund(s)”):
Services Billed by Deloitte Entities
October 31, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Stock Selector Small Cap Fund | $43,800 | $- | $7,700 | $1,100 |
October 31, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Stock Selector Small Cap Fund | $44,100 | $- | $6,900 | $1,000 |
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 Capital Appreciation Fund, Fidelity Disciplined Equity Fund, Fidelity Focused Stock Fund and Fidelity Value Fund (the “Fund(s)”):
Services Billed by PwC
October 31, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Capital Appreciation Fund | $47,400 | $4,200 | $14,900 | $1,400 |
Fidelity Disciplined Equity Fund | $44,700 | $4,000 | $8,200 | $1,300 |
Fidelity Focused Stock Fund | $29,300 | $2,800 | $23,800 | $900 |
Fidelity Value Fund | $52,800 | $4,900 | $15,800 | $1,700 |
October 31, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Capital Appreciation Fund | $45,100 | $4,000 | $8,900 | $1,400 |
Fidelity Disciplined Equity Fund | $42,700 | $3,800 | $7,800 | $1,300 |
Fidelity Focused Stock Fund | $28,000 | $2,700 | $8,700 | $900 |
Fidelity Value Fund | $49,900 | $4,700 | $14,400 | $1,600 |
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
October 31, 2023A | October 31, 2022A | |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
Services Billed by PwC
October 31, 2023A | October 31, 2022A | |
Audit-Related Fees | $8,284,200 | $7,914,600 |
Tax Fees | $1,000 | $1,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | October 31, 2023A | October 31, 2022A |
Deloitte Entities | $251,400 | $465,500 |
PwC | $13,671,700 | $12,943,200 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Capital Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | December 21, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | December 21, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | December 21, 2023 |